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Disrupting the Prescription Drug Market with AI and Data

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Type

  • Session

Format

  • Virtual

Track

  • Industry and Business Use Cases

Industry

  • Healthcare and Life Sciences

Difficulty

  • Intermediate

Duration

  • 40 min
Download session slides

Overview

The US prescription drug market has well-known issues; to name a few: overpriced prescription drugs—on average, 2.56 times higher than those in other countries—that many patients cannot afford; complete lack of pricing transparency as the results of convoluted drug distribution systems and having Pharmacy Benefit Managers (PBMs) as the middlemen; razor-thin margins for pharmacies that struggle to stay in business; widespread waste; endemic inefficiencies; and technology gaps in pharmacy systems and in healthcare at large.

AI and Data are key technologies to fix these issues and lead to a better prescription drug market that can benefit patients, pharmacies, providers, employers, and payers. AI-driven price optimization can bring price transparency, eliminate hidden cost, and remove inefficiencies, making prescription drugs more affordable while at the same time helping pharmacies increase their profitability. Drug recommendations and personalization can empower consumers and providers with tailored, personalized therapeutic choices, better knowledge, and control.

To support all these solutions, we have built our intelligent Pharma AI and Data Platform. Working with the DataBricks team and leveraging the DataBricks’ platform, we were able to deliver our AI and Data platform into production in 2.5 months, deploying our innovative AI Optimized Pricing models, supporting tens of thousands of pharmacies in our pharma networks, and connecting millions of consumers. Continuing in our journey, we are building the next wave of AI pharma solutions running on our Pharma AI and Data Platform, including AI prescription recommender, medication adherence improver, and healthcare personalization.

Session Speakers

Luyuan Fang

Chief AI and Data Officer

Prescryptive Health

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