Buoyant Life Sciences Sector Emerges Stronger

As we bid farewell to another eventful year in the world of life sciences, it’s time to look back at the whirlwind of advancements and changes that have shaped the industry in 2023. Back in January this year, we interacted with leaders from various market segments who shared their insights into what the year held for their particular spheres. Let's recap the 2023 predictions and find out if they panned out as predicted.

- Ayesha Siddiqui

2023 was the year when the world finally emerged from the grips of COVID-19. The biopharma industry looked beyond the pandemic. Artificial Intelligence (AI) based drug discovery was a hot topic, with the industry’s billions on AI finally paid off. Insilico Medicine, based in China, achieved a significant milestone with its lead drug for Idiopathic Pulmonary Fibrosis (IPF) – INS018-055. This is the first drug designed for an AI-discovered target and created by generative AI to advance to phase 2 clinical trials with patients. The other important topic that garnered attention was - ageing. The reality of the ageing population is finally catching up in the region and the countries are scrambling to deal with it. China continues its winning streak to be recognised as a biopharma innovative powerhouse, while Singapore emerged as a manufacturing powerhouse for the industry. The region also held onto its rank as a preferred destination for clinical trials. Some of the trends observed were predictable with a few surprises thrown in. Let’s take a deep dive into the year gone by.

AI drug discovery 

AI has become a cornerstone technology in the drug discovery process, with virtually all companies, regardless of size, incorporating it into their drug discovery life cycles. According to a CPHI report, AI is expected to revolutionise all aspects of drug development by 2026, and by 2030, over 50 per cent of FDA approvals are anticipated to involve drugs discovered and developed through AI.