WASHINGTON--(BUSINESS WIRE)--Sep 12, 2018--The founding members of the Alliance for Artificial Intelligence in Healthcare (AAIH) met on September 6 th during Boston Biotech Week (Boston, MA), and are meeting on September 13 th during the Basel Life Congress (Basel, Switzerland) to finalize plans for the activities for the first 12 months of AAIH operations. The AAIH will officially launch in January 2019 during the week of the JP Morgan Healthcare Conference in San Francisco.

With clinical trial failure rates for new drug IND’s continuing to hover around 90%, and the average cost to bring a new drug to market exceeding $2.5 billion according to the Tuft’s Center for the Study of Drug Development, pharmaceutical companies are eager to find a more efficient way to develop therapeutics. At the same time, healthcare costs in developed countries are steadily increasing as a result of rapidly aging populations and multiple inefficiencies in the healthcare system. Recent advances in artificial intelligence hold the potential to resolve this ominous trend. As a sign of the growing interest in AI-based healthcare solutions, over 100 startup companies utilizing AI to develop biomedical products have emerged since 2014, with almost all existing large cap companies initiating AI development programs in order to keep up.

“We are on the cusp of major breakthroughs in the application of machine learning, computational science, and artificial intelligence, which carry the potential to dramatically improve the quality and affordability of healthcare globally,” says Brandon Allgood, CTO and Founder of Numerate Inc.

The mission of the AAIH is “to enable advancement and use of artificial intelligence in healthcare and improve patients’ lives through innovation and the thoughtful and responsible application of AI in the development of new therapies. Member companies and organizations are building and applying advanced integrated programs (or solutions) to address society’s need for new, more effective, and accessible healthcare.”

The potential of Artificial Intelligence to positively impact all aspects of healthcare has become an international discussion. The AAIH will be a key industry advocate, driving public policy, appropriate regulation, and market access for the products developed by the AI in healthcare industry. “If we are to build upon our recent industry success, and realize the true potential of AI, it is crucial that the sector organize immediately to enact policies and practices that will enable efficient adoption, integration, and commercialization,” said Alex Zhavoronkov, CEO of Insilico Medicine.

The membership of AAIH includes the following areas of AI infrastructure and applications in healthcare: Biomedical discovery, Clinical Research, Diagnostics and Devices, and Precision Medicine. “It is the privilege of AAIH to unify and amplify the voice of companies and organizations from all sectors utilizing AI in healthcare,” said Annastasiah Mhaka from Adjuvant Partners. Adjuvant Partners and Holland & Knight are independent firms leading the launch of AAIH.

The list of AAIH Founding Members include:

AI Infrastructure developer (to be announced) Benevolent AI BlackThorn Therapeutics The Buck Institute for Research on Aging Cyclica Envisagenics BioPharma 1 (to be announced) GE Healthcare Insilico Medicine BioPharma 2 (to be announced) NuMedii Numerate OWKIN Recursion University of Pittsburgh

About the Alliance for Artificial Intelligence in Healthcare (AAIH)

The AAIH is a multi-stakeholder 501(c)(4) non-profit advocacy and education organization dedicated to promoting the further development and implementation of AI in healthcare. To learn more about the AAIH, including partnerships and opportunities to support its programs, visit http://www.theaaih.org.

About Adjuvant Partners

Adjuvant Partners is a boutique strategic advisory and business development consulting firm working in Artificial Intelligence, Regenerative Medicine, and Advanced Therapies. To contact Adjuvant Partners, please visit http://www.adjuvant.com.

About Holland & Knight

Holland & Knight is an international legal firm, representing corporate and private entities in a number of industry sectors in both legal and government relations. To contact Holland & Knight, please visit https://www.hklaw.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180912005177/en/

CONTACT: Opus Biotech Communications

Dan Eramian, 425-306-8716

danieleramian@comcast.net

or

Opus Biotech Communications

Charles Craig, 404-245-0591

Charles.s.craig@gmail.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA CALIFORNIA DISTRICT OF COLUMBIA MASSACHUSETTS SWITZERLAND

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE OTHER TECHNOLOGY HEALTH BIOTECHNOLOGY PHARMACEUTICAL RESEARCH SCIENCE

SOURCE: Alliance for Artificial Intelligence in Healthcare

Copyright Business Wire 2018.

PUB: 09/12/2018 05:00 AM/DISC: 09/12/2018 05:00 AM

http://www.businesswire.com/news/home/20180912005177/en