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Yes, generative AI is hyped. And yes, the technology has shortcomings. But the landscape is swiftly changing. Bloomberg Intelligence estimated that the GenAI market would grow from $40 billion in 2022 to $1.3 trillion by 2032. A recent study from Deloitte Consulting estimates that for a top 10 biopharma company with $65-75 billion in revenue, the peak value that could be captured by scaling AI over 5 years is $5-7 billion.While it is easy for individuals to dabble with the technology, quantifying the actual enterprise value for biopharma firms is often less clear. “We kept hearing the same question over and over again from the C-suite: What’s the value to my company? What’s the size of the prize?” said Adam Israel, managing director at Deloitte Consulting, and co-author of the report, “Realizing Transformative Value from AI & Generative AI in Life Sciences.”
The answer…