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Generative AI stands to add trillions of dollars of value to the world economy, according to a recent McKinsey report. The consultancy noted that about three-quarters of the value of generative AI spans four areas — customer operations, marketing and sales, software engineering and R&D. The latter could see a 12% annual lift in global functional spending as a result of generative AI, representing an approximately $328 billion windfall annually. An evolution or revolution: UBS and McKinsey’s take on generative AI in biopharmaThe investment bank UBS recently reached more muted conclusions, noting that generative AI would represent more of an evolution than a revolution for biopharma.
Conversely, McKinsey bets the technology could deliver productivity gains that account for 10% to 15% of overall R&D costs. This potential largely stems from the applicatio…