Technology has always been at the heart of biotech. The emergence of advanced computing technology such as machine learning and artificial intelligence enables companies to expand the scope and scale of their research and improve efficiency in the manufacturing process—both of which reduce the time it takes for biotech firms to bring new products to market.
In medicine, for example, the ability to analyze large data sets helps drugmakers identify treatments based on the cause of a disease. This has the potential to reduce the $2.6 billion price tag and the 90 percent failure rate for developing new drugs.
In addition, the evolution of cloud computing technology has removed a barrier for many innovations in biotech. The ability to run applications through the cloud allows companies to store and analyze data without buying expensive computer hardware. This benefits early-stage startups, which try to limit operating expenses as much as possible, but it also helps larger and more established companies, as it makes it easier and cheaper to allocate resources for new projects.
