For the seventh year in a row, expenditure on R&D by the German pharmaceutical and chemical industry has grown, reaching a record €11 billion. This is partly due simply to companies growing and enjoying success, but also to investments in digitisation of processes and methodologies.
Back in 2017, Thomas Wessel, Chairman of the Research, Science and Education Committee of the German Chemical Industry Association (VCI) predicted such a development, saying:
“We are not just banking on Euros, but also on bits and bytes. Digitalisation is paving the way for our ability to innovate by systematically collecting large amounts of data, and artificial intelligence finds relevant references in literature and patent research faster than humans and contributes to the concentration on appropriate solutions”
Coupled with additional computational power, AI is helping companies speed up every stage of their R&D process, and leading to increased growth.