Technology will play a significant role in biotech going forward, according to Biocon CEO Kiran Mazumdar-Shaw

 Technology will play a significant role in biotech going forward, according to Biocon CEO Kiran Mazumdar-Shaw

Speaking at this year's Global Technology Summit, Mazumdar-Shaw said that even if an invention is brought to market, there is still a significant risk of failure.

According to Biocon Executive Chairperson Kiran Mazumdar-Shaw, in order to guarantee that new medications reach the market considerably faster, there is a need to use technology on a bigger scale. This includes approaches to enhance regulatory procedures.

Speaking at this year's Global Technology Summit, Mazumdar-Shaw said that even if an invention is brought to market, there is still a significant risk of failure.

Mazumdar-Shaw said, "I think technology will play a very, very important role in the future of biotechnology and the way we develop products." In less than a year, he remarked, it would be fantastic to get a concept from the lab to the market.

"Now, how can we carry it out? We definitely need to overhaul our regulatory mechanism in order to achieve that," he said.

Additionally, he said that the existing regulations heavily depend on trial-and-error methods, iterative procedures, human subjectivity, and the interpretation of the facts.

Just consider how using technology may help you really turn things around. One may increase the predictability of the iterative process. "Data analytics actually develops algorithms that give you a higher probability of success, allowing greater predictability of how you're going to deliver these products just by using generative AI," the speaker said.

Regulators, according to Majumdar-Shaw, have not moved quickly enough to use technology to expedite product clearance.

Tech-savvy regulators play a critical role in our efforts. I don't believe we can truly deliver on this promise of faster clearance if you don't have technologically savvy and technically skilled regulatory reviewers." can accomplish." He observed.

Majumdar-Shaw added that one may quickly bring an idea to market thanks to the laws controlling the IT industry, giving as an example.

Because they are eager to fund fresh ideas regardless of whether they succeed or not, this is why investors are so thrilled. In our industry, it might take years for a concept to become a reality. In extreme cases, it can even take ten years to reach the market. and that makes it very challenging for investors to back these innovative biotech ventures," the speaker said.

"I think technology can compress these timelines," he said.