Pharmaceutical giant Eli Lilly (LLY) has launched a new artificial intelligence (AI) and machine learning platform that provides biotech companies with access to drug discovery models trained on years of its proprietary research and data.
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Pharma companies and drug developers are increasingly using AI to speed up the discovery and commercialization of new medicines. AI technologies are also helping with the U.S. Food and Drug Administration’s (FDA) stated goal of reducing animal testing.
Wall Street investment bank Jefferies Financial Group (JEF) has forecast that AI-related research and development (R&D) spending in the U.S. will reach $40 billion by 2040. Physicians have said that AI can help with groundbreaking discoveries in the areas of cancer research, heart health, and brain ailments.
TuneLab
Eli Lilly’s new AI platform called “TuneLab” consists of artificial intelligence models that are based on $1 billion worth of proprietary data and research. “Lilly TuneLab was created to be an equalizer so that smaller companies can access some of the same AI capabilities used every day by Lilly scientists,” said the company in a written statement posted to its website.
Eli Lilly added that TuneLab works on datasets representing experimental data obtained with hundreds of thousands of unique molecules. In return for access, biotech partners and smaller pharma companies contribute training data that can help to enhance the AI platform.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 20 Wall Street analysts. That rating is based on 16 Buy and four Hold recommendations issued in the last three months. The average LLY price target of $913.69 implies 24.35% upside from current levels.
