Synthetic data: pharma ’s next big thing?

Get ready for a new data technology to begin its journey through the hype cycle: synthetic data.  Synthetic data will account for 60% of all data used in all AI development by 2024, according to Gartner. Facebook is getting in on the action, recently acquiring synthetic data startup AI.Reverie.Broadly applied, the term refers to ways in which data that is otherwise not available in real-world settings, or not easily available, can be created to develop new insights and solutions to real-world problems.Synthetic data offers the means to generate the missing or rare data that stymies many an AI product or RWE effort. Financial services AI won ’t find rare fraud with no or too little data to train the algorithm. Enter synthetic data. Likewise, with the rare but challenging conditions used to train self-driving cars so they can drive in real-world conditions without killing you.The applications of synthetic data are enticing in the life sciences too, and this year, multiple major computing platforms and a range of healthcare data players will launch new synthetic data efforts including Aetion, Syntegra, MDClone and Phesi.Faster, deeper, richer   Synthetic data ’s potential to mimic the characteristics of a real dataset, but with private or sensitive information removed, makes it a good alternative to handling large but sensitive samples of real individual-level patient data.Minimising or even avoiding altogether such concerns and compliance constraints could open up new ave...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news