Google Unleashes AI on Health to Enable Faster Drug Discoveries and Medical Breakthroughs
Key takeaways
- Google has launched two new product suites to help develop new drugs and foster medical discoveries
- The move comes after an 8% share price rally off the back of a string of new AI announcements from the Big Tech company
- Biomedical products trialed successfully by three companies so far, including Pfizer
Google seems to finally have found its feet in the AI wars, announcing a slew of new AI-powered products, an upcoming upgrade to its core search engine and now releasing new AI tools for healthcare companies to speed up new drug discoveries and improve precision medicine.
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What has Google announced?
Google’s share price rallied 8% last week when it announced at the annual Google developer conference that its AI technology was coming to virtually every Google product, plus the biggest facelift to Google search in two decades with AI capabilities was soon going to be available.
Google is now building on the momentum with Google Cloud launching two new products to help revolutionize the healthcare sector. The first, the Target and Lead Identification Suite, is to help companies understand proteins more quickly, which is crucial in medicine development.
The second is the Multiomics Suite, which will help researchers store and analyze massive amounts of genomic data to speed up breakthroughs in medical discoveries. Shweta Maniar, Google Cloud’s global director of life sciences strategy and solutions, said the tools would help companies save a “statistically significant” amount of time.
Pfizer, Cerebral Therapeutics and Colossal Biosciences are said to be already using the new technology, all of which have praised the tech in assisting with their work (one of which literally involves bringing back the woolly mammoth from extinction by 2028).
Wall Street’s reaction
After a decidedly slow start, investors are relieved to see Google kicking into gear with its AI tools for the masses. The stock is up 3.58% in the last five days at $119 and has climbed 34% since the beginning of the year.
Google’s search engine dominance, which the company initially sounded an internal ‘code red’ over when rival ChatGPT was released, has so far been unaffected: Google has 93% of the search engine market, whereas the AI-infused Bing only has 3%.
There’s lots of potential for Google to increase its market share in cloud computing, with Microsoft’s Azure and Amazon’s AWS currently cornering 55% of the market. These two latest products will reassure traders Google has its priorities straight and has come out swinging.
The bottom line
Google was always expected to be a major player in the AI race, having been one of the founding companies of the technology. Now it’s making big and bold moves to compete with Microsoft and OpenAI — and Wall Street loves it.
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