Sanofi (SNY - Free Report) has entered into a collaboration contract with Google, a subsidiary of Alphabet Inc. (GOOG - Free Report) , to establish a new virtual healthcare innovation laboratory for transforming future medicines and healthcare services with the aid of latest data technologies. Financial terms of the deal have been kept under wraps.
With this partnership, Sanofi is looking to gain a better understanding of patients and their diseases as well as improve its patients and customer experience. The company is also eyeing an increase in operational efficiency while developing new therapies through emerging data technologies.
The deal brings together Google’s cloud computing services and state-of-the-art artificial intelligence (AI) with Sanofi’s biologic innovations and scientific data to accelerate the discovery of new therapies for patients across the world.
Both companies are focused on combining technology and analytics with healthcare database to better understand what treatments work for a particular group of patients. The whole idea is to provide a personalized treatment advice by optimizing patient care and thereby reducing healthcare costs.
Google has several collaborations with medtech and pharmaceutical companies to its credit, mainly via its two life sciences companies — Calico and Verily.
Shares of Sanofi have lost 1.8% so far this year versus the industry’s increase 2.1%.
The healthcare industry is approaching a period of significant changes. Software and new technologies are gradually beginning to revolutionize the industry. Major advances in science and technology are shifting the way scientists conduct research on diseases and are likely to improve diagnosis and treatment in the future
To achieve this objective, big drugmakers, namely Glaxo (GSK - Free Report) , Roche (RHHBY - Free Report) and AstraZeneca coordinated with AI-driven companies, primarily the start-ups to discover novel biological targets and molecules for pharma players employing AI.
Johnson & Johnson, Pfizer and Novartis forged alliances with IBM’s Watson Health. Per these deals, the companies can adopt Watson Health’s AI solutions and applications for drug discovery and acceleration of cancer research efforts.
Sanofi currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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