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Demystifying the EU AI Act for IT Leaders
As the EU AI Act approaches its final passage, organizations involved in both developing and deploying AI technologies will face new transparency and risk assessment requirements, although the exact rules are yet to be finalized.
The European Parliament’s mid-March vote to approve the EU AI Act marks a significant milestone as the world’s first major legislation aimed at regulating the use and implementation of artificial intelligence applications.
While the vote does not signify the law’s definitive enactment, it does signal forthcoming regulatory changes that will impact many Chief Information Officers (CIOs) overseeing AI tool usage within their organizations. The legislation will not only affect entities directly engaged in AI development but also those simply utilizing AI technologies. Furthermore, these regulations will extend beyond the EU’s borders, impacting any organization interacting with EU residents.
The journey toward AI legislation has been years in the making, with the EU initially proposing the legislation in April 2021. Despite some advocacy for AI regulation from prominent figures like Elon Musk and Sam Altman, the EU AI Act also faces criticism.
The legislation will impose new obligations on organizations to validate, monitor, and audit the entire AI lifecycle. Kjell Carlsson, head of AI strategy at Domino Data Lab, expresses concern about the potential chilling effect of the law on AI research and adoption due to hefty fines and unclear definitions. However, ignoring the AI revolution to evade regulations is not a viable option, Carlsson emphasizes, as AI adoption is essential for organizational survival and growth.
The EU AI Act covers three main areas:
Banned uses of AI: Prohibitions include AI applications threatening human rights, such as biometric categorization systems based on sensitive physical features. Monitoring of employee or student emotions, social scoring, predictive policing based on personal profiles, and manipulation of human behavior are also banned.
Obligations for high-risk AI systems: Organizations utilizing high-risk AI tools must conduct risk assessments, mitigate risks, maintain use logs, ensure transparency, and provide human oversight. Examples of high-risk systems include those used in critical infrastructure, education, employment decisions, healthcare, and banking.
Transparency requirements: General-purpose AI systems must comply with transparency standards, including publishing detailed training data summaries. Additionally, deepfakes must be clearly labeled.
However, some challenges lie ahead, particularly regarding compliance with transparency rules and the impending regulations’ details. Organizations may struggle to meet transparency requirements, especially if they lack extensive documentation or robust data management practices. While the law isn’t retroactive, it will apply to existing AI systems, necessitating documentation of processes and data use.
EU regulators have up to 18 months from the law’s final passage to finalize specific definitions and rules, presenting additional uncertainties and challenges for compliance. The legislation’s focus on AI system effects rather than the systems themselves could pose difficulties given AI’s rapid evolution and unpredictability. As such, continued regulatory input and guidance will be essential for navigating the complexities of AI governance effectively.
Source: cio.com
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Sabio’s Wellbeing Companion Now Available on the Genesys AppFoundry
Sabio Group has announced its new Wellbeing Companion solution is now available in the Genesys AppFoundry.
The Companion aims to boost contact centre wellbeing and performance through AI, analytics and human insight.
The AppFoundry listing makes it easier for organisations to access Sabio’s transformative approach to monitoring the wellbeing of agents in the contact centre.
This enables contact centres to reduce attrition, absence and presenteeism while empowering agents to deliver excellent customer experiences (CX).
“Wellbeing in the contact centre is about creating an environment that supports advisors’ wellbeing and empowers their performance,” said Dr. Phoebe Asquith, a Senior Business Consultant at Sabio. “With our Wellbeing Companion now being made available on the Genesys’ AppFoundry, it’s even simpler for companies to build a culture of care and high performance.”
The Wellbeing Companion is part of a wider Wellbeing Programme from Sabio which includes psychology-based discovery, Consultancy Services and ongoing strategic Success Management.
The trio forms a holistic, tailored and data-led wellbeing programme that places employee welfare at the forefront of organisational culture.
The Companion’s AppFoundry listing follows on from the solution being shortlisted in Tomorrow’s Health & Safety Awards Guide 2024, which recognises the most innovative health and safety products set to make a real difference for UK workplaces.
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Bybit Reaches 30 Million Registered Users, Marking Explosive Growth and Industry Leadership into Web3
Bybit, one of the world’s top three crypto exchanges by trading volume, today celebrates a monumental milestone: surpassing 30 million registered users globally. This remarkable achievement comes alongside a period of exceptional growth, solidifying Bybit as a frontrunner in the blockchain industry.
Market Share Soars, User Trust Flourishes
Bybit’s market share in spot trading has skyrocketed from 2% in 2023 to a staggering 9.3% in 2024, a nearly 400% surge according to the latest Kaiko Research quarterly report. This significant leap from the previous year’s 7.3% firmly establishes Bybit as a leader in cryptocurrency exchange.
Bybit attributes this growth to its unwavering commitment to user security and trust. The company prioritizes asset safety through the regular publication of proof-of-reserve audits, ensuring transparency and accountability with user funds. Additionally, Bybit boasts an impeccable security record, with no major breakdowns or hacking incidents since its inception in 2018.
This dedication to security and transparency is further validated by industry recognition. Bybit has received a perfect 10/10 Trust Score from CoinGecko and an ‘AA’ rating in the recent CCData Crypto Exchange Benchmark Report.
“Reaching 30 million registered users is a humbling achievement, and it wouldn’t be possible without the unwavering support of our vibrant global crypto community,” said Ben Zhou, Co-founder and CEO of Bybit. “We are incredibly grateful for their trust and remain committed to providing best-in-class, reliable services tailored to local needs. Bybit actively collaborates with regulators worldwide to ensure compliance and responsible innovation.”
Looking Forward: Bridging the Gap to Web3
Bybit has consistently been at the forefront of Web3 innovation, reshaping how users interact with the blockchain ecosystem through user-centric and engaging platforms. In 2024, we have expanded our suite of offerings with breakthrough solutions like the Airdrop Arcade, NFT Pro, and Inscription Marketplaces.
These platforms are meticulously designed not only to lower entry barriers and simplify the user experience but also to enrich it by curating opportunities to invest in and support a diverse range of promising, trending, and blue-chip tokens and projects. Our most recent Solana Fiesta and Bitcoin economy livestream introduced many Web3-curious individuals to the fast-growing ecosystems and their opportunities.
This curation consistently ensures that our users have access to the most rewarding and reliable opportunities in the Web3 space, making participation not only easier but also more enjoyable through gamification and advanced data intelligence. This commitment extends to the upcoming launch of Bybit Web3 DEX Pro, a cutting-edge decentralized exchange platform powered by revolutionary i-SMART data intelligence technology. This represents Bybit’s commitment to innovation that empowers, providing tools that not only meet but exceed the needs of modern traders and investors.
“Today’s milestone signifies more than just numbers; it’s a testament to our ongoing dedication to revolutionizing the crypto landscape,” emphasized Zhou. “Bybit remains committed to shaping the future of crypto. We will continue to uphold the values of listening, caring, and improving, to serve our 30 million users with the most professional products. Protecting the interests of our clients will be ingrained in all product designs. We envision a world where Web3 empowers every individual, where financial inclusivity is not just a goal but a reality.”
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Next Generation Drug Conjugates Market Worth USD 7.94 Billion to 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Next Generation Drug Conjugates Market – By Type (Peptide Receptor Radionuclide Therapy, Ligand mediated RNAi Conjugate, Ligand Conjugated Anti Sense Medicine and Peptide Drug Conjugate), By Type of Targeting Ligand (Amino Sugar, Peptide, Lipid, Small Molecule and Virus-like Particles), By Type of Payload (Peptide, Small Molecule, Oligonucleotide, Radionuclide), By Type of Therapy (Monotherapy, Combination Therapy), By Route of Administration, By Target Indications, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Next Generation Drug Conjugates Market is valued at US$ 2.61 Bn in 2023, and it is expected to reach US$ 7.94 Bn by 2031, with a CAGR of 15.1% during the forecast period of 2024-2031.
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Next Generation Drug Conjugates Market Report Scope:
Report Attribute
Specifications
Market Size Value In 2023
USD 2.61 Bn
Revenue Forecast In 2031
USD 7.94 Bn
Growth Rate CAGR
CAGR of 15.1% from 2024 to 2031
Quantitative Units
Representation of revenue in US$ Mn and CAGR from 2024 to 2031
Historic Year
2019 to 2023
Forecast Year
2024-2031
Report Coverage
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered
By Type, By Targeting Ligand, By Payload, By Therapy, By Route of Administration, By Indications and By Region
Regional Scope
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Growth of the next-generation drug conjugates market is driven by several factors, such as the recent accelerated approvals of various next-generation drug conjugates and the keen interest shown by the big pharma players in forging strategic alliances with the next-generation drug conjugate developers.
The ever-growing rise in medicare costs, along with the increasing burden of rare disease indications, prompted the stakeholders to look for alternatives to conventional therapies. As a result, the next-generation conjugates combine cytotoxic drugs with targeting agents, enhancing drug efficacy while reducing systemic toxicity. Deeper cellular penetration and permeability have emerged as viable targeted therapeutics for rare disease indications, including cancers.
List of Prominent Players in the Next Generation Drug Conjugates Market:
Advanced Accelerator Applications
Alnylam Pharmaceuticals
Arrowhead Pharmaceuticals
Dicerna Pharmaceuticals
Geron Corporation
Ionis Pharmaceuticals
Dyne Therapeutics, Inc.
Ambrx Biopharma, Inc. (Johnson & Johnson Services, Inc.)
Vincerx Pharma
Tubulis Technologies
Nurix Therapeutics, Inc.
Other Prominent Players
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Market Dynamics:
Drivers:
The growth of the next generation drug conjugates (NGDCs) market is driven by several key factors. Technological advancements, such as improved linker technologies and versatile applications, enhance drug efficacy and safety.
The rising prevalence of chronic diseases, particularly cancer and genetic disorders, fuels demand for targeted therapies. Strategic industry collaborations and acquisitions, like Pfizer’s purchase of Seagen, accelerate innovation and market expansion. Favorable regulatory environments support expedited review processes and clear development guidelines. Additionally, significant investment in research and development, supported by funding and innovative platforms, drives the discovery and optimization of new NGDCs. These combined factors contribute to the rapid advancement and adoption of NGDCs in modern medicine.
Challenges:
The global next-generation drug conjugates market faces several formidable challenges. One of the primary obstacles is the high development cost associated with these therapies. The complex manufacturing processes required for drug conjugates involve sophisticated technology and stringent quality control measures, making scalability difficult and expensive. Additionally, the regulatory landscape presents significant hurdles; furthermore, gaining permission from regulatory bodies like the FDA and EMA is a time-consuming and expensive process that frequently necessitates substantial clinical trials to prove safety and efficacy.
Another major challenge is ensuring the stability and efficacy of drug conjugates. In order to be effective, these therapies must both release the therapeutic agent at the target site in a controlled manner and be stable under physiological conditions. Balancing these requirements while minimizing toxicity is a complex scientific and technical task. Patents and proprietary technology can restrict the capacity of new companies to enter the market and innovate, which further complicates intellectual property issues.
Regional Trends:
The North American next generation drug conjugates market is growing due to advanced healthcare infrastructure and significant R&D investments. Key players in the region are driving innovation in targeted cancer therapies, leveraging cutting-edge technologies for drug conjugation. The increasing cases of cancer and the rising demand for personalized medicine boost the market. Favorable regulatory policies further stimulate market growth, allowing swift approval and commercialization of novel drug conjugates.
Moreover, strategic collaborations between pharmaceutical companies and research institutions fuel the development of next-generation therapies. With a robust pipeline and expanding applications beyond oncology, the North American market for drug conjugates is poised for sustained expansion.
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Recent Developments:
In April 2023, Novartis entered into a licensing agreement with 3B Pharmaceuticals. 3B Pharmaceuticals is a German-based company involved in the growth of peptide receptor radionuclide therapy (PRRT) candidates targeting fibroblast activation protein (FAP) receptors.
In March 2023, Japan-based PeptiDream signed strategic partnership with US-based RayzeBio to develop a peptide-radioisotope (RI) conjugate against Glypican-3 (“GPC3”) expressed in liver cancers.
In March 2023, The USFDA accepted Ionis Pharmaceutical’s New Drug Application (NDA) for its investigational antisense medication Eplontersen, which is intended for patients with hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN). After Amvuttra (vutrisiran) from Alnylam, Eplontersen will be the second medication licensed for the treatment of hereditary transthyretin-mediated amyloid polyneuropathy (ATTRv-PN).
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Segmentation of Next Generation Drug Conjugates Market-
Next Generation Drug Conjugates Market- By Type
Peptide Receptor Radionuclide Therapy (Peptide Radionuclide Conjugate)
Ligand-mediated RNAi Conjugate
Ligand Conjugated Antisense Medicine
Peptide Drug Conjugate
Next Generation Drug Conjugates Market- By Targeting Ligand
Amino Sugar
Lipid
Peptide
Small Molecule
Virus-like Particles
Next Generation Drug Conjugates Market- By Payload
Peptide
Small Molecule
Oligonucleotide
Radionuclide
Next Generation Drug Conjugates Market- By Therapy
Monotherapy
Combination Therapy
Next Generation Drug Conjugates Market- By Route of Administration
Intravenous
Subcutaneous
Others
Next Generation Drug Conjugates Market- By Indications
Gastroenteropancreatic Neuroendocrine Tumors
Prostate Cancer
Leptomeningeal Carcinomatosis caused by Breast Cancer Brain Metastases
Hereditary Transthyretin Amyloidosis
Atherosclerotic Cardiovascular Diseases
Severe Hypertriglyceridemia
Hereditary Angioedema
Acute Hepatic Porphyria
Primary Hyperoxaluria
Heterozygous Familial Hypercholesterolemia
Hemophilia
Low-Risk Myelodysplastic Syndrome
Myelofibrosis
Familial Chylomicronemia Syndrome
Alpha-1 Antitrypsin Deficiency Liver Disease
Next Generation Drug Conjugates Market- By Region
North America–
The US
Canada
Mexico
Europe–
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific–
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America–
Brazil
Argentina
Rest of Latin America
Middle East & Africa–
GCC Countries
South Africa
Rest of Middle East and Africa
Why should buy this report:
To receive a comprehensive analysis of the prospects for global next generation drug conjugates market
To receive industry overview and future trends of global next generation drug conjugates market
To analyze the next generation drug conjugates market drivers and challenges
To get information on the next generation drug conjugates market size value (US$ Mn) forecast till 2031
Major Investments, Mergers & Acquisition in global next generation drug conjugates market industry
Other Related Reports Published by InsightAce Analytic:
Antibody Drug Conjugates (ADCs) – Linker and Conjugation Technologies Market
Conjugation and Labeling Services Market
Peptide–Drug Conjugates (PDCs) Market
Antibody Discovery Market
The post Next Generation Drug Conjugates Market Worth USD 7.94 Billion to 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd. appeared first on HIPTHER Alerts.
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