Chat GPT and Regulatory Intelligence: A Perfect Match?

AI has revolutionised multiple facets of regulatory compliance particularly in the domain of life sciences. The disruptive nature of ChatGPT is bound to create waves in the sea of multidimensional regulatory information due to its immense versatility in the ways that it can be useful to its end customers. It is emerging as a potential change agent for the future of the life sciences companies.

With its ability to generate human-like text and respond to a wide range of topics with fluency and coherence, ChatGPT has the potential to provide relevant data for a highly regulated industry – fraught with complex regulations and information overload.   

In this blog post, we will explore the ways in which ChatGPT can simplify the day-to-day affairs for regulatory personnel and how technology can disrupt an industry with very low penetration of AI and automation.

ChatGPT is Revolutionizing the Life Sciences Industry

Monitoring Regulatory Guidelines: 

One of the key advantages of AI chatbot in life science compliance is its ability to monitor and keep track of dynamic data. By analysing vast amounts of information, it can identify potential changes in regulatory processes or deviations from established regulatory requirements. This proactive monitoring helps life science companies to meet the regulatory standards, avoid costly regulatory compliance violations and maintain a high level of quality and safety in their operations. 

Training on Regulatory Requirements: 

Keeping employees informed about regulatory requirements and best practices is crucial for maintaining compliance. ChatGPT can play a vital role in providing training on these time-critical regulations, ensuring that employees are well-versed in the guidelines they need to follow. With its ability to generate accurate and up-to-date information, life science companies can enhance their training programs and empower their workforce to adhere to regulatory standards effectively. 

Streamlining Documentation: 

Documentation plays a vital role in life science compliance, as accurate and up-to-date records are essential for audits and regulatory submissions. AI powered chatbots can assist in this process by providing accurate information on regulatory requirements and tracking the progress of compliance efforts. By automating certain documentation tasks, such as annotation, translation, and summarisation, this AI chatbot ensures that life science companies are saving on critical time and minimizing the risk of errors. 

Preparing for Audits: 

Preparing for regulatory audits can be a time-consuming and stressful process. The AI enabled chatbot can simplify audit preparation by organizing and compiling information related to compliance requirements. By centralizing and streamlining the necessary information, this tool enables auditors to access all the essential data efficiently. This reduces the burden on employees and ensures a smooth and efficient audit process. 

Managing Compliance Risks:

Proactively identifying and managing compliance risks is crucial for life science companies. ChatGPT can assist in this aspect by utilizing its analytical capabilities to identify potential compliance issues before they escalate into major problems. By doing so, it allows companies to take proactive measures to address compliance gaps, minimizing the risk of violations and enhancing overall compliance management.    

Unleashing the Power of ChatGPT: Freyr’s Innovative Approach 

Freyr’s flagship Regulatory Intelligence solution, Freyr IMPACT offers a unique proposition – a AI chatbot plugin that is trained on a large Regulatory Intelligence database. This context tuned IntelliGPT overcomes some of the idiosyncrasies of any other general large language models (LLM) such as:

1. AI Hallucination: ChatGPT models assimilate information from multiple data sources, often inventing “facts” that are not true. Since there is zero tolerance of inaccuracy in the world of compliance this can be a major drawback for LLM penetration whereas Freyr’s IntelliGPT is trained on a verified database which is likely to minimize such errors. 
2. Black-box Technology: Generic AI Bots do not provide reference links, and this is a big problem for Regulatory personnel as there is no way to verify the information or get more understanding about it. The prompt engineered IntelliGPT solution of Freyr offers users the flexibility to access the references and hence verify the information dished out by ChatGPT. 
3. Information Overload: Multiple information sources can slow down the process of decision making. Freyr’s IntelliGPT can summarize and evaluate complex information for the users allowing them to take holistic decisions in a short time frame.    

With the integration of AI-powered solutions like ChatGPT, the landscape of life science and regulatory affairs is undergoing a transformative shift. Freyr’s IntelliGPT, it employs prompt engineering, providing a gateway towards the improvement in terms of regulatory data accuracy. It also supports data engineering with an RI specific system enabling the collection and usage of relevant data for the life science industries. 

IntelliGPT’s capabilities in monitoring, training, documentation, audit preparation, and risk management makes it an invaluable tool for RI industries. By leveraging Freyr’s RI IntelliGPT, organizations can enhance their compliance efforts, streamline operations, and adapt to the evolving regulatory landscape with greater ease. 

To experience the power of AI in the Regulatory Intelligence world, you can choose to try a dedicated Regulatory Intelligence platform like Freyr IMPACT Request for a demo.