We hear a lot about how AI is accelerating drug discovery. But the number of drugs approved by the FDA has remained constant through the AI revolution, at around 50 per year. “The biggest problem in bringing new medicine to patients hasn't been drug discovery for a long time,” says Ben Liu, the founder and CEO of Formation Bio, an AI company working in the biotech space. The real limiting factor, he says, is in the running of clinical trials—which can take years, and can cost hundreds of millions of dollars.