Artificial Intelligence (AI) had transfigured different sectors in society, where the pharmaceutical sector is not an exceptional case. Pharmaceutical sectors have reached new heights with the emergence of these sophisticated technologies. The evolution of artificial intelligence in the pharmaceutical industry is in a growth phase opening the possibilities of discovering many new drugs. The diseases affecting humans are increasing tremendously whereas the drugs which are available to treat or cure are very much minimal. But this kind of scenario will not be present in the future because of the combination of artificial intelligence and the pharmaceutical industry which results in faster discovery of drugs with increased clinical outcomes. There was a shift in the paradigm of various stages in drug discovery because of the utilization of artificial intelligence. Each stage of drug discovery involves a certain timeline that can be cut down with the help of artificial intelligence. Many pharma companies are engaged with AI-based drug discovery approaches for treating various diseases like Parkinson's disease diabetes, Alzheimer's, Obsessive Compulsive Disorder, etc., AI is also being employed in product development for the fabrication of nanomedicines and nanorobots. Few AI-based drugs are already in the phase of clinical trials which indicates the growth of AI-driven drug discovery. In this review, we have highlighted the application of AI in drug discovery and product development of pharmaceuticals.