The application of Artificial Intelligence (AI) in sciences other than biomedical has been pretty successful and shows great promise for the future. In this article, we are trying to figure that out; explore the impact of AI in pharma marketing.
From a concept to real-time application, Artificial intelligence (AI) has permeated healthcare and the pharmaceutical industry. It helps simplify vast volumes of patient data and crunch scientific information to speed and improve the whole drug discovery process. AI helps pharmaceutical manufacturing units comply with federal policies and regulations pertaining to production, clinical trials, and supply chain management.
Below, we discuss two vital aspects of AI technology in strategizing data-driven impact in pharmaceutical marketing in 2021.
AI-Powered Analytics in Pharmaceutical Research & Development
Leveraging artificial intelligence in pharmaceutical marketing is not an option. AI, coupled with Machine Learning (ML), is critical for vital data extraction. Talking about data refers to the various sources of information from multiple channels that authorities consider to make any decision. High-density records from patients, physicians, pharmacists, medical representatives, publications, etc. are analyzed for critical insights. And these channels are complex owing to various regulations that govern them. In this, for a pharmaceutical company to have an impactful marketing strategy, AI is indispensable. Implementing AI & ML in marketing analytics delivers sophisticated insights taking care of compliances and patient data safety. Together, AI & ML helps process seemingly unrelated datasets with a high degree of accuracy as the industry can’t afford human-errors.
AI-Powered Analytics for Product Marketing & Sales
In the pharmaceutical industry, sales-representatives are struggling every day to execute competitive healthcare-marketing strategies to stay ahead in the competition. With a flourish of generic brands and telehealth services, sales teams find it challenging to engage with physicians. In this context, leveraging AI is a vital step forward, enabling the pharmaceutical sales team to improve engagement with physicians. Harnessing AI in healthcare helps sales process large volumes of doctor and patient data to derive insights for improved patient and doctor and real-world clinical outcomes. With guided selling tools, sales teams can communicate more effectively, eventually impacting the bottom line. Additionally, AI-assisted customer relationship management (CRM) helps in the automatic scheduling of calls with physicians, nurses, pharmacists, and other stakeholders and, therefore, automatic report generation, trends, and sales forecast.
Pharmaceutical Marketing: Leveraging Artificial Intelligence in 2021
The pharmaceutical industry is highly competitive over the rest of the industry sectors. Also, given that pharma companies also operate under the strictest federal laws and regulations, they are reluctant to trust their data to any technology to avoid risk and morbid penalty. For pharma companies to harness any new technology, it is never the investment since they have a considerable budget for R&D at their disposal.
We believe that for pharma companies to overcome this reservation against leveraging AI, they have to approach it with a strategic mindset involving expert AI and life-sciences professionals. They can also consult with trusted third-party healthcare marketing companies with excellent domain experience to chalk out a robust marketing plan. With interdisciplinary innovation and collaboration, pharma companies can overcome their inhibitions about harnessing AI to contribute meaningfully to the healthcare sector. With actionable insights, the application of AI is the only profitable choice forward.