Leveraging A.I For Maximum Sales Leads in Pharma

Author: Elaine Vanessa

When it comes to offering reliable and safe drugs to the market, the pharmaceutical industries have relied on cutting edge technology for quite some time. This allows them to meet their targets and deliver drugs faster to the market than ever before.

However, with artificial intelligence and machine learning, things are quickly being revamped with the help of augmented applications that are now being stated to be critical for the future of the industry. From diseases identification to digital therapeutics, AI is empowering drug discovery and manufacturing software development.

According to a recent study by Pharm Exec, over 750,000 terabytes of healthcare data are created every day, including patient health status, insurance claims, health apps, genomic data, and other sources.
Furthermore, in an Open Text survey of 2020, interest in AI has increased to 85%, with 75% of respondents planning on using data scientist’s analytics centers of excellence.

However, due to the COVID-19’s global impact, companies’ interest dropped from 23% in 2019 to 19% in 2020. Yet, the drive for AI’s inclusion remains strong.

In light of this information, let’s take a quick look at some of the ways AI can be leveraged to maximize sales and lead generation for pharmaceutical businesses.

Customer Acquisition

Customer acquisition is defined as a set of techniques used to manage customer prospects and other marketing inquiries.

It serves as a connection between advertising and customer relationship management and as a way to acquire new customers. With its incredible tenacity to crunch huge chunks of data, AI can be used to predict behavior.

A fine example is Pfizer’s partnership with Concreto HealthAI. Together, they advanced the work in Precision Oncology using AI and real-world data. They might’ve utilized something like rapid clinical guidance to expedite this process, enabling swift and informed decisions in patient care.

This improved the detection process of patients who suffer from solid tumors and helping those with hematologic malignancies.

Data-Driven Decision Making

Following best practices, reducing time lags, meeting production goals, distributing goods, warehousing for the stock, and procuring raw materials.

These are only some of the decisions that managers and department leads in a pharmaceutical company must make daily, weekly, and monthly. Without proper data, decisions can be ill-informed, leading to hazardous outcomes for the organization.

With AI in the mix, both human ingenuity and the power of machine learning can be used to accomplish data-driven decision-making. Janssen Pharmaceutica, headquartered in Beerse, Belgium, working in collaboration with a French startup, developed an AI-powered drug design system.

This allowed them to discover new medications and identify chemical compounds and molecules to meet their desired criteria for future projects.

Hyper-Personalization

Hyper-personalization leverages AI along with real-time data to deliver more relevant content, product, and service information for users.

This will enable brands to outshine competitors by reaching customers first with a customized offer that is according to their preference, giving them the edge to score more leads and generally improve their chances to make more sales.

Novartis, a Swiss multinational pharmaceutical company based in Basel, recently announced a partnership with Microsoft. They were able to create an AI Empowerment Lab that is able to provide smart and personalized deliveries of therapies with optimization for cell and gene therapies at a large scale.   

Optimize Multichannel Marketing

Reaching out to customers on a single channel is no more fruitful. With the extent technology and digital media has been infused into our everyday personal and professional lives, it is imperative that we utilize a multichannel marketing approach.

In 2015, Johnson & Johnson announced a collaborative effort with IBM’s Watson Health, an AI cloud-based system capable of processing high volumes of data. Together they were able to bring The Patient Athlete™ program to mobile audiences.

The Patient Athlete™ program was a comprehensive approach developed in partnership with DePuy Synthes Companies of Johnson & Johnson. It targeted patients who needed help with joint replacement and offering them learning beyond pain reduction.

This was initially made available on their website. Young learners in search of dissertation help might already know how much multichannel marketing is important these days for businesses to remain competitive.

Profiling HPCs

Health care professionals are also a driving force once they have a reasonable presence in the market and are able to manage their public rapport through excellence in their field. Surprisingly AI can dig deeper and bring out the best outcomes for them by profiling HCPs. 

This means that with AI’s help, pharmaceutical companies can target a list of physicians for their sales representatives with immense accuracy and precision. This can also enable their sales team to strategize for the future when it comes to offering discounts and value prepositions while contacting HCPs.  

Bayer, a German multinational pharmaceutical company, through its accelerator, offered digital health startups free co-working space, coaching, and up to 50,000 Euros in funding.

Turbine and Xbird were two of the AI medical startups out of four participants that focused on cancer preventable diseases in 2016. That same year Bayer reported 47 billion Euros in sales. Pupils seeking the best essay writing service UK might have come across this case study during their learning years. 

Understanding Costumer Needs & Requirements.

 It is obvious that they have to think about the primary sources for understanding customer needs and requirements for pharmaceutical companies. To this extent, data from doctors and physicians is extremely important.

However, physicians themselves, at times, need support to prescribe proper medicines and drugs for patients. 

Understanding this basic need led Merck Sharp & Dohme (MSD) Corp, a subsidiary of Merck & Co., to develop an AI-based chatbot. The MSD Salute chatbot is designed to aid physicians in pathology as well as providing product information

Conclusion

This is neither a complete nor an exhaustive list of the number of ways AI can boost sales and increase lead generation for pharmaceutical businesses.

As the technology continues to grow and improve upon itself with the passage of time, more new possibilities and opportunities are expected to emerge that can radicalize current viewpoints completely.

Elaine Vanessa currently works as a Sr. Research Analyst and Blog Writer at Dissertation Assistance and Assignment Assistance. This is where higher education students can acquire professional essay editing service UK from experts specializing in their field of study.  During her free time, she likes to doodle and create wall art.