A couple of questions – What does the future hold for the pharmaceutical marketing space? Do you think the sales reps carrying a marketing material in the hands and visiting the HCPs office works in the long run? Does shooting in the dark game continue to impress, engage, and convert the HCPs? Do pharma companies need to invest in AI Technology solutions?
The answer to all questions lies in one statement- the world is racing an intelligent technology race where the pharma industry is no exception. The AI technology is highly leveraged by the top honchos in the pharma space such as Novartis, Pfizer, Santen, twoXAR, and Deep 6 to generate efficiencies in commercial functions and improve sales performance.
According to market and market research, “The pharma and life science analytics market is set to experience staggering growth over the next five years, reaching an estimated $33.2bn by 2024.”
AI-driven analytics can create wonder in pharma marketing when coupled with sales and marketing challenges. Under the AI umbrella, machine learning, deep learning, natural language processing, robotic automation, and conversational interface are used to power the marketing and sales pros differently.
Let’s see how AI enablement in the pharma industry can significantly improve the work and provides an array of opportunities:
Sifting through millions of medical records manually to identify the patient’s health progress for a specific drug is extremely taxing. Identifying the outcomes at speed is all-important to showcase the data as proof to the HCPs. When AI technology leveraged, the trillions of patient records can be scanned, and rich insights can be found in a matter of minutes. The automated setup can rapidly sort out the patients whose health is getting better and inform the same to the pharma marketing executive that helps sales reps to close the deal quickly.
Precision targeting and segmentation
The physicians’ needs are different, which means they must be targeted after segmenting their needs. For instance, some physicians like to discuss the medicine that suits the patients’ health, and on the other side, some like to write a script for their requirements according to patient’s conditions. The dynamic segmentation helps in better influencing and converting the clients leveraging data-driven strategy.
In addition to segmenting and targeting, the custom marketing strategy plays a key role in sealing the deal in the first meeting. It requires tailoring the marketing material that reps use during the HCPs visit. Here, AI technology helps by recommending the right content at the speed of light, which is personalized to the HCPs’ needs. This way, the impactful messages can be shared with reps that they can use in the meeting.
Moreover, there are some gaps in personalizing the material that exists even after leveraging AI capabilities, which can be fixed by modularizing the content for re-use, tagging the modularized content, and accelerating the medical, legal, and regulatory approval process.
Leading companies like- Novartis is combining human and AI intelligence to power up their sales reps with the personalized material so that the reps talk about only those things in which HCPs are interested, which further brings winning results.
Optimizing MCM efforts
Generally, the pharma companies engage with HCPs through rep visits, conferences, meetings, and webinars, in addition to non-personal promotional activities (Email and other digital platforms). When the companies make combined efforts through personal promotion and non-personal promotional channels, it becomes difficult to measure the collective and individual impact.
The AI-powered analytics paints a clear picture by providing meaningful information like- which HCP to approach on which channel, using which product, and when. This diagnosis helps the marketing industry in understanding HCP’s preferences and interests from top to toe, which translates into better sales and a competitive edge.
Reps manually manage the inventories where the errors are no exception and waste the valuable time that otherwise can be used by reps to engage the customers. It can be turned upside down using AI technology.
With the help of AI, when the captured images of pharmacy shelves analyzed, it provides useful information about inventory in a few seconds precisely. There will be no out-of-stock or over-stocked inventory issue pops-up, which negatively impacts sales.
Customer relationship management
Conventionally, sales reps enter all the information they receive post-meeting in the CRM system. The data is of high value, but can’t be used immediately. When the CRM system coupled with AI intelligence, the marketing team will get rich insights at the moment, which can be used to target the right customer with the right message at the right time, right frequency, and on the right channel.
The precise messaging helps in engaging the customers and building a strong relationship with them that increases loyalty rates as well.