Technology is crucial in how pharmaceutical businesses conduct business in today’s digitally altered environment. Technology is propelling the industry through an age of extraordinary transformation, from medication development through production and commercialization.
This is especially true in pharmaceutical sales, where rising regulations, tightening rules, and other stumbling blocks linked with pharma-to-physician relationships are posing new problems. Moreover, as the complexities of pharmaceutical sales get more complicated, the use of novel technology in a representative’s day will only become more prevalent.
Pharmaceutical businesses will have access to more data and insights on prescribers than ever before as breakthroughs in artificial intelligence (AI), cloud computing, and data analytics continue beyond 2023. As a consequence, reps should be able to more precisely focus their efforts and adjust their sales approach to the requirements of healthcare professionals (HCPs) in a more straightforward and seamless manner.
Trends That Will Define 2023
Technology will continue to transform how pharmaceutical commercial operations do business, from reducing procedures to boosting physician involvement. The following are some of the most noteworthy trends to keep an eye on:
Data Management
In today’s digital age, pharmaceutical corporations may obtain client data more easily than ever before. However, most of the data that organisations gather isn’t being used to its full potential since pharma companies, like other sectors, have a lot of unstructured data. According to MIT research, 80% to 90% of the data collected by firms is unstructured, making it almost hard to apply business intelligence models to this data.
Pharmaceutical sales teams will likely boost their investments in data management solutions in 2023 to better use their data, which comes from internal sources as well as third-party suppliers like as IQVIA, Symphony, speciality pharmacy providers, and others. In fact, pharma expenditure on data analytics is expected to increase by 27% to $1.2 billion by 2030.
Cloud Computing
Cloud computing will also play an important part in pharmaceutical sales in the future. As a result, investments in cloud-based software solutions such as Salesforce Health Cloud or Microsoft Dynamics 365 for Healthcare will be maintained through 2023. Analysts expect that pharma’s expenditures in cloud computing would total $59.3 billion by 2030. These investments are crucial because cloud-based solutions make it much easier for pharma representatives to remain up to speed on their clients’ requirements and preferences, resulting in better customer service and expanded sales prospects.
Artificial Intelligence
AI may help sales firms better understand their clients by allowing them to evaluate massive data sets fast and correctly. AI-powered algorithms, for example, provide a more customised experience by delivering personalised messages based on prescriber data. Additionally, AI algorithms may be used to discover possible new markets or consumers that may benefit from specific medicines, allowing pharmaceutical businesses to more successfully target these segments with customised promotions or campaigns.
This kind of intelligence should drive AI expenditures long beyond 2023. Experts forecast that the market will be worth $9.24 billion by 2030, up from $905 million in 2021.
Communication Automation
It has become more crucial for pharmaceutical companies to maintain an always-on presence that allows them to interact with patients and prescribers on a personal level. AI-powered chatbots, for example, may be deployed in real time to answer frequent HCP inquiries swiftly and accurately. This is another area where AI should drive investment, particularly as businesses seek additional methods to provide more tailored experiences for their consumers.
Mobile Engagement
The usage of mobile applications has increased the productivity of pharmaceutical sales teams by offering instant access to important information. However, as the number of applications grows, prescribers may feel overwhelmed. They also don’t have time to mess with portal logins or other time-consuming stumbling blocks. As a result, the year 2023 will be all about utility and efficiency, which native messaging systems can provide.
Digital Health
During the previous year, Merck, GlaxoSmithKline (GSK), Pfizer, Novartis, General Atlantic, and others have made considerable investments in digital health. General Atlantic led a $300 million Series D round in April, alongside CVS Health and others, into digital therapeutics firm Biofourmis, which blends AI and biosensors to track the success of medical therapy. Analysts predict this pace to continue in 2023 and beyond as the digital health market approaches its estimated $42 billion by 2027.
How Can Businesses Overcome Implementation Difficulties
Companies will need to invest in creative new technology to be competitive as the speed of change within the sector intensifies. Yet, considerable problems accompany these expenditures. These are a few of the most common (and how to overcome them):
• Adopting new technology can be a daunting task at times, which can cause a natural resistance to change. But by involving leaders and end users in the process of setting companywide goals, it encourages adoption and success.
• Pharma is facing an overwhelming challenge to keep up with the growth of available information and make well-informed decisions. To combat this problem, organizations must work to create harmony between their internal and external data sets to gain a comprehensive understanding of operational insights.
• There is a lot of pressure on pharma IT teams to maximize the potential of machine learning and AI. However, this requires strong data management and master processing capabilities to ensure uniform execution, a challenge that can be defeated or exacerbated by mismatched data sets. Investing in sound data infrastructure could prove invaluable for organizations aiming at success with these tools.
• There is no one-size-fits-all solution. As such, rather than blindly adopting new solutions, organizations must assess their existing IT resources and understand the impact of the enhancement.
• With Europe leading with GDPR guidelines and California bringing in its own consumer protection rules (CCPA), there will be critical decisions impacting data management across borders. Proactivity is key to addressing these concerns.
Notwithstanding the difficulties of controlling innovation, investments in technology will continue in 2023 and beyond. Pharmaceutical CEOs may overcome any hurdles and emerge as real industry leaders with the correct plan in place.
Source: Anupam Nandwana for Forbes Business Council
