Artificial Intelligence in Pharmaceutical Industry – Game Changing Trends About To Disrupt 2019
There is a white space in AI based pharmaceutical segment. While most of the software companies are looking at drug delivery, digital diagnostics and precision medicine, not many are looking at sales force effectiveness programs and patient adherence programs. The data coming out of these program are essential for pharma, medical devices, insurance, hospitals and many more. Due to limited competition, it’s one of the most attractive segments in 2019.
Trend 1 - AI can boost, drive and support Pharma Sales force
The following uses are some of the many that pharmaceutical companies can consider while re-vamping their sales force effectiveness. Using AI in their existing CRM
- Can predict the physician who is more likely to accept appointments based on appointment schedule, past record of considering company representatives, inquisitiveness for learning new technology and new products that can impact his practice and much more.
- Identify a physician among a pool of specialist who is more likely to switch from one brand to another (based on his user history, media presence – conference, CME meetings, etc.)
- Can help a medical representative segment and target the dynamic physician real time, based on predictive analysis.
Solution Providers: RxPrism, Veeva CRM Systems, Eularis are some of the companies which can help them achieve desired results.
Used Case: Use of customization based on AI analytics have been shown in Eularis projects to increase prescribing by 43% for sales reps using these compared with sales reps not using them. (quoted from company website)
Trend 2 - AI can solve the Patient Adherence Issue
It’s a major issue faced by one and all in the pharmaceutical industry. It also indirectly impacts the health insurance companies. With the use of tools such as Alexa and Google Home, this can be run as a pilot to study the impact on patients who require daily medication and who also are likely to discontinue medicines (due to age, memory loss or forgetfulness, failing to fill prescriptions, reimbursement, access to pharmacy, others).
- This will give the real time analysis on usage pattern of essential medicines and the data can be used by policy makers to decide drug pricing, the same data can be used by pharma companies to analyze the usage of particular drugs in regional markets and compare the variations in demand.
- Startups and SME in HCIT segment are considering this segment in 2019. Look for markets such as India, China, New Zealand, USA, Australia for tie-ups and collaborations.
- For insurance companies this data can help identify the reasons for rising cost of healthcare and minimize the gaps by identifying patients who need help with regular medications.
Solution Providers – Heliossolutions, AllazoHealth, few more…
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