post
November 27, 2023
Read time: 7min
How AI is transforming the Pharma market insights space
Artificial Intelligence (AI) is ushering in a new era of precision in the pharmaceutical industry. From revolutionizing drug discovery and personalized medicine to enhancing image diagnostics and streamlining clinical trials, AI is permeating every part of the pharmaceutical value chain.
As AI becomes more powerful, it’s also fundamentally transforming how insights professionals gather knowledge, understand complex market dynamics, and apply insights-driven decision-making. So, what are the key benefits of AI in applied to knowledge management in Pharma & Healthcare? What are the best use cases and results that Pharma organizations can expect from deploying this new tech? Let’s dive in.
The transformative potential of AI for Pharma insights
Unlike traditional insights-generating methods, AI — with its advanced algorithms and deep learning capabilities — can quickly sift through terabytes of data, consider a multitude of variables simultaneously, and identify relevant patterns and correlations that might elude human analysts.
This capability is not just about speed; it’s about the depth and breadth of analysis. AI can review, comprehend, and summarize your knowledge assets in response to natural-language questions faster than any human can, and the use cases for Pharma insights teams are growing.
When we look at the impact of AI on insights management, we should be aware that the democratization train left the station some time ago, and self-service is now a widely established model in many organizations.
Accelerate pharmacovigilance tracking and reporting
100% compliance is the only option for pharma market insights. That means Pharma insights teams must ensure that their post-market surveillance and analysis activities — and reporting — meet all regulatory requirements. But with increased data volume and complexity, evolving regulatory requirements across different regions, and limited resources, this can be a huge challenge.
Using AI-powered enterprise insights can help pharma insights teams:
- Catch signals early by quickly analyzing a multitude of unstructured data sources, like patient forums, social media, and healthcare records, and extracting relevant insights that might not be captured through traditional reporting systems.
- Ensure compliance with the latest guidelines by monitoring and interpreting regulatory requirements across different regions.
- Handle data in multiple languages, so insights teams can coordinate pharmacovigilance activities across different countries and regions, each with its own regulatory environment and healthcare practices, and ensure insights are relevant across different populations and regions.
Automate pharmacovigilance workflows, so insights teams can reduce complexity, improve efficiency, and overcome resource limitations —freeing up their time to guide future research and development and refining market strategies.
Pharma insights professionals’ role in pharmacovigilance is integral to the lifecycle management of pharmaceutical products — AI can help make pharmacovigilance easier and more accurate, so you can reduce delays and get your research into the hands of stakeholders faster.
Optimize sales territory mapping
As a Pharma insights professional, you may be asked to generate insights for sales territory optimization. Questions like, “Which regions are healthcare providers most likely to be receptive to our new cardiovascular drug over the next five years?” might come across your desk regularly.
To find answers to questions like this, you’ll have to triangulate and compare internal and external structured and unstructured research like:
This kind of analysis is time-consuming, and sometimes by the time insights teams find reliable answers, the market has already shifted. But generative AI is transforming this reality. Philips recently found they could save 7.5 hours for 27 questions when they used an AI assistant designed for trusted market insights in Healthcare tech.
If you want to optimize your sales, AI for pharma market insights can analyze all of your disparate data sources and provide answers to your questions in minutes. It can help to guide your sales teams to target and prioritize the most promising territories and people to get life-changing therapies into hands faster, all while maximizing sales, and saving time and money.
Get faster patient and physician insights
Understanding how patients and healthcare providers make decisions is vital to delivering therapies to doctors and patients who need them. Pharma insights teams need quick answers to questions like “What are the factors influencing certain patients’ drug choices?” or “How do physicians perceive this specific class of drugs?”
Because AI can quickly analyze large volumes of surveys, clinical trials, and other data to extract meaningful insights about consumer preferences, behaviors, and unmet needs, it can help insights teams:
- Stay up to date with changing patient expectations and behavior by continuously learning from new data to generate updated insights
- Map patient journeys and identify critical touchpoints where interventions or support can be most effective
- Ensure that brand messaging resonates with target audiences and addresses their specific needs
- Provide recommendations to marketing and sales representatives on optimal patient and physician engagement strategies
- Create detailed customer personas by quickly analyzing demographic, behavioral, and psychographic data of different patient groups and healthcare providers
- Incorporate the voice of the patient or physician into product iterations.
By leveraging AI for patient and physician insights, pharmaceutical companies can therefore make informed decisions that not only enhance their product offerings but also improve patient care and outcomes.
Expedite insights content for stakeholders
AI can surface and summarize key insights from a knowledge base in minutes, making it easy for insights teams to deliver comprehensive market insights to their stakeholders, fast.
And in the fast-paced pharmaceutical industry, the ability to make quick, informed decisions can be a competitive advantage for a number of reasons:
- Rapid insights development and content creation means that pharma insights professionals can provide timely data and analysis to decision-makers, facilitating faster strategic decisions
- Reducing the time insights teams spend on delivering insights content can lead to cost savings, allowing resources to be allocated to other critical areas such as research, marketing, or patient support
- By quickly analyzing and disseminating new research and data insights, companies can foster an environment of continuous learning and innovation, which is vital for long-term success in the pharmaceutical industry
Gathering and analyzing vast amounts of data require significant resources, including skilled personnel, time, and financial investment.
For pharmaceutical companies, faster time-to-insights facilitated by AI is about enhancing decision-making, responsiveness, compliance, stakeholder engagement, and overall operational efficiency — in an industry where these factors can have significant impacts on public health and business success.
Can you trust AI-powered market insights in the pharma space?
There’s a hesitancy among insights professionals in the Pharmaceutical industry when it comes to AI. On one hand, the opportunity for AI to streamline research and offer unprecedented insights is undeniable, and companies that don’t adopt AI for market insights may find themselves losing their competitive edge.
On the other hand, there’s a need to tread carefully and ensure that the technological leap into AI for pharma insights doesn’t come at the cost of pharmacovigilance, regulatory compliance, and insights accuracy. That’s why it’s vital to implement a trustworthy and safe solution.
How do you choose the right AI-insights platform for Pharma market insights?
With the right AI-assisted insights platform, Pharma companies can balance the benefits of AI efficiency with compliance and security. The key is to ensure you know the ins and outs of any prospective AI insights platform, so you can assess:
- Data handling and security
- Integration and compatibility
- AI transparency and trustworthiness
- User-friendliness
- Time-to-deployment and ROI
Experts at Market Logic Software recently compiled a list of 10 essential questions to ask a potential AI insights platform provider that covers these topics and more, so you can confidently assess and choose an AI insights platform that meets the unique needs of your Pharma organization.
Unlock Pharma market insights with DeepSightsTM
To conclude: AI in research and insights is moving fast. Our recent industry report shows that 77% of insights teams and 68% of stakeholders have already used AI for at least one research and insights activity. Organizations in Pharma that are not already innovating and adopting AI for insights in this new era will risk being left behind.
If you’re ready to take the next step in becoming an insights-driven organization, unlock the potential of insights in your organization with DeepSightsTM. Contact us to book a free consultation with a member of our team.