The pharmaceutical industry is going through evolution due to the incorporation that is being done with the use of other technology making pharma commercialization to be better. The global digital health market is expected to reach USD 258.30 billion by 2029, emphasizing the role of technology in this sector. To the pharma leaders, digital engagement is not a choice but an imperative for relevance and delivering on new patient and provider expectations.
Fused with instant intelligence and big data, data analytics delivers individualized patient data to support product development. Omnichannel engagement platforms change the game of reaching patients with such medical products. They help start and optimize processes, minimize expenses, and improve targeting, which can help companies create more value for all stakeholders and patients.
LEARN MORE: Read the latest business news here
In this blog, we will discuss these top digital initiatives, including advanced Customer Relationship Management systems, Customer insight and analytics, and personal marketing initiatives to guide your organization in the new digital era to attain incomparable success in pharma commercialization. And now let me shed light on pharma’s future.
Mastering Data Analytics
Information is the foundation on which current pharmaceutical approaches are built. These tools are techniques that help firms sort through the huge amounts of information available to them to make productive use of them. For example, prescriptive analytics into demand patterns, the target population that can be reached, and the right strategy to launch a drug.
Example: Multinational pharmaceutical companies such as Novartis have leveraged AI and ML to work with real-world evidence (RWE) to optimize clinical trials and reduce the time it takes to get a particular drug to market.
Impact: Explaining the potential benefits of using data analytics, a McKinsey report notes that improving the go-to-market time by that margin means millions of dollars in a company’s top line.
However, to fully realize this power, pharma companies need to get better at identifying, collecting, integrating, and interpreting data, through tools such as Salesforce Health Cloud or IBM Watson Health.
Approaches to Omnichannel Communication
It became evident that the combination of the one-on-one approach of personal selling is insufficient. Today, HCPs need both online and offline interaction and could be a good target customer for Prescribe for Care. According to the survey conducted by Accenture, 87% of the HCPs appreciate digital content with their specific interest.
Key Approaches to Omnichannel Engagement
Customer Relationship Management (CRM): Veeva CRM is one of the now-available applications that lets pharma firms manage relationships, monitor contacts, and coordinate communications.
Digital Platforms: The opportunity is to use webinars, virtual detailing, and social media to reach HCPs and patients. Some of the best ways to sustain relationships include the use of professional sites like LinkedIn, and sending out emails.
Impact: Omnichannel strategy has been proven to improve overall HCP engagement, with some organizations citing an average 15-20% improvement.
AI Marketing and Personalization
Every piece of information from social media platforms, forums, and patients’ records is processed by AI, and messages leveraging the audience are created.
Example: The partnership between Pfizer and IBM Watson enabled them to predict consumer buying habits and therefore market appropriate oncology products.
Why It Matters: According to a study carried out by Deloitte, the use of artificial intelligence in the marketing process is likely to enhance conversion by 30-40% thus ensuring that the marketing cost is optimized.
AI also aids in the selection of new markets and tuning the detailed campaign plan to get the most effective return on investments.
Optimizing Clinical Development Through Technology
Clinical trials are extremely time-consuming and expensive which are part of the drug development process. Some of the methods include using decentralized clinical trial (DCT) platforms and even wearable technology gadgets.
Decentralized Trials: By using such platforms as Medable, patient participation can be done from the comfort of their homes, which eliminates cases of dropout, and increases the sample size in terms of demography.
Wearable Technology: Applications like Fitbit and Apple Watch advance the worth of trial by putting real-time health information ahead of trial and omission of individual checkups.
Benefits
The increased use of digital media in contacting and enrolling patient participants is faster.
Possible yearly savings range between 15% to 25%, according to the Tufts Center for the Study of Drug Development.
Enhanced and better compliance ensuring data accuracy.
The Use of Predictive and Prescriptive Analytics
Information on consumer behavior was used to predict market demand and difficulties, as well as determine more suitable price levels. Prescriptive analytics goes even further with a strategy to provide outcome recommendations.
Applications in Pharma
Demand Forecasting: Predict the sales of newly launched drugs using those already in the market and at present.
Supply Chain Optimization: Coordinate product flows so that valuable products get to worthwhile markets in the right time thus greatly reducing waste and generating good revenues.
Besides, Tableau and SAS Analytics software are among the most popular to use predictive and prescriptive analytics successfully.
Trends for the Future in Pharma Commercialization
Looking ahead, technologies like the Internet of Things (IoMT) and digital twins will further revolutionize pharma commercialization:
IoT: On the Internet, connected devices will offer permanent surveillance and information sharing and improve the quality of patients’ treatment.
Digital Twins: The creation of virtual models of patients or processes will ensure near-real-life modeling leading to enhanced decision-making while minimizing risk.
Get Ready to Future-Proof Your Pharma Strategy
The critically important aspect is that digital tools are no longer on the periphery of pharma commercialization – they are central. Exploring data analytics and marketing as well as blockchain and telehealth opportunities are as limitless as these approaches in delivering efficient solutions for different processes and enhancing patients’ quality of life and business success.
Newristics, the provider of market-leading pharma messaging-related services, combines behavioral science principles with the advanced use of artificial intelligence to enhance omnichannel messaging. Currently working with all top 20 pharma companies and hundreds of brands, Newristics offers content development services, market research, and messaging analytics.
With their experience, they facilitate the proper communication between pharma companies and both, patients, as well as doctors and other medical practitioners which leads to a higher level of engagement. With such solutions as Newristics, pharmaceutical companies can safely and effectively embark on the journey through the digital age and towards sustainable growth and success.
