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Adapt or Stagnate: AI's Impact on Pharma Marketing
March 2024 | Read Time 3 min. | Author: Ishita
Artificial Intelligence (AI) is a rapidly advancing technology that is transforming the world as we know it. From automated customer service chatbots to self-driving cars, AI is omnipresent with its impact constantly growing. This growth has left us with two choices: to either embrace AI and everything that it has to offer, or to resist and risk being left behind.
Age of AI: Why Adoption is Key
In practically every industry, including pharmaceutical, it is becoming increasingly evident that those who resist AI are struggling to remain at par with other players in the market and facing challenges in meeting customer and stakeholder demands as a result.
More than 80% of marketers worldwide now integrate some form of AI into their online marketing activities. Even pharmaceutical companies are moving from AI infatuation to AI adoption to revamp their marketing strategies.
Traditionally, Pharmaceutical marketing required significant human efforts and time to sieve through vast datasets. Today, AI’s advanced algorithms have revolutionized this field by enabling precise analysis of these datasets. Artificial Intelligence can efficiently extract valuable and previously unexplored insights, aiding pharmaceutical companies in making informed, data-driven strategic marketing decisions.
In the dynamic and evolving landscape of the pharmaceutical industry, AI-powered marketing is not just enhancing efficiency; but it is also providing pharmaceutical companies with a competitive edge. This advantage allows them to adapt swiftly to the rapidly changing needs of their target audience.
AI for Pharma: How Marketing is Evolving
Finding the right audience: AI eliminates the guesswork in identifying precisely who the target audiences are. Algorithms can effectively segment audiences based on demographics, behaviour patterns and preferences. This data empowers sales and marketing teams to focus on identifying the right healthcare professionals (HCPs) and categorizing them into the most suitable channels at the optimal times (Rod, M., 2007).
Crafting the Perfect Message: Pharmaceutical marketers can fine-tune their communication strategies by analysing data to comprehend which communication channels (e.g. email, social media etc.) resonate best with different audiences. Leveraging AI-powered tools allows for an in-depth study of customer behaviour and preferences across these platforms.
For instance, a pharmaceutical company can leverage AI to identify groups of potential diabetic patients and customize marketing messages specifically for a new diabetes management drug (Chand P., 2023). This approach allows for more precise targeting and personalization, potentially increasing the effectiveness of the marketing campaign.
Turning Data into Insights: AI optimizes marketing campaigns by continuously learning from real-time data. Social Listening tools like Sprinklr or Mention “listen” to customers across different platforms through their interactions, feedback, and responses.
AI can track these engagement metrics and identify trends in customer behaviour. These insights allow pharmaceutical companies to enhance customer customer experience, build brand loyalty, and refine their marketing strategies.
Moreover, marketing team can benefit from AI’s ability to analyse response rates from past campaigns and evaluate the effectiveness of investments across multiple advertising channels (Ling et al., 2019).
Predicting the Future: Pharmaceutical companies rely on gathering tons of empirical data from market research and expert insights, all in their efforts to understand patient domains.
Predictive analytics carried out by AI enable these companies to process not only empirical data but also real-time information. This analysis can uncover market size, trends, opportunities, offer predictions on how new products might perform and understanding demand patterns. Consequently, marketing processes can be optimizes based on these insights.
Conclusion
The rise of AI in Pharma Marketing is revolutionizing how pharmaceutical companies interact with customers, optimize their marketing strategies, and drive innovation in the industry.
However, it’s crucial to navigate this digital transformation with care, ensuring that the use of AI in pharmaceutical marketing aligns with industry standards, ethical considerations, and regulatory guidelines. This balanced approach will ensure that the benefits of AI are leveraged to their fullest potential while maintaining trust and integrity in the pharmaceutical field.
Sources
1. https://www.indegene.com/what-we-think/blogs/knowing-your-audience-predicting-hcp-digital-behavior-drive-sophisticated
2. https://www.pharma-mkting.com/blog/data-driven-decisions-analytics-for-effective-pharma-campaigns/
3.https://www.researchgate.net/publication/364308184_Artificial_Intelligence_in_Pharmaceutical_Sales_Marketing_-A_Conceptual_Overview
4.https://www.linkedin.com/pulse/pharma-evolution-ai-marketing-sales-prem-chand-uzref/
5. https://digitalya.co/blog/ai-pharma-marketing/
2. https://www.pharma-mkting.com/blog/data-driven-decisions-analytics-for-effective-pharma-campaigns/
3.https://www.researchgate.net/publication/364308184_Artificial_Intelligence_in_Pharmaceutical_Sales_Marketing_-A_Conceptual_Overview
4.https://www.linkedin.com/pulse/pharma-evolution-ai-marketing-sales-prem-chand-uzref/
5. https://digitalya.co/blog/ai-pharma-marketing/
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