3, May 2023

How AI Can Improve Commercial Operations of Pharma Companies

Written by PeakPharma

AI applications can have a positive impact on the commercial operations of pharmaceutical companies. By leveraging AI, pharmaceutical companies can improve their business opportunities, marketing strategies, recommendation or prescription productivity and customer service. With some prep work, pharmaceutical companies can use their own AI data and partner with contract solutions organizations adept at working with AI to help stay ahead of the competition and better serve its customers. Let’s explore how AI can be used to enhance the commercial operations of pharma companies.

Optimizing Marketing Strategies

AI can help pharmaceutical companies optimize their marketing strategies by identifying target audiences and predicting which marketing tactics will be most effective. AI algorithms can analyze vast amounts of data to identify patterns and trends, allowing companies to tailor their marketing campaigns to specific demographics and ultimately maximize their return on investment.

Competitive Analysis

AI can be used to perform competitive analysis, providing pharmaceutical companies with insights into their competitors’ activities and strategies. This information can then be used to inform decision-making and help companies stay ahead of the competition.

Predictive Analytics

Another way in which AI can improve commercial operations is through predictive analytics. By analyzing vast amounts of data, AI algorithms can predict future trends and help pharmaceutical companies make informed decisions about research and development, marketing, and recommendation/prescription strategies.

Improving Recommendation and/or Prescription Behaviours

AI can improve a pharma sales teams’ recommendation and prescription productivity by automating routine tasks, such as data entry and lead generation. AI can also provide timely feedback to pharma sales teams allowing them to focus on adjusting their strategy for new product launches.

More Accurate Recommendation/Prescription Forecasting

AI algorithms can be used to provide more accurate forecasting, enabling pharmaceutical companies to better manage inventory and resources. By predicting future recommendation/prescription trends, companies can adjust their production and distribution strategies to meet demand and avoid waste.

More Personalized Customer Interactions

AI can help pharma sales representatives, both in the field and virtual, personalize their interactions with customers by analyzing customer data and providing insights into their preferences and needs. Pharma sales reps use these insights to build stronger relationships, to increase customer loyalty and improve the probability of future recommendations / prescriptions.

Improved Customer Service

AI assists customer segmentation by examining patient demographics and prescribing trends.  This helps pharma sales reps provide personalized recommendations based on customer preferences.

Breaking Down Silos by Sharing Information

Finally, AI can help break down silos within organizations by enabling the sharing of information across departments. By providing access to real-time data and insights, AI can facilitate collaboration and enable companies to improve their profiling, personalize their strategies and generally, make better informed decisions.

Leverage AI Solutions for Your Pharma Company with PEAK Pharma Solutions

At PEAK Pharma Solutions, we understand the unique challenges facing pharmaceutical companies and are committed to providing innovative solutions to improve commercial operations. Our team of experts has extensive experience and can help your company leverage technology to achieve your sales goals and more. Get in touch with us to learn more about how we can partner with you to enhance your commercial strategies and operations.