Artificial Intelligence is a rising star - meteoric, actually - in most industries, including pharma. But, do you really know how pharma AI can affect your business?
There's no denying that the right pharma industry is a constantly changing, fluid environment and it's often difficult to find your rightful place within the industry.
In any industry, the term "marketing” is always a key factor in determining the success of a business. In the pharmaceutical industry, whether the business is done B2B or B2C, a lot of data must be kept for executing successful campaigns.
While data is important, the last thing companies want to do is market their brand to people who want nothing to do with them. The question becomes, how do you know who’s interested?
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it's correctly assumed that the work is far from light. There are four phases for each study conducted that tells the plot of the story, but doesn’t dive into the supporting elements within.
Expiring patterns and growing pressure from authorities to reduce drug prices are testing pharma industry. Digital transformation is the avenue which will help companies succeed in mitigating these challenges. Digital transformation provides keys to unlocking the patient access and interaction challenges. Prescribers are finding various avenues to find the information which in turn is reducing the face time reps get with the prescribers.
The pharma industry is undergoing a transformation that's largely being driven by innovation. Innovation not just in products, but also in the way business is conducted, resources are mobilized, and the benefits that the end user experiences.
"Holistic innovation is what Pharma 3.0 is about," says an EY research.
Statistics show that close to 90 percent of the entire world’s data has been created only in the last two years, which is growing by leaps and bounds at a mind-boggling rate.
Over 2.62 million terabytes of fresh data is created every day across the world. By 2018, it's estimated that we will use close to 50 TB of data each second.
Also, over 90 percent of all data that’s being produced isn't constructed. That leaves possibilities for inconsistencies, non-standardized units, formats and systems of measurement.
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