Technology is key for pharmaceutical companies, crucial for all aspects of the way they do business- from the discovery of new drugs to manufacturing and marketing. Technology is crucial for success- it’s fueling the industry through a period of transformation the likes of which has never been seen before, and will continue to do so as we navigate the lasting effects of these changes. And when it comes to pharmaceutical sales, there are extra hurdles that must be faced. Regulations and policies are being tightened, and the relationships between pharmaceuticals and doctors bring their own challenges too.
Technology and the innovation it brings to the table looks set to be a pervasive presence in 2023: progress in artificial intelligence, along with cloud computing and data analytics is rising; pharmaceutical companies now have more data and information at their fingertips than ever before. All of this means that reps can be more accurate and insightful when it comes to sales outreach, meeting the needs of healthcare professionals and crafting a more efficient and effective process overall.
So how will technology change how we’re working and what effects will it have on sales in 2023?
Data Management
Collecting data is easier than ever, thanks to technology. Now we need to make sure we’re using that data to its full potential.
A study done by MIT found that 80-90% of businesses collect data that is unstructured- and therefore almost never used, as it’s notoriously difficult to analyse and interpret. In fact, only 18% of businesses are reported to use unstructured data, according to a report by Deloitte.
In 2023, pharmaceutical companies are expected to increase investment in data management tools, bringing their spending on data analytics up by 27% according to this report. This will bring a much-needed focus that will help reps to fine-tune their sales outreach; now is the time to embrace these new technologies to really grow your business.
Cloud Computing
Investments into cloud-based software are set to grow in 2023, ensuring that pharmaceutical companies can stay up to date with client needs and preferences, improving customer service and increasing sales opportunities.
Software such as Salesforce Health Cloud or Microsoft Dynamics 365 are expected to continue to grow; research suggests that by 2030 it's predicted that pharmaceutical companies' investments will reach $59.3 billion.
Artificial Intelligence
Artificial intelligence can be an amazing tool for sales teams: it can help them to really hone in and understand their customers, by quickly and accurately analysing large sets of data to deliver valuable insights and recommendations.
Setting up AI-powered algorithms can provide bespoke communication based on specific prescriber data; they can help to identify new markets and customers, enabling pharmaceutical companies to target very specific groups much more effectively.
Chatbots will also rise in popularity in 2023, with a positive impact on the way that pharmaceutical companies operate. Having an ever-present profile is crucial in today’s world, and being able to engage with patients and prescribers is essential. AI-powered chatbots can be utilised in such a way that they take on the common healthcare questions quickly and in real-time- allowing companies to be responsive 24/7.
Strategic targeting like this will only continue to rise, and it’s predicted that investments in AI will reach $9.24 billion by 2030, according to this report by Biosphere.
Apps
Mobile apps have been shown to drastically improve the efficiency of pharmaceutical sales teams, giving them access to essential data whenever they need it. Being on top of the information in this way is crucial. However, in today’s modern world the average smartphone user probably has more than three screens full of apps for different things, most of which sit unused- so app development in 2023 needs to get it right.
Modern apps need to be easy to use, fast and accurate. Developments in these areas are set to make mobile engagement really work for pharmaceutical companies in 2023.
Digital Health
Digital therapeutics are big news, with some of the major players making significant investments in the area. Health AI startup Biofournis, for example, recently secured $1.3billion funding, and it's predicted that by 2027, investments in the industry as a whole will reach $42 billion, with digital fitness and wellbeing being the largest segment overall.
How pharmaceutical companies can embrace the changes
Companies need to invest in new technologies now, but implementing them can be daunting. However, tackling the natural and inevitable resistance to change is crucial; involving leaders and end users in the entire process can be critical for success, so keep the communication open and clear.
Keeping up with the rapid growth of data, and being able to make decisions quickly is key. Ensuring communication between departments and combining the data can help to gain better understanding for all.
Investing in data infrastructure is important if AI is to reach its full potential for your company. You need to ensure strong data management, and you need to know that processing capabilities are operating at their highest levels.
Be prepared to analyse your company's needs before investing. What do you have already that can be adapted to work for you? There’s no point blindly adopting new systems if they won’t bring value to your company. Finally, make sure that you’re up to date and onboard with GDPR guidelines.
Managing and implementing the inevitable challenges of new technology can be a huge task, but done correctly can make the difference between. a company that excels n 2023, and a company which is left behind.
