A roundtable discussion with Pharma Executives: summary and takeaways

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By Doron Aspitz, Verix CEO

 

Recently, we hosted an Executive Round Table session that focused on the challenges of customer-centric marketing in the Pharma industry and the use of artificial intelligence techniques to connect strategy to execution. We reviewed recent trends in the pharma industry and specifically, how they are affecting the way we do business. The leaders’ perspective on these trends and how they perceive and respond to them was very insightful. In this short summary, I present the trends and some takeaways from the session –

Top Trends

1- The industry is shifting to Biotech based medicine

Market complexity has increased, and the old general medicine marketing approach of one size fits all is no longer valid. The rise in complexity comes with better and more precise treatments for patients, but also raises challenges on pharma companies that need to constantly utilize data to adjust to the rapidly changing market conditions and needs.

2- A customer-centric marketing approach is vital

Due to the shift in power of prescribing decisions, giving much weight to the patient and continued strengthening of payor management & control, crafting an effective patient-centric strategy requires pharma companies to create 360-degree patient and HCP profiles and address HCPs’ exact needs with the right messaging at the right time.

3- Expanding role of Medical Affairs

Professional KOL generates personalized omnichannel medical engagement in addition to evidence generation and RWE (Real World Evidence). HCPs and Patients are looking for relevant, in-depth information

Takeaways

Digitization is a given fact- don’t stay behind

The pandemic accelerated digitization within the healthcare industry, giving business leaders an opportunity to jump on the bandwagon and utilize new AI/ML technologies to better harness the power of data as well as automate complex business processes that enable personal customer engagement. The question for the future is, how do we achieve this at scale and leverage this momentum to embed execution excellence across our organization?

Embrace a science-driven culture to derive better business results

With the vast volume of data, increasing market complexity, and agility of decision-making that are needed to effectively compete in the biopharmaceutical market, we can no longer rely on traditional report-based analysis for effective market assessment & planning. However, it takes more than just adopting AI/ML technologies to make the leap. Fundamentally, companies need to embrace a true science-driven customer-centric culture for better customer and market understanding, planning, strategizing, and executing. A culture that opens up a ‘self-reliance’ approach, which allows brand and sales teams, as well as data scientists to leverage the latest multidimensional data to gain deep understanding of their therapeutic landscape and explore what-if scenarios that could yield scenario planning and experimentation to further optimize business results.

Stay dynamic and adjust to the changing market

Launching a new brand is always challenging – penetrating a highly competitive market and establishing rapid adoption. A well-planned strategy and dynamic execution are foundational for a successful launch and AI/ML approaches can help strengthen both planning and execution, leading to far better performance in subsequent years.

Beyond the launch, brands are continually seeking new sources of growth as they move along their lifecycle. Underpinning this need is the ability of a platform to be adaptable and agile in order to meet the distinct needs of each brand and identify market-specific opportunities. With a platform-based solution, teams can dynamically model different market scenarios and adjust decision-making accordingly. It is especially efficient when your entire portfolio is on one platform, saving the complexity of moving between tools to gain a broad view of the business.

Seek for field-proven AI/ML solutions

The complexity of AI/ML based advanced analytic solutions raises the question of how to optimize spend to maximize performance of brands. Establishing a customer-centric science-based culture does not require building all technology in-house.

Partnering with a cutting-edge sophisticated technology provider can put more power at the hands of the brand and analytics teams and enable them to easily diagnose and effectively plan and execute in their competitive landscape while evaluating plans and tactics to dynamically select the most fitting effective ones. In fact, Verix does just that! Are you curious how Verix may help your business challenges