Article Summary:
- In this competitive pharma landscape, call centers are at the heart of connections between pharma leaders and their customers.
- Conversation data can be leveraged to drive product success and proactively address patient barriers.
- Healthcare-specific AI can more reliably provide detailed insights that are specific and intrinsic to pharma manufacturing.
- 3 Ways to Leverage AI to Drive Positive Pharma Market Insights
- Set a proactive approach
- Strategically react to market events
- Identify friction points & accessibility barriers
Pharma revenue growth is a billion-dollar industry. In 2023, Novo Nordisk, AstraZeneca, and Eli Lilly reported the biggest year over year revenue increases. This tremendous growth is fueled by top-selling, high-demand drugs. The market is highly competitive through a drug cycle’s development, launch, commercialization, and lost exclusivity phases. These steps are strongly tied to revenue — with brand teams tasked with proactively anticipating what’s ahead in the market and patient assistance teams preparing to respond to pharma market insights.
In this competitive landscape, call centers are the heart of the connections between pharma leaders and their customers. The customer voice has become increasingly important, and manufacturers need solutions for efficiently gathering, listening and gaining pharma market insights.
Drive Competitive Pharma Market Insights with AI
Conversation data is a valuable source of macro insights that can unlock trends and context not accessible from other data sources. There’s a positive impact across the entire enterprise – from patient access and support to brand insights, vendor management, and compliance teams.
The steps from drug development to commercialization hold a lot of moving pieces, stakeholders, and at the center of it all, patients navigating their own healthcare journey. Conversation data can be leveraged to drive product success and proactively address patient barriers.
Why? Because conversations exist at every stage of the journey.
Everyone participates inside a healthcare system, so there are huge volumes of conversations people are having looking for doctor appointments, navigating insurance plans, and seeking information on treatments.
Conversations provide insight into challenges patients face accessing the product, which can influence go-to-market strategies, give insight post-launch as providers and patients navigate ways to access the drug, and identify recurring communication trends to assist with brand messaging and contact center guides.
Artificial intelligence (AI) is helping make insights from these conversations possible by enabling pharma to listen at scale with effectiveness and efficiency, while minimizing effort. The key to reliable pharma market insights comes from utilizing AI that’s healthcare-specific.
Healthcare-specific AI more reliably can provide detailed insights that are specific and intrinsic to pharma manufacturing. Pharma-specific insights might include:
- Omnichannel communication trends from patients and providers
- Benefits and Patient Assistance Programs (PAP)
- Care coordination and authorization barriers
- Brand and marketing messaging
- Hub services monitoring
- Employee training and quality assurance (QA)
- Competitive intel
For example, Authenticx is purpose built to help healthcare teams leverage existing data to drive ideal outcomes for their clients and organization. These insights generated from conversations empower brand teams to pivot proactively at every stage of the drug life cycle to combat against feelings of frustration, develop talking points to effectively discuss costs, provide clear information on ways to access treatment, and collect feedback on patient and provider barriers post-launch (read more about the Eddy Effect here).
Measurable ROI with AI
Data drives drug launch success, so tools that hone in on positive metrics and trends are critical to providing business strategy and problem-solving tactics. AI gives teams the capability to analyze large volumes of unstructured data for enterprise-wide trends and feedback. It is an immense advantage in a competitive healthcare market to be able to benchmark what your customers are telling you at scale in order to drive revenue and brand satisfaction.
Pharma market insights that AI can impact:
- Time to call back (and repeat callers)
- Customer satisfaction (sentiment)
- Time to fill (and refill)
- First call resolution (FCR)
- Adherence and time to therapy
- Agent coaching and training
- Preventable call reduction
From development to launch and post-launch commercialization to an influx of generic competition, these metrics tell a powerful story on therapy success with measurable ROI that can be monitored across the entire drug development and life cycle.
3 Ways To Leverage AI to Drive Positive Pharma Market Insights
- Set a Proactive Approach. AI can provide context that sets brand and patient assistance teams up for success. The ability to analyze conversations at scale provides immediate feedback on how the brand is serving (positively and negatively) patients and providers. AI-driven insights allow for data-informed pivots influenced from conversations that are actively happening.
- Strategically React to Market Events. Pharma brands are often impacted by circumstances outside of their control. For example, supply chain disruption, regulatory guidance, and data breaches are commonly at the forefront of uncontrolled variables. Monitoring conversation data can help leaders understand the impact of these market events and provide context to decide on next steps.
- Identify Friction Points & Accessibility Barriers. Quickly pinpoint and identify access risks at every step of the drug lifecycle by hearing directly from customers responding to your product, processes, and tools. AI can aggregate large volumes of information into live reporting dashboards to better visualize trends and current areas of disruption.
From initial development to the loss of patents, pharma manufacturers are diverting countless time, resources, and dollars towards a successful commercial launch. To withstand competition, pharma leaders need a way to make data-informed pivots to proactively adjust in real-time.
Drive Competitive, AI-Driven Insights with Authenticx
Learn how Authenticx helps leaders leverage artificial intelligence to listen at scale to identify disruptions impacting patients throughout their treatment journey.
Related Resources
Delivering Conversational Data Insights to Life Sciences | From Adverse Events to Patient-Centric Approaches | Adverse Event Detection and Monitoring with AI | Investment in Reliable AI | 3 Ways AI is Changing Listening | Anticipating the Next Era of AI | The Eddy Effect
About Authenticx
Authenticx is the new standard for humanizing conversational intelligence in healthcare by analyzing millions of customer interactions (like voice, chat, or emails) to surface immersive and intelligent insights at scale. Authenticx was founded to aggregate, analyze and activate customer interaction data to surface transformational opportunities in healthcare. Using existing data that’s likely being stored and ignored in your organization, Authenticx reveals hidden barriers, motivators, and strategies so healthcare organizations can make confident, data-backed decisions. In 2023, Authenticx was ranked No. 349 on the Inc. 5000 recognized as one of America and Indiana’s fastest-growing private companies.
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