Pharmaceutical Market Intelligence in the Age of AI and Big Data

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Message from CEO

In a competitive and global business environment, pharmaceutical companies are starting to become wiser when it comes to using market research to explore, test and refine their market strategies. AI creates opportunities for companies to gain real-time insights that can quickly be translated into smarter marketing opportunities. Combined with big data, pharma market researchers can quickly gain insights into patient behaviour, practitioner prescribing habits and treatment effectiveness.

With the rise in technology and patients demanding more details and information, it is imperative for pharmaceutical companies and researchers to be mobile-friendly. Some companies are therefore, using mobile research to gather detailed information at the point of prescription, for example, through the use of on-screen questionnaires and then making the findings available in real-time.

Having access to more data and being able to provide real-time analysis through AI allows market researchers to identify more patterns. But they will also need to be more cautious about the why behind the data and that requires more than simply the ability to analyse the data.              

The use of AI in market research removes the human bias element inevitable with person-to-person interviews. At the same time, AI tends to enhance the role of market researcher – not replace it – by providing insights which otherwise would not have been possible and allowing the researchers to focus on understanding patient emotions, attitudes and values. Experienced professionals understand that decision making is based on human cognitive biases and emotions and AI, at this point, is not equipped to understand that human behaviour. Also, in such complex areas such as life sciences, market researchers need in-depth knowledge of the industry to interpret the data.

In future, the human element in market research will still remain front and centre, but pharmaceutical companies must adapt to the new paradigm of machine learning, AI and big data when it comes to gathering and analysing market data. More broadly, most experts believe that the future for market research lies in bringing together AI, big data and technology preferences such as mobile with primary market research and the expertise of knowledgeable pharmaceutical market researchers.

Satyakam Mohanty
Chief Light Bulb, Lymbyc

Latest from Lymbyc: 

Watch Satyakam Mohanty's keynote session at the Intellus Excellence in Healthcare Insights and see how Leni works in the pharma world!!

 

Product Demo of Leni at the Intellus Excellence in Healthcare Insights.

From the Web: 

The current drug discovery process needs to shift dramatically in order to meet the needs both of society and patients in the 21st century. Artificial Intelligence and machine learning in particular, present the pharmaceutical industry with a real opportunity to do R&D differently. Read More

Source : drugtargetreview.com
  

 It is no longer sufficient to launch new products or services in markets that are fast filling up with generics and biosimilars. As patients continue to become better informed and the demand for tailored medicines goes up, pharma companies need to move towards healthcare outcomes instead of product-based solutions. Read More

Source : WNS
  

Supported by new insights from AI, the pharma industry of the near future will increasingly take an outcomes-based approach, centered around the “true customer experience”—drawing on the successes of other industries with highly advanced customer experience management. Read More

Source : pm360online
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