Last Updated on October 6, 2024 by The Health Master
Pharmaceutical Industry
In recent years, the pharmaceutical industry has undergone a paradigm shift, driven by cutting-edge technologies.
These breakthroughs, including gene editing, nanotechnology, and now artificial intelligence (AI), have opened new frontiers for researchers and scientists.
AI, in particular, holds immense potential not only in healthcare but also in reshaping businesses across industries.
Unveiling AI’s Potential in Healthcare
AI’s Continuous Evolution
While AI isn’t a newcomer, its full potential is still being explored, especially in uncovering new insights and enhancing product sales.
The integration of AI in the pharmaceutical industry promises a brighter future, not just for healthcare but for businesses as a whole.
The Role of AI in a Post-COVID World
Digital Transformation as a Necessity
In the post-COVID era, digital technology and AI have emerged as the driving forces behind businesses.
It’s no longer an option but a crucial factor, especially in healthcare.
The integration of these technologies has become indispensable for businesses to stay competitive and relevant in a swiftly evolving landscape.
Current Market Scenario
AI’s Impact on OTC and Pharmaceutical Industry
AI has made significant strides in the over-the-counter (OTC) and pharmaceutical industry.
With a wealth of data generated from clinical trials, drug formulations, and patient feedback, AI can unveil patterns and insights that were previously hidden.
This analytical capability empowers researchers and healthcare professionals to make more informed decisions, discover new correlations, and potentially identify groundbreaking treatments.
“AI Adoption in India: A Survey Perspective”
According to a survey conducted by EY, the adoption of AI and machine learning by medical sales and healthcare professionals in India is still in its infancy.
A notable 53% of Indian companies are in the “beginners” stage, while 40% are categorized as “conservatives,” with only a small fraction (7%) classified as “explorers.”
The shift from manual to digital processes has occurred, but there’s a perceived need for added value, as noted by Aishwarya Patharkar, co-founder of Markytics.
Empowering Sales Representatives
Unlocking Efficiency with AI
As data volume surges, it’s crucial for medical sales reps, healthcare professionals, and companies to embrace AI technology and harness visual analytics.
AI goes beyond being a mere tool for sales apps; it’s a powerful force in driving sales strategies efficiently.
It empowers Medical Sales Representatives to perform their duties more effectively, allocating shorter timeframes for tasks while expanding their market reach.
Enhancing Doctor and Retailer Relationships
By prioritizing pre-call planning and providing lead recommendations, AI allows sales reps to spend more time in the field, fostering deeper connections with doctors and retailers.
Furthermore, AI takes on the task of customizing interactions with healthcare professionals, lightening the load for sales reps and boosting overall efficiency.
Innovative Start-ups Leading the Way
Indigenous Inventions Transforming Pharma
Many startups have recognized the potential in the pharma sector and have introduced indigenous inventions to capitalize on AI opportunities.
Patharkar highlighted their own contributions, EcomPulse and SmartSampark, which provide invaluable insights on pricing, sales performance, reviews, and other crucial factors.
E-commerce: The New Frontier
The Pandemic’s Influence on E-pharma Services
The COVID-19 pandemic accelerated the adoption of e-pharma services as people turned to online platforms for their healthcare needs.
In India, the e-pharma space has witnessed significant competition, with numerous startups entering the sector.
Players like PharmEasy, Medlife, Netmeds, 1mg, and others have made their mark. Similarly, OTC companies have witnessed a surge in sales from e-commerce platforms.
Specialized Strategies for E-commerce
As the e-commerce sector continues to grow, it’s imperative to establish and monitor specialized strategies tailored for this domain. This strategic approach is vital for maintaining a competitive edge in the market.
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