Providing effective education to physicians and patients about the various emerging treatment options is essential for any pharmaceutical company to increase its sales and marketing. However, the traditional methods pose significant challenges due to extensive databases. In such a scenario, can AI make a difference? Absolutely! In recent years, one of the most emerging trends in pharma sales is AI, i.e. Artificial Intelligence. The integration of AI in pharmaceutical sales is a game changer, reflecting its positive impact on pharma sales and marketing.
The COVID-19 pandemic led to the restricted entry of pharmaceutical representatives to hospitals and doctor’s offices. Consequently, the pharma companies stepped out of traditional sales tactics and adopted innovative technologies in pharma sales to cater to a diverse range of physicians, hospitals, and patients. Post-COVID-19, pharma sales have undergone a seismic transformation with the adoption of diverse AI tools for pharma sales.
Industry giants such as Sun Pharma, Cipla, Abbott, Pfizer, Dr. Reddy’s, etc. have already partnered with or even acquired expert AI companies for AI-driven sales optimization and drug commercialization. Big pharma companies especially tend to use AI innovations in pharma sales, marketing, and manufacturing rather than in research and development (R&D) and business processes.
According to ABI Research, pharma companies are spending on data analytics at an increased rate of 27% each year. It is estimated that the pharma industry is expected to spend up to $3 billion on AI technologies by 2025.
Multiplier AI is a pioneering company specialized in AI-driven sales strategies. The AI innovations in pharma sales at Multiplier AI have benefited several top-notch companies including Cipla, Galderma, Abbott, Merck, Mankind, and many more. The current AI tools at Multiplier AI which are highly beneficial in improving the sales of pharma companies include:
1. RA1 Acceleration (Prescription Acceleration):
The Net Promoter Score (NPS) is a deciding factor to know the doctors supporting the prescription of a brand. This is calculated based on the number of supporting doctors (who actively prescribe the brand), non-supporting doctors (who do not prescribe the brand), and others who may sometimes prescribe.
The NPS is precisely tracked with the RA1 acceleration tool of Multiplier AI. Further NPS is increased by creating brand awareness which helps in efficiently increasing patient footfall by more than 100 per month per doctor thereby, increasing the prescriptions of the brand by the doctors, and skyrocketing the sales.
This program also reduces the gap between doctors and patients by making the doctors digitally active. Further, a hyper-personalized report of the doctor is generated every month and is provided by Multiplier AI, to the doctors regularly. This report includes details on the doctor’s ranking compared to their competitors, changes in patient footfall, etc. Additionally, a patient engagement report is generated, which includes the search details of the patients helping the doctors understand the areas of improvement. The doctor’s reputation management is done by Multiplier AI and his/her profile is optimized by improving the Georanking in a way that it is on the top during the patient search.
This program is highly scalable and can handle 10,000+ doctors at once. The program has a 100% doctor retention rate and increases revenue by nearly 8-10 crores per brand per year.
2. Data Acceleration:
This is a completely automated programme set up at Multiplier AI which works based on the client’s requirements.
Doctor data acceleration program enhances and enriches the existing doctors’ data available with the client through deduplication, validation, and standardization. This program helps in refining junk or unrealistic data and getting the correct list of doctors in a particular location for a particular therapy.
Upon validating the existing data, relevant uncovered doctors are also added from our database of 14.5 lakh MBBS doctors plus 7 lakh non-MBBS doctors, to the clients’ database. Multiplier AI has 50+ fields for each doctor under its Doctor profiling database which can be provided to the pharma company as a part of the report. The missing data is added to the client’s data along with a verification link to ensure the correctness of the data. The final accurate information/ report is generated for each doctor and is provided to the client.
Our AI tools also provide data on the behavioral aspects of the doctor (i.e. whether the doctor is influencing or dominant or interacting with the audience), which are needed to run the campaign successfully, thereby, increasing the reach and expansion of the pharma companies.
3. Brand Share of Voice Acceleration:
To increase brand awareness/ visibility through the right channels and reach the target audience, we work in collaboration with specialists, i.e. KOLs who can create awareness through digital media.
This programme generates a customized dashboard of the relevant doctor influencers (KOLs) every month based on their engagement rate, target audience, field of therapy, etc. which is provided to the pharma companies. The pharma companies can further collaborate with a specific KOL for creating their brand visibility.
Also, Multiplier AI has an automated platform to create content/ caption/ video creation which is posted on social media through their choice KOL to reach multiple target audience.
Subsequently, a cohort analysis, hashtag analysis, caption analysis, social listening, etc. are performed by Multiplier AI. An automated analysis report such as engagement rate, brand visibility in a particular location and therapy are also generated to understand the impact of the post through social media. Multiplier AI has been successfully helping top pharma companies have a high impact on sales through our brand share of voice acceleration programme.
Digital transformation in pharma sales is a significant investment to remain competitive and maintain relevance in the industry. Several companies regardless of their industry are facing digitalization challenges.
In India, AI adoption in healthcare sales still has room for improvement as a significant portion of the pharma companies are still at the “beginners” stage of AI implementation while a very small portion have advanced to the “explorers” stage.
By harnessing the power of AI innovations in pharma sales, Multiplier AI is revolutionizing the way pharma sales operate, improving efficiency, and customer engagement, driving growth, and maximizing revenue in the increasingly competitive pharmaceutical industry.