PatientMetRx® Blog

Optimising Value Through AI

Artificial intelligence-enabled technologies are transforming the different parts of the biopharma industry value chain, creating new business opportunities. This blog focuses on how companies can use AI to improve drug launches and their commercial models.
May 19, 2021

Artificial intelligence-enabled technologies are transforming the different parts of the biopharma industry value chain, creating new business opportunities. This blog focuses on how companies can use AI to improve drug launches and their commercial models.

Why Launch and Commercial Activities Needs to Change 

In the biopharma value chain, launch and commercial activities enable patients to gain access to new therapies. However, companies are facing increasing challenges in achieving a successful launch, including the escalating costs of drug development, growing competition, mounting pressure to reduce time-to-market, new models of care and ability to pay for new, innovative medicines.

Biopharma companies seek to identify and direct commercial activities towards the right market segment at the right time by leveraging different communication channels based on the needs of each stakeholder (payers, providers, health care professionals (HCPs) and patients). For the past few years, the traditional one-size-fits-all go-to-market strategy, predominantly based on physical channels, has started to shift towards the use of digital channels.

Over the past 12 months, the unequivocal challenges and disruption caused by COVID-19 has led commercial teams to ask new questions, including which channels are best suited for stakeholder needs, how to address the needs of HCPs and patients more effectively, and what digital technologies can be leveraged to drive successful launches? Furthermore, the disruptions caused by COVID-19 are likely to have a long-lasting impact. With the growing pressure to shorten time-to-market, companies increasingly need to understand what components of their sales and marketing operations, as well as other innovations, drive prescribing behaviours and expand patients’ access to new treatments. Consequently, early and efficient engagement with stakeholders is crucial to ensure companies can communicate their product’s value – this is where AI comes in.

How AI Can Improve Launch & Commercial 

AI can enable companies to realise the power of this data, particularly real-world data (RWD), to improve their launch and commercial performance, by managing tailored engagements with different stakeholders and delivering added value that meets their needs more effectively. By effectively implementing the right AI technologies, companies can gain access to comprehensive real-world results and obtain valuable strategic insights to support key decision-making.

The adoption of AI technologies is becoming critical in the following areas:

  • Making the most of RWD for commercial success
  • Predictive pricing
  • AI-enabled omnichannel marketing
  • AI-driven market segmentation
  • Scenario planning and intelligent forecasting

This end-to-end visibility across commercialisation will provide significant benefits. Utilising AI technologies, biopharma companies can coordinate product launches better, establish proof of value to support reimbursement models for new curative therapies and services and improve patient engagement.

PatientMetRx & AI

 

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Reference:

Deloitte Insights, (2021) ‘Intelligent drug launch and commercial’ Available at: https://www2.deloitte.com/us/en/insights/industry/life-sciences/ai-biopharma-drug-launch.html/#endnote-1 [Accessed 12 May 2021].

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