The pharmaceutical industry has made significant advancements in recent years, including gene editing and nanotechnology. Artificial intelligence (AI) is one of the latest transformative developments, with the potential to revolutionize healthcare and businesses. While AI has been present for some time, its capabilities are still being explored for its potential to uncover new insights and enhance product sales. The integration of AI in the pharmaceutical sector holds great promise for a brighter future in healthcare and beyond.
AI is significantly revamping the healthcare sector through significant improvements in the pharmaceutical industry by analyzing vast amounts of data generated from clinical trials, drug formulations, and feedback from medical devices or patient apps. This enables researchers and professionals to make informed decisions, discover new correlations, and potentially identify novel treatments or approaches that may have gone unnoticed, thereby enhancing the overall efficiency of the industry.
AI adoption in India's medical sales and healthcare professionals is still at a nascent stage, with 53 per cent of companies in the "beginners" stage, 40 per cent in the "conservatives" stage, and only 7 per cent in the "explorers" stage are exploiting the AI, according to a survey by EY. While the shift from manual to digital processes has occurred, there is a perceived lack of added value.
As the volume of data increases, medical sales reps, professionals, and companies must embrace AI technology and visual analytics to drive sales strategies efficiently. AI can empower Medical Sales Representatives by prioritizing pre-call planning and providing valuable recommendations on leads. This allows sales reps to spend more time in the field, fostering longer-lasting relationships with doctors and retailers. Additionally, AI can handle customization of interactions with healthcare professionals, reducing the burden on sales reps and enhancing overall efficiency. Currently, every sales representative carries a handheld device for daily plans.
These days, numerous start-ups have identified the potential in the pharma sector and developed indigenous inventions to capitalize on AI's massive potential, demonstrating the vast opportunities available to the industry. The COVID-19 pandemic has accelerated the adoption of e-pharma services, leading to increased competition in the Indian e-pharma space and increased sales for OTC companies from e-commerce platforms, with several startups entering the sector and OTC companies also benefiting. Telemedicine and remote patient monitoring have gained significant importance, especially during the COVID-19 pandemic. These technologies offer convenient access to care, reduce the burden on healthcare facilities, and improve healthcare accessibility.
As the e-commerce industry expands, it's crucial for the players in the sector to develop and maintain specialized strategies to maintain a competitive edge in the market. With the increasing use of technology in healthcare, there is a growing concern about data security and privacy. This concern has led to the development and adoption of cybersecurity measures and technologies in the healthcare sector.
