AI-Powered Sales & Marketing: Pharma

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01
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Part
01

Use of AI in Sales and Marketing - Pharmaceutical and Medical Technology Companies

Additional insights surrounding the use of artificial intelligence (AI) in sales and marketing in pharmaceutical and medical technology companies are detailed below. Each insight is supported by more than one source, and they all directly relate back to the sales and marketing force for pharmaceutical and medical technology companies.

Conclusion

In conclusion, and based on these insights, when AI is in control of some responsibilities that currently lie with sales and marketing reps, they will go into meetings better prepared and equipped with targeted resources, giving them the power and confidence to close more deals and boost sales.
Part
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Part
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Case Studies - The Use of AI in Sales and Marketing: Pharmaceutical and/or Medical Technology Companies Part One

Three case studies of AI usage in sales and marketing in pharmaceutical and or medical technology companies include using AI by pharmaceutical representatives to become trusted advisers, where one such AI company serving in the above area is Quartic.ai. Other case studies highlighted in the findings are using machine learning to provide dynamic segmentation, and digitizing the hiring processes for medical technology companies.

#1 Case Study: How AI is Aiding Pharma/Medical Sales Team

Company Providing AI Solutions (Quartic.ai)

#2 Case Study: How AI is Aiding Pharma/Medical Sales Team

Company Providing AI Solutions (PetalMD)

#3 Case Study: How AI is Aiding Pharma/Medical Sales Team

Company Providing AI Solutions (Nomad Health)

Research Strategy

To determine three case studies for how AI can be used in sales and marketing within the pharmaceutical and or medical technology companies, we examined various resources covering the industry such as PharmaVoice, Forbes, and Axendia among others. These resources provided the needed information to establish three solid case studies with a particular focus surrounding the use of AI in facilitating pharma or medical technology sales teams in approaching large health systems in a better and more efficient way.
Part
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Part
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Case Studies - The Use of AI in Sales and Marketing: Pharmaceutical and/or Medical Technology Companies Part Two

Two additional case studies regarding the use of AI in pharma sales and/or marketing involve pharma companies AstraZeneca and Sanofi.

Case Studies — Using AI in Pharma Sales & Marketing

1. AstraZeneca

  • AstraZeneca is a pharma company that uses AI in its sales efforts.
  • Axonify is a company providing AI sales solutions to AstraZeneca.
  • AstraZeneca's sales reps use advice and analysis provided by machine learning as additional resources for their sales efforts.
  • The specific type of AI provided by machine learning and used by AstraZeneca is described as "data generated from thousands of field-coaching forms."
  • AstraZeneca said that the use of AI in its sales efforts is resulting in "[i]mproved interactions and better development of sales reps' strengths."
  • Sales managers at AstraZeneca are also using AI to bolster the coaching they provide to their sales reps, as is it enables them to provide more-creative coaching, reduces the number of reports that need to be generated, and saves them time.
  • AstraZeneca's AI system for sales uses data "from self-reported field coaching forms filled by both [sales] reps and managers that capture their interactions. The thousands of inputs are analyzed through a rubric plotted against measures that drive business results. Through their dashboards, managers can see sales coaching efforts across many employees and conversations."
  • AstraZeneca is already seeing the benefits from using AI as part of its sales efforts, as it "is revealing new insights to sales leaders and changing the dynamic between reps and managers to focus on coaching that best helps an individual."
  • A spokesperson for AstraZeneca stated, "AI has given us a true line of sight into what we’re focused on at multiple organizational levels, which provides us the ability to ask ourselves, 'is that what we want?' and 'is that what we intended?'"

2. Sanofi

  • Sanofi is a pharma company that uses AI in its sales and marketing efforts.
  • Google is a company providing AI sales and marketing solutions to Sanofi.
  • Sanofi and Google partnered in June 2019 "to establish[] a new virtual Innovation Lab."
  • As part of that partnership, the companies "plan[ned] to apply AI across diverse datasets to better forecast sales and inform marketing and supply chain efforts."
  • Sanofi announced that it "will use AI to improve sales forecasts and help direct marketing and supply chain efforts by using real-time information about geographic, logistical and manufacturing factors."

Research Strategy

We identified pharma companies that use AI in their sales and/or marketing efforts by first finding this list of top pharma companies. Next, we looked up pharma companies from that list individually to see if there were articles published about whether any of them are using AI for purposes of sales or marketing. Through that approach, we identified the two pharma companies listed above as ones that use AI for such. Some of the sources we cited to in our research were Fierce Pharma, Genetic Engineering & Biotechnology News, and Pharma Tutor. Since AstraZeneca and Sanofi rank in the top 10 among global pharma companies, we can reasonably infer that the companies are using the AI solutions discussed above for approaching large health systems in their sales and marketing efforts.
Part
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Part
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Case Studies - The Use of AI in Sales and Marketing: Pharmaceutical and/or Medical Technology Companies Part Three

Cardinal Health and Bayer has employed artificial intelligence in their sales and marketing process. Cardinal Health uses Bigtincan to share its services and products. Bayer used Verix when launching a new cancer drug.

Cardinal Health

Bayer


Part
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Part
05

AI Powered Sale and Marketing Solutions: Pharmaceutical and/or Medical Technology Companies Part One

Artificial intelligence (AI) is becoming one of the main tools used by sales and marketing teams for advertising their products in most industries today and the pharmaceutical industry is no exception. Artificial intelligence can help extract insights from large quantities of data and thus help the marketing teams of pharmaceutical companies not only better target and personalize their ads but also gain a lot of time by automating their sales processes which can lead to a better customer experience.

Use cases of AI in the pharmaceutical and/or medical technology companies

1) Simplification of tasks and handling of the paperwork

  • AI is being used to provide assistance services in handling complicated healthcare processes by companies like Zocdoc.
  • Examples of services that are being handled are: insurance verification, appointment booking, and finding doctors.
  • Overall most companies use AI tools to automate and simplify tasks.
  • According to an article from McKinsey Global Institute, 40% of time spent on marketing related tasks can be automated with AI.
  • An additional proof that process automation and simplification is a big trend in the industry is that ever since 2017, when Merck Italia launched the first pharmaceutical chat bots through Facebook Messenger, it has become more and more popular.

2) Delivering personalized engagement and support programs

  • 76% of patients believe pharmaceutical companies have a responsibility to provide services that complement their products.
  • Less than 1 in 5 patients are aware of the services that pharmaceutical companies provide.
  • 85% of companies are raising their investment in patient-centric capabilities over the next 18 months
  • To satisfy this need, companies like UC Health, UnitedHealthcare, Cochlear, MissionPoint are using Salesforce's CRM platform to better support their patients or clients in general.

3) Modeling and combining data to track user behavior

  • With the amount of data in the pharmaceutical and medical world, having a way to synchronize all that data onto one platform has become crucial.
  • Companies like Adobe and Salesforce have been the go-to companies for pharmaceutical companies that are looking for a Customer Relationship Management (CRM) tools.
  • They offer platforms that allow marketing teams to build customer profiles using many data inputs including CRM databases, social media activity, or other offline avenues.
  • Salesforce has reported an overall an increase of up to 30% in lead conversion and sales, an increase of up to 35% in sales productivity and customer satisfaction as well as an increase of up to 38% in customers decision-making and of up to 25% in revenue.
  • All in all, a CRM can help marketing and sales teams identify and categorize leads, increase referrals from existing customers, offer better customer support, and improve products and services.

4) Personalization and prediction at scale

  • Healthcare brands use tools like Crossix, to understand customers and provide personalized recommendations. These tools allow them to use AI to scale personalization and targeting across all their media outlets
  • Sales teams use forecasting as a tool to estimate future sales and thus gain insight into how to handle the resources of a business. This helps predict inventory needs, determine which product to continue developing and upgrading and see how sales and lead time vary by season. With AI algorithms, it is easier to predict next quarter's total sales with more accuracy.

Types of AI tools that can help sales teams

Clara

  • Clara is a scheduling service that uses machine learning to coordinate when, where and how sales professionals connect with potential clients.
  • Clara obtains the scheduling requests from emails, then automatically engages with potential clients to check their availability in order to schedule meetings.
  • Sales teams use this service to not only manage their outbound efforts but also to handle meetings, reduce drop-offs, book more pitches and thus close more deals.
  • The tool's price is not publicly available but the company can be contacted through their website.

Crystal Knows

  • Crystal offers AI tools and features that are designed to provide well-rounded and accurate insights into potential customers that sales professionals work with.
  • This allow sales professionals to better understand and learn more about their interests and values in order to successfully earn their trust and thus increase their business and client list.
  • The tool's price is not publicly available but the company can be contacted through their website

Base CRM

Conversica

  • Conversica offers an AI-based sales assistant that helps sales teams focus more on closing deals with customers instead of wasting time chasing down leads.
  • The Conversica sales assistant deals with prospects in a two-way human conversation mode and keeps reaching out to every lead as many times as needed thus increasing sales and making marketing more effective.
  • The tool's price is not publicly available but the company can be contacted through their website.
  • They can also be contacted via their support email address, support@conversica.com, or this telephone number: +1 (888) 778 1004

Future prospects



Part
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Part
06

AI Powered Sale and Marketing Solutions: Pharmaceutical and/or Medical Technology Companies Part Two

Three additional artificial intelligence powered sales and marketing solutions for pharmaceutical companies are Prescriber360, Aktana, and Verix. Details for these solutions are below.

Prescriber360

  • The website for Prescriber360 can be found here.
  • Prescriber360 is an "advanced pharma software company specializing in business technology development and implementation for pharmaceutical and life sciences companies worldwide."
  • The company offers sales and marketing solutions for the pharmaceutical industry that include a pharma sales and operations management tool and analytics as a service.
  • Microsoft's Cortana Intelligence Suite is the AI behind Prescriber360's tools and allows pharmaceutical companies the ability to offer a personalized experience, discover hidden trends, and identify sales opportunities.
  • There is no public pricing information available. The number to call for more information is 732-703-6100.

Aktana

  • The website for Aktana can be found here.
  • Aktana is an AI-driven life sciences platform that unites each "key stakeholder in the commercial process — brand, ops, sales, IT and analytics," to create a more personalized and responsive experience for healthcare providers.
  • The company offers the Aktana Decision Maker, which is a "suite of products that uses AI to help life sciences commercial teams make data-driven decisions for more effective, personalized customer engagement."
  • For sales, this product helps sales representatives make better sense of big data by removing analysis from their list of job duties. The platform synthesizes data for the representatives and provides meaningful suggestions and insights that are immediately actionable.
  • For marketing, this product provides marketers with the ability to adjust campaigns quickly and easily based on real-time insights. It also ensures that no touch points are missed and that conflicting or redundant messaging is eliminated.
  • Pricing is not available publicly, but the number to call for more information is 888-707 3125. Interested parties can also complete a web form to receive pricing information.

Verix

  • The website for Verix can be found here.
  • Verix is an AI-driven analytics platform for sales and marketing in the life sciences and CPG industries.
  • For life science companies specifically, Verix offers an end-to-end sales and marketing solution that includes solutions for sales force effectiveness, new drug launch, prescription tracking, management, market access, pre-call planning, and consumer health portfolio management.
  • AI is used to analyze data for target identification, enable accurate planning and precise positioning for drug launches, follow the customer's journey to improve brand performance, spot and assess threats and opportunities, identify new customers, execute sales calls, and "track and analyze the strength and performance of key geography and brand intersections, based on strategic goals."
  • The AI used is a proprietary Java-based technology stack that runs on Linus and Windows servers.
  • There is no public pricing available, but the number to call for more information is 650-949-2700. Pricing information can also be obtained via email at sales@verix.com.
Sources
Sources

From Part 01