By Mr. Gaurav Gupta

The Pharmaceutical industry has been a relatively slow respondent to the adoption of new technologies. However, the COVID-19 pandemic acted as a catalyst to this long-brewing revolutionary change of the industry, making it highly responsive and adaptive. Right from the entire supply chain to producing drugs and conducting clinical trials, pharma companies are relying on technology to create a digitally driven medical world. Many well-established pharma players have redefined their supply chain management, managing safety at work and following government orders while producing vaccines and drugs.

As a result, pharma companies have created a more patient-centric ecosystem due to the increased use of automation, digital and analytical tools. They are now focusing on reorganizing their assets and supply chain with more agility and transparency. As the sector moved towards the path of crisis management and recovery, companies have re-evaluated their business models and changed their outlook towards technology.

Digital engagement with doctors

The COVID-19 pandemic has proved to be a tipping point and changed the way doctors engage with patients. This has prompted pharma companies to redefine their approach to marketing to doctors. Before the onset of the pandemic, pharma representatives spent most of their time traveling and waiting outside of doctors’ offices, which also affected their work efficiency and led to infrequent visits. According to a research report, doctors on average spare only about 40-45 seconds for a pharma representative that results in lesser interaction with the doctor. In the wake of COVID-19, healthcare practitioners have restricted physical meetings and moved to teleconsultation for remote patients’ screening. With doctor visits moving online as well as in-person consultation, pharma companies focus on both physical and digital interaction through calls, video, text, email, and WhatsApp messages. As per a recent report, doctors in India prefer communication via WhatsApp which has more than 3.5 times higher click rate than email and 24 times higher rate than SMS. Considering the opportunities in digital communication tools, pharma marketers also focus on sharing engaging content with doctors through digital mediums. With this, the average engagement has reached 20+ doctors from 8 to 10 doctors a day.
On the other hand, the changes in the pharma industry due to technology adoption are revolutionizing patient engagement. Pharma companies emphasize crafting digital marketing strategies to empower patients with more information that increases their role in decision making and enables them to manage their well-being. Furthermore, the companies adopt the right patient engagement strategies to gather data and gain useful insights, which in turn improves patient experience and R&D.

Leveraging the use of data generated through medical devices

With a multitude of wearables, trackers, and sensors available in the market, it has become easier for pharma companies to gain insights into patient behaviour. The pharma players can take advantage of robust data sets to optimize clinical trials. Apart from this, the integration of AI in real-time medical devices and digitization of medical records (EMRs) have become critical components of clinical trials for pharma companies.The availability of data sets creates significant Real-World Evidence (RWE) studies that reduce the clinical product development cycle. Based on patient’s characteristics and data gathered, pharma companies identify unmet needs of the medical world. Furthermore, data gathered from wearables help in decision-making at an early stage of product development that further helps in understanding how patients respond to a particular drug. As a result, the manufacturer gains speed and accuracy in product development while eliminating unnecessary costs.

Integration of AI in drug development

The Pharma industry experiences a high attrition rate in drug development. According to the National Institutes of Health (NIH), almost 50% of all experimental drugs fail in Phase III trials. To overcome these challenges, the pandemic has induced opportunities for pharma companies to integrate AI in their drug development process. AI uses personified knowledge and presents solutions to complex problems. Due to increased R&D costs, there is reduced efficiency and speed in drug development, causing a high attrition rate in new drug approvals. Thus, pharma companies are finding ways to collaborate with AI-powered drug discovery firms to improve the efficiency of drug development and bring revolutionary changes in the traditional development process.

Bottomline

Though the pharma industry was realizing the potential of advanced technologies, COVID-19 is the first humanitarian crisis that accelerated the adoption of digital practices in the industry. Digital Practices are not only helping pharma companies engage with physicians digitally, but it also helps in providing an improved and personalized customer experience. By opting for offline and digital marketing mix, pharma companies can realize the benefit of cost-saving and operational efficiencies even after the pandemic subdues. Consequently, it will empower pharma companies to ensure an efficient pharma marketing strategy.

By Mr. Gaurav Gupta, Co-Founder of Navia Life Care- a health tech startup

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