Mon. Jan 24th, 2022

Artificial intelligence (AI) and machine learning are two revolutionary trends that have transformed the business in many different industries, including the sales of the pharmaceutical industry. As the pharmaceutical industry continues to grapple with the complexities of selling its products, they have turned to emerging technologies like Artificial Intelligence and Machine Learning to help them analyze and act on the various factors that influence their sales results. One of the main drivers of these technologies has been the need to identify consumers more effectively and improve communication between pharmaceutical sales representatives and their customers.

It’s no secret that the pharmaceutical industry has had to deal with several challenges over the past decade, including low margins, intense pressure to find new products, and strict regulatory compliance. Today, however, this industry is experiencing major growth thanks to advancements in data science and machine learning technology that allow companies to more effectively target the right consumers with the right message at the right time, ultimately leading to higher sales conversions and profitability.

By leveraging AI and machine learning in their sales processes, sales managers can maximise their success in today’s competitive environment while reducing costs and increasing customer satisfaction. The following article explores how these technological advancements are being used in the modern-day sales process, from identifying new leads to closing deals and beyond. It also provides information on how you can leverage these technologies to improve your own sales performance and make your company more profitable.

1. AI technologies will help identify best-fit candidates faster by scanning data more quickly than humans can;

50% of pharmaceutical sales representatives change jobs within three years, taking their expertise and knowledge with them. As a result, pharma often has difficulty finding qualified candidates to fill vacant positions. By scanning data more quickly than humans can, AI can help identify best-fit candidates.

AI technologies can also be used to match top talent with specific roles and companies, as well as leverage current employees’ networks, creating a new level of efficiency for hiring teams. With so many people moving back and forth between companies in pharmaceuticals and related industries, it’s no wonder that only about 38% of individuals feel loyal to their employers.

2. By automatically identifying potential customers, AI will help sales reps tailor more relevant pitches and increase click-through rates;

A new generation of AI-enabled software will give sales reps access to real-time data about individual patients, including behavioral profilesinsurance historiesdisease histories, and prescriptions. This will enable reps to craft custom messages for each prospective client. According to one study, companies that use AI to target customers have 60% higher click-through rates on their ads than those that don’t. By prioritising leads with high predicted likelihoods of buying a product, ML can help sales reps better identify prospects and prioritise leads with greater purchasing potential.

3. Automation will free up reps to focus on problem clients, freeing them to perform at a higher level;

As we’ve seen, most pharmaceutical sales reps still spend their days dialing for dollars: they call prospects and try to convince them to buy. But that’s changing—fast. Advances in artificial intelligence, or AI, are helping companies automate their lead generation and sales processes—so much so that rep-assisted prospecting is almost as obsolete as blacksmithing or buggy-whip making.

In fact, Gartner predicts that by 2020, more than 70% of B2B interactions will be managed without human interaction. That frees up front-line representatives to focus on what matters most: problem clients who need help moving forward. Those super clients will become your company’s bread and butter; an investment worth making!

4. The customer service applications of AI and ML can ensure that every customer receives an optimal experience, driving better relationships with them while also building trust over time.

With many new companies entering the pharmaceutical industry, it is often hard for pharma to fight off their competition. Due to advances in technology, pharma no longer needs all their employees walking into doctor’s offices selling drugs, but instead they could use artificial intelligence (AI) or machine learning as they call it today. It is less expensive to send robots out to meet doctors rather than pay top dollar salaries to marketing teams.

The virtual assistant part of AIs allows every sales rep to have access to sales leads, customer information, demo products, competitor information, etc. which would mean massive growth for a company.

Conclusion

In today’s always-on, tech-driven world, it’s critical that pharmaceutical companies modernise their sales force. To do so, they must adopt new technologiesand maximise them to reach prospective customers more efficiently. Using AI to eliminate repetitive and high-volume tasks can free up sales reps to better sell products while collecting valuable data on customer sentiment that can be used to increase conversion rates. At ScaleFactor, we focus on providing tools for businesses to quickly scale up without sacrificing quality or compliance. Whether you’re a startup or an established company looking to exponentially expand your sales force, get in touch with us today and let us show you how AI can help transform your pharmaceutical sales department!

By Anshul

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6 thoughts on “How Artificial Intelligence and Machine Learning are Transforming Sales in the Pharmaceutical Industry”
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