Sanjeev Nanda, MD of Ishvan Pharmaceuticals, discusses the impact of technology on pharmaceutical sales in 2023
Technology has significantly impacted the pharmaceutical sector in recent years. Advances in digital technology have changed the way pharmaceutical companies communicate with patients and healthcare professionals. The new technology has provided pharmaceutical representatives and salespeople with new opportunities for client engagement. Sanjeev Nanda, MD of Ishvan Pharmaceuticals highlights, “It is anticipated now that technology will have an even greater influence on the pharmaceutical sector. Technology is driving the industry through a period of unheard-of upheaval, from pharmaceutical development through production and marketing.”
From speeding up procedures to enhancing physician involvement, technology will continue to transform pharmaceutical commercial operations. Watch out for the following trends:
Digital technology: One of the biggest effects of digital technology on pharmaceutical sales is its use to enhance sales efforts. With today’s advanced technologies, sales representatives can provide healthcare professionals with engaging demonstrations tailored to their needs. Digital tools have replaced traditional paper-based detail, enabling sales reps to offer product details, client awareness, and clinical information in an engaging and dynamic manner. Sanjeev Nanda claims, “Technology has completely changed how we advertise and market our products. The ability to deliver more individualized, captivating and interactive displays to healthcare professionals has enhanced revenue and involvement.”. It has also been estimated that mobile engagement will have a significant impact on pharmaceutical sales. In order to help clients make informed choices regarding their health, pharmaceutical companies may create mobile applications and other mobile technologies.
Cloud computing: By using cloud computing, pharmaceutical companies can safely store and access massive volumes of data, which gives them insight into their clients’ habits and preferences. As a result, they will be able to better fulfill the demands of their consumers by tailoring their marketing and sales strategies. Cloud computing is changing the way pharmacies handle sales and marketing. Utilizing the cloud’s capabilities, these businesses can obtain real-time data and insights, allowing them to determine the most effective way to communicate with consumers.
Data management: Pharmaceutical businesses need to be able to efficiently manage and analyze information about their clients in order to obtain knowledge and make wise decisions. As pharmaceutical companies operate in the digital age, data management is essential. To better understand their clients’ demands and habits, these businesses can utilize modern data analytics technologies to create more targeted sales and marketing strategies.
Digital Health: In 2023, the digital health sector is projected to have a major impact on pharmaceutical sales. Digital health technology, such as smart watches and health apps, is being explored by pharmaceutical corporations as a way to enhance health participation and outcomes. Customers are becoming more and more accustomed to these technologies. Sanjeev Nanda of Ishvan Pharmaceuticals opines, “The pharmaceutical sector is transformed by digital health. Pharmaceutical firms can more fully comprehend the health and wellness requirements of their clients and may then customize their goods and services to meet those demands. This may result in improved patient care and elevated client retention.”
Artificial Intelligence: Data analysis and pattern spotting using artificial intelligence (AI) will have a big impact on the pharmaceutical industry. Pharmaceutical companies use AI to monitor prescription trends and collect information about recommended medicines. As a result of this knowledge, companies may be able to enhance their sales strategy and create more focused marketing initiatives. AI-powered chatbots, like ChatGPT, are also expected to have a major impact, since they provide clients with recommendations tailored to their particular needs and preferences. It can help patients regulate their medical conditions, respond to health-related inquiries, and provide individualized health advice. Sanjeev Nanda points out, “Pharmaceutical firms that use these cutting-edge technologies will be successful in the digital era, giving their clients better experiences and eventually fostering corporate expansion.”
Telemedicine: Using digital communication technologies, telemedicine provides healthcare remotely. As a result of the COVID-19 epidemic, telemedicine has gained acceptance and is expected to become an essential tool in medical care. Telemedicine has significantly altered healthcare services. Healthcare expenses have decreased and health outcomes have improved as a result of patients’ ability to access treatments from the convenience of their homes.
With the shift in trends in the sector quickening, companies must invest in cutting-edge new technology to remain competitive. The implementation of new technology may be challenging at times, and pharmaceutical IT teams may be under pressure to make use of AI and machine learning. As per Sanjeev Nanda, “Because there is no single answer that works for everyone, embracing anything impulsively is wrong. Yet, fixing these issues requires being proactive and strategic. The pharmaceutical industry can surpass any obstacle and become a great success with the appropriate plan in place.”