DECEMBER - 202119TECH OUTLOOKThe traditional simplified pharmaceutical business model of developing medicines and then marketing them to physicians has already changed, and this will evolve even further with artificial intelligence (AI) related digital technology. Our external healthcare environment is rapidly changing due to fundamentally three reasons:· Healthcare systems are increasing in complexity: There are now many new stakeholders, beyond the physician, of increasing influence on prescribing decisions.· Exponential growth in treatment options: While it is very good for patients, this does further exacerbate the underlying cost pressures and finite resources within the healthcare system. It also creates an environment of too much choice in treatment options that it increases demand from prescribers to seek even more evidence of differentiation between medicines.· Accessibility of information and patient empowerment--The digital age has effectively exposed society to the full realm of science and medical information via the internet. This has empowered patients to seek out answers for themselves and be far more engaged and influential in their health. However, the relevance and meaning of all this information to the reader often remains a challenge.Pharmaceutical companies are already dealing with these changes by building a more in-depth evidence base for their medicines in a race to be the first to market and then to maintain a competitive and differentiated position, so they can continually show the value proposition of their medicines. Internally, the traditional field force focused on product sales has also evolved into a plethora of different types of roles to reflect product sales, service evaluation, scientific exchange, and patient services. The aim is to gradually move the company from "selling product" to "delivering healthcare solutions."Addressing Challenges in the Pharmaceutical Industry with AI: Where to Play and How to WinBy Dr. Eddie Guzdar, Physician, Medical Director of Neuroscience, Sanofi Genzyme UK and IrelandWhere to Play? Areas where AI digital developments will drive value for pharma companiesPersonalization of information for external stakeholders: For both patient and physician being able to provide tailored information that is relevant to their needs is invaluable in an environment where they currently receive endless generic information from a variety of sources. Marketing and sales can utilize advanced analytics to understand prescribing behavior and potential patient profiles, enabling more precise targeting. Research and Development: Increasing the speed of trial completion and lowering their overall cost is likely to lead to significant competitive advantage and shareholder value while at the same time, increasing the speed of innovation for patients. AI is being explored in the areas of novel candidate creation by using machine learning to extract data from experimental compounds and then providing this data to researchers. It has also found roles in improving clinical trial recruitment, which is currently a major barrier to trial progression. The reality is, we only have finite time and resources, so we need to focus on a few big-ticket items rather than trying to do everythingCXO INSIGHTS
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