The acceleration of artificial intelligence (AI) technology is impacting nearly every industry, including healthcare. In 2023, we expect AI and other technologies to significantly impact pharmaceutical sales in several key ways. 

From helping sales teams track and manage data to improving the relationship between sales reps and healthcare providers, here are some of the ways technology will impact pharmaceutical sales this year.

1. Data management
There is more data than ever before in the pharmaceutical industry. It comes from patients, providers, marketers, and others. One challenge in pharma, as in other industries, is that most of the data is unstructured, which can be nearly impossible to analyze using traditional business intelligence models.

So, as pharmaceutical manufacturers collect more data, data management is becoming increasingly necessary, especially for sales teams who want to use data to stay on top of their customers’ needs and discover new opportunities.  A recent study found that data analytics spend among pharmaceutical sales teams is expected to increase by 27% over the next several years.

2. Personalized communication
The relationship between a sales rep and provider AI tools allow pharmaceutical companies to automate many processes, including communication. In 2023, we expect increased use of automated communication tools that allow for faster responses to healthcare provider inquiries. This can help sales teams build stronger relationships with providers and deliver an enhanced customer experience.

3. Expansion to digital health tools
Pharma sales are no longer just about medication. The rise in digital health tools from known brands such as Pfizer, GlaxoSmithKline (GSK), Merk, and others has increased pharmaceutical sales for digital health tools. As a result, the digital health tool market is expected to grow at an annual growth rate of 7.05 percent, reaching a projected market share of $42 billion by 2027.

4. Cloud computing
Around 83 percent of pharma companies are already using cloud computing, and that usage is expected to increase over the next several years. Recent studies estimate that pharma companies will invest in cloud computing this decade, anticipating that these investments will jump from around $17 billion in 2021 to nearly $60 billion by 2030.

Some of the most popular cloud-based solutions for pharmaceutical sales teams are Microsoft Dynamics 365 for Healthcare and Salesforce Health Cloud. These industry-specific cloud-based platforms enable sales teams to keep track of their customers’ satisfaction and identify new sales opportunities.

5. AI-powered solutions
There is no shortage of ways that AI technology can help pharmaceutical sales teams. The potential for AI to transform healthcare is one reason why the AI market is expected to grow to nearly $10 billion by 2030, up from $905 million in 2021.

For one thing, AI tools can quickly analyze large amounts of data, which can help sales teams deliver more personalized experiences to their customers based. Additionally, AI can identify new sales opportunities or even entire markets that pharma companies can start targeting with marketing campaigns that speak to their unique pain points and needs.

Takeaway
These are just a few ways technology will fuel pharmaceutical sales in 2023 and beyond. As AI continues to become more refined, we’ll likely see even more use cases in the healthcare sector in the coming years.

References
BioSpace. (2022, March 14). Ai in the pharmaceutical market size to worth around USD 9.24 bn by 2030. BioSpace. Retrieved March 15, 2023, from https://www.biospace.com/article/ai-in-the-pharmaceutical-market-size-to-worth-around-usd-9-24-bn-by-2030/

Cloud computing in pharmaceutical industry market size & share: Report [2023-2031]. Straits Research. (n.d.). Retrieved March 15, 2023, from https://straitsresearch.com/report/cloud-computing-in-pharmaceutical-industry-market

Digital Health – United States: Statista market forecast. Statista. (n.d.). Retrieved March 15, 2023, from https://www.statista.com/outlook/dmo/digital-health/united-states

Graham Rapier, A. (2022, December 8). ‘next-best-action’ for Data Analytics. Pharmaceutical Commerce. Retrieved March 15, 2023, from https://www.pharmaceuticalcommerce.com/view/-next-best-action-for-data-analytics

Harbert, T. (2021, February 1). Tapping the power of unstructured data. MIT Sloan. Retrieved March 15, 2023, from https://mitsloan.mit.edu/ideas-made-to-matter/tapping-power-unstructured-data