As leaders in the pharmaceutical industry, we stand at a critical juncture. The integration of artificial intelligence (AI) into our daily operations is not just a trend; it is an immediate necessity says Marina Hickson, managing director, Vivanti.
AI is reshaping healthcare, and those who hesitate to adopt these technologies risk falling behind. Upskilling your workforce is essential – not just for operational efficiency but to maintain your competitive edge.
Cost of inaction
Imagine a scenario where your competitors swiftly adopt AI-driven solutions to enhance their operations (reducing time and costs) while your team remains untrained and unprepared. The implications are stark: you risk losing market share, falling behind in innovation, and ultimately compromising profitability.
A changing landscape
The pharmaceutical landscape is becoming increasingly competitive. A study by PWC suggested up to 30% of jobs will be at risk of automation. The pharmaceutical industry is not immune to implementing AI technologies, with over 80% of pharmaceutical executives either currently using AI or planning to do so within the next two years. If your workforce is not equipped with the skills to navigate this change, you may find yourself at a significant disadvantage.
Moreover, 80% of pharmaceutical and life sciences professionals are using AI for drug discovery, with 95% of pharmaceutical companies investing in AI capabilities. Companies that prioritise reskilling have reported a 15% improvement in overall operational efficiency. If you don’t invest in upskilling now, you could be ceding ground to competitors that do.
Transformative potential
AI has the potential to revolutionise drug discovery and clinical trials. Studies indicate that AI technology can reduce the time it takes to discover new drugs from 5-6 years to just one year. Additionally, using AI in clinical trials could lead to cost savings of 70% per trial and timeline reductions of 80%.
Furthermore, AI applications in pharmaceuticals can potentially create between £350 billion and £410 billion in annual value by 2025. The global AI in pharmaceutical market was valued at USD 908 million in 2022 and is expected to reach over USD 11813.56 million by 2032, poised to grow at a compound annual growth rate (CAGR) of 29.30% from 2023 to 2032.
How AI can support operations
AI technologies are not just tools; they are game changers that can enhance pharmaceutical operations:
One of the main advantages that companies like Unilever have experienced is that AI-driven tools can process vast amounts of data quickly and accurately, allowing teams across the value chain (from R&D to marketing) to make informed decisions based on real-time insights.
Secondly, investing in AI can transform your training methodologies via:
– Continuous Learning: AI facilitates ongoing education by recommending courses based on individual progress.
– Data-Driven Insights: Companies leveraging AI algorithms can analyse data to identify knowledge gaps and recommend tailored training modules to improve performance.
– Real-Time Feedback: Immediate feedback during training sessions enables employees to correct mistakes as they learn – crucial in an industry where accuracy is paramount.
– Personalised Learning Paths: AI can tailor learning experiences to an individual’s needs.
– Reduction in Training Costs: Organisations using AI have reported reductions in training costs by up to 30%, thanks to using automated content delivery.
Medical Representatives (MRs)
While the benefits of AI extend across the pharmaceutical value chain, it is essential to highlight the critical role of Medical Representatives (MRs). They are often the frontline ambassadors for pharmaceutical companies, responsible for delivering intricate medical information and driving product adoption among healthcare professionals (HCPs).
Importance of upskilling MRs
Where information is abundant, but healthcare professionals are busy and don’t have a great deal of time, MRs need to have advanced skills to engage effectively with them. Research shows that 70% of information learned is forgotten within 24 hours if not reinforced. Additionally, studies indicate that over 62% of employees feel overwhelmed by the sheer volume of information they must process daily.
Upskilling MRs is crucial for:
Navigating Complex Interactions: To assist MRs in managing challenging conversations with healthcare professionals (HCPs), we have developed COSMART AVA, an advanced training simulator that immerses MRs in realistic scenarios. Measurable outcomes from AVA’s simulations identify areas for improvement and support targeted efforts to enhance team performance and drive sales success.
Building Relationships: When MRs are trained, they can also use AI tools to personalise their interactions with healthcare professionals.
Effective Learning Techniques: Incorporating active recall techniques into training compared to passive study methods encourages deeper understanding, making it more likely they will remember critical details during real-world interactions.
The risks of not adopting AI
These include:
Loss of Market Share: As competitors adopt AI technologies, they are likely capture market share that could have been yours.
Decreased competitiveness: Your company may struggle to keep pace with industry innovations.
Profitability Concerns: Companies that embrace AI could see an increase of up to £254 billion in operating profits worldwide by 2030. If you do not act now, you may find yourself on the wrong side of this financial opportunity.
Conclusion
Now is the ideal time for companies to embrace the AI revolution.
Envision the competitive advantage of having a team of highly skilled medical representatives who can navigate complex interactions with healthcare professionals, build stronger relationships, and drive increased product adoption.
Now, consider the alternative. Imagine losing market share to rivals who have already committed to upskilling their workforce and leveraging AI-driven solutions.
By investing in advanced training methodologies and embracing AI-driven solutions, you can empower your teams to excel amidst ongoing changes in technology and market demands.