Sales teams at pharmaceutical companies are looking for more data analytics and business insights and are willing to spend more money to get it. These are some of the conclusions of a recent study investigation pharmaceutical industry executives at U.S.-based companies.
The survey was conducted by independent survey company Global Surveyez, but it was commissioned by Verix, a Santa Clara, Calif.-based company that provides an AI-based technology platform that supports life sciences business operations. In other words, it has a financial interest in the themes covered by the investigation. Verix competitors that also offer analytics solutions for pharmaceutical marketing include Whiz.AI, Axtria, and ngram.
According to survey results released earlier this month, 76% of respondents turn to consulting agencies for business insights and data analysis, outpacing technology providers at 58% and data consolidators. data at 32%. Only 21% of respondents use in-house solutions.
The biggest challenge for pharmaceutical companies is the lack of automation, making it difficult to extract accurate and timely information, a problem cited by 74% of respondents. Pain points – a different issue from key challenges – included increasing brand share, efficiently allocating resources across brands and targeting appropriate healthcare providers. However, the pain point responses were fairly evenly distributed, with no one standing out.
Given the responses to the issues, it’s probably no surprise that 79% of respondents agreed that accurate information would have a positive impact on brand performance. Respondents expressed interest in AI-based data analytics solutions. The results show that 69% of sales teams are increasing their budgets in this area, compared to 5% of respondents who said they are reducing this spending.
The Verix survey was conducted in the fourth quarter of last year. The Verix survey and report includes responses from 100 senior pharmaceutical industry executives, equally split across sales, marketing and branding. The companies represented in the survey have annual sales of at least $100 million. here is a link to the investigation and report.
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