Beyond the Buzz: Gauging the True Benefits of AI Today

Mike Hollan, Assistant Managing Editor, Pharmaceutical Executive

Over the past decade or so, it feels like the tech world has been hit by one bubble after another. Every few years, a new technology comes along and promises to change the world. The hype builds up and everyone starts looking for ways to implement this new tech into their workflows. Unfortunately, the technology or tool doesn’t live up to the hype and the bubble bursts, only for another bubble to start forming.

Just as everyone was starting to move past decentralized networks and NFTs, artificial intelligence (AI) caught everyone’s attention. For the past year, AI-based technology has dominated many a conversation in the space. Once again, however, it seems like the hype bubble might be getting ready to burst as enthusiasm around AI is fading. Once promising to revolutionize industries and workflows, today many of those promises remain unfulfilled.

That’s not to say that AI doesn’t have its uses. In fact, just like the decentralized networks that birthed cryptocurrencies and NFTs, clever workers have found ways to incorporate AI into their workflows. These solutions may not be as fancy or all-encompassing as promised, but the technology is still useful, as long as the right people are using it.

Abid Rahman, senior vice president of innovation at EVERSANA, recently spoke with Pharmaceutical Executive about the ways that he sees AI being incorporated into product launch tactics.

“First, AI leverages historical data and market trends to forecast a product’s potential success,” he says. “By analyzing real-world and claims data, AI platforms provide valuable insights for informed decision-making. Additionally, AI enhances branding campaigns by identifying new audience segments quickly and accurately. This allows for the development and deployment of tailored messaging and visuals at an unprecedented speed. Generative AI also assists in creating initial drafts of text and images for promotional materials, ensuring the right tone and targeting.”

AI tools often deploy algorithms to sort data, which can then be used in a variety of ways. Sometimes, this involves creating new outputs, such as with generative AI. Often, however, AI’s best application is creating an easy-to-sort database of information that individuals can use to find new patterns and connections.

“Using AI to supplement operational tasks allows employees to focus on more impactful work,” Rahman says. “For example, AI can handle basic reporting functions and content development, which can then be reviewed by a team, saving time and resources. It’s crucial for pharmaceutical companies to ensure that all stakeholders, including legal, compliance, IT, and operations, agree on the use of AI and that data privacy is always considered. When implemented effectively with proper checks and balances, AI can significantly drive operational efficiencies.”

Rahman detailed the various ways AI is being incorporated into the pharma industry, from the drug discovery process all the way to commercialization. This includes using AI to accelerate drug discovery and development by identifying promising candidates; improving clinical trials by optimizing design and patient identification; enhancing the manufacturing and supply chain; creating personalized marketing content and strategies; and increasing operational efficiency. Similar tools are even being used to improve drug pricing strategies.

“AI is increasingly being utilized in the assessment and strategy phase of drug pricing,” Rahman says. “By leveraging AI, brands can gain valuable insights into how their competitors are pricing products across different regions worldwide. These insights enable companies to develop informed and competitive pricing strategies.”

The biggest concern around AI is the common worry that it will replace human jobs. Rahman, however, believes it will have the opposite impact.

“AI will revolutionize the way we work, requiring us to learn new skills and undergo training to adapt to new processes and systems,” he says. “With the rise of AI agents and copilots, using AI will soon be a competitive advantage and an integral part of everyone’s job. AI will create new job opportunities. In the short term, this will necessitate the development of new processes, systems, integrations, and compliance measures. In the long term, it will lead to new types of work and innovative ways of accomplishing tasks.”

Lately, it feels like the tech world is built on bubbles, and each pop always seems to come with a new bubble following it. It can feel chaotic at times, and watching the latest hyped-up technology fail can be disheartening. The best thing to do, however, is ignore the hype and find the unique ways each of these technologies can offer real solutions that live on after the hype has faded away.

Mike Hollan is Pharm Exec’s Assistant Managing Editor. He can be reached at mhollan@mjhlifesciences.com.