Advancing Pharma Research with Artificial Intelligence
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Today, there is an endless stream of clinical research, marketing content, and commercial information that CI pharmaceutical professionals have to analyze in order to produce impactful competitive insights. However, the sheer volume of this data alone is incredibly difficult to consume, meaning critical research is often overlooked.
So, how can you efficiently create more effective deliverables for your senior stakeholders while having an edge on your competitors?
AI-powered search is the answer.
AI-powered search can separate signals from noise and help you stay a step ahead of your executive leadership’s needs. As the pressure from investors, patients, and society to make quicker discoveries increases, new competition is bred. Therefore, the challenges that CI professionals face are not limited to tracking competitor market developments and proactively responding to them but keeping up with the pace of business.
By eliminating the search for valuable information, AI tools give you back time to strategize based on your findings and take a lead in this race.
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Beating Information Overload
With AI tools, CI professionals can quickly decipher clinical landscapes, identify development and regulatory risks for pipeline products, and understand what moves peers are making. For CIs who are often asked to forecast a market for the next three, five, or ten years, these tools allow users to easily pull financials, identify market data and patient segments, and quickly leverage broker reports to provide a clearer vision of a market’s future.
AI solutions can also estimate development costs and success probabilities by using the content your organization has created to produce a single AI-powered knowledge management platform.
“In the AlphaSense platform, I can take advantage of the AI functionality to quickly get through a volume of data. It’s a lot easier to find a broker research report with a forecast about a particular compound that we’re interested in licensing,” says Diana Gowe, a Senior Director of Global Commercial Analytics. “Our senior leadership wants to know what the viewpoint is of these compounds, and by eliminating the time I would have to spend reading several reports, I can be more efficient and provide insights that will have more impact.”
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AI-Powered Tools in Times of Crisis
Quickly sifting through information in moments of significant change can financially benefit any business. In 2020, more than 3 million documents relating to COVID-19 were uploaded to the AlphaSense platform. As we weathered the first few weeks and months of the pandemic, our understanding of the virus and how it would affect competitive landscapes was constantly evolving, quickly rendering new data useless. In scenarios where your team is struggling to keep up with an inundation of information, AI-powered tools are essential to stay on top of any research updates.
AI-powered search can parse documents at scale and centralize content for a more efficient view of what’s important.
By laying out a thematic landscape analysis or defining what key information, trends, and themes are relevant to your search, AI-powered search can quickly scan millions of resources and pull up relevant results using keyword search and Smart Synonyms technology to provide more thorough results for your search term. Smart Synonyms technology gets increasingly smarter over time, ensuring you are reaching the most relevant and expanded results for your queries.
“There still is a lot of noise with COVID-19, and as a company, we are still producing reports about the virus,” says Gowe. “Every day, as many as 150 reports are published about pricing for vaccines post-pandemic or how COVID-19 is affecting supply chains. With AlphaSense, I spend maybe five minutes reviewing the snippets the platform compiles because the information within these compilations is at the heart of what I need. So, I can quickly decide what is and is not useful.”
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Leveraging Customer Support
When it comes to projects with short turnarounds and reports that are due by EOD, AI platforms have customer service teams that can perform research on your behalf.
In a matter of minutes, customer service teams can find a forecast about a particular drug and provide thorough search results so that your report does not lack the crucial information it needs. Using our customer service team is a strategy that has saved Gowe from spending hours on potentially fruitless research.
“I take the path of least resistance and use AlphaSense’s customer service team on a lot of occasions,” Gowe says. “I want to be confident that I didn’t miss anything when I’m writing a report, especially if it is for my executive leadership team. The customer service team knows the platform better than I do, so asking for their help is another layer of that time savings.”
Uncover the nine ways AI can help you enhance your pharma research processes with our white paper, Advancing Pharma Research with Artificial Intelligence.