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Access to the market in the pharmaceutical industry refers to identifying, evaluating, and taking advantage of market opportunities effectively.
Access to the market in the pharmaceutical industry involves identifying, evaluating, and capitalizing on market opportunities to launch innovative products effectively and profitably. This process includes strategic business development activities such as technology acquisition, investment in research and development, and partnerships. Pricing strategies, distribution channel selection, and targeted marketing campaigns are also crucial. However, the pharmaceutical market is highly regulated and competitive, posing significant challenges. The average cost of bringing a new drug to market is approximately $2.6 billion, and the FDA approval process can take 8 to 12 years (1, 2). Despite these efforts, over one-third of new drug launches in the U.S. fail to meet expectations, with half of these failures attributed to limited market access (3).
Machine learning models, such as ARIMA (AutoRegressive Integrated Moving Average) and LSTM (Long Short-Term Memory) networks, are used to analyze historical sales data and predict future demand patterns. These models can capture complex temporal dependencies and trends in pharmaceutical sales data.
"PharmaInsight", an AI-powered market intelligence assistant, allows pharmaceutical companies to navigate the complexities of market access by analyzing health demographic trends, drug sales and other factors in Colombia.
The assistant is based on data sets of Colombian pharmaceutical sales and demographic health surveys, together with epidemiological data relevant to the Colombian market provided by the Ministry of Health (6). PharmaInsight uses this data to identify potential market opportunities and design product distribution strategies and targeted marketing efforts in line with regional health indicators and consumer needs.
Access to the market in the pharmaceutical industry involves identifying, evaluating, and capitalizing on market opportunities to launch innovative products effectively and profitably. This process includes strategic business development activities such as technology acquisition, investment in research and development, and partnerships. Pricing strategies, distribution channel selection, and targeted marketing campaigns are also crucial. However, the pharmaceutical market is highly regulated and competitive, posing significant challenges. The average cost of bringing a new drug to market is approximately $2.6 billion, and the FDA approval process can take 8 to 12 years (1, 2). Despite these efforts, over one-third of new drug launches in the U.S. fail to meet expectations, with half of these failures attributed to limited market access (3).
Machine learning models, such as ARIMA (AutoRegressive Integrated Moving Average) and LSTM (Long Short-Term Memory) networks, are used to analyze historical sales data and predict future demand patterns. These models can capture complex temporal dependencies and trends in pharmaceutical sales data.
"PharmaInsight", an AI-powered market intelligence assistant, allows pharmaceutical companies to navigate the complexities of market access by analyzing health demographic trends, drug sales and other factors in Colombia.
AI and Robotic Process Automation (RPA) to improve demand forecasting accuracy by 23%. The AI predictions were integrated into inventory systems, leading to automated management and significant cost efficiencies [7].
AI-driven efficiencies contribute to sustainable growth by reducing costs and improving the effectiveness of business strategies.
The assistant is based on data sets of Colombian pharmaceutical sales and demographic health surveys, together with epidemiological data relevant to the Colombian market provided by the Ministry of Health (6). PharmaInsight uses this data to identify potential market opportunities and design product distribution strategies and targeted marketing efforts in line with regional health indicators and consumer needs.
