Research has revealed four focus areas where artificial intelligence (AI) could enhance market access and launch strategies for new therapies: patient stratification, predictive pricing, omnichannel marketing, and targeted promotion. In this update, Associate Director Ally Robert explains more.
This is an extract from an ISPOR Europe 2023 poster by the experts at Avalere Health. Please get in touch for a conversation about leveraging these insights in your market access strategies.
Innovators are exploring the applicability of AI technologies to augment drug launch and market access
Within the biotechnology and pharmaceutical industries, the advent of advanced analytics including AI and machine learning has triggered a fundamental paradigm shift.
These new technologies open a world of opportunity including enhanced drug discovery, advanced precision medicine, and optimized clinical trials.
With the first drugs discovered and developed by AI entering clinical trials, the focus has switched beyond development to exploring the applicability of AI technologies to augment drug launch and market access.
Research has been conducted into the potential applications of AI that are being developed by leading pharmaceutical companies
Experts at Avalere Health conducted a targeted gray literature search to explore what potential applications of AI are being developed by leading pharmaceutical companies.
Within the research, priority areas for AI within the Top 20 pharmaceutical companies were mapped to different “building blocks” of a successful therapy launch strategy. These building blocks include identifying the target population with highest unmet need, developing impactful value propositions, engaging with external stakeholders, and submission for reimbursement.
Four main focus areas for AI in terms of enhancing the drug launch and market access process
The research revealed four main focus areas for AI in terms of enhancing the drug launch and market access process:
- patient stratification
- predictive pricing
- omnichannel marketing
- targeted promotion.
In terms of readiness, the latter is the closest to becoming reality, with machine-learning already capable of using a physician’s past prescribing patterns to accurately predict future product uptake.
The evolving landscape of cost containment and pricing pressure from policy changes, such as the Inflation Reduction Act, mean that AI’s ability to drive predictive pricing may take longer to become reality.
The takeaway message is that AI is profoundly impacting market access strategy and will continue to do so, and will be a key tool in developing successful launch tactics in the next 3–5 years.
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Please get in touch with us if you would like to discuss the points raised in this summary and find out how Avalere Health can help you navigate the global policy, access, value, and evidence landscape.