New Study by Verix on Pharmaceutical Sales and Marketing Reveals Needs for Timely and Scalable AI-Driven Insights

SANTA CLARA, Calif., March 6, 2024 /PRNewswire/ -- Verix, an AI commercial optimization platform provider, released today the results of a study it conducted at U.S.-based pharmaceutical companies, finding that 74% of commercial pharma executives cite a lack of automation as a major challenge for extracting timely insights. The study, AI and Commercial Pharma: A State of the Industry Report, examines the evolving impact of AI on commercial operations, sales and marketing in the pharma industry. As commercial teams make strategic decisions around how to use Artificial Intelligence to effectively target the right accounts, the report uncovers a traditional industry on the brink of great change with the help of AI.

The survey targeted directors, vice presidents and C-level executives in sales, marketing and brand management roles at U.S.-based pharmaceutical companies with more than $100 million in annual revenue.

Some of the study's key findings include:

• 69% of executives believe that their organization's revenue would be significantly increased if they had stronger insights. Marketing teams expressed greater concern over revenue loss than sales and brand teams.
• 81% feel that breaking down silos and onboarding a holistic platform would be impactful for commercial teams that are working today with disparate technologies and tools. A centralized platform would automate and optimize processes cross-functionally and streamline their ability to meet their goals.
• 82% of executives are looking for a scalable way to redeploy AI models across their brand portfolio. Repeatedly creating specific models for individual products and treatments is time-consuming and cumbersome. Hence, introducing technology to repeat AI models would greatly improve time to insights and increase efficiency.
• 88% of sales executives are looking for solutions that integrate with existing environments. Flexibility and agility in the way pharma teams work is more critical than ever, and a tech stack that is fragmented can't help but slow things down. Instead, companies are increasingly looking for platforms that come with rich API integrations and allow for streamlined data integration across technologies.

"Executives are excited about the potential of AI to fuel digital transformation and are carefully considering how to best integrate it into their commercial organizations and technology stacks," said Doron Aspitz, founder and CEO of Verix. "They realize that it takes a proper roadmap to bring about a holistic AI-enabled solutions that efficiently deliver revenue-driving insights at scale."

About Verix

Verix provides an AI-based platform that enhances commercial optimization for Pharmaceutical companies. The platform uses a plethora of data and cutting-edge technology to optimize strategy development and effective execution. Verix's platform embeds deep learning with abundant domain expertise to optimize essential processes such as HCP targeting, precision forecasting, channel optimization, patient discovery, and more in a consistent and continuous manner to keep up with the dynamic nature of today's life sciences market. Verix's innovative Platform enables Fortune 500 pharmaceutical organizations worldwide to leverage their data and accelerate brand performance in a flexible, accurate, fast, and easy-to-use manner. For more information, please visit www.verix.com

Media Contact: Elya Cowland; Gova10 for Verix; [email protected]

SOURCE Verix