Reflections on Reuters Pharma 2023

Last week members of the Branding Science team attended Reuters Pharma 2023, where industry leaders gathered to discuss the latest trends and developments in the pharmaceutical sector. Here are their key takeaways from the event.

AI is already adding value
One of the key themes that emerged from the conference is the growing role of artificial intelligence (AI) in the pharmaceutical industry. Across multiple applications, including insight generation and salesforce optimization, AI is being used to drive efficiency and improve commercial performance. While there are concerns about the impact of AI on jobs, the consensus is that it won’t necessarily replace humans but could be used to enhance their capabilities.

Pharma is Metaverse-curious
Another topic that generated significant interest at the conference is the Metaverse, a virtual universe where people can interact in a shared space. Many pharmaceutical companies are intrigued by the Metaverse and are seeking practical examples of how it has been used in other industries. However, achieving internal alignment on the opportunity is a key next step for many.

Omnichannel remains a challenge
Pharmaceutical companies are actively implementing omnichannel strategies to engage with customers across multiple touchpoints. However, barriers remain, particularly those driven by internal silos and lack of alignment. For many, omnichannel remains a phrase rather than a truth.

Customer experience is still a priority
Customer experience is still an area of focus but is being crowded out by other initiatives. Teams are being forced to strike a balance between delivering an optimal customer experience, establishing the brand and building their omnichannel capability.

Risk aversion limits innovation
Finally, there is a growing recognition that pharma’s chronic aversion to commercial risk is inhibiting innovation. While teams are full of innovative ideas, there is often a reluctance to trial new approaches.

These were our key takeaways from Reuters Pharma 2023. But we would love to hear your thoughts and insights on the trends and challenges facing the pharmaceutical industry in 2023? You can contact us here or find us on LinkedIn.