AI insights keeping Pharma marketing in line.
Ethics is fundamental in the medical field, so it is unsurprising that certain rules and regulations also govern the pharma industry. The pharma compliance policies keep evolving with technology and its use in pharma. Pharma compliance is not just a legal requirement, it helps build trust and loyal brand relationships with HCPs and customers. And, a severance of compliance can lead to hefty fines, license suspension, and reputational damage.
The Complexity of Pharma Compliance.
But, maintaining pharma compliance in marketing takes time and effort. For starters, the compliance guidelines vary from country to country. If the FDA guides the pharma compliance guidelines in the US, the CDSCO (Central Drugs Standard Control Organization) is responsible for the same in India. These bodies ensure pharma companies follow the guidelines for imported and domestically produced products. These regulations govern drug launch aspects like labeling, promotional practices, etc. So, a global pharma brand has to closely monitor every change in guidelines of every country they are marketing to.
For instance, a certain drug may not be permissible at all in a country, while it is acceptable in certain amounts in another country. So when you manufacture and market a drug a brand often focuses on its home ground and regulatory guidelines of the country of origin. This also depends on which geographic location requires a particular drug, then the brand may focus on selling and marketing in that location and will have to follow the regulatory guidelines of this location.
Moreover, the constant changes in pharma guidelines for marketing can be attributed to the growing use of digital marketing, which makes it challenging to ensure that all forms of promotion meet compliance.
This dynamic nature of pharma which leads to changes in pharma marketing rules and regulations also means that a brand/ slash company has to train its employees continuously and update them on these changes, this is neither time-efficient nor cost-effective.
AI: The solution to compliance challenges
AI is equipped with advanced data analytics, machine learning and other technological advancements that allow AI to bridge the gap between regulatory differences for pharma marketing in different countries by providing region-specific insights.
One prime example of this integration can be seen with Multiplier AI, which provides AI-powered tools to assist pharma companies in staying compliant. The tools allow pharmaceutical companies to gain insight into regional and global regulations, and the users to access the data in chat format. These insights are updated in real time to help provide strategies for marketing in various countries while considering local regulations.
In conclusion, AI allows brands to get insights on regulatory laws guiding drug marketing in any country they want, and even use these insights to produce appropriate marketing strategies. Thus ensuring pharma compliance.