Overcoming Market Access Challenges with AI: Enhance Drug Launch Success

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).

• The average cost of bringing a pharmaceutical asset to market is $2 billion, with the FDA approval process taking 8 to 12 years.
• Over one-third of new drug launches in the U.S. do not meet expectations, with 50% of failures due to limited market access.
• High development costs, regulatory barriers, lack of healthcare access, changing public health policies, and competition from generics are significant challenges.

"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.