An Investigation on the Effects of Artificial Intelligence on Pharmaceutical Product Brand Management Strategies (PPBMS)

Abstract

The term "artificial intelligence" (AI) refers to a group of technologies used in the health sector that enable robots to sense, comprehend, behave, and acquire the ability to carry out clinical and administrative tasks. Human-machine cooperation is the way of the future, and as technology develops, human clinical professionals will also need to adapt, learn, and develop. It is the evolution of medicine, not its extinction, even though future experts will need to be both technologically and medically knowledgeable. Pharmaceutical applications include a wide range of AI and machine learning uses, such as disease detection and diagnosis, tailored therapy and behavioural modification, drug development and manufacturing, radiology and radiotherapy, smart electronic health records, epidemic outbreak prediction, branding, sales and marketing, and predictive analytics, among others. Additionally, advertising benefits greatly from AI and ML-based analytics, especially as successful advertising frequently requires a high degree of judgment and numerous continuous, complex decisions. In 2021, the AI health sector is estimated to generate $6.6 billion in revenue at a 40% compound annual growth rate. In the next ten years alone, the medical AI market is likely to grow by almost ten times. Soon, procedures that are more intelligent, quicker, and less expensive could be made possible by AI and machine learning. Better insights are provided by artificial intelligence, which supports regular duties. Enhancing efficiency and furnishing the marketing function with more profound insights and reliable data facilitates the selling process. Artificial Intelligence provides consistency, economy of scale, decision-making, and data loss prevention. This article deals with the advancement of innovation, global healthcare, and the supply of treatments that change and save countless lives on a global scale are all dependent on pharmaceutical firms. Their research, development, and distribution of medications and therapies are critical to addressing health concerns, guiding medical progress, and considerably enhancing societal well-being. In this changing context, the integration of artificial intelligence (AI) is becoming a revolutionary force that is changing preconceived notions. AI has the unrivalled ability to foresee market trends, recognize consumer behaviour, and optimize strategies. It can also increase brand equity, customer engagement, and market penetration. The purpose of this study is to assess how artificial intelligence has affected pharmaceutical product brand management procedures. This study employed the Wilcoxon one-sample signed rank test methodology. Artificial intelligence has a significant influence on the branding of pharmaceutical products through brand image, brand engagement, brand consistency, brand positioning, brand loyalty, brand reputation, brand perception, brand trust, and brand advocacy.