Why Conference Intelligence Is A Must-Have for Pharma Companies
Conference intelligence is a crucial piece of competitive intelligence, particularly in the pharmaceutical sector.
In pharma, companies are tight-lipped about their up-and-coming drugs and innovations, which can be decades in the making. However, at industry conferences, pharma companies are more open about upcoming products and R&D projects to showcase their new innovations and garner excitement. For that reason, conferences are an excellent source of competitive intelligence.
They want to attract investors, showcase thought leadership, and excite people about working with them. Pharma companies spend millions of dollars over extensive periods of time developing new drugs, making the stakes exceptionally high. For that reason, pharma players need to think strategically about their competition’s actions and how that impacts their current project lifecycle.
How Domain-Specific AI Improves Conference Intelligence
Employing audio and video analytics (AV analytics) solves problems and adds new layers of value to traditional conference intelligence offerings. Pharma conferences typically occur on weekends, which makes it hard for CI gatherers to attend, weekend after weekend, when they have personal obligations to meet. In addition, one person can only attend one session at a time and, as such, will miss insights from the concurrent panels and sessions.
Plus, a human being will likely take worse notes and pay less attention as the day progresses. Their attention may fluctuate based on their interest level in a topic, and they may be distracted by social engagements and travel impacts.
AV analytics and domain-specific AI can better mine pharma conferences for critical competitive information. All sessions can be covered with AI analytics if session recordings are available online through a conference website. And domain-specific information can be built into the AI.
For example, Evalueserve’s Insightsfirst Conference Coverage solution has a pharma option trained in technical medical/pharma vocabulary that a layperson or general AI would not understand. This knowledge of industry-specific terminology leads to more accurate transcriptions and, ultimately, more accurate analysis summaries. It’s 90% accurate, even before our experts review the transcriptions.
Our Insightsfirst Conference Coverage solution listens to, transcribes, and analyzes 60-minute sessions in 20 minutes – a third of the time. Conference Coverage combines the strengths of our domain experts, analytics, and AI. We have domain expert analysts compiling summaries, benchmarking, and creating deep dives based on their notes and observations and the data collected by analytics and AI, which they review.