Artificial intelligence (AI) is transforming how consumers interact with brands across every industry – including life sciences. While sectors like retail and entertainment are already using AI to personalise engagement and optimise the customer journey, life sciences companies are now discovering significant potential in doing the same. According to Cognizant’s New Minds, New Markets report, AI-driven buying, where AI agents search, recommend and purchase products without the consumer, will account for 55% of all purchases across industries, equating to £690 billion in the UK alone by 2030. But when it comes to life sciences and wellness companies who sell to consumers, the path is more nuanced due to regulatory complexities and varying trust levels. However, for the companies which can navigate this journey the opportunities are huge.
Meet the New AI Consumer
The consumer journey can be broken down into learn, buy, and use phases with people’s comfort of using AI fluctuating across them. To help understand this further Cognizant developed the AI Inclination Index (AII) which is calculated from our New Minds, New Markets survey data and examines comfort level within the industry, consumers attitude toward trying the latest technology, and how easily they can use AI tools to learn about products and services. This found customers are significantly happier to use AI to help sift through products and make a recommendation (AII 87) than manage the buying process itself (AII 50). For life sciences companies this means they need a precise and nuanced AI strategy for consumer engagement which captures the greatest areas of opportunity while avoiding low-value pursuits.
This strategy will also vary depending on what product category the company operates in. For example, prescription drugs and condition diagnosis are highly regulated, whereas at-home health monitoring and wellness products are much more retail-like. Within the prescription drugs market, consumer interest in AI-supported product discovery sank to the lowest level of all four product categories. This dynamic is reflected both within consumers and pharmaceutical companies themselves. For instance, people are reluctant to rely on AI vs. speaking to a medical professional when it comes to selecting the right prescribed medication. Meanwhile, businesses face regulatory barriers when it comes to sharing data the AI would need to be effective.
Meanwhile, consumers’ perception of AI is more positive when it comes to learning about wellness products, where consumer choice takes primacy over practitioner advice. In fact, it is the one product category where the total AII score exceeds the global average. In this area consumers are swamped with multiple near identical options, so finding the best product for their needs can quickly result in decision fatigue. They are all too eager for a tool that will sift through online advertisements, ingredient information and reviews to discover what will really whiten their teeth, calm their stomach, or clear their congestion.
Consumers are also more comfortable with AI being injected into health monitoring devices. Here, AI can use the individual’s health data to automatically schedule appointments and provide personalised wellness recommendations. For instance, blood pressure monitors are highly dependent on correct positioning, timing, and other factors. AI could guide users with a range of customised languages and engagement styles to ensure a higher use rate and accurate readings.
