Company’s investment in analytics and AI drive industry-leading results
Real Chemistry, a leading provider of AI-driven insights and marketing and communications for the healthcare industry, today reported financial results for the fiscal year ending December 31, 2023. The company achieved revenue of $595 million compared to $555 million in 2022, a 7% increase in year-over-year revenue.
“We achieved industry-leading growth despite a challenging year for our industry and our clients,” said Shankar Narayanan, CEO of Real Chemistry. “The investments we’ve made in data and AI continue to outperform, as the pace of change accelerates toward digital and omnichannel engagement. Our Swoop business achieved record growth in 2023, as precise targeting of healthcare providers and patients has become essential to pharmaceutical marketers. Our 5-year CAGR of 24% is testament to our ability to forge successful relationships with clients and continually expand how we work with them to bring their important therapies to patients and HCPs.”
In 2023, Real Chemistry took the no. 1 spot in the MM+M Agency 100. The company also won “Outstanding Agency” in the PRWeek Healthcare Awards and a best place to work by Fortune, PRWeek and MM+M. For the second consecutive year, Cannes Lions named 21GRAMS, the advertising arm of Real Chemistry, as the no. 3 Healthcare Agency of the Year. The company also celebrated key campaign award wins, including one Cannes Lion award, 12 Clio awards, seven MM+M awards, 15 Creative Floor awards, and 11 PM Society awards.
In 2023, Real Chemistry made substantial investments in creativity, technology and talent.
Business highlights include:
- Real Chemistry expanded its range of capabilities to proactively lead clients through a rapidly changing healthcare environment.
- The company acquired TI Health, a data-driven marketing and predictive analytics company that delivers omnichannel healthcare provider (HCP) engagement, insights and activation solutions. Now a part of Real Chemistry’s Swoop business, TI Health offers a newly unified and end-to-end, AI-driven solution for healthcare marketers to engage both HCP and patient communities.
- In early 2024, Real Chemistry acquired Avant Healthcare, expanding its medical communications capabilities across the entirety of the drug commercialization lifecycle, including medical affairs, promotional medical education, scientific strategy and consulting and speaker development and management. This move significantly expanded Real Chemistry’s Medical capability area, which now includes more than 450 employees.
- The company accelerated adoption of AI and emerging technologies across all aspects of the business, realizing its mission of using AI and Ideas to transform healthcare.
- Real Chemistry embedded innovation across the company and its business by making new generative AI tools available to all employees.
- The Real Chemistry Insight System (RCIS) delivered nearly 400 analyses from social listening, patient and HCP segmentation and real-world data- across more than 100 clients.
- The company’s own privacy-safe generative AI platform, RCIS Workspace, has gained broad adoption and use, resulting in over 25,000 conversations in the second half of 2023 alone.
- Real Chemistry entered a partnership with enterprise Generative AI expert Writer.ai, giving all Real Chemistry team members access to the Writer platform tool. Using Writer improves work quality and creates new ways to reach patients and healthcare providers with accessible, personalized content at scale.
- Real Chemistry’s Swoop business launched the industry’s first predictive audience targeting segments in January 2024, building on its prior launch of predictive AI adherence targeting in September 2023. These new audiences allow healthcare marketers to target patients and HCPs prior to a diagnosis, those most likely to adopt a newly launched therapy or progress to a new line of treatment, and those with ideal formulary coverage. Swoop also added conversational AI capabilities, enhancing the traditional advertising endpoint of a static website and equipping audiences with the ability to engage in medical, legal and regulatory affairs review-compliant near-human dialogue 24/7.
- Real Chemistry embedded innovation across the company and its business by making new generative AI tools available to all employees.
- Real Chemistry unveiled a new organizational structure to support continued long-term growth.
- At the end of 2023, Real Chemistry realigned its internal teams into six key capability areas and best-in-class centers of expertise: Activation, Advertising, Analytics and Insights, Integrated Communications, Medical and Targeting. The move aligns with the company’s strategic vision – to provide best-in-class and fully integrated solutions for clients across the marketing and communications continuum. The new capabilities model strengthens expertise, drives greater collaboration, and allows teams to be more agile to meet client needs.
About Real Chemistry
Real Chemistry’s mission is to transform what healthcare is to what it should be by leveraging the industry’s most advanced AI-powered insights, diverse expertise and customer-centric ideas. We help the healthcare industry better understand, reach and engage patients and professionals – while creating healthcare experiences that span diagnosis to adherence – to ensure therapies meet and exceed their potential to impact lives.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228154480/en/
Media:
Lauren Venoy, APR
Sr. Manager, Corporate Communications
lvenoy@realchemistry.com
(904) 874-5814
