Articles by Bhaskar Chakravorty, Hanno Wolfram, K. Hariram, Krishna Singh, Shreenivas S, Chandan Kumar and Salil Kallianpur

Make Sure You're Moving in the Right Direction… Digital,...

More than digitalizing your product promotions, the case calls for building and engaging your brand community through digital solutions that create memorable customer experiences. With the new normal emerging, the traditional Pharma commercial model needs to be relooked by exploring alternative channels of engagement, which offer opportunities to create value for customers. Company-specific digital adoption workshops to experience how a brand can be promoted using the omnichannel approach with field force involvement.

Going digital is not about Social media or Omni channels. Is it about asking simple questions. Best Buy is one of the largest electronic good retailers in USA. Few years ago Best Buy was threatened by what is now known as Showrooming effect. Basically customers would walk into its showrooms get benefitted by the advice of the salesperson, decide on the model and then go online to buy the product on Amazon because of low prices. Despite having one the best footfalls in the decade Best Buy recorded reduced profits. Although it did try to Price match Amazon they knew it was not a long-term solution because of its cost structure (Physical showrooms, salespeople etc). They couldn’t block the customers from checking price of product on Amazon. Future looked uncertain, everyone thought game over for Best Buy which was the case with many other retailing giants. No amount of investing new technology would have helped Best Buy . Best Buy relearned how to make profits. Best Buy proposed to the manufacturers that they compensate Best Buy for exclusive showcasing of manufacturers new products. Manufacturers also could  launch specific brand kiosks within Best Buy showroom for a fee. This new model which had zero investment for Best Buy dramatically increased its profitability. Is this a ground breaking innovation? Of course NO. This has already been  practiced in other industries but for the first time tried in Electronic good Retail. Best Buy realized apart from consumers it created lot of value for manufacturers therefore it captured the value lost from consumers from manufacturers. What is my business? What is my business ecosystem? How do I currently make money? How changing one thing impacts my ecosystem? What are the options available?

How had Indian Pharma responded to the challenges brought on by the Covid19 crisis and the inability to connect with doctors and other Rx influencers? Is it back to business-as-usual or have some companies learned from their mistakes and become digital savvy? How will Indian Pharma cope with the possibility of another lockdown and meeting restrictions looming in view of the rising Omicron wave?

India pharma is crucial for global healthcare, providing affordable...

India's top 10 pharma companies by market capitalization, offering insights into...

1. Market Overview The oncology sector remains the most dominant...

Introduction For decades, leaders and organizations have relied on the...

India pharma is crucial for global healthcare, providing affordable...

India's top 10 pharma companies by market capitalization, offering insights into...

1. Market Overview The oncology sector remains the most dominant...

Introduction For decades, leaders and organizations have relied on the...

India pharma is crucial for global healthcare, providing affordable...

India's top 10 pharma companies by market capitalization, offering insights into...

1. Market Overview The oncology sector remains the most dominant...

Introduction For decades, leaders and organizations have relied on the...

India pharma is crucial for global healthcare, providing affordable...

India's top 10 pharma companies by market capitalization, offering insights into...

1. Market Overview The oncology sector remains the most dominant...

Introduction For decades, leaders and organizations have relied on the...