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?

Interview with Ajit Singh, Chairman, ACG

Special interview with the Chairman of ACG and an invitation to "Pharmaceutical Marketing in the New Age" - a conference presented by ACG in partnership with MedicinMan

Pharma Marketing & The Reinvention

Introducing the top 10 companies in top 10 therapy areas according to statistics published by AIOCD

Digital Darwinism or Digital Expert – The Choice for Indian Pharma is Clear

It is heartening to see that Pharma marketers have...

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

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Antibody-Drug Conjugates (ADCs): The Disruptors Leading Oncology’s Gold Rush in 2025

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

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Top 25 Indian Pharma Companies by Revenues in 2024

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

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

Antibody-Drug Conjugates (ADCs): The Disruptors Leading Oncology’s Gold Rush in 2025

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

FLUX – Indian Pharma in the Post VUCA World

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

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Antibody-Drug Conjugates (ADCs): The Disruptors Leading Oncology’s Gold Rush in 2025

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

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How to Harness the Power of Omnichannel Marketing in the Pharma Industry

Pharmaceutical & medical devices Industry is fast adapting to these changes at various levels of the value chain. Billions of dollars are being spent on digital transformation projects ranging from usage of AI & ML in product development, production and predictive maintenance, Blockchain in supply chain and data management & analytics in strategic decision making. This article focuses on Omnichannel marketing, one of the key digital transformations that the industry is learning and implementing at a rapid pace. Omnichannel Marketing: Promise and Possibilities An industry that historically focused all their brand building and market shaping efforts through F2F meetings & medical education programs has started making giant strides in multi-channel strategy now. A digital journey that started with an e-detailing platform has progressed fast by adding brand websites, Approved E-Mails, social media, webinars and other media effectively creating a multi-channel strategy. The only hindside to this is, all these channels work independently, expecting HCPs to find and sort out information themselves.

Medical Reps will Remain – What will be their Future Role?

There was a phase when the industry feared that digital would eventually replace the medical sales representative but it appears that digital engagements work best when facilitated by an affable and knowledgeable person, who can personalize the information, and the conversation, to the doctor. In pharma, there’s no substituting face-to-face dialogue it seems. And why should it? “Rather than digital replacing a person in pharma, the need of the hour is digitalizing the approach of person. The person and the technology are HERE TO STAY”, says Archis Joshi, Commercial Head at Dr. Reddy’s. The sales role is getting tougher. Medical information, at one point pharma’s greatest value, is today much more freely available than it used to be. In the Indian market which is dominated by generic medicines lacking differentiation, simply informing doctors about the product, isn’t a viable prospect any more when it comes to piquing their interest. “Why are brands that have been around for some time still unable to cross the marketing funnel and are still stuck at either the ‘awareness’ or the ‘interest’ stages, and unable to move towards the ‘purchase’ or ‘recommendation’ stages?” wonders Mehul Shukla, Director, Marketing Excellence at Cipla.