IPM was valued at Rs. 178,219 Cr for MAT Oct’21. The retail sector was valued at Rs. 151,183 Cr for this period contributing 85% to IPM.
IPM Growth for the month of Oct’21 as compared to the month of Oct’20 was 9.7%. This is the lowest monthly growth in the last 8 months after a low growth of 2.6% reported for Feb’21.
Corresponding to low monthly growth, IPM MAT growth also declined slightly after showing a growing trend consistently for the last 7 months from MAT Feb’21. It reported 17.3% for MAT Oct’21 as compared to 17.8% reported for MAT Sept’21.
At 15657.3 Cr, the monthly sale reported for Oct’21 is the 5th highest sale value in the last 12 months.
To be able to measure the RoI on digital in pharma, it is necessary to understand customers as individuals and create newer segmentation based on these needs and interests. This calls for the NextGen RCPA of data collection and personalized communications that engage customers, based on which pharma must create customer experiences that matter to them.
If your content does not scratch, where it itches the customers, digital or phygital, customers will not feel at home (comfortable, delighted, and wants more), which is what matters. Not a digital euphoria, which will soon die down as customers simply ignore it as they did when pharma launched a plethora of webinars.
If a business fails, it was an idea that didn’t work. If treatment fails – it must be a botch up. A broken gadget may be beyond repair, but not a patient in a doctor’s hands. From such ungraded expectations stems the potential for things to take an ugly turn.
An unwanted profession dealing with an unwanted condition, namely Ill health:
If possible, we would wish away death and diseases, hospitals and doctors. A hospital is not a holiday resort, but it too costs money. And the scenario of an adverse outcome like death simply becomes unacceptable.
It is the twentieth anniversary of the new patent act in January 2025. The post-patent (P20) era is a story of resilience, determination, and charting a course that set global ambitions, a story of finding opportunity in adversity. It is a story for case studies in business schools, in international studies, in global health efforts.
A diverse, summer issue with articles on topics ranging from content marketing to the role of experience in a VUCA world. Also, the latest book for Medical Reps reviewed by Prof. Vivek Hattangadi
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.