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.
The Indian Pharmaceutical Market (IPM) was valued at Rs. 10,426 crores in the month of August 2016 clocking a strong 18% growth over same period last year (SPLY). This was the second consecutive month where the IPM crossed the 10,000 crore mark.
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.