We will need to find a way to bring together the capabilities of the Medical Rep, the changed scenario of the visit and the ways we can reach doctors into one single strategy rather than looking at the physical and the digital parts separately. Our medical reps will continue to be the core of our promotion, and our digital strategy will need to empower them to not only do a better call but also support their efforts by building processes that will help them beyond the few minutes that they spend in the Clinic. Marketing budgets will have to move away from conventional investments and also think beyond hardware to increase digital engagement.

Articles by Vivek Hattangadi, Raja Reddy, K. Hariram, Satish Kota, P. S. Parameswaran, Gopal Kishore, Ramandish Arora, Mohit Kumar Bhutani, Richa Goyal and Mahendra Kumar Rai

Lower prices, discounts, convenience of ordering and home delivery are some of the benefits for consumers with e-pharmacies. The anonymity of the internet encourages patients to seek information about medicines that they would otherwise avoid. Mental health is one area where the consumers wish to maintain confidentiality and opt for online consultation and medication.

Is Pharma’s business model like McDonald’s? Doing things over & over again without innovation? McDonald’s is famous for its Hamburger University, a training facility at the McDonald’s Corporation global headquarters in Chicago, Illinois. It instructs high-potential restaurant managers in restaurant management. More than 5,000 students attend Hamburger University each year and over 275,000 people have graduated with a degree in Hamburgerology. Sound familiar? Pharma’s training has been on similar lines – hire people continuously and put them through the grind of mugging up essentials of drugs for diseases that the particular company sells. While the McDonald’s model is ideal for its business of replication, it has outlived its utility in healthcare and drug companies are in danger of being reduced to mere suppliers of drugs to new digital platform businesses unless they learn to innovate.

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?

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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...