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.
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.
With the Second Wave hitting India, customers (patients and physicians) will continue to socially distance themselves in the foreseeable future. Pharma must use the field force for reach and relationship and digital for frequency and personalised content for better customer experience.
The pandemic has made doctors adopt Telehealth in a substantial way to shore up their revenues and this will continue to be one of their channels to engage patients. Telehealth along with EMR/EHR, digital therapeutics and wearables is enabling doctors to better care for their patients. There are many ways in which pharma can support the digital evolution of doctors.
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.
GST Special Issue carrying an interview with Sunil Attavar - CMD, Group Pharma and President, Karnataka Drugs and Pharmaceuticals Manufacturers Association (KDPMA)