First Ever India Centric Survey: A CredoWeb - MedicinMan Research Project
The current challenges faced by Indian Pharma:
- Sales are declining in most cases. However, the sales of established brands are steadily growing, even with the field force unable to meet doctors at pre-COVID levels.
- Most non-COVID patients are unable to access doctors due to various constraints, forcing doctors to quickly adopt digital in some form.
- Healthcare is at an inflection point, where digital adoption has become a necessity to fix its inefficient and already broken model of decreasing interest by physicians to meet Medical Reps, poor quality and high attrition of field force, legacy systems and lack of customer engagement and experience oriented marketing.
Solutions: The current pandemic may continue for an uncertain period of time - estimates from 12 to 24 months - by which time certain fundamental behavior change would have been cemented, with regards to consumers adopting technology as has already happened with other areas, be it banking, transportation and other conveniences (Ola, Dunzo, Swiggy, Amazon, PayTM, Swiggy and a plethora of consumer services).
Indian Pharma will need to adapt business practices to deliver treatments and services for patients by increasing investment in digital technologies and supply chain management.
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