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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?

This is the third and final part of MedicinMan interview with Sunil Attavar, CMD, Group Pharma and President, KDPMA MedicinMan: Are there any estimates of what the overall business impact will be in terms of revenues of pharma companies?  At this moment it is very difficult to estimate the impact…

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.

This is the first part of MedicinMan interview series with pharma business leaders to make sense of the Covid19 crisis and its impact on healthcare industry. Subscribe to MedicinMan to get regular updates of interactions with pharma business leaders. MedicinMan: Give our readers, a sense of what is happening in the…

The digital revolution is the fourth industrial revolution. It changes models, processes and whole public sectors. In many reports you will find that, in terms of digitalization, pharma is just next to the public sector, as least digitalized. Pharma just started late. There are many reasons for that – it is one of the most regulated industries with lots of sensitive data involved and many ethical aspects. But the slowed down digitalization has a lot to do with some subjective reasons. Adopting digital technologies requires changing existing models which requires a different mindset – and this is difficult to achieve. Nowadays, in the situation of a global pandemic, we see that digital communication is not only necessary to be successful but it is a must in order to adapt to the New Normality.

The Beginning I was at crossroads after completing computer programming in the early 80’s when a leading engineering college offered me a job as a lab technician, but it didn’t sound interesting and it certainly wasn’t what I was aspiring for. My room-mate suggested I should visit a few pharma…