The pill is now a commodity that many of these companies provide at heavy discounts, making money off everything ‘beyond the pill’. Investors are betting heavily on the potential of technological innovation to transform the way healthcare is delivered.
The Economic Times reported that in 2021, India recorded investments of $77 billion across 1,266 deals including 164 large deals worth $58 billion. While the money reduced in 2022, the reason wasn’t a lack of faith in this business model.
Meanwhile, the pharmaceuticals industry that is most affected by this quiet but rapid change, is grappling with its entrenched culture. Its current business is so profitable that everything else pales in comparison.
‘Build, measure, learn, build again’ – a mantra of the health tech industry is alien to pharma that doesn’t learn, build or measure after launching a product.
Pharma also thinks of its customers as doctors alone and does precious little to connect with patients, or caregivers. People who are not sick do not feature on their radar at all. These are cultural values that keep pharma focused on the pill and discourage thinking beyond it.
A social media poll conducted by MedicinMan showed almost predictable responses. 100+ respondents who work in the pharma industry in India were quite clearly divided. 48% of them wanted to know what beyond the pill actually meant, while 23% wanted to know how to execute it.
The rest felt that the ultra-competitive environment in the Indian generics market required very high share-of-voice tactics (19%), or that their customers demanded product information (9%).
Patient Centricity, the most talked, least understood and poorly implemented strategy in our domain, if holistically approached and sincerely implemented, can truly transform and lead us towards a culture of ‘Healthcare is a Responsibility’. If every person in the life sciences organization at every level, is motivated, trained and equipped to understand, what is of value to the Patient and then strive towards co-creating, creating or contributing, we can travel a huge distance. Is this ‘Value’ paradigm implementable? Well, some are already doing it...
The Indian Pharmaceutical Market (IPM) was valued atRs. 10,025 crores in the month of July 2016 clocking a 14.7% growth over same period last year (SPLY). This was the first time ever the market crossed the 10,000 crore mark in a single month.
HomeField Force Excellence conference+CEO Roundtable
Field Force Excellence conference+CEO Roundtable
Field Force Excellence (FFE)+CEO Roundtable is MedicinMan’s flagship Field Force Excellence conference bringing together industry thought leaders and senior managers to set the annual agenda for Field Force Excellence in the industry.
Past topics include:
Practical Issues in Sales Force Effectiveness (SFE) implementation
Role Clarity from Front-line Manager to National Sales Manager
Role of Technology as a Field Force Multiplier
Social Learning for the Field Force
Data Analytics: Actionable Insights for Segmented Marketing
Role of Marketing, Medical, HR and L&D in Building the Rx Capabilities of the Field Force
Navigating UCPMP, MCI Guidelines and other regulatory issues
Reinvention of Doctor-Field Force interaction through Digital and Social
Business Intelligence for Field Force Productivity
Employee Engagement: The New Paradigm for Enhancing Field Force Productivity
Past CEO Roundtable participants include:
K. Hariram – Managing Director, (retd.), Galderma India
Sanjiv Navangul – Managing Director, Janssen India
K. Shivkumar – Managing Director, Eisai Pharmaceuticals
