Pharmaceutical companies must contend with challenges from supply chain lapses (theft, diversion, S.O.P. deviations, product recalls, reverse logistics etc.) counterfeiting and stringent regulations. These challenges get compounded when dealing across the states and country business operations, besides that not only impact tangible profits but also the intangible brand credibility. In this context, there is also a credible increase in public awareness about the genuineness of medicine (in particular medicine that require cold chain) and their predictability of clinical outcomes.
Providing visibility and full traceability becomes a paramount importance to both the Industry and the Govt. – A fool proof solution not only brings transparency in the system, but can also be a key differentiator, and undoubtedly can create immense opportunities for a competitive advantage.
The new sparkling DIME (Digi MarketEr) are the ones who embrace digital transformation with open arms and voraciously feed on data analytics to satisfy their performance outcomes with an informed business decision. The benefit of being DIME is that it propels data management out of the hands of individual stakeholders, and puts data sets with insights on to center glass table (Transparent workplace) for informed decision making.
Pharmaceutical & medical devices Industry is fast adapting to these changes at various levels of the value chain. Billions of dollars are being spent on digital transformation projects ranging from usage of AI & ML in product development, production and predictive maintenance, Blockchain in supply chain and data management & analytics in strategic decision making.
This article focuses on Omnichannel marketing, one of the key digital transformations that the industry is learning and implementing at a rapid pace.
Omnichannel Marketing: Promise and Possibilities
An industry that historically focused all their brand building and market shaping efforts through F2F meetings & medical education programs has started making giant strides in multi-channel strategy now.
A digital journey that started with an e-detailing platform has progressed fast by adding brand websites, Approved E-Mails, social media, webinars and other media effectively creating a multi-channel strategy. The only hindside to this is, all these channels work independently, expecting HCPs to find and sort out information themselves.
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.
After settling down comfortably into my seat on a flight from Chicago to San Francisco, I started browsing through my digital copy of the latest issue of The Economist. Much to my surprise, I saw an article titled, The Usefulness of Managers beginning with the sentence, "Is your manager really necessary?"
Bingo!!! My mind went back to so many discussions we keep having about our Indian Pharma industry and the various arguments about line management and their contributions, role clarity, their usefulness and the often-asked question, “Are they really effective?”
When the top leadership says, that effective managers are a rare breed with comments such as, “they are the weakest link in our chain”, my mind keeps racing through with the thought as to, “if they are not, who has to be responsible to make them effective?”
Having been a line manager and climbing the ladder against odds, I can understand and empathise with both sides of this management world.
However, when these doubts and questions keep raising its head often, my curiosity quotient kept raising a question, “Are we in Indian pharma very unique to have such challenges?” A chance meeting I had with a team of Google senior management personnel based in Google’s headquarters in California during this trip gave me an interesting insight on what Google did and what it continues to do.
Much to my solace I found that their apprehensions were similar to what we in Indian Pharma face. The differentiating factor was that their "people operations" team (HR) has applied the Google Way (data analytics) to management analysis and developed a manifesto entitled Eight Habits of Highly Effective Google Managers.