Get an in-depth view into the Draft Pharma Policy - MedicinMan does a deep dive with the President of Karnataka Drug and Pharmaceutical Manufacturers Association
2020 has been a challenging year for all industries. For pharma and its HCP customers even more so. All eyes are on the companies developing vaccines and drugs for treatment of COVID-19, while doctors have closed their doors for pharma reps. Long established processes have been disrupted and complex market strategies have been rendered useless. Each pharma no matter big or small, innovative, or generic, had to improvise and come up with contingency plans to save the year. Some have been slower waiting for the old ways to come back, others have been more agile experimenting with digital and expanding boundaries, most are in the middle digitally curious but not risking too much.
The seminar will help companies especially Product Management Teams and Sales Teams to understand their changing roles due to UCPMP. It will also bring clarity on strategies and promotional inputs including CME's, sampling, gifts etc.
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?
Amlesh Ranjan is Deputy Director, BioSurgery Business at Sanofi India, playing Business Leadership role in BioSurgery, managing Sales & Marketing and P&L.
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...