No industry or market sector today is untouched by the magic of digitalisation in India. The Indian pharma industry has recorded FDI inflows worth US$ 19.90 billion from 2000 to 2022 and is the third largest pharmaceutical industry in the world by volume. However, the sector is now looking to shift focus from volume to value producer, and Health Biotech Director Paramjit Arora believes that digitalisation will be a crucial tool to help the industry leap.
Pharma companies have begun to realise that the purpose isn’t just to manufacture the medicine but also to make sure that it reaches the target customer and market. The conventional marketing of pharmaceuticals was more or less centred on the product. But with new challenges and the ever changing consumer expectations taking over the market, it is essential to step up your digital game. A successful digital transformation will fundamentally change how pharmaceutical companies run their business. In the future, better growth in domestic sales would depend on the ability of companies to adapt to digital marketing.
“The pharma websites are attracting more traffic than ever, especially after the COVID-19 pandemic. The patients are seeking as much information about medicines and treatments as they can. Digitalisation allows our company to offer information and personalised services to our customers. It also helps us in reaching out to our potential customers and demonstrate how our valued products and services are better as compared to our competitors,” says Paramjit Arora, Health Biotech Director. Health Biotech’s export network spreads across 50+ countries. During the COVID-19 pandemic, Health Biotech’s Remdesivir reached millions around the globe, and this was all made possible via tools of digitalisation.
The pharmaceutical industry differs from other industries, and its digital transformation is critical for improved patient care, cost-effectiveness, greater transparency, production, and drug development. Becoming a digital business means transforming how you approach customer interactions. People today expect fully digital experiences that span across all the different digital platforms and devices. Every time a company fails to provide this, there’s a substantial risk that they’ll lose a customer. To stay ahead and remain competitive, pharma companies must evaluate, develop and digitize all customer touchpoints. This is true across all customer types and goes beyond patients, including providers, payers, and employees. Digital developments like cloud solutions, advanced analytics and Internet of Things (IoT) will transform the pharmaceutical industry.
There has been massive growth in the domestic pharmaceutical industry in the past years, and the growth trajectory continues to look favourable for 2023. The industry is expected to exceed $1 trillion by the following year. To keep up with the demand and growth, the pharma sector must be able to increase efficiency, discover new pharmaceutical opportunities, and build better relationships with patients and prescribers. This is impossible without a digitalised transformation. Furthermore, the pharma industry is perhaps the most regulated in the world due to the GMP regulations regarding production, advertising and marketing. Therefore, a proper digital approach is necessary to support the overall corporate strategy.
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