The Indian pharmaceutical market size is expected to grow to US$ 100 billion by 2025, driven by increasing consumer spending, rapid urbanization, and raising healthcare insurance among others. To meet demands of changing dynamics of the market, pharmaceutical marketers have to explore and exploit digital technology to communicate with customers.
Pharmaceutical marketing in India has reached the point where the fulcrum of brand success is quickly moving towards an optimum mix of classic and digital channels. Those brands that catch the eyeballs of customers at different places gain the competitive advantage. Along with right message, to the right customer at right frequency; right channel has become equally important.
To host and succesfully exploit digital interactions, pharmaceutical companies should create commercial ecosystem with the aim of interfacing with disparate data from data providers, different traditional and digital tools. Only then will it be possible to identificatify common needs of customers for segmentation and for reporting, analytics, forecasting, incentive compensation, campaign planning.
Within the comercial silo of any pharma organization, creating an ecosystem is critical to extract maximum value of digital transformation while managing risks. The roadmap and creation of such an ecosystem, should encompass all the elements of value chain, namely data strategy and management, Sales ops support, reporting, incentive compensation, analytics, resource optimization. Over the past few years, there has been substantial increase in the number of channels (including digital and social media).
Thus to plan for an commercial ecosystem with the future in mind, it is essential to envisage the increase in channel data, digital marketing tools, partner data and internal data.
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