The global pharmaceutical industry faces unprecedented challenges. For a business whose success is closely linked to new drug discovery, the continuing decline in R&D productivity is not the best news. With the reducing supply of blockbuster drugs, patented therapies, an irreversible conservatism in the global business climate setting in, and mature markets plateauing, pharmaceutical companies are being impelled to redefine their business strategy and models.
As the industry searches for new avenues for growth, its attention is being drawn to emerging markets. Unlike developed markets which are relatively homogenous and well understood, emerging markets exhibit varied characteristics and call for unconventional approaches to sales and marketing, as well as a sound grasp of the behavior of the local healthcare ecosystem.
Specifically, pharma companies need to tackle challenges such as:
- Handling a complex sales and distribution value chain that often results in a lack of visibility into field activities
- Brand dilution due to counterfeit drugs being available in the market
- Lack of authentic information about the competitor’s penetration in local markets at retailers’ level
- Inability to devise specific promotional strategies due to the lack of data at a granular level
- Lack of information about tertiary sales in a market that is not well regulated
- Not being able to be in direct touch with the end consumer
Mobile, cloud, geographical information system (GIS) along with analytics, can be used to counter the challenges faced by pharma players. These high impact technologies can help in accessing the last mile sales data, users’ information and track competitors’ movement in highly granular ways with ease. iConcept’s solutions, which address the above important challenges, can be a game changer for the pharma industry.
Using our solutions you can now:
- Manage far flung field force effectively
- Derive timely end consumer insights
- Obtain real time retail liquidation analysis
- Access actionable field market intelligence