How Pharmarack is supporting the fight against COVID 19. Read here

Ready or Not… Pharma Disruption is on its Way

By: Mahesh Kalsekar | Chief Commercial Officer | April 15, 2020 | Blog

sub-banner
RECENT POSTS

Healthcare Access

A critical priority for public and private sector alike

Market Visibility

Fundamental to the success of any pharma organization

Supply Chain Insights COVID-19

Find out the truth of pharma supplydemand mismatch

sub-banner
RECENT POSTS

Healthcare Access

A critical priority for public and private sector alike

Market Visibility

Fundamental to the success of any pharma organization

Supply Chain Insights COVID-19

Find out the truth of pharma supplydemand mismatch

Evolving technologies, growing markets, stressed economics and increasing supply chain complexity are just the tip of the iceberg of problems facing the pharmaceutical industry. The dominoes are lining up awaiting the first fall that would initiate the cascading effect with new business models and new technologies that will alter the industry’s landscape forever.

The complexity of the pharma industry initially created a barrier to disruption, but with headways into the digital revolution, pressure has mounted on all stakeholders to make changes from both inside and outside the industry.

So, what is the business case for digital?

The digitization of interactions across the pharma supply chain can provide new insights that could never have been otherwise achieved.

Pharma supply chains have traditionally been characterized by long lead times, manual ordering, lack of visibility of inventories and absence of any real-time data. Majority of pharma channel partners in India for instance, still follow the age-old method of placing orders – retailers maintain a short-book and update it every hour as stocks deplete; stockist’s salesmen visit their respective retailers, take down orders manually, go back and check inventory, and fulfil the required orders. A few stockists have begun using mobile apps for order placement, the coverage however, still remains fairly miniscule. Over 95% of the orders placed by the stockists with the CFAs still go through emails or scanned copies through messaging tools. All this stems from Varying ordering formats, incorrect product masters used by the stockists and lack of technology availability at ground level.

The Opportunities for Major Gains

By connecting the supply chain end to end through digital networks and integrating real-time insights from various sources, supply chain executives can generate greater visibility and improve performance. Ultimately, digitizing the supply chain creates a strategic competitive advantage that boosts the supply chain organization from an execution focused function to a center of business growth.

Pharmarack, a technology start-up, has created India’s largest integrated B2B Healthcare platform – combining Technology, Analytics, Logistics and Supply Chain. Poised to transform the highly fragmented Indian Pharmaceutical Market, Pharmarack’s revolutionary platform automates order tracking at various levels in the pharma supply chain - between CFA and stockists and between stockists and retailers.

Pharmarack’s digital supply chain levers
  • Connecting the Supply Chain at all levels: The app-based ordering tool benefits all stakeholders alike. Retailers get access to distributor inventory, schemes, prices 24x7; making short-book redundant. Stockists and distributors stand to gain by empowering their sales teams to take down orders via a platform that has complete visibility of information like inventory in the warehouse, outstanding payments, credit etc. They also get unparalleled access to unmapped retailers/distributors in the area increasing their reach and revenue.
  • Optimizing the supply chain through digital networks: Automatic updates of the master data with AI-based optimization tools leads to dramatic improvement in planning accuracy.
  • Connecting the data sources to increase visibility and improve decision making: Linking the entire supply chain end to end gives business owners access to real-time performance information, leveraging data from various sources (ERP, SAP, MIS etc.). Increased transparency boosts crossfunctional collaboration—for example, through automated workflows and digitizing the sales and operations planning process
  • Better predicting demand and supply risks: Companies that leverage big data and machine learning algorithms can more accurately forecast demand, as well as automatically scan and mitigate supply risks.

Pharmarack transforms the traditional supply chain systems in the pharma industry into a supply chain 4.0 that enables companies to address the requirements, challenges, and efficiency expectations across the board. Using Pharmarack’s comprehensive solutions pharmaceutical companies will be able to turn the buzzword of Big Data into very real and exponential impact!

Pharmarack’s mission is to cover 5000+ stockists and 120,000+ retailers by end of 2020. It will have access to over 40% of the pharma retail market through this platform. Pharmarack is headquartered in Pune, India and is led by a team of industry veterans who help drive Pharmarack’s mission to disrupt the healthcare space by leveraging big data.