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Market Visibility Drives Smarter Decisions

Gauri Arora | AM Client Engagement | May 16, 2020 | Blog

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RECENT POSTS

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In the highly competitive Indian pharmaceutical marketplace, effective marketing can be a great factor in driving adoption. To ensure desired ROI from their marketing activities, pharma companies need to understand how physicians learn about their brand, why they choose to use it, and what obstacles stand in their way. That’s where MRs (Medical representatives) come in. These MRs undergo frequent training to develop their selling techniques and skills, and to stay abreast of the developments in the industry.

Salesforce Optimization: Obstacles

Medical representatives are burdened with multitude of tasks and goals like maintaining physician lists, territory plans, calls, distributing samples, auditing retail chemist prescriptions, and meeting sales targets. On top of these, are the training sessions that strain the sales teams’ time and resources that could be better utilized at reaching more people. The primary task of medical representatives is to generate more prescriptions and ensure maximum brand recall at the doctor’s level. But they invest 20-30 % of their time at the chemist and stockist to push order and collect sales data.

Richer real-world data: The missing link

Pharma companies traditionally rely on a single market study to answer all of their questions. While this is a useful way to gauge awareness and attitudes, it doesn’t fully address the granular issues like reasons for lack of sales/growth spurts, like secondary sales reports which are available real-time and ultimately immediate responses that can drive market performance.

Visibility within and across the ecosystem is required to determine the true drivers and barriers of a pharma brand’s usage.

Technology that drives results

Pharmarack has given MRs new tools to overcome business hinderances they face daily and enhance their meetings with valuable information and insight. With accessible data-driven analytics, product information at their fingertips, and standardized communications, sales teams can now drive results more effectively and efficiently.

We have already had several projects where granular insights from Pharmarack platform helped pharma companies make direct changes to their marketing strategies to improve ROI. By connecting these insights to market outcomes through secondary data, clients have the comprehensive and connected visibility needed to improve brand performance.

For instance: the product purchase data analysis helps to monitor a new product and review the go to marketing strategy for the product. Pharma companies get a clear understanding of the reasons behind the lack of sales of their products and the bounce rate information at the retailer level which is a key parameter for drop in market share of their product.

For an average 1000 crore revenue firm, Pharmarack can potentially help in total improvement of 4-5% in top line of INR 10 Cr YoY. It can also help save 15-20% of the medical representative’s time which they can invest to generate more prescriptions.

By investing in a digital platform like Pharmarack, pharmaceutical companies can drive substantial returns from their marketing investments.