India Pharma Tech’s Next Big Opportunity Lies In Sales, Marketing Stack: Report
India pharma tech’s next big opportunity lies in the sales and marketing stack, according to a report by Bessemer Venture Partners, a global venture capital and private equity.
As per the report, the USD 50 billion Indian pharmaceutical market is expected to grow at an eight per cent compound annual growth rate (CAGR) for the next five years and is poised for transformation.
The report added that the convergence of the increasing digital adoption among doctors, evolving regulatory forces and the imperative for seamless omnichannel engagement, has created a pressing need for pharma companies to change their approach to sales and marketing.
The report highlighted how Indian pharma companies are looking for innovative omnichannel marketing solutions to engage with doctors. Simultaneously, there has been a notable shift in doctors’ adoption of technology, especially in the post-Covid landscape.
"They are increasingly open to digital interactions with pharmaceutical companies, marking a significant transformation in the way these crucial stakeholders engage in the industry," according to the report.
Anurag Begwani, Investor, Bessemer Venture Partners said, “The high-priority initiatives ranked in order of importance and potential annual expenditures, encompass enhancing sales force efficiency, implementing personalized omnichannel marketing, evaluating the efficacy of digital investments, gaining access to competitive intelligence, and facilitating direct marketing to doctors through HCP networking sites and EMR platforms."
Begwani added that entrepreneurs aligned with these goals of modern pharma marketers are poised to benefit immensely.
For innovative sales and marketing solutions for pharma companies, the report recommended the need to have competitive insights, analytics, omnichannel marketing and content management mechanisms to ensure an outcome-based approach.
This is followed by pharmacovigilance, which includes strict drug safety reports, checks on counterfeits and prevention of adverse events. As we delve further into the report, it also highlights the opportunity for a pharma-focused end-to-end SaaS platform to offer support for innovative sales and marketing, pharmacovigilance and R&D.
Similarly, it also highlighted how successful HCP-networking sites will be able to monetise data insights through pharma companies and other providers.
