Large and small pharmaceutical companies, independent pharmacies, and medicine wholesalers (distributors) are perhaps the most critical players in the pharmaceutical industry. All three of the industry’s front runners face multiple challenges. But, some common tools come to their aid and help meet business needs. These tools are customer relationship management solutions.
Favorable growth prospects for the industry
Sun Pharma, Cipla, Aurobindo Pharma, Lupin, Dr. Reddys Labs, Cadila Healthcare, Biocon, Torrent Pharma, Glenmark, Lupin, Pfizer, GlaxoSmithKline, and Abbott India happen to be some of the largest pharmaceutical companies in India.
When it comes to the global generic drugs market, India has occupied the top spot as a supplier. It makes it in the list of top six exporters each year and is home to the highest number of the US FDA approved drug manufacturing plants outside the United States. India supplies 40 percent of the generic formulations consumed in the US each year. The country’s pharma sector is thriving due to the availability of a sufficient number of engineers and scientists.
Indian companies are indulging in acquiring new brands with cross-border deals to increase their capabilities. In 2018 alone, the industry recorded mergers and acquisition deals of worth more than $2.1 billion.
Advisory firm PricewaterhouseCoopers (PwC) recently released their CII report about the Indian pharma industry. The study pointed out that companies are also witnessing growth in the domestic market due to improvement in healthcare financing and infrastructure. The sector has seen a growth rate of 15 percent during the last five years. However, innovative ideas and new business models would be necessary for the industry to sustain the same growth during the next two years. Plus, regulatory interventions from the US also need proper consideration.
In India, the government’s rural health programmes and initiatives promoting generic drugs are offering new growth opportunities to the pharma players.
Pharmaceutical industry analysis
During the last eight years, several small and large drug manufacturers have received notices from the US FDA for manufacturing related violations. Even manufacturing plants operated by top players like Dr. Reddy’s Laboratories and Sun Pharma have been red flagged in the past.
The most commonly highlighted regulatory issues were contamination, batch failures, non-adherence to procedures, and data reliability according to KPMG India’s senior advisor Ajaz Hussain. As a step towards resolving the issues red-flagged by the US authorities, Indian companies are automating important processes to reduce human errors.
The role of crm in pharmaceutical industry
Assessment procedures, quality system, data security, transfer of information, data collection, and the documentation process are often under the spotlight in the industry. The Indian pharmaceutical sector is export driven and faces challenges in the form of new regulations, competition in various markets around the world. Without proper technical support, the attempt to remain ahead in the race remains impractical.
The sector needs better tools for managing operations and engaging with customers, partners, regulators, etc. With a custom CRM, handling data about medication trials, compliance issues, manufacturing techniques and sharing the same with prospective clients in various parts of the world becomes easy.
There are process-centric customer relationship management systems for campaign management, employee collaboration, sales intelligence, data analytics, and to improve operational efficiency as well. The main benefits offered by the CRM systems are the improvement in data analysis and reporting, customer service, and creating a strong connection with the customer.
Pharma companies can enhance their sales and marketing processes, territory management, and account management activities. Besides offering support to various data formats, the system also ensures that it adheres to the data protection laws applicable in the areas of operation.
Upgrading to an advanced CRM system can truly empower small pharma firms
The system can help in understanding the healthcare requirements of customers accurately and their views on the company’s existing range of drugs.
Generating reports based on physician recommendation pattern and druggist purchase patterns in various geographical regions becomes easy. It can also help in predicting the market demand for multiple medicines and adjusting inventory cycles accordingly.
The data assists in identifying medical institutions, key opinion leaders, physicians, and target health-care societies along with prospect groups to be targeted during the promotional campaigns.
Custom CRM solutions can help companies with cloud-based database solutions, mobile device support for market development, and client contact tracking that can help in drastically reducing the operating costs.
Not just large, but even medium and small pharma companies record better efficiency, and improved communications after implementing CRM software.
Besides the essential functions, the advanced cloud-based customer relationship system can accelerate decision-making due to cross-functional collaboration tools.
Monitoring multi-location team activities to ensure accountability after setting targets and rewarding high-performers also becomes easy.
CRM systems for retail, wholesale and drug sellers
May it be brick-and-mortar retail chemists or e-pharmacy portals; the government has made it mandatory for both to maintain details about patients, doctors, prescriptions, and the purchased drugs. Thus, pharma crm strategy plays a crucial role in their day to day operations.
Customer relationship management systems offer great assistance to medical reps in tracking the availability of various products, expenses, and generating reports that need to be submitted to multiple government departments. Most of the solutions do not require additional hardware and can even work with tablet PCs, smartphones as well.
Best CRM for Pharmaceutical industry 2019
There are custom CRMs available for pharmaceutical companies, hospitals, doctors, independent pharmacies, and wholesalers. The CRM systems that have earned an excellent reputation for helping in improving pharmacy operations are Abacus, Eluzzion CRM, IMS Health, M R Reporting, StayInFront, Pharmapod, ActisCRM, Pharmacode, Synergistix, Prophet CRM, etc.
Sales, customer service teams working for pharma companies, especially smaller ones, need to maintain a measurable relationship with care providers, medical professionals, and other customers. A pharma crm can help in doing the same along with empowering the organization to offer improved consumer experience and reduce operational costs.
If you are looking for a tailor-made customer relationship management system to suit your business needs and comply with various pharma industry regulations, you should discuss your requirement with Smart Sight Innovations.