As digital technology has taken a leap in the country, the pharma industry needs to transform itself from traditional to the digital landscape, say experts.
They say that from the medical tests, prescriptions and record-keeping of patients, digital technology has been a great revolution so far.
According to the Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers, domestic pharmaceutical market turnover has reached Rs 129,015 crore (USD 18.12 billion) in 2018, growing 9.4 per cent year-on-year and exports revenue was USD 17.28 billion in 2018 and USD 19.14 billion in last year.
One of the reasons for the growth is the use of digital platforms, said pharma industry experts.
"In the times, when most pharma companies are embracing artificial intelligence and digital platforms in their processes, healthcare marketing also needs to be revamped. Healthcare publishers need to realise their potential and come together to provide digital healthcare marketing -- the much-needed impetus," said Dr Harshit Jain, CEO of Doceree.
"To understand how the digital transformation is occurring in pharma marketing, we would need to look at both the patient's side and the healthcare professional's side. A survey has revealed that over 85 per cent of patients were confident in their ability to take responsibility for their health and knew how to access online resources," said Atul Sharma, Founder and MD, Healthscape Consulting.
"In a digital world, the ability to engage with patients as they make such evaluations could be key to the success of a pharma company," he added.
"The latest data suggests that over 60 per cent of physicians are now digitally driven who routinely use digital mediums for engaging with the pharma industry. Hence, the digital transformation is an opportunity to reduce cost, improve efficiency in work," Sharma said.
It may be noted that Indian pharmaceutical industry supplies over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the United States and 25 per cent of all medicine in the United Kingdom, which is supposed to grow to USD 55 billion by 2020 driven by a steady increase in affordability.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)