As compared to global pharmacies, Indian pharmaceutical organizations fall behind in their digital advancement as indicated in an industry report. EY, Global advisory firm today shared its most recent report focuses on pharma digital readiness, marketing, and sales plans named
“’Reinventing pharma sales and marketing through digital in India” and completely based on the compiled discussions with over 15 leading pharma companies and hospital chains in India.
A five-step digital maturity framework called EY’s Digital Maturity Index (EYDI) demonstrates clearly the status of the pharma companies towards digital progress as compared to their counter global parts. Digital maturity based on the five stages i.e. digital maturity are beginners, conservative, explorers, practitioners, and disruptors.
According to the launched report, 53% of Indian pharma companies are still in the “beginners” stage while 40% are in the “conservative” stage, and 7% have moved toward the “explorers'” stage. And their global counterparts are leading towards being “digital practitioners.”
Report clearly provide the picture of Indian pharma industry and 80% of the companies are not giving focus towards digital business strategy and 93% still lacking strategic context.
Sriram Srinivasan, EY Global Life Sciences Emerging Markets & Generics Leader told that the Indian pharmaceutical industry facing the storm of pricing pressures and demands not just from the domestic market but also on the global front as well as supply-side pressures. He also added now it’s the time to move away from the traditional ‘increase feet on street’ strategy to multiple touch points across digital platforms.
We need to work on removing the myths of digitization and forerunners are taking advantage with using digital techniques effectively to capture untapped and unstructured data. They value digitization and making their decision more agile and robust while staying within the realms of regulatory boundaries.