Ashokrao Mane Institute of Pharmacy, Ambap, Kolhapur416112, Maharashtra, India.
The aim behind the topic selection is to study the new methods and trends to improve the sales of pharma products. In the pharmaceutical industry, effective sales and marketing are important factors to ensure that doctors and patients are introduced to new drugs. To improve sales and marketing of medicinal products. Artificial Intelligence (AI) is a concept that describes how intelligent people think about an intelligent machine, a computer-controlled robot, or a piece of software. The Review paper attempts to understand the essence & concept of Pharmaceutical Marketing. It further aims to massively review the existing literature on Pharmaceutical Marketing and present the inferences. This conceptual study is completed with the help of Secondary data. It encompasses the thoughts of authors & researchers who have contributed to the Pharmaceutical Marketing domain.
“Marketing builds Trust- Pharma Industry may need Trust building more than any other Industry”.
In terms of sales volume, India's pharma market ranks third, and in terms of revenue, it ranks thirteenth. Approximately 20% of all generic medications marketed worldwide come from India, making it the world's largest provider of less expensive generic medications. The global pharmaceutical sector has seen significant developments over the past ten years. [1] First, businesses must alter their business models significantly due to several variables, such as more rivalry, better access to the market, more stringent regulations, and the quick development of technology. The global COVID-19 pandemic-related economic difficulties in 2020 underscore the significance of modernizing corporate structures and identifying fresh avenues for innovation.
The objective is to meet the increasing demand, which is anticipated to continue increasing all year round. To establish a shared vision for a sustainable beverage future, the current system needs to be updated. [2] Electronic commerce, sometimes referred to as e-commerce or online retail, is a business paradigm in which businesses and individuals may purchase and sell goods and services online. E-commerce has grown significantly in the last two decades. Online retail sales are expected to reach $6.5 trillion by 2023, making up 22% of all retail sales worldwide. [3]
Depending on who you ask, "online pharmacy" can mean different things (Garson, 2008, Joint Nordic Report, April 2021). The International Pharmaceutical Federation provides the definition that is most commonly used, and it states:
An online pharmacy is a location where you may purchase prescription and over-the-counter medications. They provide you with information about their goods and services online and mail you these medications. The 2021 International Pharmaceutical Federation. [4]
The main focus of this research is to improve how supply chain members work together and share information, which can also boost their overall efficiency. This idea is examined through a case study of a publicly traded Finnish company that distributes pharmaceutical products. [5] A company's focus on putting patients first, offering personalized treatments (especially in cancer care), and making sure patients can afford their products (based on sales) has been proven to greatly improve the company's success. [6] Remember, some patients have disabilities, and by law, they need access to information. For these patients, support in following their treatment plan can be very important for its success. [7]
Regulatory affairs (RA) are a field that helps organizations follow rules. Experts in RA are employed in agrochemicals, cosmetics, medical devices, and pharmaceuticals. In order to guarantee the safety, quality, and compliance of goods and services across various industries, regulatory affairs is a complicated and crucial field. [8] Because they ensure that medications, medical equipment, and dietary supplements are safe and effective for humans, regulatory affairs play a critical role in the pharmaceutical sector. Regulatory affairs specialists act as a liaison between the public, government organizations, and pharmaceutical firms. [9] An omnichannel strategy is usually seen by companies as just putting together traditional and digital ways of doing things. But this way of thinking probably won't help them succeed. According to experts, integrating digital techniques into an omnichannel strategy helps firms expand and reduces barriers for customers. This lets companies use their digital know-how to improve their traditional methods. The drug industry in India is changing a lot because of strong competition, patents ending, and new rules. [10] Drug companies are using digital tools more and more to connect with doctors and patients in different ways. Omnichannel marketing helps them communicate through social media, email, websites, mobile apps, and face-to-face meetings, making it possible to offer tailored experiences. [11]
The negative impact of using two strategies together can be linked to the complexity involved in innovation. This complexity is higher when new products combine both technological and marketing innovations. At the corporate level, concurrent innovation by the marketing and R&D departments raises the possibility of disputes between them, particularly when resources are few (Danneels, 2008). A fresh look at this issue is needed due to several significant changes in the market for new drugs. Specifically, there have been major new entries and industry changes since our last study on the returns from research and development (R&D). Moreover, managed care has expanded greatly in the 1990s and now plays a major role in drug prescriptions.
Tools
Artificial Intelligence:
Business process
Business process management, also known as business process reengineering, examines the connections between how business processes are managed to enhance business performance. Both internal and external influences, like the need for skilled workers, new ideas, and shifts in demand, create a need for changes within companies. [12,13]. In his well-known book, Hammer described how using technology to redesign business processes can help improve business performance. Later research added to this idea. For instance, Hashem suggests making big changes to get significant results like better prices, service, and quality. [15]. Most experts believe that technology solutions are very important for improving efficiency and quality, which helps change how businesses work and makes companies more successful in the healthcare field. [16]
AI in pharma
Drug development is a long process that can be broken down into these main steps: choosing and confirming the target, finding and improving potential drugs, testing in animals, and testing in humans. [17]. AI combines mathematical algorithms and systems that can now do tasks that were once only possible for humans. [18]. The main difference between AI and other automated systems is that AI can learn on its own and make or suggest decisions for people. [19]. The pharmaceutical industry creates a need for two types of AI-based solutions. The first type involves analytical systems that perform different kinds of analysis and predict the likelihood of events happening. These systems can provide scenarios with the necessary resources and suggest the best options for a specific company.[20]
AI algorithms enable users to thoroughly examine and uncover relationships between objects and processes that were previously not accessible for analysis. The second group consists of recognition technologies, such as those for speech, images, video, and other unstructured data. [21,22]. The software helps users find similar patterns that already exist, adjust them for mathematical calculations, and suggest recommendations to users. Artificial Intelligence is helping to make the pharmaceutical industry more efficient. [23]. Image processing techniques are used to improve the search process when developing a new drug or applying existing drugs in new ways. These methods help analyze biological, chemical, and medical databases. AI algorithms are used to perform in-depth analysis of specialized or general information, such as scientific articles, conference reports, newspaper articles, genetic databases, and other sources that provide background information. [24]. Unstructured data on a particular subject can be used to train models and identify connections without human help. The processed data then helps evaluate the potential and effectiveness of the resulting molecule.
Marketing Action Marketing Research
Marketing Strategy
Fig. 1 AI and strategic marketing decisions
The strategic AI framework
We suggest a three-step plan for using AI in marketing, which takes advantage of the three types of AI and their benefits, as shown in Figure 1. During the marketing research phase, AI helps with market intelligence by using mechanical AI for data gathering, thinking AI for market analysis, and feeling AI for understanding customers. During the marketing strategy phase, AI helps with important choices like dividing the market into groups (segmentation), deciding which groups to focus on (targeting), and how to position the product. Mechanical AI is great at finding new ways customers like things in messy data, thinking AI suggests the best group(s) to aim for, and feeling AI is perfect for talking to those targeted customers about the product. During the marketing action stage, AI helps with tasks like making things consistent, tailoring them to individual needs, and building better relationships, either on their own or together. Marketers must choose the right AI tools for different marketing tasks. For instance, AI can standardize functions like payments and deliveries by using automated systems for things like automatic payments and tracking deliveries.[25]
Impact of AI on Marketing Management
In marketing management, AI greatly affects current practices and will need a different way of handling tasks within marketing teams.
Elimination of laborious and time-consuming activities AI handles regular, repetitive tasks like gathering and analyzing data and finding and adjusting images.
Bigger significance of creative and strategic activities. AI-driven precise analyses enhance the importance of creative and strategic activities in building a competitive edge.
Design innovations. AI alters the way we offer value to clients and highlights the need to use design to find novel solutions.
Gaining new skills for the marketing group. Within the marketing team, AI entails fusing data scientist expertise with knowledge of emerging technological possibilities.
A fresh ecosystem for marketing. The growing AI's complexity makes it more important for companies that create AI solutions. Because of the current stage of AI development (which is Artificial Narrow Intelligence), we need to create a new way to work with AI systems that provide data engineering or machine learning tools. [26]
Digital transformation:
Before examining the trends in technology, marketing, and the unique aspects of pharmaceutical business model (BM) innovation, it's crucial to grasp what this BM entails, identify the main participants, and understand their roles. The arrows show the flow of goods between these participants. In the process from the drug maker to the person buying the medicine, several important groups affect which product the patient will end up choosing. Distribution channels consist of wholesalers, pharmacies, and online marketplaces. Although all of these are significant, we will concentrate on pharmacies. They interact directly with customers and account for most of the sales in the market. Even with the effects of COVID-19, e-commerce and online marketplaces still makeup only a small portion of total sales.
Channel mix optimization. This lever explains how to use data and platforms to choose the best mix of channels by making smarter customer groups and creating better customer experiences. This helps lower the cost of each interaction and increases the long-term value of customers. In this way, talking directly with customers is often used to explain something complicated, introduce a new product, or when strong persuasion is needed. The way value changes is influenced by improving how different channels work together. First, it helps reach more customers and have more frequent interactions because there are more ways for the company to contact customers. Second, it increases sales for each customer interaction by tailoring promotions to meet individual customer needs.
Digitalization as strategic change
Recent developments in digital technology are altering how strategy work is done in many ways. A digital business strategy involves the changes companies make to create new or adjust existing value propositions, aiming to achieve a competitive edge. The need for change often affects everything so much that the usual methods are not enough anymore. So, it's important to consider the context of new changes. All these challenges should be part of the organization's strategy to manage both internal and external changes well. Therefore, strategic skills are crucial when leading digital transformation. Next, we outline the key components of a successful digital transformation by examining the strategies of companies that consider digitalization. By looking at the updated requirements for managing digital transformation, we show how integrating digitalization into strategy work can create unique challenges for leadership. [27] Digital transformation usually needs a lot of resources. Making sure there are enough resources needs to be a key part of strategic decisions, with leaders paying close attention to it. Digital transformation can significantly impact an organization's strategy, potentially altering how it offers value or creates it. It's the responsibility of leadership to recognize these new strategic needs, so the organization can develop the appropriate capabilities and align them with these changing requirements.[28] Our research shows that companies integrating digital transformation into their plans are coordinating both their resources and activities. This coordination includes not just financial resources, but also time and skills. Therefore, a digital transformation strategy requires flexibility instead of long periods of planning and evaluation. [29]
Data-driven insight
A data-driven marketing strategy, as explained by Intellspot, is a plan that uses information from analysing data about how customers interact with a brand. This helps predict what customers might do in the future. [30] Using data to manage supply chains is very important for businesses today, as it helps move products from one place to another. This approach improves how well we can track items, from the raw materials they start to when they are used by customers. This better tracking helps modern supply chains work more efficiently and gives real-time information about the whole process. [31]
Potential Benefits of Online Pharmacies
It's crucial to remember that online pharmacies follow very strict rules that are specific to the pharmaceutical industry, more so than other online shops. They have the same responsibilities as regular pharmacies to help customers use their medicines correctly. This feature of online pharmacies helps ease worries about issues like pricing, ranking, and information (Joint Nordic Report, April 2021). Despite the strict rules that online pharmacies must follow, which can limit their growth, they have seen a significant increase over the past few decades. The main reasons for this growth are (Internation Pharmaceutical Federation,2021)
Impact of Covid-19 on Online Pharmacies the Covid-19 pandemic has sped up the move towards a more digital world, according to the Secretary-General of UNCTAD in their 2020 UNCTAD report. They released a study that looks at how COVID-19 has changed how people use digital technology and shop online, including in both developing and developed countries. Over the last two years, due to Covid-19, buying medical products online has gone up by 9%[1].
[1] Global Online Pharmacy Market Size to Hit USD 210.35 (globenewswire.com)
2Kuhuk, J 2020, "COVID-19 shopping behaviour: what products would customers rather buy online?"
Market Basket Analysis (MBA) using Association Rule Algorithm Market Basket Analysis, also called association rule learning or affinity analysis, is a method used in data mining. It can be applied in many areas, such as marketing, bioinformatics, nuclear science, and more (Kaur, 2016). The main goal of using MBA in marketing is to help retailers make better decisions by understanding how customers buy products. [32]
The main reason the thesis selected the MBA is due to the following advantages of the approach (Halim, 2019, Kad Laskar, 2021):
‘How to optimize a fragmented supply chain with centralized transportation in pharmaceutical wholesale?’
This research question leads to four smaller goals, which are:
Patient-centric approaches
The term “patient-centred care” is used in many different situations, such as talking to patients through online tools, sharing information in groups, or promoting products; it also refers to systems that track or help patients; and it’s used when creating and following medical plans or when making medicines that fit the unique needs of individual patients and groups of patients.
Fig. 2. The structure of the empirical research.
The goal of this document is to encourage a conversation about what it means to design a pharmaceutical drug with the patient in mind. The definition we're suggesting could also help guide future research, helping pharmaceutical scientists understand how to create a drug product that truly focuses on the patient's needs, especially for a particular drug and its intended use. Strategic management is very important for a company's success. It includes having a clear long-term plan, good planning, effective communication, managing knowledge, and smooth operations to reach business goals and stay ahead of competitors (Porter, 1980; Porter, 1985; Mills, 2002; Mudambi, 2002; DeSarbo, 2005). A well-thought-out strategy helps managers decide how to use resources and affects how the company works (Yeoh, 1999).[37]
Porter (1980) identified three basic strategies a company can use to become the market leader: Cost Leadership, Differentiation, and Focus. Following Porter's ideas, Treacy and Wiersema (1995) introduced the 'Three Value Disciplines', which are three key abilities that all companies have. The three key areas of focus for a business are operational excellence, product leadership, and customer intimacy. According to Treacy and Wiersema (1995), while all three areas are important, a company should excel in just one primary area and stay competent in the other two to become a market leader. This is because each of these areas serves a different strategic purpose. [38]
In contrast, a company that aims for Differentiation spends a lot on research and development but doesn't focus as much on making operations more efficient. By having a clear strategic goal, the company can align everything in its culture, business processes, management systems, and platforms to gain a competitive edge. On the other hand, a company that lacks focus (i.e., tries to excel in multiple areas) may face conflicts, resource spread, and poor performance.
Figure 3. The strategic orientation is the alignment between strategy and operation.
Good strategic management should focus on creating a clear direction and making sure that the strategy and daily operations work together. It should also set clear goals for success. Below, we talk more about different types of competitive strategies, the value they offer, and the direction they take. The explanations and important ideas are presented below;
The Patient-Centred Outcomes Research Institute (PCORI), which gets its money from the Affordable Care Act (ACA), said that "Patient-centred care is a way for patients to control how information is shared... so they can make decisions that match their preferences, values, and beliefs" (Robbins, 2013). This explanation shows that patient-centred healthcare is different from the old way, which focused more on the doctors and providers. The concept of 'centricity' means that it's not something extra, like empowerment or engagement, which are common in a provider-focused healthcare system. Instead, 'centricity' highlights that the patient is always at the core of the healthcare process. It's the patient, not the healthcare providers, who have the power to make decisions based on their preferences. [39]
The Patient Centricity as a Strategic Orientation
In Figure 14, you can see the realistic patient-focused model for pharmaceutical research, which includes the three main relationships we think are important:
Figure 4. The Patient Centricity Research Model for Pharma.
Regulatory compliance
The Importance Of Regulatory Affairs
Because they ensure that medications, medical equipment, and dietary supplements are safe and effective for humans, regulatory affairs play a critical role in the pharmaceutical sector. Regulatory affairs specialists act as a liaison between the public, government organizations, and pharmaceutical firms. Their job is to safeguard public health by ensuring that drugs are safe, effective, and of good quality. These professionals are involved in every step of creating a drug, from finding it, developing it, getting it approved, to selling it.[40]
Function Of Regulatory Affairs
Regulatory affairs professionals are very important in many industries because they make sure that products and services follow the rules and standards set by authorities. Their main jobs include talking with these authorities, making sure everything is compliant, and helping products get into the market. The primary responsibilities of regulatory affairs are as follows:
Development of regulatory strategies: drafting a regulatory strategy that supports corporate objectives and ensures timely product clearances. evaluating regulatory options and pathways to effectively traverse the regulatory landscape.
Regulatory Submissions: Making and submitting paperwork to government organizations to obtain approval for new products or modifications to current ones. Verify that these documents are accurate and comprehensive. and abide by the guidelines established by the government.
Compliance Management: monitoring and ensuring that a product complies with regulations at every stage, from manufacturing to usage. addressing any modifications to the regulations and, if necessary, revising the product's documentation and labels.
Quality Assurance: Ensuring the safety and consistency of products through the implementation and maintenance of quality assurance procedures and Good Manufacturing Practices (GMP). Getting ready for and handling inspections and audits from regulators.
Supervision of clinical trials: Handling the Clinical trial regulations, which includes creating trial plans, submitting documents to ethics committees, and communicating with regulatory bodies. Making sure that clinical trials follow all necessary rules and regulations.
Compliance with Labelling and Advertising: Verifying and certifying product labels, packaging, and advertising materials to ensure compliance with regulatory standards. Keeping an eye on advertising and promotional efforts to ensure they meet the required regulations.
Post-Market Surveillance: Keeping track of how safe and effective products are after they are sold. Handling reports of any problems, doing studies to learn more, and taking steps to fix issues if any safety worries come up.
Global Regulatory Coordination: Understanding and following the rules for selling products in different countries and areas around the world. Making sure all products meet the necessary rules and are sent to the right places.
Interactions with Regulatory Agencies: Building and keeping connections with government regulators. Acting as the company's spokesperson during meetings, conversations, and correspondence with these organizations.
Record-Keeping and documentation: maintaining thorough records of all submissions, approvals, regulatory actions, and compliance initiatives. Making sure all necessary documents are properly prepared to support regulatory submissions and audits. [41]
Different Regulatory Authority
Pharmacies and the drug industry are closely monitored by different regulatory groups and agencies worldwide. These organizations are very important because they make sure that medicines are safe, effective, and of good quality. The following are the primary regulatory organizations and groups in pharmacy and pharmaceuticals:
U.S. Food and Drug Administration (FDA): The FDA oversees the regulation of medicines, which include prescription drugs, over-the-counter medications, vaccines, biological products, and generic medications in the US.
European Medicines Agency (EMA): Within the European Union (EU), the EMA is in charge of evaluating and keeping an eye on medications for both humans and animals. It verifies the efficacy, safety, and quality of medications before allowing them to be sold.
Pharmaceuticals and Medical Devices Agency (PMDA): The PMDA is the organization in Japan that oversees the safety and effectiveness of medicines, medical equipment, and products used in regenerative medicine. The PMDA is the organization in Japan that oversees the safety and effectiveness of medicines, medical equipment, and products used in regenerative medicine.
Health Canada - Health Products and Food Branch (HPFB): Health Canada oversees the regulation of drugs, biological products, and medical devices in Canada. Through extensive assessments and ongoing oversight, the HPFB guarantees the safety, efficacy, and superior quality of these health products.
Medicines and Healthcare Products Regulatory Agency (MHRA): In the UK, the MHRA is an agency that regulates medications, medical equipment, and blood components. It assesses and authorizes the sale of medications and medical equipment.
World Health Organization (WHO): WHO has a global role in setting pharmaceutical standards, guaranteeing their quality, and providing guidance on laws and regulations pertaining to pharmaceuticals. It collaborates with national authorities to expand access to safe and efficient pharmaceuticals worldwide.
National Health Surveillance Agency (ANVISA): The Brazilian organization responsible for examining and approving pharmaceuticals, medical devices, and health items is called ANVISA.
Therapeutic Goods Administration (TGA): In Australia, therapeutic products including medications and medical equipment are regulated by the TGA. It assesses and certifies these goods to make sure they are high-quality, safe, and effective.
Central Drugs Standard Control Organization (CDSCO): CDSCO is the organization in India that oversees pharmaceuticals and medical devices. It reviews applications for new drugs, keeps track of clinical trials, and ensures that drug safety rules are followed.
China National Medical Products Administration (NMPA): In China, pharmaceuticals, medical equipment, and cosmetics are governed by the NMPA. It oversees the approval of drugs, maintains quality control, and keeps an eye on the market. These groups and organizations work together, create global standards, and enforce rules to make sure that medicines are safe, effective, and high quality. Pharmaceutical companies must follow the rules and requirements set by these groups to sell their products and keep following the rules. The company that registers the medicine (MAH) is responsible for following these steps and must make sure they follow all the laws. The services and guidance mentioned in this procedure should be offered at no cost and without any restrictions. Patient consent must be obtained according to Israeli law, with a focus on privacy concerns and, if needed, following rules for creating and managing databases. Remember that some patients have disabilities, and by law, they must have access to the information. Providing support may be very important for the success of the treatments prescribed for these patients. [42]
Omnichannel marketing
Digitalization is currently the primary trend in the pharmaceutical sector. Digital technology has an impact on a company's internal operations as well as its outward, media-related aspects. One key characteristic of pharmaceutical companies is that they work in both business-to-business (B2B) and business-to-consumer (B2C) markets. Combining online and offline environments and using an omnichannel approach helps create a smooth process for a company to interact with partners, intermediaries, and end customers. In this article, the authors explore in detail how healthcare companies can integrate their marketing communications. [43] Healthcare companies and organizations are using digital tools to enhance their marketing and communication efforts, particularly in providing information and communication services and managing customer relationships through CRM platforms. [44] However, it's important to remember that the pharmaceutical market and healthcare industry, which are usually very cautious, have always been different from other B2B and B2C markets. This is because of many reasons, like the detailed requirements for services, complex legal rules, and special marketing strategies with limited promotional tools. But in the past decade, things have changed a lot for marketing in this field. Pharmaceutical companies and medical organizations are now actively exploring online options. Digital platforms have created new ways to connect with target groups and reach scientific and business objectives. This study aims to find out how healthcare companies in Russia can use digital tools and multiple communication channels to improve their marketing strategies;
To reach this goal, we intend to finish these research jobs:
The study looked at how companies in the Russian pharmaceutical market communicate, using information from their official websites and other publicly available sources. An omnichannel strategy is usually seen by businesses as just putting together old and new ways of doing things. But this way of thinking probably won't help them succeed. Companies are beginning to realize how important it is to truly connect all their channels. However, doing this is turning out to be harder than expected. Experts say that when digital channels are properly combined with the omnichannel approach, it removes obstacles for customers and helps the business grow. This lets companies use their digital skills to improve their traditional methods. Digital transformation helps to blend these channels and create a better way to talk to customers. Innovative companies pick the best parts of each channel, based on what their customers like, and mix them to create a more satisfying overall experience. With this in mind, researchers see the term "digital transformation" as something that can make a difference.
To comply with these rules, big companies thoroughly review all their communication to avoid any potential issues. However, these restrictions also push pharmaceutical marketers to use unconventional marketing methods. For instance, they might organize online events, create medical social networks, integrate with health trackers, or use digital tools to interact with doctors and pharmacists in educational or loyalty programs. To promote over-the-counter drugs, companies often use a combination of traditional digital marketing methods. Depending on the specific drug, They may employ varying proportions of native adverts, video ads, search engine optimization (SEO), and performance-based ads:
Online video ads can improve a traditional TV channel and help reach a bigger part of the target audience. It's important to mention that the amount of video ads for pharmaceutical companies is growing quickly, with increases in the double digits. For example, brands like "Nazivin" and "Bepanten" have seen this growth.
The authors' analysis of publications enabled them to pinpoint the primary benefits of businesses implementing omnichannel technologies: The influence on the customer is not fragmented but rather occurs across all information channels; the opportunity to shape the company's image and reputation management; substantial cost savings with high efficiency because of synergy; and the assurance of reaching the company's potential and potential audience. Pharmaceutical businesses are using a PULL strategy to influence end users in the B2C sector. The primary objective is to create a layer of devoted clients in order to raise consumer demand. The tactic is effective at the point of sale, where customers encourage middlemen to buy medications made by a specific business. Through marketing communications, the primary consumer battle is fought in the information environment. It should be mentioned that the PULL method helps to build and necessitates a high level of brand or product identification. By establishing a smooth and cohesive consumer experience across all channels—digital and non-digital—omnichannel marketing elevates multichannel marketing to a new level. (52) Regardless of the channels a customer uses to communicate with a business, omnichannel marketing aims to give them a consistent and tailored experience. [53] The phrase "omni-channel" refers to combining many communication channels into a unified system. In omnichannel marketing, all channels are connected to create a cohesive customer journey. (54) Omnichannel marketing in the pharmaceutical industry enhances engagement, streamlines operations, and boosts efficiency by providing personalized experiences, gathering data, and informing future strategies. This customer-centric approach revolutionizes marketing, improving engagement, understanding, communication, and effectiveness.[55]
Psychological barrier: Different perspectives and a psychological aversion to change are the main causes of pharmaceutical companies' hesitancy to adopt omnichannel marketing. Despite changing corporate environments, stakeholders who are firmly rooted in conventional approaches have a fixed mindset and are wary of new tactics. Adoption attempts are further hampered by a lack of confidence in the efficacy and return on investment of omnichannel strategies. Pharma continues to face difficulties due to a mindset that claims that all sales and everything else is driven solely by the sales step and that digital media in general does not significantly contribute to sales, promotion, or the visibility of the pharmaceutical company, among other things. All right, then. First, pharmaceutical multinational corporations and Indian pharmaceutical enterprises have quite different mindsets.
Pharmaceutical regulations: Full omnichannel use in medicines is hampered by regulatory restrictions, like as the Magic Remedies Act, which forbids advertisements for prescription drugs. For businesses, adapting omnichannel strategies within regulatory constraints is a major problem. Second, there are numerous restrictions and guidelines about contacting the doctor and exchanging information about brands and goods. Direct marketing is not possible. That's it. We have a lot of speed breakers, huh?
Limited resources: Several resources are needed to implement an effective omnichannel approach. Resource limitations may have a detrimental effect on multichannel marketing. For omnichannel marketing to be successful, the participants emphasized the significance of sufficient investment, budget allocation, trained personnel, and a support structure. Organizations must take into account the availability of multiple resources at the appropriate time to benefit from omnichannel marketing.
Investment: According to the participants, investing in a variety of areas, including as marketing technology, IT infrastructure, and human resources, is necessary for an omni-channel strategy. Implementing a successful omnichannel marketing strategy was found to be significantly hampered by a lack of investment, primarily in the aforementioned industries. The issue of inadequate funding for multichannel marketing was also highlighted.
Skilled Man force: The panellists also thought that a major obstacle to successfully implementing an omnichannel marketing strategy could be a shortage of competent workers. They emphasized that while an omnichannel strategy requires a staff with a diverse range of skills, it may be challenging to find and hire competent individuals with the required training and expertise. The skills of the proper people are the second most restricting factor. Correct. All right. Therefore, the hierarchy does not have access to people's skills. In general, the marketing teams lack experience and have neither time-tested nor evidenced such omnichannel interactions, or perhaps digital touch experiences. Therefore, the proper personnel are not present. Yes,
Support system: According to the participants, there aren't many outside companies that specialize in omni-channel marketing to help them with their resources and knowledge. Encouraging multichannel marketing successfully can be challenging without a robust support structure. When comparing India to other country partners, the agencies that are present there are quite little, insignificant, and they don't really provide that kind of analytics output to evaluate the impact of the omnichannel. "All right, so those capabilities aren't available in the outside world either. All right? Both within and externally, there aren't many capable individuals who can truly provide that omnichannel service.[55]
Other finding and discussion: Everybody According to the respondents, the pharmaceutical business has not fully embraced omnichannel marketing, and the difficulties identified by the study supported this claim. They stated that even while businesses are fully aware of the advantages of omnichannel, full adoption would take some time.
Improvements: Additionally, they offered strategies for enhancing omnichannel adoption in the pharmaceutical sector, emphasizing the importance of raising knowledge of digital possibilities. In addition, the panellists emphasized the necessity to shift the organization's personnel's perspective and to view omnichannel as an ecosystem that will eventually yield benefits rather than only a one-time effort.
Future opportunity: Omnichannel will significantly expand the client base, which presents several future opportunities. There is a sizable portion that is currently unexplored that might be investigated through omnichannel marketing if 25 medical representatives can approach 200 doctors. [55]
CONCLUSION:
In conclusion, the pharmaceutical industry in India is undergoing significant changes due to strong competition, patents expiring, and new regulations. To meet the rising demand, businesses must adapt their models, focusing on omnichannel marketing, AI, and digital technologies. Omnichannel strategy, combining traditional and digital methods, is essential for removing customer obstacles and fostering business growth. The integration of AI and digital tools enhances efficiency and quality, addressing challenges in innovation and business performance. In conclusion, AI and digital transformation are crucial for the pharmaceutical industry to remain competitive and adapt to the evolving market
REFERENCES
Tarihalkar Vaibhav*, Desai Amar, Dr. Choughule Nilesh, Salokhe Pritam, Chavan Murahari, Recent Trends in Marketing Strategies for Improving Sales of Medical Products, Int. J. of Pharm. Sci., 2024, Vol 2, Issue 12, 1713-1729. https://doi.org/10.5281/zenodo.14418126
10.5281/zenodo.14418126
