The Indian pharmaceutical sector plays a significant role in fostering growth and development. By producing 20% to 24% of global generic drugs and exporting 40% of its total produce to other countries, the industry has a major contribution to India’s GDP. Considering its present growth rate, the Indian Brand Equity Foundation predicts $55 billion growth by 2020. Presently, the sector is also prone to various challenges. Therefore, to achieve these targets, the sector has to overcome the barriers and move ahead.
Present Challenges in Pharmaceutical Marketing
- Brand Building & Value Creation
The biggest drawback of Indian pharmaceutical companies is its poor brand building strategies. While purchasing medicines, Indians are not aware about brand values. They pay more attention to the medicines and overlook the brand. Resultant, there is nothing like brand association, presenting brand values and identities.
- Intense Competition
Advent of new players in this industry poses a threat to the existing ones. Higher number of companies pulls down pricing and forces others to maintain reasonable prices. This compels organisations to work on a strict budget and forgo communication and branding.
- Lack of Integrated Systems within Organisation
Most companies do not possess any integrated tracking systems through which they can check their stock and inventory, analyse their sales performance, track movement of their personnel and keep contact with their customers. Lack of consensus among the various departments of the organisation isolates the decision-makers from grass-root level employees and managers.
- Lack of 24*7 Personnel Performance Assessment
There is also no proper mechanism to keep a live track on the medical representatives- the main pillar of the pharmaceutical industry. Manager-MR communication takes place through conventional medium. The MRs physically report to their bosses, based on which they receive their appraisals.
- No Customer Engagement
The MRs recommends the company products to the doctors, who prescribe them to the patients. Thus, there is no direct consumer connect from the manufacturers. End-user feedback is also never taken. This widens the buyer-seller gap.
Role & Benefit of MR Reporting Software in Pharmaceutical Marketing
MR Reporting Software in Pharmacy Marketing in India is an interactive module that enables managers, departmental heads and leaders of pharmaceutical companies to automate their business procedures by monitoring, controlling and supervising all activities from a single platform. The use-friendly software allows real-time synchronisation of all data in a comprehensive database. It secures information, facilitates customisation and delivers a dynamic experience to users.
With such features, the MR Reporting Software to improve pharmaceutical marketing in India provides the following benefits:
- Streamline Communication
The single-window communication gateway of the software facilitates managers to communicate with the field officers at real-time; thereby bridging the Manager-MR communication gap. It quickly syncs data between the sales team and head offices. This simplifies the communication chain. By bringing all departments in a uniform platform, it fosters team collaboration. It also ensures faster and smoother intra-departmental communication.
- Analyse MR Field Performance
The MR Reporting Software for pharmaceutical sales in India allows managers to keep live track on the working hours, field visits, distance travelled, route map, reporting mechanisms and other activities undertaken by the sales personnel. By entering relevant data, they can map the progress of individual personnel against Key Performance Indicators (KPIs). The real-time dashboard provides enough room for analysing the overall performance over a specific time period.
- Improve Productivity, Efficiency & Sales
Both sales personnel and retail sellers play an integral role in the pharmaceutical sector. By bringing them within the MR Reporting Software, decision-makers will get more visibility into the sales patterns and figures. Analysing such metrics will help the leaders to frame achievable targets in the near future while taking measures to improve the capacity of the sales team. They can also maintain integrated sales line by automating primary and secondary sales. Training, guidance and development; everything can be regulated through this software. All these will drastically increase productivity, enhance efficiency and yield higher profits.
- Reduce Costs & Eliminate Hassles
Digital space in the software brings down all the costs involved in paper works. With higher user-interface, paperless mode of business operations eases approvals, reduces administrative costs of managing samples and gifts and accounts for hassle-free management of all departments.
- Enjoy Transparency & Convenience
MR Reporting Software for live reporting brings more transparency in organisational hierarchy. The top-most level managers maintain direct contact with field representatives. From sales figures to stock and inventory to personnel management to retail stores and other stakeholders; every aspect of pharmaceutical business can be clubbed into this one-of-a-kind software.
Contact us to learn more.