The Country’s Pharmaceutical Industry Is Expected To Expand At A CAGR Of 22.4 Per Cent By 2020 To Reach US$ 55 Billion.
The Indian pharmaceutical industry has contributed immensely not just to both Indian and global healthcare outcomes. Digital technology is playing an ever-increasing role in this era of profound transformations, characterized by increasingly informed patients/physicians, a new range of customers etc. As the customers are increasingly live and interactive in the digital world, pharmaceutical companies are dipping their toes into the digital waters. Read on to know more...
Better Patient Engagement
Emerging trends are showcasing that patients are getting more engaged in their healthcare treatment. Digital technology has empowered them to play an active role in their care. Owing to the pool of information available over the internet on health care and pharmaceuticals, people are becoming more comfortable with taking care of their own well-being. According to a survey conducted, over 85% of patients felt confident in their ability to take personal responsibility for their health and understand how they can access digital and online resources to assist them.
Pharmaceutical companies are benefiting from this trend, as the pharma industry has an opportunity to connect and engage with potential patients online while they are researching the benefits of certain products. Pharma companies have been able to engage with the consumer at much greater scale.
Digital technology is providing opportunities for pharmaceutical companies to increase their sales. It has renewed the interest of Indian pharma companies in gaining dynamic customer insights and personalizing the customer experience. Delivering personalized healthcare to patients at the right time using the right channel is increasing revenue and reducing costs. There are some technologies which combine clinical knowledge with consumer data to allow drug manufacturers to identify potential patients that may have a disease that is hard to diagnose.
Enhanced Drug Development
Digital technology is transforming the pharmaceutical development industry. With real-time information from both clinical trials and patients, pharma companies are able to gather a better knowledge of how a drug affects a user, and how they can optimize its effects and minimize side effects.
Customers are going digital, and they want everything at their fingertips. The healthcare system in India is extremely chaotic. People don’t know where to go to locate the right specialist, find all of their prescribed medicines or even find a good laboratory for their tests. Online Pharmacies are making healthcare accessible to millions of people at all levels.