The “Digital India” revolution is reaching every nook and corner of India. It is breaking the old traditional ways of operating and pharma industry is coming out big and large in all means to be a part of this revolution. The ease of internet access that is reaching every business and availability to smartphones at reasonable rates has made the digitalisation process much easier. Though we cannot deny the fact that challenges will be many, but to overcome those challenges is the need of the hour.
The new generation entrepreneurs are taking this industry to a new level by designing various web, mobile applications with new business models for the betterment of Pharma supply chain. This is disrupting conventional wisdom and is a welcome change in one of the most fragmented markets, i.e., India. Supply chain stakeholders are less apprehensive now in using digital tools and models to grow their business.
Digitalisation has caused a stir in the Indian Pharma markets due to its manifolds advantages:
Time and Cost effectiveness : Digitalisation have reduced the operating time to a large extent as every information is now available at finger tips. Digital management of supply chain has led to cost saving on various aspects by many companies.
Greater Efficiency : Due to digitalisation, the ways of operating, communicating and sharing information has become real-time resulting in greater efficiencies.
Enhanced Visibility : For end-to-end visibility in every step of supply chain, starting from demand gathering to placing orders and its execution at every level is more accurate than ever.
Business Security and Data Retention : All the data is stored in the cloud and can be accessed easily whenever required. This leads to restoration and authorisation of database and its security.
Automation and Single Interface: End-to-end automation reduces errors of manual intervention; provides room for process improvements and better tracking of SLAs.
Revenue Acceleration : Business Scale-up, go-to-market strategies and Time-to-market can be best worked upon with the aid of digital tools for faster realisation of better revenues and outcomes.
These are just the glimpse of what can be the positive aspects of going Digital for pharmaceutical supply chain in India. Companies should consider additional vertical that focuses on digitisation as one of the key parameters in their ‘trade’ business in India. This will ensure competitive advantage in the market.