Pharmaceutical organizations are under tremendous pressure to revamp their supply chain efficiency since they face intense competition from international and domestic players. Outdated IT systems and infrastructure, drugs shortage, and the inability to manage unexpected surges in demand are some of the significant challenges that pharma companies have recently met. The bottlenecks often lead them to lack visibility into their inventory and distribution process. So, how can companies use data to improve their pharmaceutical sales and enhance operation efficiency? This article at BW Disrupt discusses how health-tech startups create a network of digitized pharmacies to build an efficient and resilient supply chain.
Can Implementation of Advanced Tech Boost Pharmaceutical Sales?
“One of the foremost advantages of leveraging data has been to streamline supply chain management of healthcare products and improve drug access,” says the author. Furthermore, data analysis helps pharmaceutical manufacturers to accurately forecast demand and track production. In addition, it keeps a tab on drugs’ delivery time to prevent both excess supply and shortage of medicines in the market. Here are some key ways leveraging data analytics can help companies boost their pharmaceutical sales operations from the ground up:
Maximize Customer Value
With newer therapies entering the line of treatment, complexities in government-imposed regulations, shifts in buying cost pressures, and ever-evolving customer demands, the competition is intense. Companies must integrate business intelligence (BI) tools to track the frequency of prescribed medication, monitor the effectiveness of their sales pitches, and track competition. This will allow the organizations to make informed decisions to boost their pharmaceutical sales.
Optimize Marketing Investments and Opportunities
Leveraging data-driven insights helps organizations understand consumer patterns, track sales performance across markets, ensure compliance with regulatory requirements and adherence to industry standards, and forecast expenses.
Streamline Pharmaceutical Sales Performance
Advanced analytics BI tools automate and integrate data processing, analysis, and reporting within the same platform. This capability creates a transparent and compliant workflow that allows companies to control costs and drive operational efficiency. Furthermore, data analytics improve overall pharmaceutical sales team performance by predicting the ability to meet time commitments, product requirements, and stock needs.
To read the original article, click on https://bwdisrupt.businessworld.in/article/HealthTech-Startups-Leveraging-Data-For-Pharma-Supply-Chain-Efficacy/30-06-2022-434817/.