Pharma OTC market consumption of medical services in any economy depends heavily on their accessibility and affordability. If emerging markets like India experience increased disposable income and awareness through public / private initiatives, it is clear that they will also attract ideas for capturing potential health needs. So it’s not surprising that incumbents in the industry are trying to steal pie’s share, and startups are looking for well-known but disorganized opportunities.
But what’s new is FMCG, a competitive game between the two sectors, pharma OTC market. OverTheCounter (OTC) drugs are over-the-counter (OTC) medical devices aimed at improving the quality of daily life rather than treating specific treatment conditions. Pharmaceuticals has the expertise to develop such products, but FMCG leverages its current reach to put these products directly into the essential shopping carts of local consumers that are otherwise inaccessible. I can. With strong distribution capabilities, 4,444 fast-moving consumer goods (FMCG) companies are already switching and using OTC medicines available at all medical retailers to meet the needs of healthier locals. Preparing to meet. P & G’s recent decision to acquire Merck’s OTC division, which focuses on Europe, Latin America and Asia, could be a simple example of FMCG’s growing interest in the fast-growing pharma OTC market.
Because healthcare is a need of time, pharmaceutical companies believe they can leverage the self-sustaining insights from FMCG marketing to enter and penetrate local markets and build trust in modern medicines. increase. At the current focus, OTC products need to be launched as the least economical, most useful and essential products. The adoption of a few FMCG strategies can possibly facilitate the gradual changeover of the rural population from being nonconsumers into more health conscious ones.
However, four key insights from FMCG rural marketing models could help pharmaceuticals catch pace
Identify preferences: Establishing communities like self help groups (SHGs) can facilitate the better understanding of the consumption behavior of rural consumers and in bridging the cultural lacuna in the sale of a specific product. For example, New Delhi Based Aakar Innovations provides low cost machines to produce biodegradable sanitary napkins, a growing need.
Identify pitfalls: Need to address cultural, infrastructural or demographic shortcomings, for example, superstitious beliefs, lack of trust in western medicines, shortage of physicians, restricted access to primary healthcare services and unscientific treatment practices offered by unqualified providers. Established in 2014, Karma Healthcare is one such example of a high tech startup which is mostly inclined on juxtaposing digital technology with onground platforms for delivering affordable, accessible and essential healthcare services to the rural populace in India.
Comprehensive and Autonomous Approach: Emphasizes the importance of complementary alliances and partnerships in designing sustainable ecosystem-based approaches. For example, you can easily access the appropriate diagnostic service nearby to provide a complete diagnosis and treatment in a rapid manner. iKure Techsoft provides patients with access to the nearest local medical center where doctors and trained healthcare professionals are available 7 days a week, and pharmacists provide approved medicines to meet critical medical needs. A mobile medical unit is installed in. Closes any gaps that may cause the patient to leave the process.
Accessibility: Design a portfolio that allows you to piggyback on other complementary products using existing distribution channels. B. Use current retailers first to expand OTC channels and later to prescription drugs. For example, Netmeds, an online retailer of prescription drugs and other healthcare products in India, uses a digital platform to seamlessly distribute medicines and other medical products to emerging markets across the country.
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