Technology in the pharma sector has made pharmacy easier and more accessible for everyone. It has seen a rapid rise in the past three years as demand and needs increase, rapid digitisation and advanced research in the field have opened doors for many ways of treatment for human beings shares Arjun Deshpande, Founder & CEO, Generic Aadhaar with Garima Pant of Elets News Network (ENN). Edited excerpts:
With the growing technology penetration in the industry, what are the trends and innovations taking place in the Indian pharmaceutical industry?
In the last two years, the pharmaceutical industry has become integral to the global response to the Covid pandemic. They were the responsible sector and warriors for the whole world. The pharma industry has seen a rapid rise in the past three years as demand and needs increase, rapid digitisation and advanced research in the field have opened doors for many ways of treatment for mankind. It is working on improving the entire spectrum of healthcare.
Even then, the pharmaceutical industry has been working in old traditional ways for ages. Generic Aadhaar has brought a new ecosystem to the old-decade pharma world. It recognized the root cause in the traditional pharma industry and understood that it was the necessity of the hour to bring about revolution. It provides the backbone to the stand-alone pharmacy with a brand name, IT infrastructure, own software, and apps for retailers. It provides user friendly software to these small local store owners that manage invoicing & billing and is built for scaling the business. By applying Generic Aadhaar, the average person can order medicine at the same discount and it reaches within one hour to their doorstep from a nearer shop of the location.
What are the factors driving the growth of the Indian pharma industry?
Today, India is known as the ‘Pharmacy of the World’. India is the largest producer of generic drugs. Exports of generic medicines in pharmaceuticals are estimated at $18 billion. The Indian pharma industry is making use of technology, growing APIs, machines, and innovation to provide high-quality medicines at international standards at affordable prices.
Schemes like PLI have supported the growth of the pharma industry by supporting a self-reliant India, making the pharma sector a leader in the country and globally.
The rapid increase in technology augments risks. What is the biggest challenge faced by the pharmaceutical industry today?
Many small mom-and-pop medical stores are roughly more than ten lakhs and were losing their business in the market because of the huge competition of online pharmacies. Small retailers were having huge losses. Generic Aadhaar has brought them under one roof of the brand to help them and support their business grow with huge profits. It is aggregating standalone pharmacies to compete with big retail medical malls and online pharmacies. A low-cost structure, location in residential areas, and consumer familiarity help in promoting local economic growth. Generic Aadhaar takes them into a digital world by empowering them with the technology of giving their software which is user friendly as well as a mobile app. It is also providing them with training software, hence uplifting them to rise in the pharmaceutical world.
Artificial Intelligence is becoming popular across all industries. Do you think AI is playing an imperative role in the pharma sector? If yes, how?
Artificial Intelligence has become an important part of the pharmaceutical industry. The manufacturers associated with Generic Aadhaar use Artificial Intelligence for drug manufacturing and to manage the process of the clinical trial database. This helps manufacturing companies to make their work simpler and quicker with perfection. It provides these high-quality medicines from the manufacturer to the end customer directly.
Digitalisation, Big Data, and Artificial Intelligence accelerate the transformation of the pharmaceutical industry and enable companies to improve drug development and patient care. How are healthcare demands and new technologies transforming the pharma industry?
Digitalisation, Big Data, and Artificial Intelligence help in increasing the productivity of the pharmaceutical sector. Demand and need have increased in R&D that ultimately leading to the increasing number of medicines. It has also a positive effect on the sales of medicines. Technology in the pharma sector has made pharmacy easier and more accessible for everyone.
Production Linked Incentives Scheme (PLI) Scheme boosts domestic manufacturing and attracts large investments in medical devices. How are PLI schemes transforming the pharma industry?
PLI Scheme is mainly focused on strengthening and prioritising Indian manufacturing companies for the betterment of the country. India is the biggest hub for producing generic medicines. 90 per cent of generic medicines are exported from India to the entire world. Still, Indians are not aware of generic medicines. Generic Aadhaar has brought this change by creating awareness of these medicines from the ground level. All the Generic Aadhaar medicines are WHO-GMP accelerated and provided across India. Schemes like PLI give support to such initiatives and help them to penetrate the market not just domestically but internationally.