Mumbai-based Instinct Innovations has raised a seed round of funding led by Vida Ventures and Dr Aniruddha Malpani for its Redbook platform. Redbook, acts as the base for a proprietary AI engine that offers deep insights on drug consumption patterns in pharmacies. It is being piloted to eliminate age old, error prone manual processes of data collection & analysis and decision making. The company informs that the funds raised will be used to scale RedBook pan India.
Reportedly, RedBook frees up resources and time for pharmacies and helps them to increase business by over 15 per cent with several intelligent features. Integration with distributors, online ordering facilities, auto sync for offline use, timely information on stock expiry, and micro-level insights on consumers enables pharmacies to focus on offering a truly personalised service to their consumers giving them an edge over the impending threat from online pharmacies.
Ankit Solanki, Co-Founder & CEO, Instinct Innovations, says, “Re-wiring the pharma supply chain with Redbook is only the first step in achieving our long-term vision. We aim to create a healthcare ecosystem that is seamlessly integrated via technology. The emphasis is on using machine learning & AI driven cognitive intelligence to make the supply chain more efficient.”
Ankit Solanki, Head of Investments, at Vida Ventures adds, “The post-production pharma supply chain has been in dire need of innovation. It is inefficient to cope with changing business dynamics such as varying demand patterns, expanding product types, shorter product lifecycles etc. New ways of delivering healthcare is making drug makers take a more analytical route towards supply chain planning. RedBook offers a solid platform to implement analytics powered by AI engine, enabling drug makers to make smarter tactical and strategic decisions.”
“I am very excited with the way Instinct Innovations/ RedBook is using technology to solve problems that plague pharmacists and drug makers today, such as proliferation of fake drugs, lack of compliance with FDA rules and sale of expired drugs. They also offer pharma companies a unique way to market their products through pharmacies, track sales in real time as well as engage directly with patients. By focusing on the pharma supply chain, RedBook is helping the healthcare system to become more patient-friendly and efficient,” said Dr Aniruddha Malpani.