‘Pharmalytics is an end-to-end analytics platform providing localised data of the demand and supply of various pharmacy products’
CareOnGo, a mobile chain of co-branded pharmacy stores, recently launched a pharmalytics platform, Aditya Kandoi, Co founder at CareOnGo divulges more details about the platform, its features and advantages, as well as the evolving role of technology in the pharma industry, in an interview with Lakshmipriya Nair
What are the challenges in the pharma industry that CareOnGo seeks to address through its recently launched pharmalytics platform?
The prime focus of CareOnGo is to allow the pharmacies to shift from blind inventory to managed inventory. Being India’s first e-distributor, it is necessary to bring transparency in the pharma supply chain by enabling bulk procurement channel for the co-branded pharmacies. We want to introduce technology in this supply chain which was completely missing till now. Right from procuring the inventory to managing and selling it, CareOnGo provides the end-to-end solution to the micropharmacies to work more efficiently and increased business.
How will it improve efficiencies in the pharma sector?
The new analytic platform will enables automatic customer profiling by capturing the localised data of supply and demand thus enabling big data analytics on individual customers of any area. The analytics platform will also captures the essence of seasonality including Category Stocking thus helping pharmacies to stock medicines and other healthcare products well in advance, which helps in keeping a track of the freshness quotient.
Who are the pharma players who have adopted this technology?
Currently there is no player providing analytics solution to the pharmacies. Moreover, there is no technology which is capturing the localised demand and supply insights of any city, thus making CareOnGo as the first entrant into the market, already operating on such a big scale, with more than 800 pharmacies under its branded umbrella.
Elaborate on its functionality. How user friendly is it?
Pharmalytics is an end-to-end analytics platform providing localised data of the demand and supply of various pharmacy products. The features range from providing customer profiling to seasonal stocking of medicines and products. The retailers get detailed analytics of the estimated sales in their area which helps them in better inventory management. It also provides them data on the upcoming seasonal diseases making them more prepared for the end consumers. It also provides real-time analytics to the retailers on the products which are hot selling in their locality, thus bringing in more efficiency in stocking the right products. The localised data being provided by the platform has also helped the super stockists and manufacturers to better plan their logistics and production. We see many more uses of this data for all the players of the supply chain in coming future.
What would be the cost for adopting this technology?
Currently, the technology is being provided to the co-branded pharmacies as an add-on service for their association with CareOnGo.
Are you working on any other technology solutions for the pharma sector?
We are currently building the cloud-based ERP and POS solution for the co-branded pharmacies enabling them to track their inventory in a more efficient way. We will keep coming up with more technology products to revolutionise the pharma industry and bring a technological revolution in the industry which has been filled with many inefficiencies.
How receptive is the Indian pharma industry towards new technologies?
The micro-pharmacies have been very receptive of our new technology products. With the technology revolution booming in India, the pharma industry was devoid of it since long time and thus the response of the pharmacies have been tremendous. It has made their lives easier by bringing in efficiency and better inventory management thus leading to increased profitability in the business.