India is one of the important global leaders in the field of pharmaceuticals. As per a report by the Indian Economic Survey 2021, the market was valued to be around USD 42 billion and is expected to reach USD 65 billion by 2030. India also ranks 3rd in terms of pharmaceutical production by volume and is an important supplier of generic drugs to the world.
These momentous achievements are the evidence of rapid development taking place in every area of the pharmaceutical domain, right from manufacturing to the distribution and marketing of pharmaceutical products. The Phygital marketing approach is one such corroborating evidence of the pharmaceutical evolution.
The core of the traditional marketing approach were doctors and pharmacists as they were majorly responsible for effective market and sales of the pharmaceutical products. However, with advancements in technologies, various new avenues have opened up that led to higher consumer accessibility of the products, giving rise to Phygital marketing.
Phygital Marketing is a combination of various parameters such as pharmacists, content marketing, branding & campaigns, product reviews, and e-commerce that offers a blend of OTC (Over the Counter) & DTC (Direct to Consumer) platforms for a complete and satisfying customer experience. This also assists Pharma businesses to increase their revenue as well as profits.
Phygital marketing is an effective tool to build brands and businesses in the competitive domain of pharmaceuticals. It shows a promising future and offers a plethora of tools. The current need of the market is to understand its potential and ultimately make the best use of it.