Leadership Companion Series – Episode 2
Topic: Marketing and Strategy in the Digital World
Date: 22-07-2024
Day: Sunday
Time: 11:00 AM
Speaker - Mr. Rinkesh Shah Senior General Manager Strategy at Mankind Pharma Ltd
Attendees-
The seminar titled "Marketing and Strategy in the Digital World " took place on 22tnd September 2024. It was an honour to have, Mr. Rinkesh Shah Senior General Manager Strategy at Mankind Pharma Ltd as one of the distinguished speakers from Pharmaceutical Industry.
Ms. Alisha Padhi opened the session, bringing prestige to the event with the esteemed guest speaker's presence who gave us a deep understanding of marketing and strategy in a competitive and digital world
The session strted with our speaker explaining the reason behind why pharmaceutical industry is one of the most prestigious to work for. The pharmaceutical market, valued at $1.2 trillion, presents significant opportunities for growth and innovation. Entering the industry is driven by its critical role in global health and its potential to leverage digital technologies for improved efficiency. A strong understanding of operating metrics is essential to drive business success. Leveraging technology has become a vital part of delivering healthcare solutions, with digital tools playing a growing role in marketing and operations. With an average attention span of just 6 seconds, as highlighted by a report comparing it to a goldfish, it’s crucial to capture and hold consumer attention quickly.
The distinction between digital and traditional marketing should no longer exist. Every marketer needs to be proficient in both areas, ensuring seamless 24-hour business operations that can meet customer needs effectively. Aligning business strategies with consumer insights is key, and understanding where the market will be five years from now is critical. Post-COVID, there has been a significant increase in digital access and public services, which businesses need to adapt to. The National Digital Health Mission (NDHM) is an important initiative to study, focusing on delivering value through health insurance and improving quality of life.
The relationship between healthcare professionals and doctors is changing, and companies must adopt a B2B approach, developing partnerships with doctors to drive success. Staying informed about emerging trends, such as pharma automation, is important to stay competitive. Increasing the number of sales channels and integrating them effectively is crucial, ensuring clear communication and engagement. AI and machine learning platforms offer powerful tools to understand and define high-potential customers, making it easier to tailor marketing strategies. With AI reshaping key areas like sales, key account management, and brand direction, collaboration between these departments is vital for effective growth in the pharmaceutical industry.
