| | August 20178CIOReviewBy Rajaram Sankaran, Director- Strategy & Business Development, Established Pharmaceuticals - Abbott, India Region The Indian Pharmaceutical Industry ­ At a turning point with Digital Technologyhe Indian Healthcare sector is continuously evolving, with several factors impacting the market. Over the last few years, market dynamics have altered significantly. The pace of changes, at times making the market appear volatile, has increased exponentially. Many will call it a much -delayed yet necessary phase of consolidation, where the fittest and most efficient eventually survive.Certain factors have played a major role in influencing these dynamics. The Government of India is working on making health care and medicines more accessible to people. The `Pradhan Mantri Bhartiya Janaushadhi Pariyojana' is one such campaign launched by the Department of Pharmaceuticals to provide quality medicines at affordable prices to the masses.There are some other significant factors that also need to be taken into account. First, the Indian pharmaceutical market is forecasted to grow at a compound annual growth rate (CAGR) of 11.0 percent between 2016 and 2021, reaching Rs.1,982.6 billion by 2021 (Source: IMS Market Prognosis 2017-2021, published in March'17)Second, the digital health "revolution" appears to be well under way. With the rise in digital health platforms for physicians and patients owing to which a vast majority of physicians believe that adopting digital health tools will improve their ability to care for their patients. At the same time, the average time spent by a Medical representative in a doctor's chamber (especially with specialists), has reduced. Hence engaging with doctors needs to be innovative, meaningful, precise and fact based.Also, the Patient's rapid transition to become a Customer is a new development. This essentially means that the end user is more informed now. The patient journey is digitally powered right from new symptoms, know how, doctor appointments, diagnosis, treatment selection, condition management and final treatment options. Successful websites DrEd, PatientsLikeMe, and ZocDoc are just three examples of this trend. IN MY OPINIONTA global healthcare company that specializes in manufacturing and innovative research in medical devices, diagnostics and branded generic pharmaceuticals
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