Pharmarack is helping India’s huge pharmaceuticals industry to root out spurious and expired medicines, improve efficiency and boost medical care
It is mission to digitalize the pharma ecosystem in India and significantly improve the ease of transactions between stockists, chemists and pharmaceutical companies in the country, one pharma-oriented technology firm there has settled on AI-powered cloud-based data management as its solution.
The firm, Pharmarack, specializes in addressing core trade challenges encountered by the pharmaceutical industry in India that comprises more than 250,000 chemists and druggists and over 12,000 distributors and stockists trading in more than 300,000 products across 6,000 brands.
One of the fundamental challenges in this marketplace is the consistency of the data catalogs in both online and offline marketplaces. Resolving inconsistencies and achieving a single “golden record” when trying to merge more than 12,000 unique independent catalogs is a significant challenge without automation.
According to firm’s Chief Data and Analytics Officer, Arundhati Kshirsagar: “With more than 240m combinations of listings from over 12,000 sellers, we aim to standardize and enhance consistency across more than 300,000 stock keeping units, thus improving efficiency throughout the value chain and significantly enhancing the experiences of our stakeholders.”
By leveraging a cloud-centric data management solution powered by AI, Pharmarack is enabling many small- and medium-sized pharmaceutical firms in India to improve catalog consistency and reduce time-to-market. This is expected to significantly improve the availability of medicines, reduce expiry and enhance efficiency in the industry. Kshirsagar added that the digital transformation “helps address the issue of spurious medicines and ensures the availability of quality medicines to consumers throughout the country.”
Said Steven Seah, Managing Director (ASEAN, India, and Korea), Informatica, the vendor of the AI-powered data cloud technology: “The cloud-native, all-in-one solution, along with the low-code/no-code experience and AI-powered automation… will enable Pharmarack to streamline their data management environment and scale rapidly, empowering them to unlock valuable data insights and create value for India’s healthcare ecosystem.”
