Launching the eleventh episode of Crafting Bharat Season 2, a program supported by AWS Startups and NewsReach, features Amit Kaul, the Chief Operating Officer of Pharmarack
India's pharmaceutical sector is undergoing a significant transformation, thanks to the digitisation efforts of Pharmarack. This innovative company is leveraging AI-enabled technologies and cloud services to streamline the industry, addressing long-standing challenges and paving the way for growth.
One of Pharmarack's key achievements is the creation of one of the largest pharma B2B e-commerce platforms in the country. By integrating over 200 distributor ERPs, the platform provides real-time inventory access and direct ordering capabilities, reducing dependency on traditional, manual ordering methods and enhancing supply chain efficiency.
Pharmarack's extensive product catalogue, with nearly 450,000 SKUs across 15,000 distributor catalogues, is another game-changer. Each SKU is uniquely tagged for precise identification, ensuring seamless order management and delivery.
The company's AI/ML-powered system brings consistency to the data catalogue throughout the pharma value chain. This enables instant matching of user inputs to the correct SKU, providing a smooth e-commerce-like experience. By leveraging AWS and Snowflake, Pharmarack achieves scalability and integrates its end-to-end solutions across retailers, distributors, and manufacturers.
Pharmarack's resilience comes from its position at the critical point in the value chain, connecting chemists, distributors, and brands. The company's breakthrough came from empowering retailers, who previously relied on calls and handwritten notes and couldn't invest in technology.
The company's efforts are not only streamlining the industry but also contributing to India's ambitious Vision 2047 goals for inclusive and tech-driven healthcare. By digitising the pharma supply chain, Pharmarack is pivotal in building a modernised healthcare delivery system.
India's goal of becoming the world's third-largest economy requires tackling critical challenges in the pharmaceutical sector, including overhauling supply chains, enhancing transparency, embracing GenAI, ramping up R&D investment, and developing patented drugs. Pharmarack's AI-enabled efforts are a significant step towards addressing these challenges.
In conclusion, Pharmarack's transformation of India's highly fragmented pharmaceutical industry is a testament to the power of digitisation and AI. The company's innovative solutions are driving growth, efficiency, transparency, and accessibility, positioning India as a global leader in the pharmaceutical sector.
- Pharmarack's efforts in digitising the pharmaceutical sector are not only limited to streamlining the industry but also extend to India's Vision 2047 goals for education-and-self-development, as a modernised healthcare delivery system is an essential component of a nation's educational infrastructure.
- Integrating AI/ML-powered systems and cloud services into their business model, Pharmarack is also making substantial contributions to the finance sector, as their resilience and growth can serve as a case study for tech-driven business strategies in the country.
- In the realm of science and technology, Pharmarack's AI-enabled solutions are instrumental in addressing critical challenges in the pharmaceutical sector, such as enhancing transparency, ramping up R&D investment, and developing patented drugs, which are key to India's goal of becoming a global leader in the sector and a competitive force in the world's finance industry.
