India has nearly 800,000 retail pharmacies, making it one of the world’s largest, but only 40 % of these are in the top 20 cities.
MedleyMed has been working on its e-pharmacy and telemedicine platforms for the past five years and discovered a significant gap in the e-pharmacy space across markets. In an exclusive interview with the Financial Express online, M Satish (Satyendra), Managing Director, Athena Global Technologies and MedleyMed says new entrants in India’s largely unorganised pharmaceuticals market are experimenting with innovative methods to tap a vast market while sharing his experience on virtual care, telemedicine platform, business models and expansion plans. Excerpts
Now everything is going digital MedleyMed entered the global market with digital pharmacy and patient care solutions. Please explain the journey, the idea conceptualized, including the founders and brand history?
MedleyMed platform enables retail pharmacies to purchase drugs directly from manufacturers or the lowest-cost distributors, resulting in significant cost savings. We provide business-to-business and business-to-consumer solutions, as well as a telemedicine platform that hospitals can white-label.
We have two business modules in MedleyMed – Pharmacies and Telemedicine.
We have developed a digital platform (Marketplace) and connected end-to-end supply chain network, which we have been beta-testing in multiple cities across India for the past two years to understand the key issues confronting the industry. We address all these issues concerning to medical stores and their supply chain in order to increase the profitability.
Please explain the MedleyMed B2B and B2C concepts? What are the unique features of MedleyMed from its competitors and what are your plans for the future?
MedleyMed provides end-to-end digital health products and solutions, considering the digital needs of all stakeholders in the pharmaceutical and healthcare ecosystem. We offer a wide range of solutions that can be customised to any specific content or workflow, as well as Plug and Play Solutions that can integrate with existing software, resulting in superior customer–patient engagement.
• MedleyMed B2B Platform: Biz
The Pharma value chain is prov ided with a dynamic B2B digital supply network connecting demand and supply. The availability and pricing of products are updated in real time for distributors. Our web interface and mobile application allow pharmacies to order genuine medications online.
• MedleyMed Franchise Pharmacies
MedleyMed Franchise is a collaboration model that adds value to independent pharmacies. The tools and resources we provide enable pharmacies to compete with both traditional and online pharmacies.
• MedleyMed ERP solutions for Pharmacies and wholesale pharmacies
MedleyMed platform is a cloud-based, integrated digital platform. Using cutting-edge technology and easy-to-use features. As a result, it reduces costs and increases sales, resulting in increased profits. Additionally, it includes a digital storefront, which allows businesses to accept orders online. It is also suitable for use with a tablet or smartphone. A user can access information on sales and inventory status 24X7 from any location.
Please tell us about the expansion plans in India and overseas markets?
It is our growth strategy to set up 1000 systems worldwide and serve 5 million users and adding a pharma supply chain network to all Tier 1 and Tier 2 cities. While remaining profitable, franchises and ERP solutions from MedleyMed are expanding in India.
We have early adopters in the US, which gave us the confidence to foray into the market. We have also evaluated the South Africa market and saw great market potential.
In the near future, we are planning to launch B2C platform for consumers, which involves all medical service providers according to specific regions.
How do you foresee the growth of digital services for both pharmacy and patient care in India?
Globally, digital healthcare solutions are present and future market. Medical clinics, pharmacies, and diagnostics can utilize MedleyMed’s system to move assets-light, expand reach, and increase services quickly. Neither, the future of healthcare can be fully virtual nor entirely physical. MedleyMed is one of the solutions that will be essential to the program’s success. Following covid, adoption rates in most markets increased by more than 400%.
Today, the Indian pharmaceutical industry is highly fragmented and complicated. Stakeholders in the industry have a lot of room for organisation and digitization. Digital players like MedleyMed see it as a great opportunity. We have developed and implemented solutions for digitizing supply chain networks, as well as cloud-based platforms that allow pharmacies and distributors to communicate with each other to improve efficiency.