Pharmaceutical
Industry : Our view
Counterfeit drugs are estimated to account for about 10% of the global pharma market and are expected to touch USD 75 Billion by 2010. Indian health ministry itself confirms that 5% of drugs in India are counterfeit & 0.3% spurious. Apart from health & safety hazard caused by fake drugs, they also tend to hamper growth of industry.
It is critical for manufacturers to engage end customers in its efforts to reduce the impact of counterfeits. For certain categories, counterfeit drugs hold next best market share compared to the nearest competitor. Next big opportunity for manufacturers would be to adopt the strategy that would counter counterfeiters as their toughest competitors.
For pharma retailers, loyalty programs help retain customers. Otherwise a commodity market, life time loyalty programs are expected to increase switching costs & help establish trust with customers.
Cormorant Solution
Cormo Authentication Platform :
Cormorant authentication platform provides most effective on demand product authentication & information service. Delivered as service, platform helps end customers to authenticate the products and get useful product information that engages the customer with the brand better. This is most effective counterfeit deterrence solution that brings together manufacturers & customers in its fight against fakes.
Cormo Loyalty Solutions:
Cormorant loyalty solutions for pharma industry help manufacturers to directly engage the end customers loyalty. The loyalty solutions are extended to doctors for building life long relationship with doctors & customers.
The solution modules :
» Cormo Loyalty Models
» Cormo Offers & Coupons Generator
» Cormo Real time Delivery Platform
» Market Intelligence & Research
» Customer Query Management Solutions
Benefits
» Increased revenue & reduced counterfeits
» Decrease in one dimensional price competition
» Customer trust & better brand image
» Creates switching costs for customers with retail stores
