Pharma companies in India have been extremely successful. They have grown year on year, and have provided their stakeholders with a great return on their investment. However, they are now facing a crisis. For one thing, because of the new government rules which have put a price cap on some of their best sellers, their marketing budgets have been slashed.
Also, because of the backlash against the pharma doctor nexus, companies are very reluctant to continue the old fashioned method of inducing doctors to prescribe their drugs by giving them expensive gifts, or sending them abroad to attend medical conferences. Pharma acknowledges that they need to find new ways of reaching out to doctors. However, they are stuck in their comfort rut, and continue using outdated, completely ineffective methods, which means they waste tons of money without even tragically realizing how much is going down…
