Digitalization leading the B2B eCommerce in the pharmaceutical industry

The complex and highly regulated nature of the medicine supply industry has made it necessary for technology to ensure that disruptions in supply due to uncertain causes are curtailed.

As the coronavirus pandemic hit last year, many offline businesses were coerced to switch to online platforms. This has also impacted the B2b supply of medicines. B2b eCommerce did have a presence even before; however, the pandemic has put a particular emphasis on eCommerce in the B2b pharma, leading to many favorable changes for pharmacies and medicine retailers.

From the manufacturing and supply chain point of the medicine supply market, the impact has been absorbed by the entire supply chain. Manufacturing companies are finding it difficult to match the demand of retailers and distributors, with wholesalers seeking robust marketing and supply channels.

This has given rise to an increased demand for online pharmacy supply, where pharmacies can source wholesale products from B2b eCommerce marketplaces. This has given a boost to the pharmaceutical market in India, at the same time serving end users' needs.

Even though wholesalers and stockists have contingency plans, it is pretty challenging to deal with unseen events like the Covid-19 pandemic. There has been an emphasis availability of quick inventory to meet the rising demands for medical supply in the country.

The b2b commerce in the pharmaceutical industry operates on a large-scale distribution model in where customers (pharmacy) source their products from local suppliers or distributors. However, eCommerce has been changing affective the offline trade in the B2B industry.

Due to lockdowns and uncertainty of the situation, different industries, including healthcare and pharmaceuticals, are switching over to online marketplaces and portals to keep their businesses going and ensure social distancing. This is why the b2b eCommerce of medicines is going through rapid growth and expansion.

As retailers look for online options for their product fulfillment, many wholesalers are switching over to online platforms to expand their reach and target markets far beyond the reach of their home base, setting aside a budget from online marketing and digital communications.

The online market for B2c has always been popular where users can choose a product from an online platform and have it delivered to their doorstep. Due to the digitalization of the b2b business, transparent communication between buyers and sellers has been facilitated.

The digital transformation in the supply chain is a crucial aspect of eCommerce, as it promotes transparency and reflects the availability of products in real-time from manufacturers to buyers. This makes it essential that sellers have an online platform to showcase their products with lucrative offers and discounts.

Digital media has enabled easy ordering and inventory fulfillment. This is the best time to make use of online wholesale medicine marketplaces like Medimny and purchase medicine at highly competitive rates.

Data analytics and artificial intelligence allow these online marketplaces to bring the right buyers and sellers together to create a piece of greased-up market machinery and highlight the possibilities of digitization and eCommerce in b2b medicine supply.