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Nurture a healthier bottom line

Revitalise your channel partner relationships with BI WORLDWIDE. Discover trusted engagement strategies to nurture healthy and lasting channel partner relationships within the ever-evolving pharmaceutical landscape. 

Unleashing the Power of Channel Engagement for Pharmaceutical Breakthroughs 

In the highly regulated pharmaceutical industry, channel engagement is nuanced due to a complex supply chain that involves brands, stockists, distributors, retailers (Pharmacists/Chemists), and consumers. Retailers, particularly in the OTC drug segment, play a key role but face challenges like dependency on prescriptions. Pharma companies deal with internal challenges, such as data silos across departments leading to fragmented insights and the difficulty of mapping diverse patient journeys. The industry also contends with the competitive pressure of online retailers offering deep discounts and the challenge of managing a wide array of SKUs, which can dilute brand recall and add stress to inventory management.

According to a recent study conducted by BI WORLDWIDE, about two-thirds of channel partners in the Indian pharmaceutical sector, feel “trapped” in their partnerships with brands. Their commitment to brands often stems not from loyalty but from the limited availability of credible options. In fact, not all Indian pharma brands have dedicated pharmaceutical loyalty programs. Trust plays a pivotal role in this industry, with channel partners typically placing a higher value on reputation and long-standing relationships rather than just performance metrics.

BI WORLDWIDE India’s joint research with KANTAR on the drivers of channel partner engagement has provided valuable insights into the expectations and preferences of channel partners in the Indian pharmaceutical industry. This study reveals that channel partners are motivated by well-executed loyalty programs, enticing rewards, and they greatly appreciate ongoing recognition of their achievements and milestones by brands. Adopting a recognition framework that regularly honours channel partners at events and features them on brand websites and newsletters is crucial for sustaining their engagement and satisfaction.

Insights from this study have helped BI WORLDWIDE India to formulate specialized engagement measurement tools such as the 'Affection Matrix', and strategic frameworks like the 'IBC' (Invest, Build, and Consider). These proprietary solutions when applied to chemist warehouse loyalty programs, retail pharmacy loyalty programs, as well as doctor and patient loyalty programs will empower pharmaceutical brands to forge deeper connections with their channel partners.

Compounding Loyalty in Pharmaceutical Channel Partner Networks

Given the pharmaceutical industry's stringent regulations, BI WORLDWIDE India’s meticulous and customer-centric approach can help brands craft motivating and effective pharmaceutical loyalty programs that drive real business results, even within tight legal constraints. Increasing positive interactions with channel partners in the pharma space through a targeted, omnichannel communication plan that complements an exciting rewards and recognition framework, can go a long way in helping brands create top-of-mind awareness and enhance loyalty from their channel partners.

Delving into the preferences of channel partners and catering to their unique needs can unlock the secret to cultivating enduring partnerships for pharmaceutical brands. Learn more about channel engagement in the pharma industry by exploring our work.

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