The present Healthcare Industry is set to boom to a $280 Billion by the year 2020. To stay abreast with this massive uprising, the healthcare companies need to have a clear competitive edge. This competitive edge comes from the fact that the Time-to-Market for the new drugs and devices need to be shortened by a large extent. Erfolg is one such firm which helps such companies get in direct touch with the doctors, streamlining the process and simultaneously also reaching out to the rural areas of the country.
Founded in July 2015 by Ramesh Meesala, Erfolg Life Sciences is a Healthcare Analytics Company that interconnects the complete Healthcare Ecosystem, i.e. Healthcare Companies to Healthcare Practitioners, Point-of-Sale entities like Pharmacies and the Patients. It has a product named MedRep which brings together all the above entities of the Healthcare Ecosystem onto a common platform, and thereby derives meaningful & actionable Analytics for the Healthcare Companies.
Talking about the idea to start Erfolg, company founder Ramesh said, “The idea to start Erfolg, came by identifying the present and evident gaps within the current Indian Healthcare ecosystem and as a result market gap feedbacks from the Pharmaceutical Companies and the Doctors.” Further adding he described the meaning of his venture and said Erfolg in German means Success.
What are the key services and features of the startup?
Mumbai based startup is using technology to connect people and it helps healthcare industry as a whole and also on an individual level.
Mobile Marketing for Healthcare Companies: It connects healthcare companies to doctors. Any healthcare company that ties up with the startup can send across their product details (Image, PDF or Video) onto the doctor’s mobile. This would occur as a Push Notification on the Doctor’s Mobile which would alert the Doctor that a new product from a certain Healthcare company has just been released in the market.
The Healthcare company would now have the flexibility on time and availability of the Doctor to explain the complete details for the product, which would normally not have been possible when the medical representatives visited them.
On an individual level, it helps healthcare companies to directly get in touch with doctors, get feedback on their products from doctors, and have an access to rural markets through MedRep’s eClinic presence and tool.
Along with staying updated with the latest released drugs and medicines in the market, it also helps physicians with an easy prescribing mechanism through MedRep’s e-prescription tool. The platform also provides a collaboration and discussion forum with peers and industry experts, with many other features.
The app is also for patients, wherein with the help of it they can purchase authentic drugs, have an access to Drug and Generic Drug information repository to compare the treatment pros & cons of various drugs, etc.
What problems is it solving?
The startup is helping in reducing the marketing cost for healthcare organisations. It also provides an effective communication medium between the doctor and the company so as to give out product details. Analytical data being captured and stored by MedRep app will also help healthcare companies in gaining insights to understand doctor’s preferences and help in terms of their marketing & sales effectiveness.
It also focusses on the rural sector of India, wherein the MedRep application provides an e-Clinic presence to the doctors and patients, which can enable both parties to connect and resolve health issues without the need of a doctor visit by the patient.
Currently the startup charges the Healthcare Companies on a per product notification per doctor basis.
What is the market size and market opportunity?
The potential the healthcare sector holds is immense in India. There are over 5,000 Healthcare & Manufacturing Companies with over 8lakh+ registered doctors practicing and over 90,000 drugs manufactured within India that are to be promoted to the doctors.
Present Status and Future Plans:
The company is in its bootstrapped mode, with plans of raising funds in future.
It is yet to launch its product and is in talks with 5 pharmaceutical and Medical Device Manufacturing companies for the tie up.
For future the startup is planning to enroll at least 21000 doctors and 10 Healthcare Companies onto their platform by the end of 2016. And around January 2016, the company plans to roll out the phase two of its MedRep app, i.e. which integrates the pharmacies and patients into the MedRep ecosystem.
In first week of November 2015, the company will be rolling out its service for both Android and iOS users.
Ramesh Meesala, Director at Erfolg Life Sciences Pvt. Ltd. said, “The MedRep Mobile Application isn’t just a Mobile App. It is a platform that enables all the Healthcare Companies understand exactly how effective their Marketing efforts really are. They can dramatically reduce their marketing expenditure by about 40 – 50%, and with the many variation in analytics that we derive and present to the Healthcare companies, they can dramatically increase their Market Penetration and Sales within a minimal amount of time & effort.”