Pharmaceutical businesses, like all others, are feeling the impact of inflation, increasing interest rates, new tax rules and environmental commitments. While the cost of doing business is increasing there’s also intense pressure to reduce prices.
That’s why so many pharmaceutical organizations are looking for new sales strategies. More than half of financial decision makers in the sector say they’ll build on the pandemic-driven adoption of new technology. They plan to accelerate digital transformation with advanced data analytics, artificial intelligence (AI) and tools to drive standardization and automate processes.
Adopting a powerful business to business (B2B) ecommerce platform can increase sales and improve customer experiences. You can also attract new clients, streamline field sales and reach practitioners and other key decision makers more effectively.
Even in the highly regulated pharmaceutical industry around the clock online ordering is still possible when you have automated controls. You can simplify and streamline your whole order to cash process when you have a purpose designed B2B ecommerce solution.
Cloudfy is the best B2B ecommerce platform for pharmaceutical businesses. It helps you tackle complex regulations, security and supply chain challenges.
You can automate order processing, seamlessly integrate with other business systems and scale to meet peak demand. Easy to use online catalogs, self-service tools and a field sales representative app streamline sales. For restricted products you can manage serialized stock licenses, enforce quantity limits, and prevent purchases of specific product combinations.
As a software as a service (SaaS) solution it’s all available in the cloud so you can simplify your IT infrastructure. Hosting, security, updates and maintenance are all handled for you so it’s a reliable and cost-effective solution.
Challenges in the pharmaceutical industry
Shortages
Drug shortages are a global challenge largely due to infection outbreaks, inflation, supply-chain disruptions and new regulations. Stockpiling key medication is only a temporary solution with detrimental long-term implications. Improved inventory visibility throughout the supply chain will help ease the pressure. Tools to improve supply chain transparency will also become part of the solution.
Collaboration
Manufacturers, distributors and dispensers are looking for better ways to electronically exchange end-to-end drug traceability information to the package level. Improved electronic connections will support data sharing and improve understanding of processes, bottlenecks and errors.
Regulation
Restricted catalogs help maintain the required regulatory controls in the pharmaceutical sector. Automated controls can ensure only those with the correct licenses can purchase controlled pharmaceutical products, medical devices and healthcare equipment. Online registrations and logins can simplify the process.
Traceability
Managing batch IDs and specification control can represent a significant administrative overhead. However, errors could have extreme and costly implications. Comprehensive online tracking down to individual package or batch serial numbers is essential. Solutions need to include materials supply, manufacturing and distribution all the way through to the ultimate end user.
Top B2B ecommerce features for the pharmaceutical industry
A dedicated B2B ecommerce platform for your pharmaceutical business improves customer service and helps build long term relationships. You can streamline and simplify your operations and overcome many of the challenges you face. Before choosing a platform we recommend you consider these important features.
ERP integration
Enterprise resource planning (ERP) systems are powerful business tools that help you understand all your operations. Integration with your B2B ecommerce platform allows you to automate key sales processes. Your registered customers can see inventory, pricing and delivery information in near real time and manage their accounts. There’s no need for lengthy data synchronization processes. You’ll almost eliminate manual data entry, so you can minimize errors and delays too.
Request For Quote (RFQ)
Volatile pricing is an ongoing challenge. A powerful solution is to embed an RFQ tool in your B2B ecommerce site. You can capture your customers’ order details, automatically return accurate prices and trigger approval requests. It’s fast and accurate so you’ll minimize errors and improve customer experiences.
Sales automation
You can automate repetitive tasks and reduce errors with ERP integration. Order management processes, inventory visibility, control and pricing are all more reliable. AI and predictive analytics can help you anticipate and meet demand and improve customer satisfaction.
Flexible payments
You can show your registered customers personalized catalogs and pricing when they login. You can store the scope of their licenses and contracts and all your product information in your ERP. Customers can track their accounts and maintain their credit from their easy to use dashboard. They can pay for orders in instalments to control their costs while you maintain your cashflow. According to their status you can offer multiple payment options like credit or debit cards or digital wallets. You can also automate processes to meet local tax and compliance requirements at checkout.
Electronic data interchange (EDI)
For your larger customers AS2 EDI integration can meet key requirements for security, data sharing and collaboration. Procurement processes are faster and seamless.
Subscription Ordering
Your customers can set up regular repeat orders and recurring deliveries easily with a subscription ordering tool. It’s an efficient option for you and them, enhancing operational efficiency and increasing customer satisfaction.
Product information management
Pharmaceutical products include extensive and detailed data. In-built product information management (PIM) tools or integration with your own PIM software simplifies the whole process. You can provide your buyers with up to date product specifications, certifications and compliance data, ready to download when needed.
International ecommerce
The pharmaceutical industry is truly global but local requirements can vary dramatically. You won’t want to create a new site for every country and region you serve. To meet the needs of your international clients your platform should support multiple currencies and languages.
Field sales support
Your sales representatives often cover large areas, visiting dozens of pharmacies, doctors’ offices, and hospitals in one trip. A field sales representative app for tablet devices and smartphones gives them mobile access to key information. They can share accurate product data, stock levels, customer-specific catalogs and pricing wherever they are. They can take notes and place orders, even when they don’t have an internet connection, ready to upload later.
Case Study: UPS Healthcare
Global logistics company UPS selected Cloudfy to support distribution of pharmaceutical products throughout Europe. They needed rapid deployment and outstanding B2B ecommerce functionality. They also required integration to their backend distribution systems and scalability to meet periods of high demand.
Transforming your pharmaceutical business with B2B ecommerce from Cloudfy
B2B ecommerce solves many of the challenges you face in your sector. With Cloudfy you can streamline and simplify processes to improve efficiency and visibility across your supply chain. With pre-built integrations for leading business systems like SAP, NetSuite and Microsoft Dynamics implementation is fast and cost effective.
You can automate workflows to speed up you order to cash process and improve customer experiences. With easy online self-service your customers can manage their accounts at times to suit them, wherever they are. They can also access high quality product information, specifications and technical data. You’ll deliver efficient procurement solutions for your customers with automation, reliable inventory information and accurate pricing.
Find out why Cloudfy is the best B2B ecommerce platform for pharmaceutical businesses. Book a free demonstration today.
Frequently Asked Questions
B2B buyers complete up to a dozen online searches as part of their procurement research. If they don’t discover you during this process, you’re missing valuable sales opportunities. Search engine optimization helps you showcase your products online. Easy on-site navigation and predictive search tools help your buyers find what they want quickly. When they’re ready to buy, a frictionless checkout with multiple delivery options and flexible payments improves conversion rates.
Yes. Business system integration cuts out a lot of administrative work, improves order accuracy and saves time. Once orders are confirmed you can immediately trigger the fulfilment process and update your inventory. Your field sales team can also work more efficiently during trade events and customer visits with a mobile app. They don’t even need an internet connection to share tailored catalogs and pricing, take notes and place orders.
You can maintain tight control over specification and manufacturing batch identification throughout your product lifecycles. Serialized inventory and order management tools allow you to track individual serial numbers or batches online. You can also simplify product recalls for out of date products or batches that must be returned.
Yes, you can add a valuable additional revenue stream to your existing trade-only channels. Setting up a hybrid ecommerce site for B2B and direct to consumer (D2C) sales is straightforward. Ask platform providers whether they can configure your B2B ecommerce site to provide a guest checkout experience alongside your trade-only customers’ login.
