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Top 4 Challenges in FATCA-CRS Compliance in India

While Reporting Financial Institutions in India are gearing up to identify reportable account holders, complete due diligence & data remediation, they are encountering the following challenges: 1. Individual Reportable Account Holders: While there is a threshold for FATCA reportable individual account holders (USD 50000), there is no such threshold for CRS reportable account holders. This has ballooned the number of reportable account holder’s manifold, resulting in avoidable pressure on RFIs to complete documentation/self_certifcation, remediation and…

Get more out of your CME s

Governments all over the world are increasing the regulatory aspects governing ethical promotion of pharmaceutical products to healthcare professionals. It is no different in India. In this backdrop, Continuing Medical Education (CME) is gaining more and more importance, and hence the need to maximize ROI on CME s through use of software and technology “Continuing medical education consists of educational activities which serve to maintain, develop, or increase the knowledge, skills, and professional performance and…

FATCA Regulations – All about blocking of non-compliant account holders

In a meeting held on 5th June 2017, CBDT (Nodal Authority) gave a final deadline and finer definitions on what is to be blocked, when it will be fully effective and all; let us examine what really is the ground level situation in case of account holders on-boarded under the Alternate Procedure. 2. What is the significance of Alternate Procedure? Accounts opened under the Alternate Procedure: Actually such cases refer to account holders (and not…

Comprehensive Doctor Engagement is the way to go

There is so much talk of Digital Customer Engagement and Alternate Customer Engagement channels these days. It makes me wonder how companies can talk of any one channel independent of others. To my mind, we need to look at enabling a Pharma company to operate all channels of engagement with a doctor, not just digital or otherwise. For Pharma companies, their priority now, is to meaningfully engage doctors in a professional non-intrusive manner, whereby, doctors…

CRM- for distributor driven Pharma markets

Pharmaceutical distributors play an important role in medicine supply chain through their medical distribution centers. These distributors also enable market access for small countries. There are many small countries where the distributor driven market is the trend. In small countries, manufacturing is uneconomical. Hence aggregators and distributors import, promote and sell products through a chain of retailers. In this blog, I intend to cover the differences in the sales process and how a pharma CRM…

Do we need to integrate Coaching and E-Learning, for Medical Reps?

I was recently asked by a National Sales Manager of a Pharma company, a question that I have been pondering about. He asked me: With all the new technology and social media coming in, will the role of MR s diminish? Will there be a time when MR s may not be needed at all? I was reminded of the much talked about “Death of a Pharma Salesman” paradigm. For a few years now, we…

“Improving Application support efficiency in Core Banking”

Core Banking is a rapid innovation in Banking Technology and it has become the backbone for every business transaction done through several delivery channels. Core Banking Application works under a multi-tiered architecture covering database, application and web layers beside net working layer to enable the user to access the application. Application Layer of Core Banking platform needs support resources having the following skills, while technical resources are sufficient for providing support services for other layers:…

What CRM options should Indian Medical Devices companies look for?

Over the last several years, I have had close connections with Indian Medical Devices and Pharma industries. While Pharma industry has a choice of CRM software solutions, Indian medical devices industry seems to have struggled to find the right software solutions. First, let us understand the categories within medical devices industry. We can broadly classify the industry into 4 segments. Industry segmentation: Consumables: All the consumable products that hospitals use, from Cotton to Surgical sutures….

Wave 3 CRM solutions for Pharma: It is all about benefits

It is not often that we can talk about waves of automation that come in such quick succession. That is what is happening in Pharma CRM and SFE space. The time gap between these developments is reducing rapidly, throwing significant challenges to the software industry that serves Pharma. “ Traditionally, Pharma has been slower than FMCG in IT adoption. However, things are changing rapidly now. We are ready to absorb anything in IT that can…

Are US Pharma companies set to optimize investments in CRM software?

US Pharma industry has always been open to adopting state of art technology solutions to improve sales force effectiveness. Many large companies have adopted multiple solutions to address all their needs around CRM. They are however realizing that the total cost of ownership (TCOs) of the software investments made, are getting to be disproportionate to the benefits derived. This, combined with the fact that product margins are under severe pressure (partly due to onslaught from…