PHARMADATA'S FORMULA FOR GROWTH
Written on the 30 October 2015 by Karen Rickert
AFTER setting out to bridge a gap in the market by prescribing data solutions to pharmaceutical manufacturers, PharmaData has become a global force to be reckoned with.
Built on Adam Gilmore's software development expertise and Guy Mckenzie's (pictured left and right) background in business intelligence, the founders have taken out the 2015 Brisbane Young Entrepreneur Award in Technology.
Starting as a small venture between the two friends in 2010, PharmaData has grown to a team of 15 employees managing more than 10,000 customers across Australia, France and Japan.
After recognising that manufacturers and retail pharmacies were relying on outdated store reports, Mckenzie says they hit the market with the right product at the right time.
"Our core product provides solutions to pharmaceutical drug manufacturers, particularly generic drug manufacturers," Mckenzie says.
"They give the tools to pharmacies and they then use the data to analyse sales between a generic or a brand from a prescription.
"We push the transaction into the cloud and forward the information back to pharmacies on mobile devices, tracking how much money they've made or lost by substituting a generic.
"At the same time, it's also sent to the sales force of generic drug manufacturers so they manage the supply chain and send pharmacy clients relevant key messages to improve service."
PharmaData's Dispense Platform helps pharmacists meet profit targets by extracting, analysing and reporting dispensary data in real time. This can be delivered as bespoke proprietary software, tailored to the needs of the brand.
The Retail Platform provides data with actionable insights to boost sales, while the Wholesale Platform assists wholesalers to understand their customer's business and maximise volume.
By making the system as easy to navigate as Facebook, Mckenzie says PharmaData has amassed a strong network of clients.
"We try not to complicate the product and have a dedicated user-experience team that builds tools that people want to use," he says.
"They make it part of their business operations. After opening the doors and turning the lights on, they switch our applications on and monitor throughout the day.
"We've given sales forces in Australia and France real-time analytics on where their opportunities are, so they can drive that strategy in the region."
PharmaData has secured partnerships with Alphapharm and the Pharmacy Guild of Australia, while it also holds 20 per cent of the market in France with Mylan.
Mckenzie says the company has the potential to target most of Europe, by focusing on early stage generic substitution markets.
"We follow the legislation around the globe as it changes," he says.
"We're doing work in Spain and Portugal where the laws are about to change for generic drug manufacturers.
"PharmaData has also piloted in Italy and we're waiting on legislation changes dependent on the political climate. We'll be at the forefront of that space once it happens."
He says the US pharmaceutical market has already matured and isn't a viable option for the company.
While PharmaData remains the core business, Gilmore and Mckenzie have also developed Tipi HQ as a brand to target other industries, including retail, mining, property and education.