Enterprise cloud data management firm Informatica said Pharmarack, a Pune-based business-to-business (B2B) pharma focused technology company which specialises in commerce-to-insights technology, has chosen its intelligent Master Data Management (MDM) hosted on Amazon Web Services (AWS).
The AI-powered solutions is expected to help Pharmarack in ensuring data consistency across the value chain and digitising pharmaceutical ecosystem to facilitate smoother transactions among stockists, chemists, and pharmaceutical companies nationwide, said a statement.
According to the company, Pharmarack has established a national footprint, connecting over 250,000 chemists and druggists with more than 12,000 distributors and stockists, encompassing over 300,000 Stock Keeping Units (SKUs) across six thousand brands.
Senior executives stressed that one of the primary challenges in the marketplace is ensuring data consistency across the value chain, a problem technology firm seeks to solve with Informatica's solutions.
“Informatica's intelligent MDM enables us to address an industry problem related to catalog quality in both online and offline marketplaces. With more than 240 million combinations of listings from over 12,000 sellers, we aim to standardise and enhance consistency across more than 300,000 SKUs, thus improving efficiency throughout the value chain and significantly enhancing the experiences of our stakeholders, including chemists, stockists and pharmaceutical companies,” said Arundhati Kshirsagar, Chief Data & Analytics Officer at Pharmarack.
Kshirsagar also stressed the benefits of a consistent master data catalog, explaining its role in empowering small and medium business users, reducing time-to-market, and ensuring the availability of quality medicines across the country.
The challenge of achieving a unified golden record across over 12,000 unique independent catalogs is formidable if approached manually. Informatica said its intelligent MDM presents a solution for Pharmarack and potentially the entire industry, offering quality catalog management that can level the playing field for small and medium-sized businesses in India.
The company also said that the deployment is expected to improve medicine availability, reduce expiry issues, and boost efficiency in the pharmaceutical value chain.
Steven Seah, Informatica Managing Director for ASEAN, India, and Korea said that the AI-driven capabilities of the IDMC platform would enable Pharmarack to refine their data management processes and scale efficiently.
“The cloud-native, all-in-one solution, along with the low-code/no-code experience and AI-powered automation of our IDMC platform, will enable Pharmarack to streamline their data management environment and scale rapidly, empowering them to unlock valuable data insights and create value for India's healthcare ecosystem,” said Steven Seah.
