Big Data To Help Online Pharmacies Stay In Shape
The idea is to diversify and offer more to customers. Such experimentation is gaining ground among ehealth players, who are venturing into new territories such as insurance and private label medicines by making use of data like never before.
BENGALURU: Epharmacy 1mg Technologies’ chief executive Prashant Tandon has set up a small team of data scientists whose only job is to tinker around with available data and come up with interesting models with a potential to be turned into products in the near future.
The idea is to diversify and offer more to customers. Such experimentation is gaining ground among ehealth players, who are venturing into new territories such as insurance and private label medicines by making use of data like never before.
“I have a separate team working on data. It is not for the current business, but for next-generation artificial intelligence. A few years down the line, it will be a differentiator,” said Tandon. “Platforms are coming up with the next level of engagement with patients now. The ecosystem is actively looking at it.”
Max Bupa recently introduced Max Bupa GoActive Health Insurance Plan, along with GOQii, Practo and 1mg. The insurance plan offers services such as inpatient hospitalisation, on-the-go access to OPD, diagnostics, personalised health coaching, second medical opinion and behavioural counselling. Practo has also partnered with ICICI Lombard General Insurance to offer outpatient insurance products.
Such new avenues could throw up data in addition to the already existing and growing data from primary businesses such as emedicines deliveries, econsultations and diagnostics. The mushrooming data could well pave the next big leap for the growing ehealth industry. Online pharmacy Med-Life too is working on similar data use cases and is close to signing an outpatient insurance partnership as well.
Besides, it has come up with its private label generic drugs, Pure Generics. It is looking at launching about 30 generic drugs and 40 over-the-counter products by the next financial year. The company expects Rs 100-crore revenue from its private label, under which its first offering will be a paracetamol 650 mg.