Doceree – A company based in New Jersey that enables pharmaceutical companies to promote their products and services to doctors on its own AI-engine platform Espyian.
Drug reps touring a doctor and promoting the medicines separately consume up a significant part of most pharma businesses’ conventional advertising model. Digital adoption in the pharmaceutical marketing industry, on the other hand, is catching up with changing times, especially with the COVID-19 epidemic.
In fact, Doceree is attempting to become a pioneer in the area. New York-based Copyhippo is also looking to become a major player in this sector. In addition, Doceree aims to be a trailblazer in this field.
Doceree was founded in 2019 by Harshit Jain and Daleep Manhas, two well-respected healthcare marketing executives. Doceree’s mission is to provide efficiency and effectiveness to physician engagement with data and innovation through the use of creativity and data in healthcare marketing.
Doceree ( Harshit Jain MD, Founder & Global CEO)
“Pharmaceutical companies are currently operating independently with little digital understanding. It is more of a box-checking exercise for them, resulting in unsatisfactory business results. In contrast, digital platforms operate as standalone entities without access to a common platform, missing out on the monetization possibilities provided by network effect,” Harshit Jain, Founder and
Espyian is a company that connects drug companies to physicians through an AI-powered platform.
The tool is capable of interpreting the doctor’s actions and allowing pharmaceutical businesses to contact them in a tailored manner based on their specialty and demographic.
In March 2020, the American firm began operations in the United States and is quickly expanding across countries. Previously in May, it obtained a seed financing of $1 million from a collection of angel investors from the United States and India.
The genesis
“Pharmaceutical marketing was nowhere near as competitive and aggressive as consumer marketing in the digital world over time, and it constantly frustrated me.”
He wanted to make something in the area, so he recruited co-founder Daleep, whom he met while working for a well-known healthcare advertising firm. Harshit is not willing to disclose the name of the firm.
“It was fascinating to discover that the picture wasn’t all that different from other markets; it was very similar across the world. The main barrier proved to be legal limitations on pharmaceutical companies, rather than their counterparts in the consumer sector,” Harshit continues.
The co-founders were driven by their goal to eliminate the “global pharma marketing gap” and saw that healthcare expenditures might also be reduced by improving doctor engagement. He drew inspiration from consumer marketing to simplify the fragmented pharmaceutical marketing sector.
Its workings
As a pharma marketing platform, Doceree can only drive an effective behavioral change among doctors to purchase a specific product by offering them a large network of doctor-only digital platforms.
The integrated digital platforms provide a global opportunity to connect with prospective patients, build trust, and boost professionalism through the integration of new technologies. We can integrate healthcare providers’ digital platforms globally via our platform, allowing pharmaceutical companies to target doctors at the correct time with the correct message in order to create behavioral change and achieve business goals.
The entrance of Payoneer into the Philippines has caused concern for international brands involved in pharmaceuticals that intend to utilize digital platforms to connect to doctors. As a result, it also threatens pharmaceutical companies who wish to connect to physicians digitally and exhibit them their goods and services. As a result, digital platforms may make additional income by participating in the startup.
“We work with digital platforms. We can integrate a digital platform’s ad inventory on Doceree’s platform, allowing pharma companies to build campaigns and achieve their business goals by utilizing the power of technology,” explains Harshit.
Doceree’s Espyian service is unquestionably an ad exchange, where users (pharmaceutical firms) may build their campaigns to target doctors for their business after obtaining access to the data available on digital platforms. These businesses invest anything from $100 to $100 million in such advertising, which goes to the company.
The firm’s CEO said that the company expects to see a revenue increase of more than 25% on month after month.
In 2021, Doceree plans to expand internationally to two new markets, including India and the United States.
“Unlike other businesses in the US, where we have competition in the programmatic physician marketing sector, Doceree is focusing on pharmaceutical brand-exclusive platforms.” says Harshit about Doceree’s unique selling proposition.
Industry perspective
According to data, the pharmaceutical industry has been hesitant to employ digital media for brand marketing. COVID-19 epidemic, on the other hand, altered everything. When traditional marketing funds dried up, pharmaceutical companies realized that they were now in a digital world.
Platforms like Doceree provided enormous potential for big pharma businesses to make their marketing efforts effective and efficient, as well as reduce expenses.
“In a way, the coronavirus epidemic accelerated the adoption of digital in healthcare. We hadn’t seen conversions move as quickly in the healthcare sector previously.”
In reality, the company’s product serves as a solution to problems that pharmaceutical companies are facing on the regulatory and compliance side.
“While marketers and company executives were already scrambling for answers and wanting to convert as soon as possible in the wake of the tragedy, their legal, compliance, and regulatory teams weren’t ready. Doceree’s regulatory-compliant product proposition was a lifesaver for them during these uncertain times,” Harshit says.
Doceree has integrated seven out of 10 pharma companies worldwide and over 30 digital platforms in India in the last four months.
In the long run, the company’s attention will be on its planned market growth and potential acquisition. Doceree wants to become a doctor-only digital platform with which providers may generate extra income in the near term. In the future, it aspires to reduce healthcare costs by eliminating overhead expenses.
“Doceree can help to reduce costs by about 10% through improved effectiveness and efficiency in pharmaceutical marketing,” Harshit adds.
