Key takeaways
- Netmeds has established itself as a leading online pharmacy in India by offering a comprehensive health platform.
- The company aims to differentiate itself through technology, including online consultations and future diagnostic services.
- Founded in 2015, Netmeds has achieved double-digit growth and recently secured significant funding from major investors.
- Their module facilitates digitization of prescriptions
- Scores prescriptions based on certain mandatory data that a prescription must hold
- Reads patterns in prescriptions and finally puts out alerts to the team of pharmacists if the algorithms pick out any suspicious prescriptions or orders
Use Cases
The company uses Machine Learning and Fuzzy Logic to map the catalogue to supplier catalogues. Over a period of time, on an average the engineering team has been able to match 80% of the supplier’s catalogue via algorithms, which helps cut down integration time tremendously. “Our algorithms have also been able to detect new pack sizes, patterns in the way suppliers name products in their catalogue, which helps in on-going synchronisation between supplier systems and ours,” said Pandit.
The team also leverages AI to forecast demand and procurement requirements by pin code and match this up to the warehouse that services the respective pin code. Forecasts are made depending on historical sales data, the type of the product, season and marketing efforts. Based on these forecasts, demands are generated to suppliers based on-storage capacity of the warehouses, supplier ratings based on their previous fulfillment rates and time taken to fulfill demands.
