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Tarnea Technology gears up to digitize pharmacies in India as GST drives need for tax compliance and transparency

Nandita Vijay, Bengaluru
Wednesday, January 3, 2018, 08:00 Hrs  [IST]

Tarnea Technology Solutions is now working to digitize pharmacies in the country as GST spurs the need for tax compliance and transparency. With the retailers adopting data driven techniques to manage the shop, which traditionally has been human effort centric, especially in stock management and re-ordering, the company developed SmartMile, a cloud-based digital platform to streamline pharmaceutical retail.

SmartMile enables ‘brick-and-mortar’ pharmacies to become digital pharmacies. It completely automates their sales, purchases, inventory management and GST accounting. It also provides them with deep insights through real-time data analytics, Suresh Satyamurthy, CEO, Tarnea Technology Solutions told Pharmabiz.

The Bengaluru-based company has implemented the cloud-based digital platform across 31 locations in India and handles over 6 million transactions. It has raised funds only from angel investors familiar in the areas of pharma retail, distribution and supply chain.

“Most people in India do not realize how large and deep the pharmaceutical retailing in the country really is. China with nearly the same population of India, has 200,000 pharmacies. But India accounts for over 800,000 pharmacies.  India has one Primary Healthcare Centre (PHC) for a population of nearly 40,000. But there is a pharmacy for every 1,750 people. The huge penetration of pharmacies has come about solely on the strength of the free enterprise of these 800,000 pharmacists,” said Satyamurthy.

Indian pharma retail has challenges. The new pharmaceutical policy will bring about far reaching changes to which the retailers will have to quickly adapt. With all businesses becoming digital, pharmacies are slow to adopt this. The advent of online pharmacies and chain stores pose new forms of competition. Pharma retail industry is on a solid footing as demand continues to be buoyant.

Pharma retail in the country still works in silos. We help address three critical aspects of the business. First it puts an end to non-availability and expiry dated and completely automates the process. Second it helps in compliance related requirements. Third is that it provides 100% control and visibility for a retail owner from anywhere through the eagle eye app to manage the business in a geographic agnostic manner. We believe, we are the first fully cloud enabled platform in Indian pharmacy retail space to offer this capability, as a value-added service to our retail partners, said Satyamurthy.

 

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