The Metaverse in Pharma: Three Tips for Following the Movement

The Metaverse in Pharma: Three Tips for Following the Movement

As in the retail industry, digital shopping environments, virtual reality experiences and convenient payments will bring scalability to the pharmaceutical industry.

by Giovanni Oliveira

In late 2021, we were introduced to the metaverse: “an embedded internet where you can experience, not just watch”. Here are the words of its creator, Mark Zuckerberg.

Considering the new proposals on the scene, we intend to propose some points of convergence between Metaverse and the pharmaceutical market, which are linked to all the paths leading to technologies affecting the field. Next-generation platforms focus on people, well-being and customer experience. Factors aligned with the principles and values ​​of the pharmaceutical industry.

As in retail, digital shopping environments, virtual reality experiences and convenient payments will bring scalability to related fields. Pharmacies will be able to serve more customers and reduce fixed costs. Treatments and applications in healthcare could become a reality in the pharmaceutical sector, expanding revenue streams.

To plug the industry into this new digital experience, we were able to establish three possible paths:

1) Assign specific people in your organization to spend a few hours a week researching metaverse themes and possibilities and how they fit into your business model;

two) Promote initiatives closer to startups through open innovation programs;

3) To get closer to the customer’s challenges and aspirations, these problems are increasingly observed to understand the “pain points” and possible solutions to their problems. Metaverse offers several technologies that can help, such as virtual reality, asset tokenization, blockchainImmersive Healthcare Experience Platform and many others.

The pharma startup space is hot, with potential, but still underexplored. Pharmacy retail has approximately 90,000 stores nationwide, which provides very attractive financial figures.

The technology-induced health crisis accelerated by covid-19 in this market is attracting good business for entrepreneurs who want to serve the field. Not to mention the growing wellness services scene in the pharmaceutical network, which presents opportunities for wellness startups in the industry.

In the medium and long term, the technology development prospects in the fields of services, logistics, management, data, e-commerce, sales and health services are very promising.Add to channel integration omnichannel, pharmacies will no longer be just a place to buy medicines, but an environment of well-being and relationships. All of this will be provided by implementing innovative solutions brought by startups focused on the field.

*Giovanni Oliveira is COO of Farma Ventures

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