The drugs and pharmaceuticals industry is huge in India as well as globally. According to niryat.gov.in, the total exports from April to June 2024 were around $7197.52 million from just the drugs and pharmaceutical industry.
And for every international business, the one thing that is required the most is an efficient and reliable payment method that can help seamlessly grow a business. BRISKPE’s role in Derma Medicine Point’s success is highlighted in this case study, which shows how the platform streamlined its international payments, helped it overcome challenges, and expanded its market reach.
Company background
Derma Medicine Point is a merchant export company founded by Mr. Hitesh Matte in 2016. Based in Nagpur, India, the company specialises in pharmaceutical industry and has quickly established its presence in the global pharmaceutical export market.
The company has been in the pharmaceutical industry for almost two decades and Mr. Matte saw an opportunity in the international market to expand. Derma Medicine Point now export pharmaceutical products in countries like the USA, UK, and Europe, and has recently expanded to Australia.
Their major marketing channel is India Mart that helps them connect with international buyers and promote its products. This has helped them reach a wide array of customers across different horizons.
Challenges faced by Derma Medicine Point to export globally
The international market is highly competitive and to build a customer base, consumer trust, and increase sales, every company undergoes some challenges. Derma Medicine Point also faced some of these challenges and let us take a closer look into it-
- Increased competition
After COVID-19, the pharmaceutical industry, especially in the international market became more clustered. This enhanced the competition and made it more difficult for Derma Medicine Point gain new customers.
- Difficulty in scaling the business
The company wants to expand the business in Asian countries like Korea, and Japan. And their existing company infrastructure might not be best suited for scaling the business in these countries. Hence, scalability is a crucial concern for the company.
- Limited payment option
There are very limited payment options for international payments and most of the traditional methods take more than a week to reflect the amount in the bank account. Hence, it creates difficulty in keeping track of cash flow and making financial decisions.
- Currency conversion issue
The financial operation becomes more complex with the regular currency conversion. Keeping track of the changing conversion rates and calculating them accordingly is an extra hassle for the company.
- Higher processing time
Initially, Derma Medicine Point relied heavily on bank transfers and that used to take an entire week to receive payments.
How did BRISKPE helped Derma Medicine Point to streamline their international payments?
Mr. Matte got in touch with BRISKPE to streamline their international payments. They experienced an immense improvement in their payment process and let us look at them-
- Real-time payment
Mr. Matte was surprised that they received international payment in less than 48 hours. He said, “It is like we get payment in real-time”, which made him trust BRISKPE for his further transactions.
- Local currency transaction
By allowing customers to pay in their local currencies instead of dollars, BRISKPE enhanced convenience and improved client satisfaction for Derma Medicine Point’s international clients.
- User friendly platform
The easy-to-use BRISKPE platform allowed the company to understand and use it continuously for daily use.
- Flexibility
Derma Medicine Point’s payment ecosystem is seamlessly complemented by BRISKPE, serving as a reliable option.
- Excellent customer support
Whenever Mr. Matte got into a payment related issue, BRISKPE’s team helped him out immediately. He said, “BRISKPE team is good. They are communicating with clients and every time they solve the problems.”
Implementation and result
There were several positive impacts on Mr. Matte’s business after shifting to BRISKPE and here’s what they have to say about the result-
- Improved cash flow
Since the payment receiving window has been shortened from a week to less than two days, it helped the company to monitor and improve their cash flow.
- Better customer experience
The facility for clients to pay in their local agencies provided a better and all-rounded customer experience which resulted in customer retention.
- Better operations
The ability to manage inventory and plan for finances in real time was made possible by real-time payments.
- Diversified payment options
BRISKPE offers various payment options for several currencies around the world. This helped the company to offer more choices to clients and cater to different preferences and needs.
Winding up
Mr. Matte’s journey with BRISKPE has been positive, and he thinks it can change the international payment option greatly. He also thinks that with a trusted payment partner like BRISKPE, he can confidently explore more international markets and take his business to new heights.
BRISKPE, as a team, is looking to expand and have a more positive impact on companies and solopreneurs. If you’re also looking to enhance your international payment process, then contact the BRISKPE team on (email ID/ number).
