The Hindu Business Line : Synygy India targets pharma sector

Coimbatore, April 1 Synygy India is targeting the Indian pharma market with its on-demand development services in the Incentive Compensation Management (ICM) space.

The company, which is the development arm of the Philadelphia-based Synygy Inc, the largest provider of ICM solutions for the Fortune 100 companies in the US, perceives that the awareness amongst Indian companies for such solutions is still at an infant level, but the desire is quite strong.

Stating that the pharma market in India did not have a ‘truly’ linked performance management system, Mr Chetan Shah, Managing Director of Synygy India, claimed that Synygy was the only provider of software-as-a-service (Saas) in this space.

A study conducted by Springboard Research revealed that the Saas adoption levels have been strong across Asia since 2005. Industry analysts predict the ICM market to grow exponentially over the next few years to $3 billion. “Business continuity is becoming the need of the hour. Enterprises are therefore moving towards adopting solutions that help business run continuously, while enhancing productivity, data accessibility and retrieval in real time,” Mr Shah explained.

On the key difference in Synygy’s offering, he said “sales compensation packs are either annual or quarterly and the communication - slow. We have proved our expertise in this space by giving results in five business days.”

The company’s integrated solutions include Saas, software hosting and managed services.

To a question he said “the strategic goals between companies in the US and India are similar. Indian companies would look at value proposition.”

He admitted that Synygy’s challenge at this juncture was in getting its first customer. “Organisations are eyeing this tool with cautious optimism,” he said in reply to a question.

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