E-Pharmacy refers to the presence of a pharmacy over the internet that offers medical and healthcare product to the patients directly to their homes. Here, a customer doesn’t need to leave the confines of his home, and the medicines will get delivered to their doorstep via shipping and courier services. The mobile internet revolution has further eased the process as people can order medicines from their phones. Patients can even upload their prescriptions to get prescription drugs with ease. With fantastic discounts and offers on purchase and payment, people can also save a lot of money on the deals.
The Indian E-pharmacy market has been accelerating in the E-commerce industry space in recent years. And henceforth entrepreneurs and industrialists have been taking a keen interest to take advantage of this growth of the market. There have been changes in the law and order of the online pharmacy which has further boosted investment in this sector exponentially. This is an outstanding opportunity for the pharmacy sector to take a plunge into the E-commerce division, now more than ever.
The online pharmacy market in India has shown remarkable signs in growth since 2018 and is estimated to experience a 63% CAGR growth by 2023. However, the covid-19 pandemic has become the greatest overall boost of the Indian E pharmacy as India has adapted digitalisation and the lockdown encouraged lots of local pharmacies to set up online stores. Although the largest online pharmacies are in North America and Europe, this boost is gradually creating an expansion in the Indian E pharmacy. The Indian E pharmacy market offers discounted drugs and medicines to their buyers as lots of Indias are moving more to online purchasing. However this market is also experiencing a few online transaction challenges like canceled order, delayed receipt, wrong pricing , and struggles to get medication delivered to customers in the rural areas. Irrespective of that, the Indian E Pharmacy market is still gaining attention in the E commerce economy. Many online pharmacies in India are advancing and gradually topping the charts. Customers find it more convenient buying from the online pharmacy because of the availability and fast delivery without having to step out of the house. The online pharmacy is thus becoming an attractive investment due to it’s estimated growth and past positive reports from investors in the market, as it has been able to yield about $190 million revenue for investors so far. Regarding the challenges of the E pharmacy, expansion of the E pharmacy market to employ advanced technologies can help curb some of these challenges. The reform Modi government has also become one of the greatest boost of the Indian E pharmacy. The simplification of regulations and increasing awareness of the roles of private sectors in the economy would also encourage more pharmacies to obtain digital licence. With the economy of India being open to competition in this respect, Indian E pharmacy would likely become one of the worlds largest.
The exceptional growth of Indian E - pharmacy market is stimulated by the emerging number of cases of chronic ailments for example, Hypertension, Diabetes and Respiratory diseases. This increase in the number of chronically ill people has propelled the industry of Indian E- Pharmacy forward. Not only this, but an added advantage given by the government in terms of push towards the Digital India programme has motivated the business men and women to step into the E- pharmacy market of India. With the advent of Telemedicine it is possible to reach even the rural part of the country which roughly comprises about 60% of the population. This has tremendously changed the scenarios in this sector. Also keeping in mind of the Pandemic, it is all the more essential to digitize the pharmacy sector.
Although there have been deficits in this sector, which will need to be fixed. For instance, internet availability in certain parts of rural India is still a major issue. Further, the trust factor plays a key role. The people may fear getting false medicines or fallacious prescriptions. Even at places where there are complete internet facilities, the shortcoming of unavailability of mobile applications in people’s own regional language may pose a hurdle. Absence of data security and fear of data breach is yet another problem. Tackling these issues must be a priority for the E-pharmacy companies in order to sustain the growth.
The Indian healthcare scenario will be witnessing a positive transformation with the rise of E-pharmacy market through the year 2020 and beyond. The prospect looks bright, given the fact that it makes purchasing medicines and healthcare products quite efficient and comfortable. With the spread of COVID-19 virus in the country, the e-pharmacy sellers are the only safe option for people to get medicines delivered to their doorsteps because stepping out in such a situation is a big “NO”. More players are coming together in the market to offer seamless service to the customers, and hence the consumer base will increase further in the coming days. The pace at which the market and demand are growing, the industry is expected to flourish within a year. The market trends show a rapid upward movement, and will potentially boost the business of multiple logistics partners of such e-pharmacy companies.
It is the need of the hour for the Government, E-Pharmacy companies and Entrepreneurs to amalgamate their strategies and work towards a common goal of making the online health facility affordable, accessible and trustworthy.
Please fill in the form below to Request for free Sample Report
Office Hours Mon - Sat 10:00 - 16:00
Send Us Mail firstname.lastname@example.org
© 2018 Market Decipher. All Rights Reserved