E-pharmacy business which majorly depends on online mode of payment, has gathered steam in Kolkata and the other parts of Bengal in the last month (May-June 2020). Apart from Covid-19 lockdown norms, shortage of adequate stocks and a minuscule discount in retail medicine shops shot the demand for medicine delivery through various e-pharmacy platforms.
Buying from home option lead to surge in e-pharmacy sales. Online medical stores such as Netmeds, 1mg and PharmEasy, which have been struggling to take off in a big way for over three years mainly due to regulatory issues, have seen an unprecedented surge in sales across cities amid the Covid-19 crisis.
Online grocers and pharmacies are pulling out all stops to hire manpower to deliver essential items, at a time when demand has been unprecedented due to the ongoing lockdown to combat the spread of the Covid-19 outbreak.
Emerging Technologies: The advent of E-Consultations as well as the use of cutting edge technologies & AI in healthcare will take E-Pharmacy model to next level. The ability for a patient to enjoy higher quality and convenience while optimizing price, will drive the market share up for e-Pharmacy players. The e-pharmacy websites provide health blogs which provide information about the drugs purchased like indications, adverse effects and dosage requirement. They also provide information and awareness about various medical conditions to increase patient education and awareness.
Regulatory Framework and Support on Technological Aspects: It is critical that the regulatory framework in the country be conceptualized keeping in mind the larger interests of the consumers in the country. If technology is available to cut the intermediary costs on medicines, it must be allowed to be used to its full potential, as it will bring down the retail price of many drugs and will benefit the middle-class. Hence, this is the right time for the Government of India to define policies and guidelines for E-Pharmacy and come up with a clear-cut operating model, in line with the concerns of the regulator, while providing benefits to the consumers.
Impact of e-Pharmacy Model on the Traditional Brick and Mortar Pharmacies: Currently, there is a lot of misunderstanding about E-Pharmacies impacting the traditional brick and mortar pharmacies. In reality, E-Pharmacy model enables the existing traditional pharmacies to cater to a broader set of customers and also ensures that the inventory is consolidated by reducing the requirement for working capital, removing wastage from system and increasing margins, thus making the model sustainable for each entity in the industry.
Analysts at Ken Research in their latest publication “India E-Pharmacy Competition Benchmarking – A Detailed Analysis of Major E-Pharmacy Players in India“ observed that the fast-growing Indian E-Pharmacy industry needs to focus on key areas such as logistic infrastructure, lab diagnostic segment, organic growth in average daily orders and strategic partnerships with various entities to promote wellness goods & consumer goods sale with a view to create a sustainable all in one online platform catering across India, which will promote the growth of the sector in a more structural & organized way by increasing the reach of the platform. The India E-Pharmacy Industry is currently in its nascent stage & is expected to grow exponentially with an influx of investment in this space.
Key Target Audience:-
Health Supplements and OTC Products Manufacturers
3PL Logistic Players
Government Organization catering to the Pharmaceutical Industry
Offline Pharmacy Players
Time Period Captured in the Report:-
Medlife Wellness Retail Private Limited
Netmeds Marketplace Limited
Pharmeasy (91 Street media Technologies Private Limited)
1 MG Technologies Private Limited
For More Information on research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications