A pharmacy is a retail shop which serves prescription drugs, among the other medicinal products. At the pharmacy, a pharmacist administers the fulfillment of medical prescriptions and is obtainable to give guidance on their contributions of over-the-counter drugs. A representative pharmacy would be in the marketable area of a community. Moreover, Pharmacy retail mentions to the transaction of pharmaceutical products, which comprise over-the-counter (OTC) drugs and prescription drugs whereas, pharmacy retail stores also sell numerous FMCG products along with pharmaceutical products and its related services. The key players of this market in the India is doing effective developments and establishing the many more pharmacies for acquiring the huge market share which become profitable for leading the fastest growth in the country. Not only has this, the growing need for medicinal products by the potential consumers also lead the market growth in the forecasted in India more significantly.
According to the report analysis, ‘Pharmacy Retail Market in India (2018-2023)’ states that some of the major player which are presently functioning in this market more actively for attaining the huge market share in India by establishing an online pharmacy for dominating the growing demand of consumers with the significant increase in disposable income includes Apollo Pharmacy Private Limited, Emami Frank Ross Limited, Global Healthline Private Limited, Guardian Lifecare Private Limited, MedPlus Health Services Private Limited, Muthu Pharmacy Private Limited, Netmeds Marketplace Limited, RWL Health world Limited, The Himalaya Drug Company Private Limited, Trust Chemists and Druggists Limited and several others. Moreover, the report also cover several other relevant information related to the key player and other aspects of the market which includes corporate information, business description, products and services, key people, financial snapshot, key rations, technology adoption, online pharmacy-operating model, key growth drivers of the market, market trends and several others. Furthermore, many of the key players are adopting an effective market strategies and policies of acquiring the huge amount share with the fastest market growth in the reviewed period.
Introduction of online pharmacy and the appearance of Ayurvedic product retailers in the market of India is facilitating the market develop speedily. Observing at the potential of this sector, several offline retailers too have started online stores in order to upsurge revenue. Increasing health awareness among customers and information of the additional amenities obtainable by systematized players shall result in a gradual shift from unorganized pharmacies towards present pharmacy retail outlets. Pharmacy retailing is a capital intensive business suggestion and its set-up encompasses strategic location of outlets and the margin is fixed constructed on the government’s restricted prices.
Improvement in medical infrastructure, progress in the number of middle class households and augmented penetration of health insurance extremely impact the growth of the domestic pharmaceuticals segment. Pressure, inactive lifestyles and unhealthy food habits are the maximum common motives for the upsurge in number of patients who grieve from lifestyle-based ailments. This will standardize prescription on an ongoing basis, which in turn will make prescription-based medicines compulsory that will assistance in the development of the Indian pharmacy retail market. Additionally, it is expected that in the coming years the market of pharmacy retail in India will grow more actively over the recent few years.
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Ankur Gupta, Head Marketing & Communications