The global e-pharmacy is anticipated to reach USD 244 billion in 2027. Although the lockdown restrictions led to a pause in most economic activities, industries such as online gaming, online grocery, fintech, telemedicine, ed tech, and online media witnessed growth when compared to other industries. Another such industry that increased two-fold was the e-pharmacy or online pharmacy industry.
This sector in India grew owing to the increased accessibility during the pandemic and numerous upcoming players in the e-pharmacy sector such as Netmeds, 1mg, EasyMedico, MedLife, & Apollo Pharmacy. According to the KPMG-FICCI report, E-pharmacy market in India is predicted to register a CAGR of 45 percent in the future. In 2020, the pandemic pushed several consumers toward purchasing their medicines online. One of the reports shows that over 60-70 percent of the medicines which are ordered via e-pharma platforms are from chronic patients since it is more affordable as well as accessible for them. “HealthTech saw a tremendous increase in consumer adoption towards online consultation, e-pharmacy, etc.
However, the next wave of growth is expected to arise from technology-led business models driven by AI/ML which will help consumers have faster and better care," said Aryaman Tandon, managing partner, and co-founder, Praxis Global Alliance. The growth in the online pharmacy industry in the country is evident owing to the positive experience coupled with stronger adoption among low-income groups. Some of the benefits of E-pharmacy in India include
Convenience for consumers E-pharmacy is more convenient compared to retail pharmacy stores. This was mainly experienced during the pandemic it helped people to order the necessary medicines from the comfort of their homes through mobile apps and software. This was also highly helpful for the elderly & patients who were not in a condition to go buy medicines from a pharmacy.
Practo is a reliable online medical store. It comprises a large catalog of healthcare products & medicines. Practo renders services to 100+ cities. It connects 1000s of healthcare providers with millions of patients across the world. Incepted in 2009, Practo has 100000 listed doctors from 310 towns & cities. This app also provides customers to have an automated prescription refill option, which enables them to check their medicine order & reorder what they need.
Increased accessibility & availability While a few medicines are really hard to find in retail pharmacies, e-pharmacies make them accessible to consumers easily. Retail pharmacies most often have limited stock and medicines offered by them are expensive when compared to online pharmacies. At present, Netmeds is one of the biggest players in the e-pharmacy industry as it offers a wide range of medicines, healthcare products as well as drugs. Netmeds is one of the most popular Indian websites for purchasing medicines online. Although Netmeds was founded a few years ago, it has a pan-India presence
and offers prescription over-the-counter drugs & wellness products. It has features where customers can set up their subscription for the medicines to be delivered every month and purchase other healthcare products related to skincare, family care & baby care among others.
Improved information E-pharmacies render value-added information to their consumers that include medicine reminders, side effects of the medicines used, and information on cheaper substitutes as well. Besides, Online pharmacies also link it to medical resources such as government agencies, universities, and other health associations.
1mg is the leading digital consumer healthcare platform in the country. It renders delivery services to more than a thousand cities across India. Consumers can order medicines as well as health products via their website and get them delivered at home through licensed pharmacies. While the 1mg app provides accurate & trustworthy information on medicines, the best part or USP of it is that customers can enter the names of the medicines they need and obtain cheaper alternatives with the same compound. It also provides health tips as per the medicines that consumers order.
Authentic medicines Since medicines that are bought via e-pharmacy platforms are stored digitally it is easy to track the supply chain and decreases the risk of drug abuse, self-medication & fake medicines.
Lower costs Small working capital, less overhead costs, and increasing margins are some of the major factors that facilitate E-pharmacies to offer medicines at lower costs and this is one of its biggest advantages.
Challenges in the online pharmacy sector Although there are numerous benefits of online pharmacy there are also a few challenges that exist in this industry.These include: Lack of technical infrastructure & awareness in rural areas The key to success in any industry is strong infrastructure. Although smartphones and internet penetration rates are high, some parts of the rural regions are still not aware of online pharmacy and how to utilize it E-pharmacies are unfavorable in times of emergencies
A disadvantage of online pharmacy is that when medicines are required immediately people won’t be able to get them delivered quickly since it consumes a lot of time from ordering to delivering the medicines. Therefore, online pharmacies are most suited for pre-planned buying.
In a nutshell “The widespread adoption of technology in healthcare will bring about a paradigm shift in access to healthcare wherever there has been a gap. The ‘HealthTech Predictions 2021’ report help stakeholders navigate and consolidate such a shift and subsequently bridge gaps in access," said Prashant Tandon, Founder, and CEO 1mg and co-chairman, IAMAI HealthTech Committee.
Online pharmacies or E-pharmacies are highly convenient since all medicines ordered online are delivered safely at the comfort of our homes. Also, online pharmacy is cheaper when compared to retail pharmacies since it offers various cashback offers and discounts. According to reports, this industry is said to grow two-fold in the coming years and evolve into one of the biggest industries.
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