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:-
Pharma/Medicine
Manufacturers
Medicine
Distributors/Wholesalers
Health
Supplements and OTC Products Manufacturers
3PL
Logistic Players
Government
Organization catering to the Pharmaceutical Industry
E-Pharmacy
Players
Offline
Pharmacy Players
Hospitals
Industry
Associations
Time Period Captured in the Report:-
FY’2015-FY’2020
Companies Mentioned:-
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:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
No comments:
Post a Comment