An online pharmacy or E-Pharmacy is one that operates and provides its services through the internet. It sends orders to customers through mail or shipping companies.
Online Medicine shopping in India has become an increasing trend. An E-Pharmacy model is one of the biggest boons during this ongoing global pandemic, as it is the perfect aid to our inability to move out of the house. Online pharmacy India stores are now evolving as a one-stop solution for all our healthcare needs, and functions as 24-hours pharmacy.
Online Pharmacy India Growth
According to a study conducted, the online healthcare pharmacy market in India was estimated to be around US $512 million (~INR 3,500 Crores) in 2018 and is estimated to grow at a CAGR of 63% to reach US $3,657 million (~INR 25,000 Crores) by 2022. E-pharma industries are expected to attain a combined market size of US$2.7 billion by 2023.
This growth in India is due to a wide variety of reasons. These include:
● An increase in internet accessibility and smartphone ownership
● The normalization and ease of ordering medications through an e-commerce platform
● An increase in the prevalence of chronic diseases
● Improvement of digital payment infrastructures
● The rising per capita income and the resultant increase in healthcare expenditure
Benefits of E-Pharmacy to the Consumer Increased Convenience
Due to the increased prevalence and availability of technology, smartphones are easily accessible to a wider majority. This enables them to order medicines conveniently from their mobile phones or computers. This is a model of great assistance to the elderly and sick, who are not in a condition to make visits to medicine shops near them. In the modern era, online pharmacies are finding increasing relevance among nuclear families, urban households homes of working couples, etc.
Improved Accessibility
With access to the inventory of multiple stores at a click away, e-pharmacies can aggregate supplies, facilitating the availability of otherwise hard-to-find medicines to consumers across the country. Local pharmacies are often faced with the challenge of space and have a limited inventory. Thus, the consumer has to visit multiple stores to be able to purchase the necessary medicine.
Online Medicine Offers, with Maximum Discount
Online Pharmacy portals enable pharmacy entrepreneurs to widen their customer base and reach, while reducing working capital, overhead costs that include real estate,inventory, salaries to employees, utilities, and other intermediaries. This results is increasing margins, which can translate into a cost advantage for end consumers. Prices online tend to be 10-20% lower than offline. Periodic discounts provided on online pharmacy stores prove to be an added advantage as well.
Provision of Highlighted Information and Consumer Education
E-pharmacy sites go the extra mile and provide well-researched valuable information to the consumers. These include notations on drug interactions, side-effects, medicine reminders, and the possibility of cheaper substitutes. This makes the consumer a well-informed, aware customer.
Authenticity Checks
Since medicine purchases are stored digitally, it is easy to track the supply chain, thereby decreasing the risk of counterfeit medicines, drug abuse, and self-medication.
Online pharmacies serve as the most viable, efficient alternative to other medicine stores near you, as they provide an efficient, all-round service that provides online medicine with maximum discount. The industry has seen massive growth in its service provided during this pandemic and will continue to do so.
