Did you know? That India stands at a number 1 place in manufacturing generic medicines. India is known to be a major player in the global medical industry because of its multiple scientists and engineers that brainstorm their heads to increase the heights of the industry.
Furthermore, India provides:
- 50% of the global demands for various vaccines.
- 40% for generic vaccines in the United States.
- 25% for all medications in the United Kingdom.
In the year 2019, the overall value of online pharmacies was 20 billion USD, which is expected to go over 60% this year (2023). Aren't these numbers awesome and unbelievable?
Since 2019, the demand for E-pharmacies has been growing at greater levels, and one of the growth drivers of this segment was covid-19 and internet penetration during that period. These two causes are by far the major reasons that made the retailers shift their business to the online platform.
What is the driving force for this segment?
As we saw above, covid-19 and internet penetration are known to be one major reason for the growth of this segment; however, there are some other reasons that simultaneously help in the growth of online pharmacies.
Change in patterns and choices : There is a drastic change in the choices and patterns of purchases; earlier, customers used to go to stores and get a random medicine suggested by the chemist or pharmacists; however, things are different now. People are aware. They know what they are purchasing, what this is used for, and its side effects or benefits. Information also plays quite a major role in the same. As for the purchasing patterns, they are gradually changing as well. Nowadays, everyone is seeking comfort from their homes because why go out when you can get everything you need to be delivered at home.
Even big sharks are not left behind : Major sharks like Tata Group and Reliance have acquired the major stakes in online pharmacy. In the year 2021, Tata Group acquired the major stakes in the online pharmacy 1MG. In the same year, pharmEasy also became the first Unicorn Company in this sector; furthermore, they acquired the stakes of Medlife as well.
Back in 2019, Reliance got the stakes of Netmeds, and In the same month, Amazon also announced that they would be launching Amazon Pharmacy. Even Flipkart did not leave the race; they announced they would acquire a majority stake in a Kolkata-based online pharmacy known as sastasundar.com.
Untapped potential : Many startups and existing pharmacists have not even got a chance to tap into this channel. E- pharmacies share an unbelievable scope of growth for different business owners. Aside from convenience, E-pharmacies have a lot to offer to customers and business owners. For customers, this is a mode of comfort, and for business owners, this is a one-stop solution to all their business concerns. If you are willing to make the right investments for the application, marketing, and sales, then no one can stop you from growing!
So, what is the conclusion?
The verdict is very simple: E-pharmacy can be the future of coming to India. Even you have the chance to become an entrepreneur. You can bring your grand idea to life by using an online pharmacy app. If you are looking to launch your business on a digital platform, then we can help you! You can contact us with the idea of your project, and we will help make it true.
Online pharmacy apps fit everyone, especially the old and ailing ones. You can even sell various types of medicines as per your niche (OTC, prescribed, generic, homeopathy, allopathy, etc.); there are no geographical boundaries, and you can ensure loyalty to your customers by providing comforting services, endless offers, and discounts. This might be the right place for you, even if you are a startup.
This is a tool to serve the right and targeted audience, and you get better insights into your overall sales and business all in its entirety; an online pharmacy app is a right medium for immense growth.