Growth, Awareness and Success Rate of E-pharmacy

How does E-pharmacy work??

Software apps are today used by consumers to order medicines from their smartphones and tablets. This is akin to ordering products and services though popular apps, but ordering medicines, have an extra layer of precautions.

When ordering medicine online, the user must submit a request for drugs to the database by submitting a copy of their scanned prescriptions. A staff of licensed pharmacists then checks the request for the drug and double checks if the request is valid. Qualified pharmacists then send prescriptions to the pharmaceutical warehouses in the location from where pharmaceuticals will be delivered to the customer. In other cases, the nearest pharma outlet may also deliver the medicines. This technology can be used on both mobile and web platforms and is simple and secure to use.

E-pharmacy is a much wider term, it provides medicines and expert consultancy through mobile applications or the web. MedleyMed is a leading solution platform that connects with patients directly to their pharmacists and have medicines delivered to the doorstep of the consumer. The aspect of personalisation is what makes MedleyMed unique and different from other brands.

Growth of E-pharmacy:

In recent years, e-pharmacy has evolved as a more effective and convenient method of addressing patient concerns and providing greater customer service than its physical equivalent. In 2020, the e-pharmacy market in India was estimated to be worth INR 50.71 billion. It is expected to increase at a compound annual growth rate of 44.99 percent between 2021 and 2026, reaching INR 458.14 billion. ?

This industry is divided into two categories: chronic treatment and emergency treatment. Chronic treatment led the market in 2020, contributing to 63.42 percent of total revenue. During the forecast timeframe, it is expected to be the most dominant. However, by 2026, this part of the market is anticipated to drop to 53.92 percent.?

During the projection period, the acute treatment segment is expected to develop at a healthy rate. It is expected to increase its market share between 36.58 percent in 2020 to 46.08 percent in 2026, growing at a CAGR of 50.56 percent between 2021 and 2026.

Customers with chronic diseases and those who require long-term therapy and who require medication regularly find online pharmacies useful. e-pharmacy platforms are popular since consumers get a larger selection of medications, at a lower price band. ?

The growing presence of online and mobile applications indicates that increasing incidence of lifestyle disorders. Government initiatives in pushing UPI based payment systems have also helped fuel the market's expansion in recent years. Pricing affecting profitability, data leaks and hacking, pharmacovigilance, and supplier relationship bottleneck are some of the roadblocks to the growth of online pharmacies.

Prominent e-commerce corporations, and conventional brick-and-mortar retailers have moved into this the sector, drawn in by the market's enormous development potential. Major firms such as Amazon, Reliance, and Tata entered the online pharma market in 2020.

Although online pharmacies are relatively new to the Indian market, they have quickly grown and established themselves in the pharmaceutical industry. The type of business model used by those who order generic medicines is among one of the causes for the growth. The online option is customer-centric and beneficial to a large section of the population, many of whom are infirm and elderly.

Impact of Covid -19 on the growth of E-pharmacy:

The COVID-19 pandemic has wreaked havoc on the government's health service and brick and mortar pharmacies. With the beginning of the second wave, e-commerce portals like e-pharmacies have grown in popularity.

During the second wave, the market saw a massive increase in online sales. The last mile connectivity was one of the major issues for online pharmacies and that has been addressed to a large extent, over a period of time. ?

With increasing usage of e-payment networks, online ordering is now secure and easy. In addition, cashback rewards, discounts and options like cash on delivery have led to a massive growth of online pharmacies. Users in remote places have also been able to get medicines which are not available in the local medical shops from bigger online chains.

Awareness among individuals on E-pharmacy

●??????E-pharmacy grew fast after 2019 when the pandemic hit our nation. People were scared to step out of their homes and retail pharmacies suffered. At the same time online pharmacies picked up steam.?

●??????People in rural areas, are still unaware of e-pharmacy due to lack of awareness and technology barriers.

?●??????e-pharmacy is relatively well known in urban areas, but there is still a hesitancy in using it due to certain misconceptions.?

●??????The probability of spurious drugs in the market have contributed to growth of reliable online pharmacies like MedleyMed. ?

●??????The thought process of using conventional pharmacies that have been running for ages is another factor that has made it slow for people to shift to the online mode. ?

Although e-pharmacy has only recently arrived in the country, the online sector has been registering significant growth, especially in the last few years.?

Conclusion: ?

Users of online pharmacies should be careful and doubly check the portal they are ordering medicines. Don’t click on suspicious links that you may receive through social media. Be sure you are looking up a genuine website or app. To start with, you can look up our online pharmacy MedleyMed!