An online store that lets users buy medications and get medical care from the comfort of their homes is called an e-pharmacy. People can now get medications fast, frequently delivered right to their doorstep, thanks to the development of digital technology. Some of the best pharma colleges in Nashik are shifting towards including digital healthcare in the curriculum to train students in this advancing trend. This blog will discuss the future prospects of India’s online pharmacy industry as well as how it is currently developing
The Expanding Indian Pharma Market
With a 2021 valuation of $41 billion, the pharmaceutical market in India ranked third globally in terms of volume. It is anticipated that this industry would reach $65 billion by 2024.
A number of variables, including an ageing population, a rise in chronic illnesses, more disposable incomes, and increased healthcare awareness, are contributing to this growth. One segment of this industry that is expanding quickly is the Indian online pharmacy market. There are about 250 e-pharmacies in the nation, and this market is growing rapidly. Indeed, the percentage of people who preferred online pharmacies increased from 23% in 2013 to 59% in 2018. By 2022, the industry was predicted to have grown to $36 billion, a 63% annual growth rate.
Advantages of Online Pharmacy
E-pharmacies are growing in popularity for a number of reasons:
From anywhere, people can order medications and have them delivered to their houses. Elderly persons or those with physical limitations who need to take medication on a regular basis will find this especially helpful.
People all around the nation may now afford medications thanks to e-pharmacies’ frequently competitive prices and discounts. In addition to pharmaceuticals, a lot of e-pharmacies offer diagnostic tests, online doctor consultations, and information about illnesses and medications.
E-pharmacies are therefore a complete healthcare solution. Physical pharmacies may be difficult to find in isolated and rural locations. By delivering medications and medical services directly to consumers’ doorsteps, e-pharmacies aid in closing this gap. To increase access to healthcare throughout the nation, the Indian government has started a number of programs, including Ayushman Bharat. Both urban and rural residents may now access and afford healthcare thanks to these initiatives and collaborations between E-pharmacies and health insurers.
Problems faced by E-Pharmacies
The e-pharmacy industry has certain difficulties in spite of its many advantages. The absence of a well-defined regulatory framework is among the most significant problems. Online pharmacies find it challenging to compete with traditional drugstores, which are subject to stringent regulations, because there are no rules specifically pertaining to them. This is a significant barrier for online pharmacies that must be overcome to support the expansion of the sector.
Online Vs Offline Pharmacies
To understand the contrasts, let’s compare traditional offline pharmacies with online pharmacies:
| Online pharmacy | Offline pharmacy |
| Ease of use and doorstep delivery of medicines within a short time. Beneficial to geriatric and physically disabled groups with chronic medication. | Physical movement is needed to procure medication. |
| Offer better pricing with added discounts. | Medicines are sold at MRP price. |
| Offer a wide range of medicines and services because they integrate several retail pharmacies into a single platform | Limited range of products and stock unavailability is a common problem. Customers have to visit several stores to purchase the desired item |
| E-pharmacy does not have its legislation and follows the offline regulatory framework. | Offline pharmacies have a rigid regulatory framework for the production and sale of drugs across the nation |
| Since patients have to provide personal information such as their contact number, address, and disease profile, data security can be a problem | Customers do not have to provide any personal information at the time of purchase |
| Since a network of pharmacies is integrated into one platform, working capital and overhead costs are reduced, thereby increasing margins | Due to increasing competition amongst brick-and-mortar stores, offline pharmacies suffer from poor industry margins |
| E-pharmacies are growing at a steady pace. At present, there are 250 online organisations, and the expected market growth is at a CAGR of 63% and reaches $3.6 billion in 2022. | The stability of the retail pharmacy industry is uncertain because it is highly fragmented, and there is tremendous pressure for price control and is hence facing stagnant growth |
| Apart from the sale of medicines, E-pharmacies also provide value-added services such as E-consultation, E-diagnostic services, information about medications and diseases, and health insurance service. | Offline pharmacies only deal with the sale of medicines |
The chart makes it evident that, in comparison to traditional pharmacies, e-pharmacies provide a greater variety of goods and services, more convenience, and cheaper costs.
Factors Affecting E-Pharmacy Growth
India’s internet user base is growing quickly, particularly in rural regions. The need for e-pharmacies is anticipated to increase as more individuals have access to cell phones and the internet. Every region of the nation, including rural ones, will have internet connectivity thanks to the government’s Digital India initiative. More people are using online healthcare services, such as e-pharmacies, thanks to this effort.
To increase access to healthcare, the Indian government is starting a number of initiatives. SUGAM, E-hospital@NIC, and the National Health Portal are a few examples. People are finding it easier to purchase medications online thanks to these initiatives and expanding health insurance plans. More people require daily medicine as lifestyle-related disorders like diabetes and hypertension increase. E-pharmacies provide a practical alternative to going to a conventional pharmacy to purchase these medications. The expanding economy of India is increasing the purchasing power of its citizens.
More people may now afford internet healthcare services as salaries rise. E-pharmacies are in a good position to benefit from this trend and broaden their customer base. The significance of e-pharmacies has been brought to light by the COVID-19 epidemic. Since conventional pharmacies were frequently closed or had limited hours during the pandemic, many individuals resorted to online pharmacies for necessary medications. Due to their resilience, e-pharmacies are now more crucial than ever in the healthcare industry.
The Prospects for Online Pharmacy
E-pharmacies appear to have a promising future and are here to stay. This industry’s success will continue to be fuelled by government efforts, the expansion of internet connectivity, and the growing need for reasonably priced healthcare. E-pharmacies are expected to play a significant role in India’s healthcare system as more people turn to online channels for their medicinal requirements. The government should establish clear laws for online pharmacies as the industry develops further. This will make it easier for e-pharmacies to run efficiently and keep offering people all throughout the nation easy, reasonably priced healthcare services.
Conclusion
In India, e-pharmacies are transforming how individuals obtain medications and medical care. Their cost, convenience, and extra services are making them a popular option for many. Even though there are still issues, such as the requirement for stricter laws, e-pharmacies appear to have a bright future. E-pharmacies will have a significant impact on how healthcare is provided in India in the future as more people choose digital healthcare. Pursuing B.Pharm from a top pharma college in Maharashtra can amplify your career in the global pharmaceutical industry. Good luck!