The pandemic may have given an immediate boost to the online pharmacies industry in India for Generic drugs however, other factors are already making way for the growth of the industry.
Changes in consumer preferences: Although consumers were already swaying toward e-commerce, the pandemic has prompted them to adopt. Online transactions have increased by 71.3 percent in the period between April and. Also, in 2020 Tier III markets have recorded an increase of 53% in the use of e-commerce.
Government initiatives like Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) can boost development in the sector by broadening the scope of the market for pharmaceuticals. This program is designed to provide access to quality and affordable drugs throughout the country.
In May a renowned consulting firm forecasted the Indian e-pharma market would grow seven times over the period of 2019 to 2023. The market is predicted to be US $ 2.7 billion (Rs. approximately 199 billion) in 2023, up from US 360 million (Rs. 26.5 billion) which is an astonishing CAGR of 65.5 percent.
“Today, India is adapting to e-commerce at a rapid pace, thanks to consumers who are mobile-first and a growing the infrastructure for digital payments; and online pharmacies, which is one of the many verticals of e-commerce growing, are beginning to grow and have enormous potential for growth.
The market for online pharmacies is predicted to expand at a rapid growth rate in the coming four years because of the renewed focus of the public and household on health spending, and the rapid use of the Internet by consumers.
This will not only add the value of customers however, it will also create numerous B2B opportunities moving forward.” Ankur Pahwa as National Leader and Partner of E-Commerce and Consumer Internet, EY India
Despite the soaring numbers during an epidemic, local market for e-pharmacy for Medicines so Cheap in India is still just beginning to develop and has substantial growth opportunities.
There are a few established players, such as Online Indian Pharmacy, Cheap Medicine India. In addition, new companies like Online Medical Pharmacy have seen rapid growth. Even established traditional pharmacies have started online ventures.
The potential for e-pharmacy has attracted international conglomerates and giants like Amazon as well as Reliance Industries. In August of 2020, Amazon launched its e-pharmacy operations in the country. The same time, Reliance Retail acquired a majority stake in the current market leader Online Indian Pharmacy.
To counter the high cost of participation to the market, many companies are offering discounts, loyalty programs, and cashbacks to attract customers. One example is Online Medical Pharmacy, which offers Online Medical Pharmacy Cash in loyalty points that can be used by customers to purchase future purchases.
Online Indian Pharmacy also provides reward points with every purchase. These points can be redeemed in cash to pay to make future purchases. In addition, the current e-pharmacies are considering consolidation in order to reduce the growing competition.
Despite a positive forecasts, business players must work towards the resolution of a variety of obstacles, such as:
Untrustworthy Trust issues: There is a lack of trust in the Indian electronic pharmacy market is in its early days and consumers are still hesitant to purchase counterfeit drugs. A majority of the players have FAQs as well as media campaigns to prove the legitimacy of the drugs.
In the present there are concerns about the lack of timely service and issue resolution have also been a major issue for the market. Although the majority of players provide the option of a voice-based customer service but technology is likely to play an important role in solving the problems. Chatbots, self-help tools and quicker refund processing for payments will be key enablers of success based on technology for the business.
There is a lack of presence in languages of the region: As of the majority of online pharmacies offer user interfaces and support services only in English. Since India has a multicultural country and the business will need to be able to offer services that are native to their customers in order to gain more traction via apps, customer service and payment systems.
Access to cities and towns in Tier II and III E-pharmacies must develop logistics channels that can connect with customers in remote towns and cities and attain the enormous potential for growth. The country is already experiencing an increase in the amount of logistics investment to help support the growth of e-commerce. E-pharmacies need to tap into the growing bandwidth of logistics
Privacy concerns regarding data: With an increase in the market for electronic pharmacies the concerns of consumers about health prescriptions and records are predicted to increase. Market players will need to adopt stringent measures to ensure security of data for customers.
The country’s e-pharmacies will need to make significant strides in order to attract customers for Medicines so Cheap in India. Options to increase sales and retention of customers include customized solutions such as one-time orders with repeat deliveries scheduled at regular intervals for patients with chronic ailments making people aware of the benefits of e-pharmacies through expanding their reach to regional languages; tighter time-bound delivery systems to ensure that medicines are delivered on time; collaborations with hospital chains as well as standalone clinics to facilitate delivery of medicines via a network and lastly, efforts in order to build confidence in customers, specifically in cities of Tier II and III.
The e-pharmacy sector is expected to increase some of the share market held by brick and mortar competitors. With growth potential and potential growth this industry is expected to continue to draw investment from both established and new players. Because the regulations for the e-pharmacy industry are being worked out in conjunction with government officials at the Union Health Ministry, the business is likely to be granted the necessary legal framework to flourish and grow across the nation.
Bring to the Closure….
India’s expanding economy, population and increasing demand for Western medicine boosts the market. India’s capacity to produce generic medicines at a low cost is due to economic factors that favour the industry. The government’s healthcare spending is India has been steadily increasing on a growth path, increasing 18 percent per annum.
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