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E-commerce is the newest technology of industry in India. There are several segments of E-commerce in India out of which the newest segment is the online pharmacy market or E-pharmacy.
The potential of E pharmacy market is worth over a million dollar and there are more than 30 start-ups, which covers this segment in almost every part of India.
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Pharmaceutical Shopping Online Facts
E-pharmacy has an impressive market penetration rate in both Urban and Rural regions of India. In E-pharmacy, there is an excellent opportunity for online pharmacies to take part in the growth of this segment and high profitability. So as a result of the recent laws regarding online pharmacies more investors are interested in funding new start-ups and interested to enter in Indian E-pharmacy market.
The Indian E-pharmacy market growth is very high due to the rise in the numbers of the population who are suffering from different types of diseases. Also, Government’s initiative of Jan Ausadhi program is a part of Digital India which also worked as a promotion of this segment of online marketing.
There is almost more than 850,000 pharmacy retail shops exist in India. These pharmacy retailers have raised their voice against these online marketing procedures. They said that without any valid prescription or verification one can purchase medicines from online retailers and this can leads to misuse of medicines.
Pharmaceutical Shopping Online Market Demand
Indian pharmacy market is mostly driven by several small and recognized retailers. They used to come with a collaboration of online pharmacy websites and do sell their products through this website.
Advantages of E-Pharmacy:-
- It is available for accessing 24*7.
- It saves Time and Money both.
- It increased accessibility and availability of medicines.
- It maintains privacy.
- Increased choice and different kind of medicines are available.
- Delivery at the desired place is available and also they allow a refund.
In India, there is no particular law for online pharmacies but there are several guidelines which control the sale of Schedule H and Schedule x drugs without a valid prescription. In 2015 a regulation was declared by pharmacy council of India which states that a scanned copy of a Prescription is also valid.
Future of E-pharmacy in India:-
Nowadays people are too busy with their daily scheduled life. So they don’t want to walk down to the nearest pharmacy for medicine. And this is the key factor in the growth of this segment. In digital India concept, e-commerce is become an important factor to stay ahead in the market competition.
And also the Indian government is involved in this segment to make people aware of the online marketing procedure.
And people are interested to have product when and where they are in need to save their time. And so the E-commerce business is rising high every day. And as a segment of E-commerce, the E-pharmacy is also a new trend with a high growth ratio day by day.
The investors are also interested in investing in this segment of E-commerce as it provides high-income opportunity in the global market in the near future.
The main source of growth of this business is easy availability of high-speed internet and several initiatives taken by the government.
The Indian government has launched the initiative program “power to empower” in 2015, which aims to provide high-speed internet in rural parts of India. It also puts positive effects on the future of E-pharmacy business.
This E-pharmacy business is intended to grow by 2024 in India. As they forecasted a CAGR of over 20%, crossing the US$3 billion by 2024.