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How Online Pharmacies Are Now Rushing To Pace Up Growth

26 October, 2020 Asmita Bansod

Introduction:

With the growing trend of taking everything online, pharmacies are also showcasing their share in the online world. The e-pharmacies or online pharmacies are very much customer friendly providing a number of benefits to them. And as a matter of fact, people are preferring online pharmacies over the brick- and- mortar pharmacies. Due to this reason the online pharmacies are now rushing to pace up growth. Due to the increase in the demand of the online pharmacies, they are in a dire need to stimulate their growth. Especially in the times of COVID-19, when the most feasible mode of buying drugs is through internet. Online medicine order in Delhi has become quite common due to the overgrowing pandemic. 

The Factors Affecting The Growth Seen In The Pharmacy Sector:

  • The e-pharmacy market is expected to generate around USD 107.53 billion by 2025, at a CAGR of around 14.26% between 2019 to 2025.
  • The penetration of internet is increasing worldwide, hence there is an increase in investments made by the private companies and rising steps are taken by the government bodies. These factors are propelling the global e-pharmacy market development.
  • The rising burden of diseases and adoption of IT in the healthcare sector are also contributing to the growth of online pharmacy market.
  • The increase in number of illegal online pharmacies, strict regulation policies imposed by the government and increasing use of e- prescriptions are hampering the growth of the online pharmacy market globally.
  • Lack of proactive and progressive growth of e-pharmacy is affected by investments in the e-pharmacy sector.
  • As the number of illegal and unauthorized online pharmacies is growing, the Drug Controller General of India is imposing strict implications therefore, hampering the overall growth of the online pharmacy market.
  • There is a huge scope and potential for growth of e-pharmacy sector is India due to easily available internet in urban as well as rural areas.
  • The e-pharmacy business offers heavy discounts and undeniable offers to the consumer as compared to the brick- and- mortar pharmacies. This further supplement their growth.
  • E-pharmacy sector can be considered to be in a nascent stage.
  • The business- friendly nature of the e-pharmacy is promoting investors to invest in them, thereby helping the e-pharmacy rush their growth pace.
  • Online pharmacy app in India is also gaining popularity among the general crowds.

Steps Taken To Pace Up The Growth By The E-pharmacises:

  • The Indian pharmacy market is homogenous. The online pharmacy fraction has been plagued by regulatory hurdles and is now showing signs of easing.
  • It is mandatory for the e- pharmacies to operate in conjunction with the Information Technology Act and Drugs and Cosmetics Act to run a good business.
  • India hosts more than 200 e- pharmacy business today who are now seeing the light across the tunnel by the help of government.
  • There has been a demand by the e- pharmacies to the government to harmonize all laws that apply to the sector and communicate that through a single notification.
  • The draft pharmaceutical policy released by the government recently also validates e- pharmacies promoting their growth.
  • Appealing to the local food and drug inspector, along with Drug Administration (FDA) authorities has also advanced the growth of e-pharmacies with their support.

Growth Seen In The E-pharmacy Sector:

The increase in use of use of smartphones and tablets are the key factors driving the global Online Pharmacy market demand. Today's generation largely depends on the online supply of products such as cosmetics and medicines without prescription. Rising rate of chronic diseases and medical awareness over the online pharmacies surges the growth opportunities for global e- pharmacy market. The corona virus has favored the growth of global online pharmacy market. And during a pandemic e-pharmacies are more preferrable and reliable than the brick- and- mortar pharmacies. Around 30- 40 percent of orders have leveled up in the digital market platform since the pandemic took over. In India, 1.5- 2 percent of sales are of online pharmacies and usage of smartphones and other devices are anticipated to propel the market's demand. Many companies are investing in the online pharmacy market to escalate their business.

Conclusion:

Online pharmacies are rushing in a lot of ways to pace up their growth. Due to their increasing demand and preference they seem to be flourishing very well. A lot of e- pharmacies are growing and expanding their business today owing to the development of e- commerce.