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Understanding The Norms Of Business - Venturing Into Online Pharmacy Store Business

27 October, 2020 Arindam Chakraborty

Preliminaries

People are fascinated by new technologies and their applications, more toward those used in everyday lives. Civilizations that adopted modern technology flourished.

Businesses have also undergone multiple evolutionary events. Almost every part of the human commodity is now available online. From food to clothes and from technology to medicines, almost everything is at a mouse click's distance. From the barter system to BitCoins, money has changed the course of history times, and it is inevitably going to do the same way with the future.

The Present Day Scenario

The world economy was hit very hard by the Covid-19 pandemic. Coronavirus infection was first reported in the Wuhan district of the Hubei province of China in December 2019; however, the full effect of the virus was not realized by the people until the World Health Organization (WHO) declared it as a pandemic on March 11, 2020. This warning, however, came a little too late for the people as cases from around the world were already increasing at an exponential rate, and governments of different countries were not ready to tackle such a global catastrophe. Medical infrastructure collapsed for many countries, the enormous pressure of treating the affected individuals was too much for many countries. 

Ushering Into A New World Post-covid19

Businesses were also severely affected due to the logistical and transportation crisis during the lockdown imposed in almost every country. Covid-19 pandemic will go down in history as one of the most tragic incidents for humanity when millions of people lost their lives and livelihood.

However, the coronavirus pandemic did bring a unique and timely set of opportunities. Businesses who decided and went online are flourishing in the present times. The majority of the Information Technology (IT) companies were able to send their employees to work from home as most of the technology companies are network centric and online, which helped them retain vital human resources. This transition also helped people with technical skills retain their jobs.

What Important Takeaways Can Be Taken From Covid-19?

The answer is fascinating. The pandemic has been a blessing in many ways and made people realize a few important life lessons:

  1. Survival depends on innovation. Staying relevant is vital. Developing new skills is important for staying relevant.
  2. Time never stays the same way, and there is no need to lose hope.
  3. People constitute businesses, so connecting to the mass is vital.
  4. Virtual reality and cloud computing are the future.
  5. Adaptation and improvisation are good business virtues.
  6. Social distancing is now accepted by people. Social distancing is the new normal.
  7. The pandemic has slowed down the world and has given people time to think.

India Is The New Superpower And A Virtuous One

Going online is the key to the future. The pharmaceutical industry in India is estimated to reach around 55 to 60 billion US dollars by the end of 2023. The pharma industry in India was estimated to grow at a CAGR of 22.4 percent from 2015 to 2020. India exported total pharmaceutical exports of around 17 billion US dollars in 2018 and that reached around 10 billion US dollars in 2019.

Following are key features that a business model must follow to grow:

  1. Setting the Vision: What will be the direction of the business is vital in the decision-making process. Money is important but people are more important. Taking care of the customers' needs and aspirations will ensure that the company keeps getting business in the foreseeable future.

  2. Setting the Goals: It is vital to set realistic and achievable goals to set a course in the right direction for realizing the vision. Specific Measurable Achievable Relevant and Time-bound (SMART) goal methodology is important to make realistic goals and realize the full potential of the business model. 3) SWOT: Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis is done for predicting clientele, market patterns, and risks associated with the business venture. Understanding and analyzing the strengths, weaknesses, opportunities, and threats associated with a product or group of products is important. Effective marketing and sale of a product depend on an efficient SWOT analysis.

  3. Intelligent Investment: Investing in various options is the correct way to do a business. Companies who invest in a single avenue run a greater risk of suffering a loss.

  4. Diversification and Innovation: Diversification is important to successfully implement business strategies. Companies diversifying and investing in new technological options can handle new market challenges. Adopting online strategies is a good example of diversification. For example, 3MEDs is an online pharmacy store owned and operated by "Nitsa Advisor." Launched in 2020, the 3MEDS online pharmacy delivery app was declared as the no.1 online pharmacy app in India. 3MEDS has enabled customers in Delhi to avail of medical facilities from the comfort of their homes.

Conclusion

Businesses need to understand a customer's needs to make a long-term profit. Adopting online solutions and business strategies will be very important for a successful business operation in the present-day scenario. The coronavirus pandemic has illustrated the importance of the online business model.