How Online Pharmacies in India are Winning the Battle Over Traditional Medicinesby Chemists World ChemistsWorld is an accredited online pharmacy
As COVID-19 swept the globe, the need for medical services and online pharmacy India shifted dramatically. On the one hand, the globe was contending with the urgent need for COVID-related health infrastructure, while demand for treatments and drugs for common disorders was declining. Consumers/people across India flocked to internet deliveries of practically all necessities—from food and gadgets to medicines—as lockdowns and the possibility of COVID19 infection kept most people indoors.
While the epidemic has given the e-pharmacies industry in India a boost, various other factors have been paving the way for the industry's expansion.
Ø Increased internet penetration: Between 2015 and 2019, the CAGR was 18.17 percent. In 2020-25, the number of internet users is predicted to grow at an annual rate of 8.78 percent. The country's e-commerce business will benefit directly from increased internet penetration.
Ø Consumer tastes are shifting: Consumers were already leaning toward e-commerce, but the pandemic has accelerated acceptance. E-commerce transactions surged by 71.3 percent between April and September 2020, according to a Razorpay survey. In addition, Tier III areas saw a 53 percent YoY increase in e-commerce usage in 2020.
Ø Government Initiatives: Programs like the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) is boosting the sector's growth by broadening the pharmaceutical market's canvas. The program strives to ensure that excellent and inexpensive medicines are available throughout the country.
Ø The Indian e-pharma market is likely to increase >7 times between 2019 and 2023, according to a renowned consultancy group, with revenues expected to reach US$ 2.7 billion (Rs. 199 billion) by 2023, up from US$ 360 million (Rs. 26.5 billion), at an astounding CAGR of 65.5 percent.
To combat the severe competition, most online pharmacies in India are enticing clients with discounts, loyalty programs, and cashback.
Despite the good outlook, the industry participants will have to fight to overcome a variety of obstacles, including the following:
Ø Lack of trust: The Indian e-pharmacy sector is still in its early stages, and buyers are concerned about acquiring counterfeit drugs. To establish the validity of the drugs, most players issue FAQs and run marketing campaigns.
Ø Limited customer support: The market is currently plagued by worries about late delivery and issue resolution. While the majority of online pharmacies in India provide voice-based customer service, technology is projected to play a significant role in overcoming obstacles. Chatbots, self-help platforms, and speedier payment/refund processing will be among the industry's technological success enablers.
Ø Limited availability in regional languages: Currently, most e-pharmacies offer only English-language user interfaces and support systems. Because India is a multilingual nation, businesses will need to provide native language capabilities to clients in order to gain a deeper level of penetration through applications, customer service, and payment systems.
Ø Access to Tier-II and III cities/towns: To attain considerable development potential, e-pharmacies will need to establish logistics channels to reach customers in remote cities and towns. To support the e-commerce boom, the country is already seeing a spike in logistical investments. E-pharmacies must take advantage of the growing logistics capacity.
Ø Data privacy concerns: As the e-pharmacy sector grows, consumer worries over health records and prescriptions are likely to develop as well. Customers' data privacy will need market participants to take strong steps.
The e-pharmacy sector is expected to eat into traditional brick-and-mortar competitors' market share. The industry will continue to attract investments from new and current players due to its potential and growth opportunities. The online pharmacy in India is expected to gain the much-needed legal cushion to function and prosper in the country, as legislation controlling the e-pharmacy market is already in the works with the Union Health Ministry.
Created on Aug 20th 2021 01:57. Viewed 211 times.