India is an eminent and highly regulated presence in the world of pharmaceuticals. Having a home of over 3000 pharma companies with a vigorous network of more than 10,500 mass-producing facilities, this country is the third-largest pharmaceutical industry on the international level.
Followed by stunning success attained by consumers' sound industry in the online space, pharma is another zone to target customers online. The department of pharmaceuticals wishes to make India a center throughout drug discovery. That's why the pharma players are now taking the e-commerce route to provide solutions to various problems cursing the retail pharmacy industry.
Internet pharmacies offer a wide range of medicines and prescription drugs. These dispensaries are the source of more than 60,000 brands across 60 therapeutic categories, and they are manufacturing over 500 different active pharmaceutical ingredients. According to research published by Market Decipher, the total value of online pharmacies across India in 2019 amounted to approximately 21 billion U.S. dollars. Out of this, the market share for addressable medicines was around 45 percent. This was expected to go up to over 59 percent by 2023.
Almost 60% of citizens visit physical medical stores and they are unsatisfied with the services at the counter. Customers believe that the medicines they receive from online pharmacies are one step ahead of medicines selling in apothecaries' shops. Online pharmacies offer better pricing than offline stores, with increased access, lower transaction and product costs, convenience, and greater anonymity for consumers. They offer accessibility to people with limited mobility and people in remote areas. Hence, Online pharmacies are the need of every hour.
The complete addressable market or potential for e-drug stores is relied upon to be US$18.1 billion by 2023 from US$9.3 billion out of 2019 at a CAGR of 18.1%, introducing a colossal market opportunity.
Ankur Pahwa, Partner and National Leader – E-Commerce and Consumer Internet, EY India, says, "Today, India is adjusting to web-based business quickly with portable first customer conduct and improving computerized installments framework, and online drug stores, one of the verticals of web-based business, are beginning to pick up energy and have gigantic development potential. The e-drug store showcase is relied upon to develop at a considerable pace in the following four years on the rear of the reestablished focal point of the legislature and families on human services spending and the quicker reception of web among clients. It won't just make an incentive for the clients yet, in addition, create a large group of B2B openings going ahead."
"Out of this, e-drug stores are required to target 85 percent of the interminable market and 40 percent of the intense medication showcase by 2023 (up from 25 percent in 2019)," the report said.
Here is the list of TOP THREE ONLINE PHARMA MARKETS OF INDIA:
1 Medlife
2 NetMeds
3 1MG
Let's turn the table and have a look on the other side of the aspect. There are many illegal pharmacies running in the country. Patients who buy prescription medicines from illegal online pharmacies may be putting their health at risk because the products while being passed off as authentic, may be counterfeit, contaminated, expired, or otherwise unsafe. In addition to health risks posed by these products, illegal online pharmacies can cause other risks to consumers. These include the risk of credit card fraud, identity theft, and computer viruses.
Owners don't have a license and they have death-dealing scenarios. Illegal online pharmacies in India have become life-threatening torture, but the Indian government is showing a nonserious attitude to tackle this issue. Many journalists have raised their voices against it. Health professionals and senior pharmaceutical staff are fighting a war against it. They are filing FIRs and losing their jobs. The truth is that online pharmacies in India are operating in an unregulated manner.
Research Source: Market Decipher (a market research company in India)
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