Medlife Gains 30% of The Online Pharmacy Market

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A New Wave Of Health Care: Online Medicine Delivery

With the new year coming around, there are a lot of changes happening in the way we used to do things before. Going to a chemist to buy medicines are slowly becoming redundant as the new era of online pharmacy is gaining more of the market each year. According to the latest reports by the Times group, the domestic e-pharmacy in India is predicted to touch an overall sale of 25000 crores by the year 2022. The CAGR is predicted to be around 63 per cent, thanks to the new initiatives by the government to push India towards digitization.

Medlife Gains 30% of The Online Pharmacy Market

Medlife as of now are the leaders of the online medicine delivery industry in India. The need for consistent medication for chronic illnesses is pushing more people to opt for online medicine delivery rather than going to the local chemist regularly. Other government initiatives such as Ayushman Bharat PM JAY insurance scheme, e-health care facilities are all making the population become more familiar to online based health care services.

A Huge Untapped Market For Indian E- Pharmacies

Estimates by Frost & Sullivan state that the online pharmacy sales will contribute to about 15-20% of overall pharma sales in the country by the year 2029. Currently obtaining an overall market value of 3,500 crores, the future of online pharmacy in India looks very bright. Europe and North America are the largest profiteers of online pharmacy globally, but there lies an untapped potential market in the Pacific Asian countries where the future of e-pharmacy will progress. Early players like Medlife are making long-term plans to keep a strong foothold in the market.

Online pharma sales to hit Rs 25,000cr in 4 years
Source: https://goo.gl/hD7tQn

Factors such as the rising gross income of the urban population are also playing a major role in the development of online pharmacies. As people gain more disposable income, they tend to opt for comfort when compared to a little profit. This is where online pharmacies thrive, with a very minimal delivery charge they are able to provide medicines that are trustworthy with a quality that can never be doubted. Finding a medicine delivery service that is functional 24 hours is not as difficult as physically going in search for the nearest medical store.

Future of Local Chemists

This news, however, may not be very welcoming to the local chemists who are struggling to keep up with the competition while also struggling to maintain business according to government standards. The increased need for documentation of prescriptions and the difficulties in maintaining inventory is making them lose out in the competition with the computerised future of medicine delivery.

Most of the scattered eight lakh chemists around the country are slowly attempting to computerize their inventory and price management services aiming to provide hassle-free services to the customer. A streamlined program to track and manage the inventory standards can be of huge help to the medical store owners. The extra pressure by the government on them regarding price regulations are also seriously affecting their profit margin.

The Bright Future of E-Pharmacies

Latest reports by Frost & Sullivan shows that the overall growth of pharma sales in the region was capped at 27.6 billion in the year 2016 and in 2017 it hiked up to 29.6 billion. This has also been a contributing factor in predicting the overall sales to touch 55 billion by the year 2020. With such a boom to the overall pharma sales market in the country, online pharmacies are bound to come to the front line of the picture of health care in India.

With India becoming increasingly tech-savvy, where even the rural population are slowly getting used to online medical services, this estimate does not seem to be very far fetched. External factors such as cheaper internet and wide coverage are also benefitting the online pharmacy market in a huge manner. Medlife’s experience in the pharmacy retail business sector is also adding to their pool of knowledge in designing a flawless system that can dominate the online medicine delivery industry in India.

Why Choose Online Pharmacies?

Online pharmacies have only started functioning since the past decade, it’s only in the recent years that huge capital has been allocated to these industries which made them come up with business plans which can successfully penetrate the overtly suspicious Indian markets. There is still a lot of confusion among many regarding the trustworthiness and feasibility of online medicine delivery.

In the act of curbing a lot of unethical medicine delivery from sprawling the digital space, the government and the health care ministry of India had come up with a set of very strict regulations that are required to start an online pharmacy in the country. These regulations make sure that the medicines delivered via online pharmacies will be of the finest quality. The need for rigorous documentation of prescriptions is also making it easier for the patients to find their consolidated medical history and medicine intake charts over the years.

Online pharmacy storage spaces are one of the best places to store medicines, there are always continuous attempts to make sure that no harm befalls anyone who opts medicines from their warehouse. All these factors make sure that the quality of medicines is something that online pharmacies can never compromise with.

There are also many attractive offers which make delivering medicines highly feasible. Besides the economic benefit, you can also save the time and effort it takes to physically go and buy medicines from a local chemist. All these are factors that are making more people opt for online medicine delivery.

In this coming year, let’s make sure that all of our medical needs are met in the easiest manner and use online medical services to experience the change that is happening in the medical sector of India.

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Online pharma sales to hit Rs 25,000cr in 4 years . Times of India. https://timesofindia.indiatimes.com/business/india-business/online-pharma-sales-to-hit-rs-25000cr-in-4-years/articleshow/67357073.cms. Published January 3, 2019.

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