Apex industry body, Federation of Indian Chambers of Commerce & Industry (FICCI) has forecasted that the e-pharmacies in India will grow rapidly and cater to an approximate 70 million households in India within the next four years (by FY2025). This shift is being driven by India’s adoption of e-commerce, mobile-first consumer behaviour, and improved digital payment infrastructure. Online pharmacies, a vertical of e-commerce, are thus starting to gain momentum and have tremendous growth potential.
The e-pharmacy market is also receiving a further push due to the country’s renewed interest in healthcare spending, and a general awareness about health and immunity due to the pandemic. This It will not only create value for the customers but also generate a host of B2B opportunities going forward. The benefit for e-pharmacies is that it ensures complete authenticity of medicines with full ‘track and trace’ capability, ensuring integrity of medicines right from manufacturers up to the patients’ homes.
Factors contributing to the growth of e-pharmacies in India:
Changing disease patterns in India: The Covid-19 pandemic has increased awareness about co-morbid conditions among Indians. Awareness about diseases such as diabetes and hypertension has increased because of the Covid-19 pandemic.
Awareness and understanding of Wellness: There is a rise in the number of lifestyle-based diseases like obesity, diabetes, hypertension among individuals of all ages, including the younger generation. The pandemic has forced people to think about their health, immunity, and overall holistic wellness. Adults are most motivated to set health and wellness goals to improve their health, feel happier, look better, and take control of their wellbeing. E-pharmacies provide customers a path to this wellness they seek; with a range of immunity-boosting, herbal, Ayurvedic, and natural products all under one virtual roof, e-pharmacies are the ideal space for a consumer to avail of this aspirational wellness lifestyle.
The rise of E-pharmacies in India:
There is a significant amount of untapped potential in the e-pharmacy market. Consumers need to be made aware of the ease of use and convenience aspects. Online pharmacies can develop streamlined logistic support to ensure timely delivery of medicines to manage emergency needs and pass on cost benefits through discounts to consumers. Also, sharing information on drugs, counter-indications, precautionary measures to be taken for applicable dosages, and cheaper generic substitutes that can aid consumers to make informed decisions.
The Covid-19 pandemic has provided e-pharmacies with much-needed impetus and the opportunity to showcase the merits of their model. The lockdown allowed them to play a pivotal role in healthcare by improving 24×7 accesses to medication and other pharmaceutical needs. Despite the initial challenges caused by the disruption in supply chains and the issues related to manpower, e-pharmacies were able to spring back into action within a short period – making medicines available on time and addressing concerns of patients.
Online pharmacies have the advantage of tracking systems backed by advanced technology, supply management, and efficient operations to help build a healthy ecosystem. The pandemic has accelerated a paradigm shift in consumer trends and behaviour; coupled with the boom of emerging technologies in India, e-pharmacies will grow and the digital transformation is here to stay.
