Introduction: One thing that has grown in popularity since the availability of the internet and smartphone has grown is E-commerce. Nowadays most things are sold online and E-commerce platforms are constantly trying to increase their consumer base to an extent, they have achieved success as well. Although E-commerce platforms are still a long way from replacing Orthodox brick-and-mortar retail shops but their share has increased in the last few years.
We can quite comfortably say that increased penetration of the internet and the availability of smartphones have led to the growth of E-commerce exponentially. This growth in E-commerce is almost across all categories as people have started to buy most of their requirements via online platforms. As we have discussed that growth in E-commerce is across most of the categories Pharma sector is not behind as well and in the last few years so many E-pharmacies have emerged and they are doing quite well. It won't be wrong to say that there is a drastic shift as far as shopping behaviour of consumers is concerned and they are preferring online shopping for several reasons and one of the biggest reasons is the convenience of shopping out of the comfort of home, Sometimes you have to buy just one medicine and you have to go to the pharmacy for it with E-pharmacy you can buy them with convenience. So whether you have to Buy IMOVANE Online or Xanax online you can with one click.
The global e-pharmacy market’s valuation in 2020 was around US$ .8 billion. As far as revenue share is concerned, prescription Drugs occupied 68 per cent of revenue share whereas over-the-counter (OTC) drugs had a share of 32% revenue share. GROWTH DRIVERS FOR ONLINE PHARMACIES There are reasons for this growth in online pharmacies and due to this it’s share has grown in the last few years. Some of the reasons are discussed here.
NATURE OF TRADITIONAL PHARMA RETAIL: As the traditional retail sector is so unorganised there is always scope for e-pharmacies. Traditional pharmacies face plenty of issues like the sale of substandard and counterfeit drugs, price wars along with the availability of drugs, all these issues are there because multiple retailers at multiple locations in every sector create such problems. The growth of E-pharmacies has the potential to solve some of the problems that are there in this sector.
SUPPORT FROM THE GOVERNMENT: During the pandemic, the government gave the required support to E-pharmacies as it understood the importance of home delivery of medicines, medicines are very much essential services due to which they were given due importance and every step was taken to make sure people get their medicines in time. This support during covid gave them the much-required push that these E-pharmacies needed.
CONVENIENCE: One of the biggest reasons or drivers for the growth of E-pharmacies is the convenience that they offer to consumers. Other than convenience people get genuine and authorized medicines only. Consumers also get medicines at affordable prices along with convenience. You can buy any medicine online as per your need like if you have to buy single medicine you can buy them with ease online for which you have to go to a traditional pharmacy. . So whether you have to Buy IMOVANE online or Xanax Online you can with one click.
POTENTIAL OF E-PHARMACIES: There is tremendous upside potential that E -pharmacies have as there are smaller centres where people still prefer traditional pharmacies because of various reasons. E-pharmacies can tap that market. Also with more and more internet penetration E-pharmacies are bound to grow. Apart from internet penetration if E-pharmacies increase their investment or if they attract investors then through these increased investments and consolidation activities these E-pharmacies can grow tremendously.