Will E-Pharmacies Become the New Norm?

  • 14th Sep'20
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COVID-19 has brought the whole world to a standstill. Not only has it exposed the big gaps in our healthcare operations, but also highlighted the requirement of having a pandemic handbook.

Countries such as the US and Italy, which spend a whole of about 15% of the GDP on healthcare and feature among the top infrastructures globally, have reported an alarming number of COVID fatalities. As people get more habituated to consuming products and services at home, e-pharmacies' sales should stimulate beyond their historical 60% expansion, and capture a more significant market share in pharmacy retail.

Read the below article to know more about it:

Ecommerce: Will E-Pharmacies Become the Norm?

https://www.entrepreneur.com/article/354184 

 

Changes in Consumer Behavior Pattern 

 

Due to COVID, consumer buying habits will be always altered towards online shopping for a number of reasons. It will be months, maybe more, before people feel good about gathering en masse in places like malls and big marketplaces. In addition to that, being under lockdown has given customers an opportunity to hone their online shopping prowess and many have found out that shopping online is not only convenient and economical, it can also be enjoyable. 

 

E-Pharmacies in Covid-19

 

Online pharmacies have become the new normal, there aren't any congested medical shops. Teleconsultation might also become the new measure. Until now, e-pharmacies have faced many challenges including unclear laws, value proposition turned on heavy discounting, etc. However, e-pharma companies have recently inaugurated multiple innovations such as a subscription model with auto-refill for chronic patients (2/3rd of pharma consumption), same-day delivery, certified alternatives, etc. In addition, players have started integrating other healthcare assistance such as diagnostics, wellness, etc, and launched private tags to induce frequent consumption and provide more comprehensive care. These efforts coupled with customers being 'forced' to try online purchase, should make e-pharmacies more mainstream. The benefits of e-pharmacies clearly overshadow the obstacles that stand in the industry’s way and with consumers staying at home and shopping online more than ever, e-pharmacies are only restoring more prescriptions. 

 

Read the below article to know more about it: 

E-pharmacies have become the lifeline of last resort: Pradeep Dadha

https://www.livemint.com/companies/people/e-pharmacies-have-become-lifeline-of-last-resort-pradeep-dadha-11589995233067.html 

E-Pharmacies: The Story So Far & The Way Forward

https://www.mondaq.com/india/healthcare/968136/e-pharmacies-the-story-so-far-the-way-forward 

Why E-pharmacy cos are not worried by the regulator’s ban on online sales?

https://www.livemint.com/news/india/why-e-pharmacy-cos-are-not-worried-by-regulator-s-ban-on-online-sales-11575468649676.html 

How pharmacies are coping up with the lockdown

https://www.entrepreneur.com/article/348925?_gl=1*3oyybt*_ga*YVZFQ1FoMG9oVTBpanYyLW5pQVp4ZUt6aXJZa2JCYXdrZEVRb3FPU2psdlNpMWlHS1RqWnhIR1BNRlRHMC1Yeg

 

Read the below article to know more about a startup in the health sector:

Can Health Startups Make India Pandemic-Ready?

https://www.entrepreneur.com/article/355468

Amazon launches online pharmacy in India

https://www.bbc.com/news/business-53775024 

Mainstreaming healthcare startups amidst COVID-19 is the need of the hour

https://m.economictimes.com/small-biz/startups/newsbuzz/mainstreaming-healthcare-startups-amidst-covid-19-is-the-need-of-the-hour/articleshow/77818203.cms 

COVID pushes local pharmacies to try tech cure

https://www.livemint.com/news/business-of-life/covid-pushes-local-pharmacies-to-try-tech-cure-11598806453427.html 

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. 

If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below. 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Beauty Kumari, OpenGrowth Content Team

Beauty is an eloquent individual, loves to express a myriad of topics through her words. With a never-say-no attitude, she is ready to take any professional challenge head-on and gives her best to any project entrusted to her. She hopes to make an impact through her writing and build a career out of my passion.


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