The Indian pharmaceutical company is considered the lifeline industry because its products are crucial in people’s lives. The Indian pharmaceutical sector is a significant player in the global pharmaceutical industry. This market has seen remarkable growth over the past decade. It has been driven by increasing internet penetration, shifting consumer behavior, and the COVID-19 pandemic. The online pharmaceutical market has seen a lot of changes in the past few years.
The pandemic accelerated this trend as lockdowns and social distancing measures made online shopping for medicines and healthcare products necessary. This article explores the factors contributing to this growth, key players in the market, and prospects.
Online Pharmacy Market Size in India
India is the third-largest producer of pharmaceutical goods (in terms of volume) and the 12th-largest producer (in terms of value). Indian pharmaceutical market accounts for almost 60% of the global market. The cumulative FDI in this sector was around US$ 21.22 billion from April 2000- December 2022. Additionally, India’s pharmaceutical sector is predicted to be worth US$ 65 billion in 2024 and US$ 130 billion in 2030. Apart from that, by 2025, the Indian market for medical devices has the potential to reach US$50 billion.
The COVID-19 pandemic has made it clear that India is an innovator that provides important medicines all over the world as well as an innovator and a crucial supplier of life-saving drugs. The growth of various categories, from fashion to groceries has seen a rise in online transactions because there is an increase in smartphone usage and access to the internet.
The large change in buying behaviors has led to the emergence of the promising e-pharmacy sector where people can easily do their shopping while at home. India has about 50 E-pharmacies now whose market size was $0.5 billion in 2019 and it represents 2-3% out of all pharmacy sales across the country.
The market is forecasted to expand by 44% percent every year, extending to a value of US $ 4.5 trillion in 2025. This has resulted not just in more people using it but continually gaining money magnates attention demonstrated by receiving seven hundred million dollars worth of investment last year alone.
Key Drivers of Growth
Increased Internet Penetration
Since India has the world’s most populous community of web users on earth, it is the second largest population globally in terms of internet users with an estimate that exceeds 700 million people. With an estimated worth of over $1 trillion, the global pharmaceutical sector is migrating towards online platforms. Thanks to the widespread internet availability, it has become easy to buy drugs online in India.
Smartphone Usage
Easier access to internet pharmacies has been made possible by the rapid spread of cheap smartphones, particularly in the countryside and peri-urban regions.
Convenience and Accessibility
This includes the aged or chronically sick who may struggle to access physical stores thus the convenience of online drugstores.
Competitive Prices
Digital pharmacies typically offer drugs at prices lower in comparison with brick-and-mortar stores because of bulk purchasing discounts and low overhead costs.
Source- Statista
E-Pharmacy Companies in India
PharmEasy
One of the largest online pharmacies in India, PharmEasy offers a wide range of healthcare products, including prescription medicines, OTC products, and medical devices. It also provides diagnostic services.
1mg
1mg offers medicines, health products, and diagnostic services. Apart from that, it also provides detailed information on medicines, including side effects and interactions.
Netmeds
Netmeds is a significant player in the Indian e-pharmacy market, offering a vast catalog of medicines and health products with home delivery services.
Apollo Pharmacy
Apollo Pharmacy leverages its extensive network of physical stores to offer online medicine delivery and other healthcare services.
Future Prospects
The future of the online pharmaceutical market in India looks promising. It has several trends that are likely to drive further growth; some of them are listed below-
Technological Advancements
This includes using artificial intelligence to find drugs made just for you and better systematic studying.
Telemedicine Integration
The fusion of telemedicine with e-pharmacies gives a continuous healthcare delivery system from consultation to medication delivery.
Expansion into Rural Areas
The growth of e-pharmacies in rural and semi-urban areas is anticipated from higher rates of online connections driven essentially by various moves from the government.
Collaborations and Mergers
Enhanced service offerings along with better market coverage are some of the things, which can come as a result of mergers and strategic partnerships between e-pharmacies and conventional pharmaceutical companies.
Conclusion
In the future, this the online pharmaceutical market can further accelerate by integrating Telemedicine and technological advances. The future holds great promise for the Indian online pharmacy industry enabling it to enhance while at the same reducing costs. This does indicate a critical transformation point for the country’s healthcare system as time goes by.