Vindecare : Online Pharmacy

Business Proposal
2022
 Executive Summary

Vindecare Online Pharmacy is an online pharmacy where customers can order and purchase their

over-the-counter drugs, prescription drugs and other medical products online and have it

delivered straight to where they are located, for example, their homes, workplace and their

hotels. The pharmacy aims to eradicate having to wait in long lines, facing shoe leather costs,

and being stuck in traffic by providing a delivery service. Also, customers would no longer have

to spend time travelling from their homes to the doctor's office for medical attention, with

Vindecare, consumers can visit our website and relay their medical issues to the doctors which

are onsite every hour on the hour. We also plan to supply clinics, nursing homes, doctor offices,

hospitals and other medical facilities. We’ve already started to partner with a few of these

facilities who are interested in our service and we expect this number to increase exponentially

by the end of the year.

Within the next year, Vindecare will offer delivery islandwide, even to the most remote areas and

in the next five years we expect to expand to other islands in the Caribbean region. Our ultimate

goal is to have pharmaceutical warehouses across the globe in numerous countries, thereby

increasing our sales, employees and customers worldwide in no later than ten years.

Additionally, we have plans to eventually partner with FedEx, Green Worldwide Shipping and

other courier companies to ship our medical products to our customers across the globe.

Our target market consists of working class persons, retirement homes, private and public clinics

and hospitals, persons in remote areas, persons in limited mobility, and persons living in rural
and urban areas.

In addition, our competition consists of both local and international companies that sell medical

products. The local companies are however limited in the services and products they offer and

are not as largely scaled as Vindecare has the potential to be. Our wide variety of medical

products serves to attract a large number of customers of all shapes and sizes, from various

socio-economic backgrounds and suffering from varying ailments. They geographical location

will also not hinder them from utilizing our service because we will supply to all fourteen

parishes, even in the most remote areas.

In order for our business to become the powerful fireball as described above, funding is

necessary. We are seeking $10,000,000 JMD to catapult our way into success. The funds will be

used to purchase inventory, equipment, motor vehicles and other pertinent items to get our

operations up and running. This proposal outlines the features of the business, the type and level

of service we will provide, our target market, marketing and pricing strategy, the environmental

analysis and everything else you will need to make a sound judgement. Most importantly, we’ve

included our projected financial statements to showcase our financial position and where we

expect to be financially. You will notice that based on these details presented, this is a viable and

profitable opportunity ready to take flight.

 Business need and current
situation
The Covid- 19 pandemic has resulted in numerous companies, business and personal transactions

and every day activities to become either partially or fully remote. The world plunged into an

unexpected period of self-quarantining and social distancing. During this time, we saw the need

for easier means of receiving vital medication, medical supplies, and medical advice, and thus,

Vindecare was born. Vindecare is an online pharmacy that allows customers to purchase over the

counter medication and medical supplies, fill prescriptions online and receive medical advice

from licensed medical professionals all in one place and with a few clicks. Vindecare boasts its

own delivery system, so whenever these orders are placed, their purchases are delivered right to

their door. The pandemic has put people’s health at the forefront and has opened many of our

eyes to how important and precious our lives and our loved ones’ lives are to us. Therefore,

whether it's purchasing your daily vitamins to build your immune system or purchasing a vital

prescription drug for an auto-immune disease, it is pertinent that this process is done so in the

easiest and quickest way, and with the least exposure to the negative elements of the outside

world as possible.

This online pharmacy seeks to eliminate the need to stand in a queue and wait to be served.

Although most covid restrictions are being lifted, many people are still wary of being in crowded

spaces as the pandemic has made them more aware of how easy it is for germs, bacteria and

viruses to spread from person to person or with contact to infected surfaces. Technology is
becoming a vital part of today’s world, therefore it is safe to say that even without the presence

of a pandemic, an online pharmacy would still be beneficial. Though we are still in a pandemic,

the severity has lessened and a lot of people are ready to move on with their lives after two years

of restrictions, lack of mobility and social interactions etc. Despite the fact, persons have

welcomed certain luxuries and opportunities that arose as a result of the pandemic such as

remote working and applying for certain documents and filling out forms online instead of going

into the offices. People have gotten comfortable with how easy certain processes have become

and would therefore welcome an online pharmacy that is equipped to fulfill their wants 24//7

with open arms.

Vindecare online pharmacy also benefits persons who are not able to move around freely.

Customers who live a far distance from a pharmacy or ones that are ill and or immobile could

simply utilize Vindecare online pharmacy and have their item delivered to them. During the past

two decades, the internet has become an accepted way to purchase products and services. Buying

medications online is no exception. Besides its benefits, several patients’ safety risks are linked

to the purchase of medicines outside the traditional supply chain. Although a number of online

pharmacies are accessible on the web, the actual size of the market is unknown. Currently, there

is limited data available on the use of online pharmacies, the number, and attitude of people

obtaining medications and other health products from the internet. However, it has come to our

attention that there is an increased risk of patients buying products from illegal sites because

these dominate the global online pharmacy market. Consequently, improved patient-provider

communication and promotion campaigns are needed to inform the public about the safe use of

online pharmacies, as these initiatives can directly prevent patient safety threats. With our
advertising campaign and hopefully the support of the Ministry of Health, we believe that we can

spread the word about the safe, legal and hassle free opportunity that we have to offer that has

the potential to change the pharmaceutical market for the better.

 Environmental Analysis

With the added convenience of delivery and consultation that Vindecare will be offering, the

business is certain to be ahead of its competitors. Here we shall delve into an analysis of the

current economic environment.

Technological

Over the past decade, there have been significant increases in research, biological innovation and

technical advancement which have resulted in the production of high-quality affordable goods.

This has enabled more persons to get access to drugs they could not have previously afforded. As

these factors continue to improve, Vindecare will also showcase its flexibility and adapt new

ways to increase sales and provide more revenue for the business which will allow it to maintain

its competitive advantage. With any online domain, there is a high threat of being hacked and

unscrupulous people stealing data. To prevent this, the company will invest in cutting-edge

anti-virus and anti-malware software and implement a firewall to prevent breaches to the system

and to ensure that customers' confidential data are kept safe and secure.

Legal Factors

To prevent any form of legal action against the business, we will maintain strict adherence to

laws and regulations that govern the industry. The selling of illegal, counterfeit or expired drugs

goes against the regulations of the country and to eliminate this and any fraud or malpractices,

the company will seek out reputable suppliers and maintain a database to keep track of expiry
dates and batch numbers. Once medications become outdated the company will discard them in

an ethical manner. The business will adhere to the consumer laws and regulations set by the

Consumer Affairs Commission to ensure our customers are treated with the utmost respect and

care and to prevent legal action involving consumer rights violation.

Environmental

New regulations have been imposed on many pharmaceutical laboratories to decrease their

carbon footprint. These regulations have the impact of increasing costs for the laboratories, in

most cases, these costs are passed on to customers (Vindecare). This results in the increased cost

of medication and health supplies which can pose a threat to the business's ability to compete on

cost since competitors may find cheaper suppliers who are not adhering to these regulations.

Nevertheless, as the company expands it will be able to maintain its competitive advantage

through other means of cutting costs and providing exceptional service.

Over the past few years, the pharmaceutical industry has evolved significantly in terms of the

approach to drug development and distribution. The industry has rapidly moved from the

traditional approach of the issuance and development of pharmaceuticals and focuses mainly on

the Digital transformation of the industry. These digital insights will enable the various players

in the industry to be better able to improve the production time, patient access and product

distribution to the general market. The onset of the Covid 19 pandemic has also been a major

factor in how the pharmaceutical industry currently operates. There has been a rapid increase in

terms of the amount of pharmacies that now utilize the online platform. This is so as they try to

make the process more efficient for customers, limiting as best as possible the physical contact

experienced when trying to source their various medications. Seeing this paradigm shift, our
business has taken the initiative to be one of the major front players in the Jamaican market so

that we will be a part of the global innovations and serve our country effectively.

In trying to maximize how efficiently our business operates, there are several critical success

factors that our business will engage in. Some of which include:

❀ Meeting Customer Needs and Demands - It is extremely important for our business to

be able to adequately supply the needs and demands of our customers, ensuring that they

are satisfied with our service and are comfortable that we are reliable. We will offer a

wide variety of products so that the number of persons seeking a specific medication but

are unable to find it is limited.

❀ Producing Quality Service - We believe that as a business, it is our duty to ensure that

we provide the utmost and best quality service to our customers. This will help to build

customer relationships, boost customer confidence and customer retention.

❀ Improved Marketing Strategies - In order for our business to be known amongst the

public, we will need to employ an efficient and effective marketing strategy that will

penetrate our intended target market and lead to us holding a significant share of the

market.

Additionally, in assessing all variables that need to be considered when entering this market,

there are a few Regulatory Constraints that must be observed.

❀ The business must be approved by Jamaica’s Formal medicines regulatory authority

which is the Pharmaceutical and Regulatory Affairs Department in order to begin

operations.
❀ The business must adhere to the Fair Competition Act 1993 in which the Fair Trading

Commission limits the actions which businesses may take to acquire, maintain and

extend market power, ensuring that all players in the industry have a fair competitive

advantage in the market.

❀ The business must be registered with the Companies Office of Jamaica.

 Market Analysis

The healthcare industry is an aggregation and integration of sectors within the economic system

that provides goods and services to treat patients with curative, preventive, rehabilitative, and

palliative care. The industry is ever growing and beneficial as individuals are knowledgeable and

have trusted in the drugs sold to help them to overcome their health problems in order to live a

healthy lifestyle. Pharmacies are excellent establishments as it gives easy access to medication

and emergency supplies. Recent analysis done by the Planning institute of Jamaica showed that

the industry is stable and growing which results in long- term business potential. There was a 0.3

per cent increase in the index for the health division, bolstered by upward movements in the

indices for the groups, Medicines & Health Products (0.3 per cent) and Outpatient Care Services

(0.3 per cent). The health industry and Vindecare is in a great position to cash in on the trend.

Vindecare is an online pharmacy that allows customers to purchase, fill prescriptions and have

them delivered at their feet, as well as obtain medical advice at an affordable cost. The online

idea creates an edge as well as remains on trend, as three- quarter of the world is now online.

This demand for online access came from the global pandemic, COVID- 19 and has become the

new norm for many persons. This has created a surge for online presence, which many traditional

businesses lack.

Vindecare is a general partnership business. This form of business was chosen as owners are

better able to combine their resources to form the business and agree to share risks, profits and

losses. The ownership of the business will be split equally between the partners.
Target Market

Vindecare targets individuals who aren’t able to make it to physical pharmacies nor have the time

to wait in long lines, just to be told the products aren’t available or find out it’s out if it is within

their price range. With Vindecare being an online service, it creates a wider search for citizens, in

obtaining knowledge of products that are best available to suit their needs or browse the prices

for the items they need. We also target individuals who simply appreciate the ease of online

delivery services and will use this as an opportunity to free up some time in their schedule to

carry out other tasks. Seeing that this is an online platform, we will heavily target the ‘tech

savvy’ as they are the ones who are equipped to use it; however the persons who are maybe older

and less ‘tech savvy’ will also be targeted and will benefit from this service by seeking assistance

from friends and family. This is important to us as older persons are usually the ones in need of

medicinal products the most.

Customer Profile

❀ Demographic
Vindecare targets buyers between the age of 18 to 70 years old. Persons within this age group

tend to know the seriousness of health conditions and as a result find comfort in prescribed drugs

to help them maintain their healthy lifestyle. All social classes are targeted as there are different

products and price ranges to suit all of these buyers' needs. Both genders are also targeted as no

one gender deserves to be healthier than the other.

❀ Socio-economic
Vindecare targets buyers that are of the working class or those with good financial standing as it

enables them to be able to pay for their services and afford their medical or emergency supplies.
 ❀ Geographic
Our company targets persons located in all fourteen parishes of Jamaica, even those located

within deep rural or remote areas.

❀ Psychographic
We will target individuals who take their health very seriously and are willing to try a new

medium in order to obtain their prescriptions. Persons willing to try the services will rid

themselves of unnecessary trips, of going to the doctor then the pharmacy, as there will be a

licensed doctor or pharmacist present via live chat to help with ongoing concerns about whatever

it is. Vindecare also targets individuals who do not have the time to wait in long lines at the

pharmacy or prefer to have the luxury of the items being delivered at their feet without doing too

much work.

❀ Behavioural
With the increasing trend of maintaining a healthy lifestyle, we will target those who like to be

aware of the price before going to a counter, be aware of what is within the products as well as

the ability to compare items without feeling as if they are bothering someone. We will also target

those persons who value building their immune systems with vitamins and supplements on a

regular basis.

Promotions/Advertisements

In addition, we have a promotion that involves the tactics that Vindecare will use to

communicate with its target markets. There are various means of promoting the company that

will be done in a cost effective way. The most frequent are:

 Through local television advertisements, mostly during prime viewership hours such as

during the news.

Advertising through Jamaican influencers that will endorse the services offered and

demonstrating how they got their products.

On the radio, through radio stations frequently listened by the target audience such as

RJR, ZIP or Fire105.

Promotions will also be done through discounts and special offers.

Vindecare Online Pharmacy will advertise through 'print' media, thus, appealing to

readers within the country of Jamaica. Persons who enjoy reading can read about

Vindecare Online Pharmacy, the delivery service and the medical products offered in the

news business and health sections of the Gleaner, the Observer, Jamaica Star and the

Youth Link.

Additionally, some smaller scaled marketing strategies will be done through the business

website, social media marketing, and print marketing materials. Therefore, Vindecare will utilize

the business website to market the business. Thus, placing the business website on fliers, posters

and business cards which will be handed out to prospective customers, therefore, they can visit

the business website of Vindecare Online Pharmacy. Vindecare’s website will be placed on

various social media platforms, driving customers to the business. Additionally, the online

pharmacy will utilize the Google My Business app to create a google business profile for the

business. Therefore, Vindecare will be more visible online. It will show the startup hours, the

services and products offered and the business website of the Pharmacy. Hence, increase the

search rate of Vindecare Online Pharmacy online whenever prospective customers will search

for the business.

Kemp (2022) reveals that " there were 2.03 million internet users in Jamaica, January 2022.

There were 1.75 million social media users in Jamaica in the month of January 2022, 935.7

thousand Facebook users, 1.15 million Instagram users, 590.0 thousand LinkedIn users in and

twitter has 256.8 thousand users in Jamaica as of the year 2022. Vindecare Online Pharmacy will

utilize social media marketing thus, the use of social media platforms such as facebook, twitter,

whatsapp, tiktok, bip and instagram through the format of thirty (30) seconds and one (1) minute

videos communicating the delivery service of medicinal drugs sold by Vindecare Online

Pharmacy. Not only the videos but also the utilization of posters and fliers will be sent out as

well.

Finally Vindecare Outline Pharmacy will utilize the print marketing materials to market

Vindecare, creating business cards, posters, fliers, brochures and calendars promoting the

pharmacy, that will be given and passed on to potential customers to make them aware of

Vindecare.

Pricing Strategy

Vindecare Online Pharmacy will utilize the penetration pricing strategy. Scarborough and

Cornwall (2016, p.399) reveals that "penetration pricing strategy is ideal for introducing

relatively low-priced goods into the market where no elite segment and little opportunity for

differentiation exists. The introduction is usually accompanied by heavy advertising and

promotional techniques, special sales and discounts. This strategy works best when customers' "

switching costs" (the cost of switching to a lower-priced competitor's product) is high (eg. video

game consoles)." Thus, with the utilization of this pricing strategy, Vindecare will be able to

garner a vast amount of prospective customers to buy into the medical and health care products
and also the service that is the delivery service offered. Thus, the customers will be able to afford

the products and service due to the use of the penetration pricing strategy. For instance, "Amazon

implemented the penetration pricing strategy to introduce each version of Amazon's Kindle Fire

tablet. Thus, Bezos reveals two essential principles guide to Amazon's pricing on its tablets: (1)

offer premium products at non-premium prices, and (2) make money when people use Amazon

devices rather than when they buy them. Hence, the penetration pricing strategy works for the

company Amazon (Scarborough and Cornwall, 2016, p.399)".

Distribution Channel

Vindecare Online Pharmacy will utilize the direct selling and ecommerce distribution channels.

Direct selling involves selling goods and services directly and or straight to the consumer, while

ecommerce speaks to purchasing and selling goods and services through the internet and or

online.

Through the direct selling method prospective customers will visit the Vindecare Online

Pharmacy website where they will order and purchase their over-the-counter drugs, prescriptions,

medical and health care products directly on the site.

Additionally, through the ecommerce distribution method consumers will purchase medical and

health care products from the Vindecare Online Pharmacy website, delivery of the products will

be made straight to the customer's desired location.

Go to Market Strategy
Vindecare Online Pharmacy will enter the market with a delivery service for medical and

healthcare products through nontraditional means. Therefore, customers can go online to search

for Vindecare Online Pharmacy website, and search or scan the website for the medical product

that the need and make the order then make the payment directly on the website. Thus, once the

payment is made Vindecare Online Pharmacy delivery workers will collect the product from the

warehouse directly hence, the direct the selling distribution. Thus, through the ecommerce

distribution the product will/is shipped in the format of delivery. Therefore, the delivery workers

will traverse from the warehouses with the product en route to the customers location. Hence,

delivering the product directly from the website to the customers.

Thus, the competitive advantages of the operation is that target customers which consists of

persons within the age range of eighteen to seventy years of age, working class persons, people

of from remote areas, rural and urban areas, persons with serious health care issues and persons

who maintains a healthy lifestyle, can search the website for the medical products the truly desire

more so need, also other alternatives also they fill up on their prescriptions on the basis of

availability of medical products which is one of top priority of Vindecare Online Pharmacy.

Therefore, these customers would not have to put a foot out of the house to go to another

Pharmacy to get the medical products. Additionally, customers can just order, make the purchase

and have it delivered directly to their location without any hassle. Furthermore, through the

penetration pricing strategy, customers can afford the purchase of the product on the basis that

the price is within the buying range or household income. Moreover, Vindecare Online

Pharmacy website opens twenty four seven.

Financial Model