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Online Pharmacy of India-Anuj Kumar
Online Pharmacy of India-Anuj Kumar
(Submitted for the Degree of B.Com. Honours in Accounting & Finance under
the University of Calcutta)
Submitted by
Name of the Candidate: Anuj Kumar
Registration No.: 235-1111-0304-21
Cu Roll No.: 211235-21-0064
College Roll No.: 245
Supervised by
Name of the Supervisor: Madhurima Banerjee
Name of the College: Taradevi Harakhchand Kanikaria Jain College
June,2024
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ACKNOWLEDGEMENT
Anuj Kumar
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Annexure- IA
Supervisor's Certificate
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Annexure- I
Student's Declaration
I hereby declare that the Project Work with the title (in block letters) “Online Pharmacy of
India”
submitted by me for the partial fulfilment of the degree of B.Com. Honours in Accounting &
Finance under the University of Calcutta is my original work and has not been submitted earlier
to any other University /Institution for the fulfilment of the requirement for any course of study.
I also declare that no chapter of this manuscript in whole or in part has been incorporated in this
report from any earlier work done by others or by me. However, extracts of any literature which
has been used for this report has been duly acknowledged providing details of such literature in
the references.
Signature:______________________
Place: Kolkata
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TABLE OF CONTENTS
CHAPTERS TOPICS PAGE NO.
Acknowledgement 2
Supervisor’s Certificate 3
Student’s Declaration 4
A) Background 7
B) Brief Review of Literature 7
C) Objectives of the Study 8
CHAPTER-1
INTRODUCTION D) Methodology of the Study 9
E) Limitations of the Study 9
F) Chapter Planning 10
1. What is Online Pharmacy pharmacy? 12
2. Advantages of Online Pharmacy 12
3. Disadvantages of Online Pharmacy 12
4. A brief comparison of Online Pharmacy and 14
offline pharmacy
5. Driving factors of Online Pharmacy facet 15
6. Challenges of an Online Pharmacy 16
CHAPTER-2 CONCEPTUAL
FRAMEWORK 7. Existing Online Pharmacy models 19
8. Generic E-Commerce marketplace 19
9. Legal framework for E-pharmacies 20
10. Government incentive for E-health service in 22
the country
11. National Scenario 24
12. International Scenario 25
Primary data 27
CHAPTER-3
PRESENTATION AND Secondary data 27
DATA ANALYSIS Comment on analysis 31
CHAPTER-4 CONCLUSION Conclusion 33
AND
Recommendations 33
RECOMMENDATIONS
Bibliography / Suggestion 34
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Chapter-1
INTRODUCTION
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A)Background of the Study Topic:
Online pharmacies in India have witnessed significant growth in recent years, fueled by factors
such as increased internet penetration, rising healthcare awareness, convenience, and the
availability of affordable medications. These platforms provide consumers with the convenience
of ordering prescription and over-the-counter medicines from the comfort of their homes, often at
discounted prices.
However, the Online Pharmacy sector in India operates within a complex regulatory landscape.
The legality and regulation of online pharmacies have been subject to debate and scrutiny due to
concerns related to drug quality, authenticity, prescription verification, and patient safety. As a
result, there have been ongoing efforts by regulatory authorities to establish guidelines and
frameworks to ensure the safe and ethical operation of Online Pharmacy platforms.
Despite regulatory challenges, the Online Pharmacy market in India continues to expand,
attracting investment from both domestic and international players. This growth is driven by
factors such as the increasing prevalence of chronic diseases, rising healthcare costs, and the
growing acceptance of e-commerce platforms for healthcare needs.
Overall, the Online Pharmacy sector in India presents both opportunities and challenges, with
stakeholders working towards addressing regulatory concerns while leveraging technology to
improve access to affordable healthcare solutions for consumers.
The recent worldwide pandemic has prompted several companies to turn to the online market.
The pharmaceutical industry is one such significant and crucial in India. There has been an
upsurge in online pharmacies throughout the Indian subcontinent over the last 3–5 years. This
unique development of online or “Online Pharmacy” field has been carefully examined and
presented in this article. The distinction between online and offline pharmacies, the advantages
and challenges faced by E-pharmacies, the driving forces that led to the growth of the Online
Pharmacy sector in India, and the various emerging Indian Online Pharmacy companies are
covered. A comprehensive review of the legal system under which the Online Pharmacy industry
operates is also briefed. The reader will also learn about the various initiatives implemented by
the Government in support of the Online Pharmacy sector in India.
The Online Pharmacy sector in India has grown rapidly in the past few years, with around 250
online drug stores operating in the country. The first Online Pharmacy, Medicinestore.com,
launched in 1999, and the sector has seen a steady increase in popularity since then. In 2013, 23%
of people preferred online pharmacies, but by 2018, that number had risen to around 59%.
The Union Health Ministry and regulators began to take notice of the concept of Online
Pharmacy in July 2015, and formed an expert committee to assess its viability in India. The
committee was chaired by Dr Harshdeep Kamble, the then Maharashtra FDA Commissioner.
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However, the sector is currently in a regulatory limbo, with aggressive sales models and a lack of
clarity on regulation putting its future at risk. In 2013, most online pharmacies in India were not
complying with the laws of India or other jurisdictions, and faced regulatory sanctions. The
Indian Pharmacy Act 1948 states that only registered pharmacists can compound, prepare, mix,
or dispense medicine on a medical practitioner's prescription. The online availability of
prescription drugs violates the provisions of various acts, such as the Pharmacy Act and Drugs &
Cosmetics Act.
Efficient Search and Ordering Process: Online pharmacies strive to provide customers
with a user-friendly and efficient platform for searching, selecting, and ordering medications.
This involves implementing intuitive website interfaces, robust search functionalities, and
streamlined checkout processes to make the online shopping experience seamless and hassle-
free.
Safe and Prompt Delivery: Ensuring the safe and timely delivery of medications is crucial
for online pharmacies. This objective involves implementing secure and reliable delivery
methods to ensure that medications reach customers promptly and in good condition, thereby
safeguarding their health and well-being.
Time and Effort Saving: By offering an online platform for purchasing medications, online
pharmacies aim to save customers time and effort that would otherwise be spent visiting
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physical pharmacies. This objective involves streamlining the medication procurement
process and eliminating the need for customers to travel to pharmacies, thus making
healthcare more convenient and accessible.
The study focuses on Online Pharmacy of India. This encompasses various aspects related to the
emergence, operation, challenges, and impact of online pharmacies in the Indian healthcare
landscape. It involves exploring factors such as regulatory frameworks, consumer behavior,
market dynamics, technological innovations, and the implications for public health and healthcare
accessibility.
The study type tells about the mode which entire project is prepared. My study type is some
analytical. In this project Theoretical study is also attempted.
The study is based on secondary data only, the use to collect the data include financial
statements, annual reports, regulatory filings, and loan portfolio data obtained from financial
institutions and regulatory authorities. Qualitative data collection tools may include structured
interviews, questionnaires, and focus group discussions with key stakeholders, including bank
executives, regulators, and borrowers. And I also use some websites, blogs, news articles etc. to
collect the secondary data.
d) Method of Analysis:
The data source can be primary or secondary. The primary data are those data which are used first
time in study. However, such data take much to collect and also expensive. Whereas the secondary
data are those data which are already available in the market. These data are easy to search are not
expensive too. For my study I have utilized almost secondary data.
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o Scope of Research: Due to the broad nature of the topic, it may be challenging to cover all
aspects comprehensively within the scope of the study.
o Geographical Variations: The study may focus primarily on urban areas or specific regions,
potentially overlooking variations in access to and usage of online pharmacies across
different geographical locations.
o Sample Bias: There may be a bias in the study sample, with a disproportionate representation
of certain demographic groups or regions, leading to limitations in generalizing the findings.
o Technology Limitations: Issues such as internet connectivity, digital literacy, and access to
smartphones or computers may limit the reach and accessibility of online pharmacies to
certain segments of the population.
o Ethical Considerations: Ethical concerns related to privacy, data security, and patient
confidentiality in online transactions may present limitations in conducting research involving
sensitive information.
o Dynamic Nature of the Industry: The Online Pharmacy industry is rapidly evolving, with new
players, technologies, and regulatory changes emerging constantly. This dynamic nature may
pose challenges in capturing real-time trends and developments.
Chapter 1 INTRODUCTION
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Chapter-2
Conceptual Framework
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1. What is Online Pharmacy?
An Online Pharmacy, internet pharmacy, or mail-order pharmacy is a pharmacy that operates over the
Internet and sends orders to customers through mail, shipping companies, or Online Pharmacy web portal.
Conventional brick and mortar pharmacies usually have controlled drug distribution systems from the
manufacturer, sufficient validation, and follow good distribution practices. Home delivery of
pharmaceuticals can be a desirable convenience, but sometimes it can lead to problems with uncontrolled
distribution.
The shipment of drugs through the mail and parcel post is sometimes a concern for temperature-sensitive
pharmaceuticals. Uncontrolled shipping conditions can include high and low temperatures outside the listed
storage conditions for a drug.
Shipment by express mail and couriers reduces transit time and often involves delivery to the door, rather
than a mailbox. The use of insulated shipping containers also helps control drug temperatures, reducing
risks to drug safety and efficacy.
Convenience: Online pharmacies offer the convenience of ordering medications from the comfort of your
home, eliminating the need to visit a physical store.
Accessibility: Online pharmacies provide access to medications for individuals who may have difficulty
accessing traditional brick-and-mortar pharmacies due to mobility issues or remote locations.
Privacy: Online pharmacies offer a level of privacy and discretion, allowing individuals to purchase
sensitive medications without the fear of judgment or embarrassment.
24/7 Availability: Unlike traditional pharmacies with set operating hours, online pharmacies are often
available 24/7, allowing customers to place orders at any time of the day or night.
Price Comparison: Online pharmacies make it easy to compare prices and find the best deals on
medications, potentially saving customers money.
Automatic Refills: Some online pharmacies offer automatic refill services, ensuring that customers never
run out of their medications and eliminating the need to remember to reorder.
Educational Resources: Many online pharmacies provide educational resources and information about
medications, helping customers make informed decisions about their health.
Risk of Counterfeit Medications: One of the biggest concerns with online pharmacies is the risk of receiving
counterfeit or substandard medications, which can be ineffective or even dangerous.
Lack of Regulation: Some online pharmacies operate without proper regulation or oversight, making it
difficult to ensure the safety and authenticity of the medications they sell.
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Delayed Delivery: Shipping delays can occur with online pharmacies, resulting in patients waiting longer than
anticipated to receive their medications.
Limited Interaction with Pharmacists: Online pharmacies lack the face-to-face interaction with pharmacists
that traditional pharmacies offer, which can be a disadvantage for individuals who have questions or concerns
about their medications.
Potential for Fraud: There is a risk of falling victim to fraudulent online pharmacies that may steal personal
information or financial data.
Prescription Requirements: While some online pharmacies require valid prescriptions for prescription
medications, others may not, raising concerns about the appropriate use of medications and the potential for
misuse or abuse.
Limited Availability of Some Medications: Not all medications may be available through online pharmacies,
particularly specialized or controlled substances that require closer monitoring and regulation.
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4. A Brief Comparison of Online Pharmacy and Offline Pharmacy.
Online Pharmacy Offline Pharmacy
Offer better pricing with added discounts Medicines are sold at MRP price
Offer a wide range of medicines and services Limited range of products and stock unavailability is
because they integrate several retail pharmacies into a common problem. Customers have to visit several
a single platform stores to purchase the desired item
Rapid Internet Penetration: Over the last five years, India has experienced a 15%–16% CAGR increase in
internet penetration, driven by widespread access to smartphones and high-speed broadband. This growth
spans both rural and urban areas, laying the groundwork for exponential expansion in internet users.
Digital India Initiative: The government's Digital India program aims to provide internet services
nationwide, even reaching remote towns and villages. This initiative supports the rise of Online Pharmacy
concepts, fostering growth opportunities in the sector.
Government Support and Health Initiatives: Various government initiatives, such as the National Health
Portal and E-hospital@NIC, leverage information technology to improve healthcare accessibility.
Additionally, initiatives like the National Health Stack and health insurance schemes contribute to the
growth of Online Pharmacy, enhancing access to affordable medication.
Changing Lifestyle and Disease Trends: Increasing incidence of noncommunicable diseases like diabetes
and hypertension, coupled with a lack of awareness and access to healthcare, drives demand for Online
Pharmacy solutions. This sector aims to provide affordable medicines and healthcare services conveniently,
catering to a growing diseased population.
Booming Economy and Policy Support: India's robust economy and favorable policies, including increased
FDI in the drug sector, support the growth of Online Pharmacy. The introduction of single-window
facilities streamlines operations for pharmacy players, both online and offline, further fueling sector
expansion.
Domestic Demand Expansion: Rising education levels, consumer awareness, per capita income, and
urbanization contribute to growing demand for digital pharmacy services. This trend is expected to
continue in the coming years.
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Pandemic Impact: The COVID-19 pandemic has underscored the importance of Online Pharmacy, with
these platforms providing essential healthcare services nationwide. Their resilience during the crisis
solidifies their role in the healthcare ecosystem, ensuring their sustained relevance in the future.
In India, the Drugs and Cosmetics (D and C) Act, 1940; D and C Rules, 1945; Pharmacy Act, 1948; and
Information Technology (IT) Act, 2000 govern and regulate importing, manufacturing, and distributing drugs to
ensure delivering safe, effective, and quality medicines across the nation. Currently, there is no concrete regulatory
framework for Online Pharmacy companies in India except for the Draft Rules that are pending approval, and so,
these companies follow the offline legislation. Several challenges have been addressed in the absence of a rigid
framework, some of which are discussed below:
The lack of proper rules and regulations has profoundly affected the overall market growth of the Online Pharmacy
sectors in India and has kept many large investors at bay. The current D and C Act requires a pharmacist to have a
valid license and a registered premise to safely store and sell the drugs, and so, Online Pharmacy companies can
only operate if they have a physical premise in India.
Rules concerning the interstate sale of drugs are not well established, and so, there is a high possibility that drugs
valid in one particular state may be considered invalid in another state. A similar incidence has already been
registered by the Mumbai Food and Drug Administration (FDA), and further such incidents are expected to rise as
Online Pharmacy companies comprise a large network of pharmacies integrated into a single platform, so rigorous
monitoring of the sources from which these drugs are procured or delivered is going to be a major task for this
sector.[34] Procurement of money before delivery of the medicine is another ambiguity in Indian law. Some laws
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state that money should be collected only after the delivery of the drug, and Online Pharmacy companies can be
held accountable for violations of the law as they offer various payment methods such as credit/debit payment and
payment via mobile wallets that are not under the law.
A comprehensive regulatory framework is needed to deal with Schedule H and X drugs. These drugs can only be
sold within the presence of a pharmacist with a valid prescription in hand as these include antibiotics and habit-
forming drugs. With Online Pharmacy, there is a possibility that one prescription can be uploaded several times on
the website portal, and this can lead to increased incidents of drug abuse.
Patient identity is another challenge as it will be very difficult to trace the authenticity of the prescription when it is
uploaded on the websites for online purchase of drugs, and there is no regulation as such that deals with the sale of
drugs to minors.
As of now, there is no framework for barcoding at the assembling level, and this can be an obstacle to the smooth
supply of medicines. Government should step into this matter and mandate barcoding for the online mode of drug
distribution to promote transparency and accuracy in data management systems.
India needs to work on government regulations to encourage support for technological innovation since it lacks
manufacturer-level drug production and supply. With the help of the Government, the Online Pharmacy sectors
can focus on improving automation and work on generating products quickly at lower operational costs.
Online Pharmacy companies aim to provide better healthcare facilities to the vast public across the nation.
However, with poor cold chain logistics and no temperature tracking, Online Pharmacy store areas cannot
appropriately serve the populace in the rural regions with items requiring cold stockpiling.
Resistance from the brick-and-mortar pharmacy stores has been increasing greatly. At the forefront of the attack on
the big online outlets is the All India Organisation of Chemists and Druggists. Moreover, the luring discounts and
offers extended by the Online Pharmacy sectors can have an impact on offline market growth. Different
associations have led to emphasis on the D and C Act, which expresses those specific medicines can be sold
distinctly with a prescription, and home conveyance of drugs by E-drug stores goes against this standard. Given
the release of the draft in August 2018, the center had announced the release of the final notification by December
2018 and later extended the deadline to July 31, 2019, but these guidelines never saw the light of the day.
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7. Existing Online Pharmacy Models:
At present, there is no well-established Online Pharmacy model. However, the following are examples of models
that are being implemented by various Online Pharmacy companies.
These are digital establishments that supply a wide range of hardware, design, furniture, home goods, and
beautifying agents. However, advertisements of services and offers of endorsed prescriptions or any
medications, which fall under the D and C Act, are prohibited. Some famous digital companies are Flipkart and
Amazon.
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Currently, India lacks specific regulations for E-pharmacies, hindering the online drug store market. Existing
laws like the D and C Act, 1940, and IT Act, 2000 govern operations. The Union Health Ministry drafted rules
in 2018 to regulate online medicine sales. Pre-existing laws fail to address the rapid growth of online
pharmacies. No separate regulations exist for this sector. E-pharmacies adhere to existing acts but face legal
uncertainties. A bill addressing E-pharmacies was drafted in October 2017 to address regulatory gaps and
combat illegal activities.
a. Administrative authority
E-pharmacies are, as of now, managed by state drug controllers. According to the parent organization,
permitting approvals for E-pharmacies should be given by the DCGI
The DCGI will work as indicated by the D and C Rules, 1945, just as the IT Act, 2000 under which E-trade
organizations are managed
Companies running E-pharmacies are urged to apply for one permit in any state that will permit them to
sell/trade drugs across the nation
The E-portal would likewise need to go by the procedures of the D and C Act, 1940. Nonadherence could
lead to prompt suspension and the end of the E-gateway.
To run an Online Pharmacy, the applicant should register with the central licensing authority (CLA) by
filling up Form 18AA alongside giving an amount of Indian Rupee (INR) 50,000 and producing the
fundamental records through the Central Government website. A registered certificate is essential to sell,
circulate, keep stock, show, or offer medicines to any individual through the E-portal
Registration remains valid for a long period from the date of issue
Three months before the termination of the license, the licensee has to apply again by filing Form 18AA
alongside an expense of INR 50,000 and the important dossiers with the same.
If the application for renewal of the license is not made within a ½ year after expiry, the establishment is
considered to be obsolete
The Online Pharmacy licensee must always permit legal groups of the CLA to conduct standard
investigations every 2 years
The licensee needs to submit a hard copy to the CLA for any adjustments in the constitution of the firm
working under the enlistment that he/she may have made.
c. Verification
The registered pharmacist must authenticate the particulars of the patient, enrolled medical professional, and
administer medications according to the prescription provided by the prescriber. The data of the meds
apportioned alongside the patient details are to be saved on the Online Pharmacy entry.
g. Data collection
An Online Pharmacy portal is a setup, which contains all the information created and is limited to the country.
The information produced through the Online Pharmacy entry cannot be sent or put away, using all means,
outside the nation.
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10. Government Initiatives for E-health Services in the Country:
Digital India
The GoI has launched Digital India a flagship program with a dream to change India into a carefully digitized
society and information economy by providing high-speed internet and digital literacy in rural areas. Under that,
the E-hospital application aims to provide important healthcare administrations, for example, online enlistment,
installment of charges and arrangement, online demonstrative reports, and improving the accessibility of blood
banks on the web.
e-Kranti
e-Kranti is a subprogram of the Digital India program. e-Kranti aims at ensuring public benefits electronically to
the citizens of India through consolidated and practicable arrangements by various methods while ensuring the
utmost authenticity and reliability of such organizations at affordable costs.
SUGAM
In 2016, Central Drugs Standard Control Organization (CDSCO) introduced SUGAM, an online licensing portal,
wherein applications for various processes such as application submission, processing, and grant of permission for
delivery of services can be carried out swiftly. Its advantages include application for permit under import and
enlistment division to CDSCO, tracking the status of submitted applications, and replying to raised queries. The
applicant can likewise transfer fundamental documents for an enrolment import permit and other related exercises.
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11. National scenario:
The followings are some of the leading E-pharma companies in India:
1MG
1MG is one of the India's leading and trusted consumer healthcare platforms. It
provides healthcare services at affordable prices along with cost-effective alternatives.
Moreover, it provides an opportunity for the public to deepen their knowledge about
their medication therapy through various E-consultation and E-diagnostic services.
The company is working toward public welfare in light to provide consumers and
caregivers with the most appropriate healthcare medications/services at the most
convenient price.
PharmEasy
Launched in 2015, PharmEasy has been working toward providing trusted healthcare
products and services to over 1000+ cities covering over 22,000+ pin codes.[44] They
mediate between a consumer and a local pharmacy and provide diagnostic services for
extensive medical needs. PharmEasy is working with the vision to provide quality
medicines to every citizen of India with the highest savings in a short time.
CareOnGo
India's first mobile chain of co-branded pharmacy stores, CareOnGo, serves
as a platform for local retail stores to manage and control their stock through
technology-driven facilities in a systematic manner and under a single
umbrella. Users can purchase medicines on their smartphones and enjoy added advantages of finding medicinal
alternatives, discounted rates, and daily alerts/reminders, as well as maintaining confidentiality.
Medlife
Medlife is one of the India's largest online platforms and provides a one-stop shop for
all healthcare needs. It is driven by the motto of serving/providing every citizen of
India with the best possible health facilities. It not only provides a vast range of
products but also provides genuine products from reliable sources. It is a customer
attraction platform because of its discounted rates and enticing cash-back offers. Its
vast range of services includes accessing healthcare specialists through E-consultation,
evaluating health through Medlife labs, and maintaining transparency and security of
health records.
Myra Medicines
Myra Medicines is a Bengaluru-based start-up. The ideology of this start-up came
from the problem faced by the locals of the area due to unreachability at the time
of need. Myra is tied up with a network of 40 distributors across India. In 2017, it
was accepting approximately 1000 orders per day and earned lump sum revenues.
Myra provides a vast employment opportunity, with approximately 300 people
working under the umbrella of the organization. In 2019, Myra was acquired by
Medlife in an all-stock transaction deal.
Netmeds
Netmeds is an official online platform that provides services such as the delivery of
over-the-counter and prescription drugs. Netmeds is currently providing services to
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around 5.7 million people across 670 cities and towns. It provides an easy-to-use platform to acquire products
online. A group of well-qualified pharmacists inspect the prescription uploaded on the portal for authenticity
and dispense the dosage requirement. On the Netmeds website, customers can acquire over 70,000 prescription
drugs for chronic and short-term ailments. Nonprescription drugs such as nutrition supplements are also
provided.
Europe's E-drug store market is directed by strict guidelines from the public authority, all things being equal;
the development of the E-pharma industry is moderate. E-drug store is one of the most trending in both
developing and developed countries of Europe. Southern European countries and Germany have been
estimated to have potential for growth I E-drug store space. Expanded sponsorship from the IT sector and
taking up of cloud-based innovation in each application are expanding the prerequisite for the E-drug store
market.
The Asia-Pacific is second most elevated in driving the interest of the market. Asia-Pacific is required to arrive
at the most elevated piece of the pie in the long run because of the rising populace and presence of huge
patients. China and India are nations with a generous populace and with conspicuous vital participants that can
quicken the interest in the E-drug store industry in this region.
The Middle East and Africa are best-in-class districts that have space for improvement in the years to come.
Both these areas will assume a huge function in the fate of the E-drug store industry on a worldwide scale. A
few developed nations such as the US, Australia, Canada, and European nations have administrative bodies
such as the National Association of Boards of Pharmacy, which is characterized by an administration-checked
web drug store locale such as Verified Internet Pharmacy Practice Sites. These platforms identify legal and
illegal sites, which determine the authenticity of sites. The Indian Government ought to likewise structure a
similar platform for the smooth functioning of the Online Pharmacy sector.
New York does not consider physical prescriptions. China is setting up mobile clinical centers that aim to
provide immediate services and medicines to the public. Numerous E-drug stores follow the Pill Pack way of
administration, where medicines are prepared and packed in advance according to the days and time
measurement.
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Chapter-3
Presentation and Analysis of Data
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Primary Data:
This project is based on secondary data only. So, no primary data is included.
Secondary Data:
Chart Title
35
30
25
20
15
10
0
Oct-22 Jan-23 Apr-23 Jul-23 Aug-23 Sep-23
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September-2023
7% 1mg
Pharmeasy
14% 31% Flipkart Health Plus
Apollo 247
Netmeds
18% Others
15%
16%
The above chart showing the market share of the E-pharma companies in India. We can see that 1mg, which is
own by the TATA group has the biggest market share of 31% in September 2023.
The above chart shows the growth of Online Pharmacy of India from 2019-2024.
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The chart showing the revenue in E-pharma industry in India from 2017-2024. This also indicates the growth
potential of this industry.
12%
E-pharma
Retail Pharma
88%
The above pi-chart shows the current situation on Online Pharmacy against the physical pharmacy.
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Online Pharmacy Market size was valued at USD 52 billion in 2019 and is poised to grow
from USD 62.14 billion in 2023 to USD 308.8 billion by 2031, growing at a CAGR of 19.5%
in the forecast period (2024-2031).
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Comment on analysis:
The Online Pharmacy market in India is expected to reach a projected revenue of INR US$453.30m in
2024.
It is anticipated to grow at an annual rate of 9.41% (CAGR 2024-2028), resulting in a projected market
volume of INR US$649.50m by 2028.
User penetration, which refers to the percentage of the population using Online Pharmacy services, is
expected to be 13.39% in 2024 and is projected to increase to 19.16% by 2028.
The average revenue per user (ARPU) is estimated to be INR US$2.31.
In global comparison, in the United States is forecasted to generate the highest revenue in the Online
Pharmacy market, with an expected revenue of US$18,500.00m in 2024.
India's Online Pharmacy market is experiencing significant growth due to increased internet penetration
and rising demand for convenient healthcare services.
The potential of growth of this industry is very high both nationally and also globally.
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Chapter-4
Conclusion and Recommendation
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Conclusion:
The importance of Indian Online Pharmacy was not highlighted up until the SARS COVID-19 pandemic. Owing
to the lack of regulations, this sector remained stagnant in terms of growth for a long period; however, this industry
has witnessed a surge in its demand in recent times. With the enforcement of the lockdown, the demand for
medicines increased considerably, and many customers resorted to purchasing medicines online due to
precautionary measures. Due to the closure of interstate borders, mobility became an issue, and the movement of
the workforce was affected greatly. For geriatric patients and those with chronic ailments, Online Pharmacy was
looked at as a survival means. Job opportunities have opened up in streams such as IT, Pharmaceutics, and other
healthcare sectors due to the work-from-home situation. With the up-and-coming online industries such as the
Online Pharmacy, many people will gain employment.
Recommendation:
The Government should work on a robust policy and provide clear-cut laws to provide a friendly environment for
existing players. This provision may encourage more entrepreneurs to enter the sector and add to the general
development of the online pharma business market in India. The successful installation of a rigid framework will
increase the number of entrepreneurs, thereby providing affordable alternatives and accessibility to remote areas of
the country.
E-pharmacies have given us a clear and accessible path to medicines. This path will be of great importance might
we face similar health emergencies in the years to come. Online Pharmacy will play a major role in streamlining
chronic ailments, and with the initiatives of the Government, its facilities will be accessible to unreserved regions.
Moreover, the collaboration of the offline and online pharmacies will be highly beneficial to the customers. It will
also boost the country's economy significantly by attracting many entrepreneurs for investment and unleashing
innovation across the healthcare value chain while dramatically improving access to medicines and healthcare
quality across the nation.
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Bibliography
Websites
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9804119/
https://www.skyquestt.com/report/Online Pharmacy-market
India E Pharmacy Market Size, Share, Trend, Growth & Market Analysis and Forecast 2027 | TechSci
Research
https://www.analysysmason.com/globalassets/x_migrated-media/media/analysys_mason_Online
Pharmacy_quarterly_oct19.pdf
https://www.skyquestt.com/report/Online Pharmacy-market
https://en.wikipedia.org/wiki/Online_pharmacy
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