In December 2019, the novel coronavirus disease (COVID-19) was discovered and identified in Wuhan, China. On March 11th,2020 The novel coronavirus disease 2019 (COVID-19) was characterized as a global pandemic by the WHO. This pandemic had major effects on the health sector as well as the pharmaceutical sector. But there were also some industries like Online gaming, Online grocery, Fintech, Telemedicine, Ed tech, online media that were boosted due to the pandemic. Another such industry that increased two fold is the e-pharmacy or online pharmacy industry.
As economies around the world are suffering from the impact of Covid-19, lots of businesses are suffering losses, workers are jobless, and many had face the challenge of a sudden big change in their lifestyle. However, the pharmaceutical companies taking upright in this Covid-19 fight, and seeing positive growth on the stock market and a new burst of innovation in this infectious disease for treatment approval for a Covid-19 therapy.
The E-pharmacy Industry in India
Nowadays, many online industries are growing as people in the country are adapting to e-commerce rapidly with mobile first consumer behavior and improved digital payments infrastructure. In developed countries of North America and Europe, e-pharmacy is a flourishing market and is also structured, where the medicines are prescribed by doctors and tracked through barcoding to ensure systematic supply.
The Pharmaceutical companies are following suit during the Covid-19 pandemic and using their own capabilities to lighten the burden of coronavirus on their patients. The e-pharmacy sector in India has grown because of the increased accessibility during a pandemic and many upcoming players like NetMeds, 1MG, EasyMedico and MedLife, Apollo Pharmacy.
Reasons behind the growth of the E-pharmacy Industry in India
Internet reach and smartphone penetration
In 2021, India has a wider internet reach because of the affordable prices of the smartphones and deployment of 4G provided by telecom providers like Reliance Jio. According to a report the number of internet users in India is said to reach 600 million by 2025. The government has also launched Digital India Program which is helping in improving broadband connectivity across the country.
Government initiatives
The Digital India Program was started by the government to digitally connect every corner of India including the rural areas and remote villages with high speed internet. The aim of this campaign was to empower citizens to gain knowledge and use the government services easily and to make people interact with the government.
The increased preference towards online shopping
In the times of global pandamic, online shopping has gained a lot of popularity. This is because it is more convenient to get products delivered at home, while abiding the lockdown restrictions. Online shopping for essentials and medicines is growing at a fast pace.
Growing awareness about fake drugs
E-pharmacy has more stringent tracking mechanism when it comes to eliminating middlemen and the risk of counterfeit and sub-standard drugs.
The change in the disease patterns in India
In the last 25 years, the focus has shifted from communicable to non-communicable diseases. The disease pattern has shifted towards chronic diseases which has also lead to the increase in the demand for daily medicines. E-pharmacies provide medicines to the chronic disease patients at a lower cost than compared to retail pharmacies.
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