Westford, USA, July 18, 2022 (GLOBE NEWSWIRE) -- Global e-pharmacy market has seen a significant rise in recent years, with more and more people turning to the internet to purchase their medications. This trend is likely to continue, as the convenience and affordability of online pharmacies make them an increasingly attractive option for consumers.
There are a number of factors driving the growth of e-pharmacy market, including the increasing prevalence of chronic diseases, the rising cost of healthcare, and the growing popularity of online shopping. More and more people are living with chronic conditions that require long-term treatment, such as diabetes or heart disease. These conditions can be expensive to treat, so patients are increasingly looking for ways to save money on their prescriptions. Online pharmacies often offer lower prices than traditional brick-and-mortar pharmacies, making them an appealing option for cost-conscious consumers. In addition, the popularity of online shopping has made buying medications online more convenient than ever before. Consumers can now comparison shop for medication prices and order their prescriptions from the comfort of their own homes. With just a few clicks, they can have their medications delivered right to their doorsteps. This convenience is a major selling point for online pharmacies and is likely to continue driving growth in this industry.
In short, there are many reasons why e-pharmacy market is offering is such a lucrative opportunity. One reason is that it provides customers with a convenient way to get their medications. Customers can simply order their medications online and have them delivered right to their doorsteps. Another reason why e-pharmacy is so successful is because it offers competitive prices on medications. Prices for medications can be very expensive, so being able to find an affordable option is important for many people. Lastly, e-pharmacy also offers a variety of different services that customers can take advantage of, such as home delivery, prescription refill reminders, and more. These services make it easy for customers to stay on top of their medication needs and ensure they're always getting the care they need.
Market Players are Offering Heavy Discount on Medicine to Expand Consumer Base in E-Pharmacy Market, but How Market is Responding?
E-pharmacies are entering the market by targeting customers with heavy discounts and prompt delivery of medicines. However, some experts have raised concerns about the safety and efficacy of these online pharmacies.
There is no doubt that e-pharmacies offer a convenient way to obtain medicines. Customers can simply order their desired products online and receive them within a few days. Moreover, these pharmacies often provide significant discounts on medicines, which can be very helpful for patients who need to save money on their medications.
However, there are some potential risks associated with using e-pharmacies. For instance, it may be difficult to verify the authenticity of an online pharmacy. There have been cases of people ordering fake or counterfeit drugs from unscrupulous online sellers. These fake drugs may not work as intended and could even be dangerous. Additionally, patients may not receive the same level of service from an online pharmacy as they would from a traditional brick-and-mortar pharmacy. For example, an online pharmacy may not be able to provide personalized advice or answer questions about specific medications.
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Mergers and Acquisition to Remain a Key Part of Growth Strategies
E-pharmacy is one of the most booming industries in recent years. The online pharmacy space has grown exponentially in the last decade, and this growth is expected to continue in the coming years. One of the key drivers of this growth is the increasing adoption of e-commerce by consumers. The global e-commerce sales reached $13 trillion in 2021 and is projected to reach 55 trillion by 2027. Wherein, the e-pharmacy market is projected to contribute over 240 billion at a CAGR of over 17%.
In order to tap into this growing market, many brick-and-mortar pharmacies are now launching their own online stores. However, it is not easy to set up an e-commerce platform and compete with existing players in the market. Therefore, many companies are opting for mergers and acquisitions (M&A) as a growth strategy. Through M&A, companies can quickly enter the e-pharmacy space and gain scale quickly.
There are a few major players in the e-pharmacy industry. The most well-known is probably Express Scripts, which is an American company that offers prescription drug coverage and mail order pharmacy services. They also have a mobile app called RxGo that helps people manage their prescriptions and order refills. Another major player is CVS Health, which is a US company that owns the largest chain of pharmacies in the country. They also have an online presence and offer home delivery for medications. Finally, there is Pharmacy2U, which is a UK-based online pharmacy that offers both prescription and over-the-counter medication delivery.
Top Development in India e-Pharmacy Market
- In 2018, CVS Health acquired Aetna for $69 billion
- In May 2021, Tata Group bought 65% stake in online pharmacy 1mg for over $98 million
- In May 2021, PharmEasy acquired MedLife for $250 million and became the largest player in the India e-pharmacy market
- In November 2021, Walmart backed Flipkart, a leading e-commerce giant in India, acquired SastaSundar, an e-pharmacy start-up
- In August 2020, Reliance Industries acquired NetMed for $78 million
Local Pharmacies are not Happy as E-Pharmacies are Aggressively Expanding their Reach
Local pharmacies are not happy as players in e-pharmacy market are aggressively expanding their reach. E-pharmacies offer a convenient way to order prescription medications online and have them delivered to your door. This is a threat to local pharmacies, which rely on foot traffic for business. E-pharmacies are able to undercut prices offered by local pharmacies because they don't have the same overhead costs. They also don't need to hire as many staff members, since customers order and receive their medications without ever stepping foot in the store. This convenience is appealing to customers, who are increasingly turning to online shopping for all of their needs. Local pharmacies are struggling to compete with the lower prices and convenience offered by e-pharmacies.
Many local pharmacists are worried that rapidly expanding e-pharmacy market will put them out of business. They worry that customers will no longer need or value the personal service that they provide. And, they worry that the expansion of e-pharmacies will lead to fewer jobs in the community overall.
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Majority of the Providers are Targeting Patients with Chronic Diseases and Requiring Daily Medication
According to the Centers for Disease Control and Prevention (CDC), chronic diseases are the leading cause of death and disability in the United States, accounting for seven out of every 10 deaths. Heart disease, cancer, and stroke are the three leading causes of death among all Americans. In recent years, there has been an increasing focus on chronic disease management among healthcare providers. This is due to several factors, including the rising prevalence of chronic diseases, the growing burden of chronic diseases on patients and families, and the high costs associated with treating chronic diseases. Providers are recognizing that they need to do more to prevent and manage chronic diseases. As a result, patients are required to buy medicine in bulk that can last for at least for one to three months. Most of the players in the global e-pharmacy market are eyeing on their opportunity to gain loyal customers who can buy medicine from them on regular basis. This, in turn, would help to build the customer base and generate high market revenue from the huge base of steady buyers. Moreover, these players are taking every possible step to expand their market share and establish their market dominance.
One way that providers are targeting patients with chronic diseases is by requiring daily medication. Medication adherence is a major challenge in managing chronic diseases, as many patients do not take their medications as prescribed. In some cases, this can lead to worsening of symptoms or even hospitalization. By requiring daily medication, providers can ensure that patients are taking their medications as prescribed and help them avoid complications from their disease.
Global e-pharmacy market is booming and many companies are trying to get a piece of the pie. One way that they are doing this is by targeting patients with chronic diseases and requiring them to take daily medication. This allows the pharmacies to make more money off of these patients as they will be buying their medication on a regular basis. There are some pros and cons to this strategy. On the one hand, it does allow pharmacies to make more money off of these patients. However, on the other hand, it could also cause these patients to become reliant on the medication and not be able to live without it. This could lead to some serious health problems down the road.
Unclear Regulations are Challenging E-Pharmacy market
It is no secret that the e-pharmacy market is growing rapidly. The ease and convenience of buying medication online has made it a popular choice for consumers. However, with this growth comes challenges. One of the biggest challenges facing e-pharmacies is unclear regulations. There are many regulatory bodies in different countries, each with their own set of rules and regulations. This can make it difficult for e-pharmacies to know what is required of them in order to operate legally. In some cases, these requirements may even change from one country to another in the global e-pharmacy market. This can create a compliance nightmare for e-pharmacies, who must be sure to stay up-to-date on the latest regulations in all the countries they operate in.
Another challenge related to regulation is the fact that some medications are only available through prescription in certain countries. This means that an e-pharmacy operating in a country where such medications are not available would need to find a way to obtain them from another source before being able to sell them. This can obviously be quite difficult, and may even lead to higher prices for consumers if the e-pharmacy does manage to find a way to obtain the medication.
In India, there is growing demand to ban e-pharmacy. The main reason for this demand is that e-pharmacies are not regulated by the government and they are not required to follow the same rules and regulations as traditional brick-and-mortar pharmacies. This lack of regulation has led to a number of problems in the India e-pharmacy market, including the sale of fake and substandard drugs, the sale of drugs without a prescription, and the sale of medicines without proper labeling. In addition, many E-Pharmacies do not have qualified staff who can provide proper advice on medicines. As a result, patients often end up taking wrong or dangerous medicines. There have been several instances where people have died after taking medicines sold by E-Pharmacies.
The other problem in the global e-pharmacy market is that they are often used by drug addicts and criminals to buy drugs without a prescription. This illegal market thrives because it is very easy to buy drugs online without any ID or proof of age. Drug addicts can easily order large quantities of drugs without being detected, and they can also get their hands on rare or hard-to-find drugs that are not available in traditional pharmacies.
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Telehealth and Telemedicine to Spur Growth of E-Pharmacy Market in Long Run
The current pandemic has resulted in a dramatic increase in the use of telemedicine and e-pharmacy services. This is likely to have a positive impact on the way these services are used in the future. There are several reasons why telemedicine is likely to have a positive impact on e-pharmacy. First, telemedicine can help to improve access to care. This is especially important for rural and underserved populations who may not have easy access to traditional brick-and-mortar pharmacies. Telemedicine can also help to reduce wait times for appointments and prescriptions.
Second, telemedicine can improve medication adherence. Studies have shown that patients who use telemedicine are more likely to take their medications as prescribed and buy them majorly through e-pharmacy market. This is because they can receive real-time reminders and support from their care team. Additionally, patients may be more comfortable discussing sensitive topics (such as side effects) with their provider via video chat or text message than they would be in person.
Key Players in E-Pharmacy Market
- 1mg
- DocMorris
- Netmeds Marketplace Ltd.
- Express Scripts
- Medlife International Pvt. Ltd.
- Walmart stores
- CVS health corporation
- Walgree.co
- Rowlands Phamacy
- Optum Rx. Inc
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