Interview with CEO of WellCareMeds Online Pharmacy Pvt. Ltd., on India E Pharmacy Market
Mr Gajendra, Founder- WellCareMeds Online Pharmacy Pvt. Ltd., tells TechSci Research that in metropolitan cities, people are busy with their schedules and are not getting time. It is very convenient for such people to opt for e-pharmacy due to which they can order from their office, bed or from anywhere.
TECHSCI RESEARCH- How is your work related to E-pharmacy/Online Pharmacies?
MR. GAJENDRA-I am Gajendra Kumar, CEO, and founder of WellCareMeds Online Pharmacy Pvt. Ltd. It is an online platform, where we deliver medicines to consumers through mobile apps or websites across the country. We are also associated with Top pathological service providers such as Thyrocare, Healthians etc. We offer doctor consultations as well as these services are co-related, but our main focus is on e-pharmacy that is to deliver medicines to consumers.
TECHSCI RESEARCH- What is the regulatory Scenario related to E-pharmacy business in India?
MR. GAJENDRA-The regulatory scenarios are same as retail pharmacies, there is no such additional regulations as of now. It is a normal retail process where we obtain drug license by the local authority and one pharmacist is required. It takes around 15-20 days to obtain pharmacy drug license. Entire process is followed with proper authorization. Also, there are various medicines which are not allowed to be sold online but one can go to retail pharmacy and can buy with a proper prescription. We can sell OTC drugs without prescription but if they are not OTC drugs, we follow regulations and ask for prescription. Then, we verify the prescription from registered pharmacist, and once verified we accept the order. In addition, there is no protocol for delivery purpose, we follow all rules.
TECHSCI RESEARCH- According to you, what are the factors that have significantly changed the demand for e-pharmacies?
MR. GAJENDRA-The main factor which I came across is that in metropolitan cities, people are busy working 9-9 and are not getting time. It is very convenient for such people to opt for e-pharmacy due to which they can order from their office, bed or from anywhere.
TECHSCI RESEARCH- If we talk about E-pharmacies/ Online pharmacies, was there any major change due to the COVID-19 pandemic crisis?
MR. GAJENDRA-Huge demand was there for e-pharmacies due to covid. This segment boomed after covid since nobody wanted to go out in that scenario. It was very convenient for people. Before also there was demand of online pharmacies as many leaders had good growth but post-covid the demand has definitely boomed.
TECHSCI RESEARCH- When we talk about E-pharmacies, generally on what is the business model followed by different model followed by different online pharmacies in India? (Inventory/warehouse-based model or Market place-based model.)
MR. GAJENDRA- Mostly, warehouse models are followed. It is very easy and convenient. Everyone, follow warehouse models. They dispatch order from warehouse. Warehouse is more profitable since we get profit margin more. With others, the profit margin is being shared.
TECHSCI RESEARCH- Similarly, what according to you are the major barriers to adoption of online pharmacies or major challenges that are hindering the growth of E-pharmacy/ Online pharmacies industry in India.
MR. GAJENDRA- The major struggle we face is delivery part in the eastern region.
TECHSCI RESEARCH- According to you, what is the scenario of online pharmacies in India? In which region/states the number of E-pharmacies is increasing/ decreasing?
MR. GAJENDRA-The e-pharmacy platform is booming and will continue to do so. There are rise in number of pharmacies in northern region.
TECHSCI RESEARCH- Is there any development or changes happening in the e-pharmacy/ online pharmacies industry that you feel is worth seeing or are you foreseeing major developments happening in the industry over the years?
MR. GAJENDRA-Developing mobile apps and websites more people friendly, so that customers can use easily and are convenient with them. Trying to deliver medicines within 1 hr to 2hr as for patients some medicines are required on time such as chronic diseases, for them timely taking medicine is very important.
TECHSCI RESEARCH- There are different products sold through online pharmacies such as drugs for treatment of chronic diseases, skin products & medicines, nutritional supplements, medical equipment etc. Which according to you are majorly sold through these online channels?
MR. GAJENDRA-Drugs for treatment of chronic diseases are majorly sold as patients with chronic diseases should take medicines timely. They need these medicines for regular interval as they are consumed for 6 Months or 1 year. Then comes skin products and medicines.
TECHSCI RESEARCH- What kind of drugs are majorly sold through online pharmacies in India? Is it OTC drugs or prescription drugs?
MR. GAJENDRA-Prescription drugs are majorly ordered as OTC drugs can be taken from other places as well.
Based on the conversation with Dr. Karthik and looking at latest trends in the India E pharmacy Market, TechSci Research predicted that the India E pharmacy market is expected to witness a robust growth of around 21.28% during the forecast period. This can be attributed to the growing internet penetration across the country. As of January 2021, the number of internet users in India rose by around 47 million and reached 624 million. The internet penetration rate stood at around 45% in January 2021. Additionally, the digital India campaign by the government of India is further expected to fuel the market growth through FY2027F.
Authors: Himanshu Saxena, Shaurya Singh, Kiran Sharma
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