The Global Online Medicine Industry
While medical stores have been categorized as essential services during the recent surge in pandemic crisis, online pharmacies themselves have proven to be the biggest enablers of provision of timely medications to masses across the country as people are gradually shifting their preferences to buy medicine online to reduce risk of contagion.
The Global online pharmacy is expected to swell to a market size of $178.1 billion by 2026 from about $68.3 billion currently, at 17.3% annual CAGR growth predicted during the forecast period of 2021-2026. The rising chronic disease outbreak globally is likely to have effect on expansion of online pharmacy market, outdoing the retail counterparts.
Matrix of Online Drug Industry
The world has witnessed a large-scale emergence of e-commerce platforms over the past decade with people buying anything and everything online-from apparels to groceries to their necessities. The large surge has been the result of pandemic across the world with people practicing social distancing and lockdowns across nations, which has resulted in the consumer base shifting gradually to online platforms for purchase of requirements.
The e-Pharmacies/online pharmacy which have disrupted the market and gained popularity rapidly with the ever increase of demand. Due to the ever-rising number of internet users and higher dependency on e-commerce goods, there is a huge anticipation in boost of e-Pharma Sales.
The pharma retail across the world is one of the most unorganized and highly fragmented sectors with a huge distribution of uncalled for retailers contributing to more than 90 percent of sales. The unorganized nature of the sector fuels into most of the issues pertaining to the traditional pharma retail such as frequent stockouts, sale of substandard drugs and limited access.
The online medicine providers have been enablers in addressing these issues through the below adoptive measures:
- Ensuring safer drugs- About 20% of medicines sold globally are substandard and falsified and via e-pharmacies the gap can be bridged by sourcing it directly from manufacturers and licensed resellers enabling genuine medicine supply.
- Improving access: The medical needs of rural population are highly neglected and underserved due to limited access to pharmacies. With the refinement of logistics network, e-pharmacy have an edge in serving the unmet needs of a vast population
- Making drug available and affordable-The traditional pharma Supply chain is not optimized and has several gaps leading to high wastage and high cost to end customer. Also, the offline pharmacies do not have the capacity to cater to larger units of SKUs. Online pharmacies have advantage with better supply chain and inventory management which has substantial decrease cost to customer. Also, they can cater to large SKUs which ensures drug availability.
Why buy medicines Online?
Purchase of online medicine has become very convenient these days in comparison to retail pharmacy stores. This has become a boon for the elderly and patients that may not be in a condition to find a pharmacy store for their requirement. Some of the benefits of purchasing medicines are outlined below.
- Increased accessibility: Some medicines are not readily available in retail pharmacy outlets, which brings in the advantage of purchasing online medicines with immediate availability and medicines being inexpensive.
- Lower Cost- Since the e-pharmacy incurs lower cost due to their online business model and less overhead cost, they can provide medicines with less price and advantage of discounts and offers.
- Improved information: Online medicine platforms provide better and value-added information to customers enabling them to have information on side effects, comparison with cheaper substitutes and medicine reminders. They also link the customers to online diagnostic test offers, doctor e-consultation etc., which provides an enhanced experience
- Authentic medicines: Since e-pharmacies procure medicines directly from manufacturers and licensed resellers, the medicines obtained from this medium is authentic. Also, since the purchase information is digitally stored, there is reduced risk of fake medicine and drug abuse.
How JollyRx will deliver genuine medicine
JollyRx caters to a niche and unique segment in healthcare industry that being providers of rare not readily available medicines and diagnostic tools. We are the pioneers in this segment, and we enable accessibility and affordability of medicine and diagnostic tools.
JollyRx is an online initiative by Jolly Healthcare, provider of innovative drugs for rare, neglected diseases. The vision behind launch of JollyRx was to provide a one stop platform to customers for their healthcare requirements for rare diseases which are mostly undetected and uncatered to most of the times.
Medical establishments can easily order medicines through the platform at affordable prices to patients and the supply could be met at the precise timeline due to the accuracy in logistic facility offered by the platform.
The broad reach of JollyRx also has opened avenue for delivery of medicines to remote locations throughout the country. Also, the robust and online business model of the enterprise allows reduced cost to be offered to the customers.
The organization ensures purchase directly from manufacturers and has inhouse product range for rare disease conditions provided by Jolly Healthcare which are quite the enablers for genuineness of our products on the platform. To learn more about our services, visit website.