The article is contributed by Delzaad Deolaliwala, Chairman, Pan-India Medical Cannabis and Hemp Association (PIMCHA), Co-Founder and Chief Legal Officer, Bombay Hemp Company (BOHECO)
Cannabis Sativa L., also known as Vijaya or Bhanga in Ayurvedic Text and referenced in Atharva Veda – Samitha, has been a part of Indian Traditional Medicine for centuries. The therapeutic use of Vijaya and its formulations have since found mentions across various classical texts and ancient medical treatises, however, in the 19th century, cannabis was classified as a narcotic drug and medicines made out of cannabis came to be strictly regulated across the world.
In India, the use of cannabis in medicines was first regulated by The Dangerous Drugs Act, 1930 and currently comes under The Drugs and Cosmetics Act, 1940. The flowers and buds of the cannabis plant (known as Ganja) are regulated as a “narcotic drug” under the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) but the leaves (known as Bhang) and seeds when separated from the plant or the flower and buds are not regulated under the NDPS Act, 1985.
As the existing laws in India stand, there are no restrictions or limitations to legally utilizing the fibre, seed and leaf of the hemp plant to develop and commercially distribute products. Regulations regarding cultivation and processing of Industrial Hemp are governed by State departments including Excise, FDA and Ayush. Processing and manufacturing of medicinal cannabis comes under the purview of both Central and State government policies including NDPS Act, State Excise Act, and Drugs and Cosmetics Act.
From a cultivation standpoint, as per Section 14 of the NDPS Act, the cultivation and processing of cannabis plants for industrial purposes (to obtain the fibre or seed) or for horticultural purposes is permissible. The state of Uttarakhand pioneered the cultivation of industrial hemp within the limits of 0.3% THC, while also instituting research studies to allow for the medicinal and scientific use of cannabis plants by R&D institutions under Section 10 of NDPS Act.
From a licensed manufacture use perspective, as per Rule 161 (2) of the Drugs and Cosmetic Rules, 1945, AYUSH medicines containing any Schedule E (1) ingredient (such as the Cannabis Sativa leaf) can legally be taken under medical supervision. The Indian Medicine (Standards of Professional Conduct, Etiquette and Code of Ethics) Regulations, 1982 does not restrict the sale of Ayurvedic medicines containing Schedule E (1) ingredients by a registered practitioner, provided such medicines are sold to their own patients and not the public at large.
The paradigm shift in medical cannabis and industrial hemp regulations was initiated by the United Nations Commission on Narcotic Drugs’ (CND) decision to vote for the removal of cannabis from Schedule IV and reclassify it to Schedule I of the 1961 Single Convention on Narcotic Drugs, where it was listed alongside dangerous opioids like heroin. The voting record is a testament to the evolving attitudes towards cannabis – with 27 of 53 member countries voting in favour. India’s tie-breaking vote was key to the reclassification, as Ukraine had abstained from voting.
The Government’s positive outlook towards cannabis from an industrial and medicinal lens has spurred the growth of a fledgeling sector which, if sustained, can provide enhanced health outcomes, aid doubling farmer’s incomes, generate rural employment and contribute to an environmentally sound ecosystem, in the long run. The Food Safety and Standards Authority of India’s (FSSAI) recognition of hemp seed and oil products as food in 2021 is another landmark decision which has contributed to the changing perception towards hemp and cannabis.
Today, with increasing awareness about the benefits of hemp and medicinal cannabis, there is a need for regulations governing both cultivation and licensed manufacturing use. The sector is in its infancy and requires forward-thinking policies regulating multiple stakeholders across central and state governments along with industry players and farmers as well. Drawing from the Global Best Practices of countries which have already legalized hemp will help in building a robust regulatory framework. Comprehensive guidelines addressing labelling, consumption and licensing will streamline approvals and contribute to the growth of a transparent ecosystem.
An unorganized sector with distinct regulations across different stakeholders has to be sufficiently cognizant of challenges and opportunities to ensure sectoral growth while sufficiently regulating to prevent misuse and/or abuse. Close collaboration between the Government and the industry will be key to a self-reliant hemp ecosystem, leading to an economically sound, socially inclusive and environmentally sustainable future.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by MedPlus.
There are millions of businesses in the world but not all of them carry equal importance. Some may be for entertainment, some for food, essentials, knowledge development, etc., but a basic requirement for running all the above businesses is our health. A place/business that helps us in taking good care of our health next to hospitals are the pharmacies. Carrying such importance, this industry has always seen growth. Now, by combining technology and healthcare needs, the pharmaceutical industry is enhancing itself to provide better and quick healthcare assistance to people.
MedPlus is one such pharmacy retailer offering multiple health services. They provide services like path labs, optical stores and physician consultation services, in addition to selling prescription medicines. MedPlus was established in 2006 by Madhukar Gangadi. Here, in this article, is the formation and growth of MedPlus along with its funding history, business and revenue models.
December 23, 2021 – Shares of MedPlus were listed on BSE and NSE on 23rd December. They were made available at a premium of 31 per cent. But the price ended at a gain of more than 40%, which is considered a big jump for MedPlus’s debut trade.
December 13, 2021 – The IPO subscription of MedPlus Healthcare Services opened on December 13. Though aggressive pricing has been followed by the company for its IPO, investors showed ample interest in the bidding. Almost 70% of the issue was subscribed on Day 1.
MedPlus Health Services IPO
MedPlus – About
MedPlus is an omnichannel pharmacy retailer offering healthcare services in India. The company sells medicines on prescriptions, FMCG products, nutritional supplements and many more. MedPlus also offers optical solutions and other medical consultation services in the country. It is based in Hyderabad and is the 2nd largest pharmacy chain in India, next to Apollo Pharmacy.
MedPlus, during its initial stages, operated under the name ‘Aushadi’. It was renamed ‘MedPlus’ after expanding its operation to over 48 retail stores. MedPlus Mart is the e-pharmacy store through which the company sells medicines online.
MedPlus – Industry
MedPlus belongs to the Pharmaceutical Industry. The pharmaceutical industry involves dealing with research, development, marketing and sales of medicines and drugs. They aim at preventing, protecting and curing the illness. The industry also deals with medical equipment and generic medications.
India’s pharma industry is huge. It is the largest supplier of generic medicines and ranks 3rd by overall production in the world. India meets the vaccine demand of the world by 50%, the generic medicine demand of the US by 40% and the UK by 25%.
MedPlus – Founders and Team
Madhukar Gangadi – MedPlus Founder
MedPlus was founded by Madhukar Gangadi in 2006 in Hyderabad. He has also served as the Chief Executive Officer of the company since its inception. Gangadi has an MBA degree from the Wharton School. He also earned a bachelor’s degree in medicine and surgery from the Sri Venkateshwara University. He used his experience in both healthcare and entrepreneurship to start MedPlus. The other core team members of MedPlus are:
Bhaskar Reddy Cherukupalli – COO (Retail stores)
Surendranath Mantena – COO (MedPlus Mart)
MedPlus – Mission and Vision
MedPlus Logo
MedPlus runs with a mission to turn itself as the customer’s first choice when it comes to medicines and healthcare. The company wants to understand the customer’s needs and exceed their expectations as much as possible. MedPlus has the vision to bring about a revolution in the healthcare industry in India.
MedPlus – Business and Revenue Model
MedPlus is an omnichannel platform that provides services through both retail stores and online platforms. The company increased its retail stores through franchises. MedPlus first chooses an area and studies its market, demographic needs and supply chain. Then it starts expanding its retail stores in and around the area by proper planning and implementation of strategies. Later, the company uses this growth and supply chain to expand its operations further.
MedPlus also operates its pharmacy business online through MedPlus Mart. This service was started in 2015 and was expanded across the country. MedPlus claims to be the first to start an omnichannel pharmacy in India. The company also entered the path labs and optical businesses in 2020. The revenue of MedPlus flows from the sale of medicines and other healthcare services offered by the company directly or through their franchisees across the country.
MedPlus – Challenges Faced
MedPlus faced severe challenges and criticisms at the time of establishing their online platform MedPlus Mart. The All India Organization of Chemists and Druggists (AIOCD) organized a nationwide strike against the company for starting e-pharmacies. They criticized that the chemists around the country will be severely affected by this MedPlus’s initiative. Then MedPlus made their sales policy explicit and clarified that they are complying with every aspect of the Drug Act.
MedPlus – Funding and Investors
MedPlus managed to raise a sum of $317.7 million through 7 rounds of funding. A total of 6 investors have invested in the company so far. Here is the company’s list of fundings:
Date
Round
Money
Investors
February 11, 2021
Private Equity Round
$13.5 million
Warburg Pincus, PremjiInvest
April 1, 2019
Series C
–
PremjiInvest
January 2, 2018
Debt Financing
$117.7 million
Goldman Sachs
December 15, 2017
Series C
$1.1 million
–
November 10, 2014
Series C
$89.9 million
Mount Kellett Capital Management
March 14, 2011
Private Equity Round
$90 million
TVS Capital Funds, Mount Kellett Capital Management
March 22, 2007
Private Equity Round
$3.1 million
Peepul Capital LLC
MedPlus – Growth
Starting its operations in 2006, MedPlus has seen enormous growth in about one and half decades. Today, the company has widened its business to over 2100 pharmacies across 7 Indian states. It also adapted to the technological advancements and established an online platform in 2015 to ease and widen its sales to customers. MedPlus has now issued its IPO thus aiming to enlarge its operations to every corner of the country in the future.
MedPlus also had consistent revenue growth over the years. The company’s CAGR growth is expected to grow 25% between the financial year 2020 and 2025. The market share of this omnichannel entity is 22% as of 2021. Similarly, the company reported an increase in revenue and profit for 2021, which was severely affected in 2020 due to the pandemic. At the end of the third quarter of 2021, MedPlus had revenue of ₹1890.9 crores and a profit of ₹66.36 crores.
MedPlus – Competitors
MedPlus has earned quite a good competition all through its operation span of over 16 years. Few of them, like Apollo, are omnichannel competitors. In fact, Apollo stands to be the largest pharmacy retail chain in India. In addition to it, few other companies, which show promising growth and worthy competition to MedPlus, have emerged. Here are some of them:
MedPlus launched its Initial Public Offering in the name of MedPlus Health Services by mid-December 2021. The company is expected to be valued high in the near future. It is also planning for potential financial growth in the long term. MedPlus has decided to use the proceeds from IPO for meeting the future working capital requirements of the company. The majority of the funds are expected to be used for developing Optival Health Solutions. MedPlus is strategically planning every step to bridge the gap with the competitor ahead. The CEO Madhukar Gangadi confidently said that the MedPlus will overtake Apollo within the next two and half years.
MedPlus – FAQs
What is MedPlus?
MedPlus is an omnichannel pharmacy retailer offering healthcare services in India.
Who is the founder of MedPlus?
Madhukar Gangadi founded MedPlus in 2006. He is the CEO of the company.
Who are the top competitors of MedPlus?
Some of the top competitors of MedPlus are:
PharmEasy
Apollo pharmacies
Netmeds
1mg
MedLife
How many retail stores does MedPlus have in India?
MedPlus has over 2100 stores in the country as of March 31, 2021.
India had been severely hit by the second wave of the coronavirus pandemic and the country saw a shortage in the availability of vaccines. Even though the country is slowly recovering from the second wave the vaccination in the country is still facing certain problems and the one of the most important problems is related to logistics and supply chain management.
The e-commerce giant, Flipkart has announced that they would deliver the vaccines in Telangana through drones. Let’s look at the further details of the drone delivery by Flipkart.
On 11 June 2021, the e-commerce giant of India, Flipkart had announced that it was going to test the drone delivery facility of the company by delivering vaccines in the state of Telangana. The company conveyed that it would use the learnings from its supply chain that is tech enabled in order to use drones for delivering vaccines and medical supplies in the state.
The company announced that it had partnered with the Government of Telangana to form an association in order to run the task of delivering the medical supplies and vaccines to the remote areas of the state using the drone technology.
Flipkart to join hands with Medicines from the sky project for Drone delivery of Vaccine
Flipkart has conveyed that they will conduct the pilot drone delivery of medical supplies under the Medicines from the sky project. It is a project which outlines the requirement for drone delivery and to assess the proposals which are created under the Healthnet Global Limited and the World Economic Forum.
The Government of Telangana has decided to work on this project and to implement it into the healthcare supply chain of the state in order to implement drones for reaching the most remote areas in Telangana.
Flipkart’s plan of Drone delivery of Vaccine
Flipkart had conveyed that it would use the knowledge that the company has gained from their tech enabled supply chain in order to deploy the drones and to provide health care supply chain support by delivering the medical supplies.
These are going to be supported by the technologies which the company has developed over the years such as geo-mapping, track and trace of location and routing of shipments.
Some of these technologies will also be used to deliver the vaccines and medical supplies to the most remote areas where the infrastructure of the road makes it impossible to deliver them. The company will use the technology to conduct Beyond Visual Line of Sight deliveries using the drone. It will make the deliveries really faster and will play a major role in vaccinating the remote areas.
Pranav Saxena who is the distinguished product manager of Flipkart conveyed that the Coronavirus pandemic and the situation has pushed the countries worldwide to adapt to rapid technologies and shift towards robust technologies by developing scalable products. The medicine of the sky project is considered to be a sign towards it.
He added that the step taken by Flipkart is a quick decision in order to make use of the cutting edge technology for the safety and the wellbeing of the people.
He also conveyed that the company was proud to partner with the Government of Telangana in leading the association by utilizing the companies subtle understanding of the supply chain and the technologies that are helping and supporting in the automated movement of the medical supplies in completing the emergency requirements of the citizens across the state.
The company conveyed that even during the disasters or any natural calamities they would deliver the medical supplies and the required products using the drone technology and this will set a place in the industry for providing the necessary products in the time of need.
Government of Telangana on Drone delivery of Vaccine
The Government of Telangana has always been a step ahead in utilizing the technology for improving the lives of citizens. The Telangana Government stated that introducing the drone technology for delivery of vaccines and medical supplies for the citizens in the remote areas is going to be the first ever introduction in the entire country and added that the Government is happy to have partnered with Flipkart towards this initiative.
Jayesh Ranjan who is the Principal Secretary from the Government of Telangana has conveyed that this initiative will go a long way in testing the best in class technologies and solutions in order to solve the future crisis that will be faced by the society.
Conclusion
The drone delivery is considered to be the most effective way to deliver vaccines and to solve the supply chain related problems faced by the country. India is one of the most populated country having a lot of population concentrated in the remote areas, this technology can be a solution for the major crisis faced by the country regarding vaccines if worked effectively.
FAQ
Is drone delivery legal in India?
Yes, Drone delivery is legal in India but the operations must be limited to visual line of sight and the drone must not carry any dangerous goods.
Where is Flipkart planning to deliver vaccines?
Flipkart is planning to conduct drone delivery of vaccines in Telangana and deliver medical supplies under the Medicines from the sky project.
How many vaccines are there for Covid-19 in India?
India has authorized three COVID-19 vaccines: Covaxin developed by Bharat Biotech, Covishield developed by Oxford/AstraZeneca, Sputnik V developed by the Gamaleya Research Institute of Epidemiology and Microbiology, Russia.
With the lockdowns restrictions brought over by the Covid Pandemic, most economic activities were paused, millions lost their job and many industries faced difficulties. 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.
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. In 2019, the global e-pharmacy market is estimated to be more than $69.7 billion and is expected to grow 17% to more than $244 billion in 2027.
Which is why 2021 is the year for the industry, as the e-pharmacy market in India is estimated to be over $512 million in 2018 and is estimated to grow at a CAGR of 63% to reach $3,657 million by 2022. The sector is also attracting many investors as over 70% users are willing to use e-pharmacy post the pandemic, according to RedSeer survey.
In 2020, Covid 19 has pushed many consumers towards buying their medicines online. A report also shows that over 60 to 70% of the medicines that are ordered through e-pharma platforms are from chronic patients as it more affordable and accessible for them. The growth of e-pharmacy in India is evident due to the positive experience coupled with stronger adoption among low-income households.
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.
In India however, we have over eight lakh pharmacies, with pharmacies available every few kilometers. The e-pharmacies and healthcare companies have only recently grown in India because of Covid 19, improved Internet reach and smartphone penetration. The Indian e-pharmacy industry is some of well-known names in the market are Netmeds, EasyMedico and MedLife.
The growth of e-pharmacy in India
They are many startups that have also come up in the industry such as 1mg, Practo and Myra, even big retail stores like Apollo pharmacy have introduced their e-pharmacy segment.
In Indian pharmaceutical market is the third largest in terms of volume and 13th largest in terms of value. According to EY, the online pharmacy market in India is estimated to reach $2.7 billion by 2023 from $360 million which it is currently at.
In India, the retail pharma market is divided into 3 broad segments which are generic drugs, over the counter (OTC) drugs and patented products. Some of the country’s largest conglomerates and multinational e-commerce companies are looking to invest and get a foothold in this sector. For example Amazon has recently invested over $100 million in the largest Indian pharmacy chain Apollo Pharmacy.
In 2020, Reliance Retail invested Rs 620 crore to get a majority stake in Netmeds which is a chennai based startup. Tata group also acquired a a major stake in 1mg, while LGT Group and CDPQ the Canandian pension fund acquired Medlife in 2020. Even Pharmeasy is backed by the Singapore Temasek Holdings along with TPG a private equity firm from US.
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.
Along with that, the Jan Aushadhi Program is introduced in order to ensure that the general population has access to quality and affordable medicines.
Top pharma companies in India
The increased preference towards online shopping
In the times of global pandemic, 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.
Better healthcare financial services
There has been a steady growth in the Indian financial industry, there are now better options for health insurance policy, life insurance policy, family and retirement plans, cashless claims and ease of accessing them online. These services have increased the healthcare spending which, in turn, has benefitted the online pharmaceutical industry.
The increase in domestic demand
There is an increase in the domestic demand because of growth of in capita income, changes in lifestyle due to urbanization and rise in literacy levels. Which is why the demand for advanced medical treatment is expected to increase along with the demand for pharmaceutical products.
E-pharmacy is more convenient than compared to retail pharmacy stores especially in the time of a global pandemic as the people can order their medicines from the comfort of their homes through any gadget that supports internet. This is also helpful for the elderly and patients that may not be in a condition to go find a pharmacy store.
Increased accessibility
Some medicines are hard to find in retail pharmacy stores, which is why e-pharmacy makes it more accessible to find those medicines. Retail Pharmacy only have limited stock and are expensive making it difficult for the people from the rural areas to buy medicines. E-pharmacies make it more accessible for the rural population to buy medicines.
Benefits of E-pharmacy
Lower cost
The biggest advantage of e-pharmacy is that it provides medicines at a lower cost because it has small working capital, less overhead costs, increasing margins.
E-pharmacy provides improved information
E-pharmacies usually provide value added information to consumers such as the side effects, medicine reminders, information on cheaper substitutes. It also links it to medical resources like universities, government agencies and other health association.
Authentic medicines
All medicine purchases through e-pharmacy platforms are stored digitally, making it easy to track the supply chain. This reduces the risk of fake medicines, drug abuse, and even self-medication.
The e-pharmacy market in the country is unregulated, this is because of the absence of a clear regulatory framework from India’s policymakers. The industry must be regulated because it involves the health of people.
The investors who invest in the e-pharmacy companies are also concerned about the lack of regulations in the sector. This is why a set of regulations for e-pharmacy must be implemented at the earliest.
Lack of technical Infrastructure
The key factor behind the success of any industry is a strong technical infrastructure. Even though smartphone and internet penetration rates are increasing, the rural population still don’t know about e-pharmacy and how to use it.
No awareness in the rural areas
There is huge gap between the rural population and online services like e-pharmacy. This is because people in the rural areas and remote villages lack internet connectivity and still don’t have gadgets that can access internet leading to poor connectivity.
E-pharmacies is unfavorable in the times of emergency
The one disadvantage of e-pharmacy is that when medicines are needed in emergency retail pharmacies, as e-pharmacies take more time from ordering to the delivery of the medicines. Hence why e-pharmacies are more suited for pre-planned purchases only.
Netmeds is currently one of the biggest players in the e-pharmacy industry. It provides a huge variety of medicines, healthcare products and drugs. It is one of the most popular Indian website to buy medicines online.
The company was founded in 2015 and now has a pan India presence, offering prescription, over the counter drugs and wellness products. The customers can set up their subscription for the medicines to be delivered every month and buy healthcare products such as skincare, family care, and baby care among others.
Practo
Practo is one of the most reliable online medical stores. It also has a huge catalog of medicines and healthcare products. The app offers its services to more than 100 cities and also connects millions of patients with thousands of healthcare providers around the world.
The company was founded in 2009 and has over 1,00,000 listed doctors from 310 towns and cities. The app also offers its customers to have an automated prescription refill option, allows them to check their medicine order and reorder what they want.
Top e-pharmacy websites in India
1mg
1mg is the country’s leading digital consumer healthcare platform. This app offers its delivery services to more than 1000 cities across the country. Its customers can order medicines and health products through the website and get it delivered at home from licensed pharmacies.
It also provides accurate and trustworthy information on medicines. The best part about the app is that the customers can enter the names of the medicines needed and get cheaper alternatives with the same compound. The app also offers health tips according to the medicines you order.
PharmEasy
PharmEasy is a well-known health tech startup that offers services such as online doctor consultation, medicine deliveries and diagnostic test sample collection. PharmaEasy offers more than 1 lakh products and even delivers it within 24 to 48 hours across 1.2k plus cities all across India. The app allows schedules reminders monthly and even cash on delivery services.
Apollo Pharmacy
Apollo Pharmacy offers more than 5000 products in various categories online and is also accredited an international quality certification. Apollo pharmacy over 3500 plus offline pharmacy outlets across the country.
The advantage of ordering medicines from Apollo is that the customers can order it 24/7 and get the medicines delivered on time and at their doorstep.
Medlife
Medlife is another popular online pharmacy in India that was founded in 2014. Medlife is easier for ordering medicines as the customers can just upload their prescription, confirm it on call and get the medicines delivered at their doorstep. If the customer does not have a prescription, they can also consult a Medlife doctor.
Netmeds, Medlife, Apollo Pharmacy, PharmEasy, and Practo are the top 6 e-pharmacy companies in India.
What are the challenges faced by the E-pharmacy Industry in India?
E-pharmacies is unfavorable in the times of emergency, No awareness in the rural areas, Lack of technical Infrastructure and Legal challenges are some of the challenges faced by the E-pharmacy Industry in India.
What are the benefits of E-pharmacy in India?
Convenience for consumers, Increased accessibility, Lower cost, Improved information e-pharmacy and Authentic medicines are the benefits of E-pharmacy in India.
What are the reasons behind the growth of the E-pharmacy Industry in India?
Internet reach and smartphone penetration, Government initiatives, The increased preference towards online shopping, Growing awareness about fake drugs, The change in the disease patterns in India, Better healthcare financial services and are the reasons behind the growth of the E-pharmacy Industry in India.
How big is the e-pharmacy industry in India?
In 2021, the e-pharmacy market in India is estimated to be over $512 million in 2018 and is estimated to grow at a CAGR of 63% to reach $3,657 million by 2022.
Conclusion
With the current situation of the global pandemic and the changing seasons, online pharmacies are the best option to buy your medicines. As the people will not have break the lockdown restrictions and go out to buy medicines from the local medical store.
Online pharmacies are more convenient as the medicines are delivered safely and at the comfort of your home. E-pharmacy is cheaper than compared to the retail pharmacies and it’s also offers discounts and cashback. The industry is said to increase two-fold in coming years and become one of the biggest industries.
Ashwini
