StartupTalky

Tag: pharmacy business

  • PharmEasy Story: From Billion-Dollar Unicorn to Million-Dollar Valuation

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    The medicine industry has always been as disorganized as we can imagine. Though we were all pleasantly happy with the wholesale and retail market structure that the pharmaceutical industry has offered its customers, the digitalization of the same was evident. Thus, it happened.

    With the digitalization of the medical industry, we can now order our medicines from a wide range of eCommerce medical stores online and get them delivered online without any hassles. One of the major players that makes online ordering of medicines easy is PharmEasy.

    PharmEasy has developed a healthcare delivery platform to simplify and modernize the healthcare setup in India. The platform helps patients to stay connected with various local pharmacy stores and outlets. Data and technology are the driving factors behind a robust health and well-being ecosystem today and PharmEasy is leveraging both of them to strengthen healthcare in India.

    If you are wondering “What does PharmEasy do?” then PharmEasy serves as an online pharmacy and handles the hassle-free delivery of medicines and other medical equipment. PharmEasy operates in several major cities in India. Shopping for medicines online has thus, become convenient and easy through PharmEasy. The company delivers medicine and other medical equipment to thousands of customers every day.

    Recently, API Holdings, the parent company of PharmEasy, had its valuation reduced to $458 million in September 2024. This is a big drop of around 92% from its previous highest valuation of $5.6 billion in 2021. One of its investors, Janus Henderson lowered the value of its investment in PharmEasy by 91.8%.

    PharmEasy’s parent company, API Holdings, is seeing a major shift as three of its co-founders—Dharmil Sheth, Dhaval Shah, and Hardik Dedhia—step away from active roles in the organization.

    Read on to find out more about PharmEasy’s success story, founders and owners, net worth, business model, growth, competitors, revenue model, funding details, and acquisitions.

    PharmEasy – Company Highlights

    Startup Name PharmEasy
    Headquarters Lal Bahadur Shastri Marg, Mumbai, India
    Founder/Owner Dharmil Sheth, Dr. Dhaval Shah
    Founded 2014
    Net Worth/Valuation $458 million (November 2024)
    Parent Organization 91streets Media Technologies/API Holdings Private Limited
    Website pharmeasy.in

    PharmEasy – About And How It Works?
    PharmEasy – Industry
    PharmEasy – Founders and Team
    PharmEasy – Startup Story
    PharmEasy – Name, Tagline and Logo
    PharmEasy – Business Model
    PharmEasy – Revenue Model
    PharmEasy – Funding and Investors
    PharmEasy – ESOPs
    PharmEasy – Acquisitions
    PharmEasy – Challenges Faced
    PharmEasy – Customer Acquisition
    PharmEasy – Partnerships
    PharmEasy – Competitors
    PharmEasy – Growth and Revenue
    PharmEasy – Future Plans

    PharmEasy – About And How It Works?

    Pharmacy is an e-commerce platform for the purchase of medicines and other healthcare-related equipment. Whenever one uploads a prescription on PharmEasy, it is then sent to a drugstore in their vicinity. The company uses a mobile app and web technology to offer the best quality healthcare products and essentials to its customers at affordable rates.

    You might be thinking, “Ah! discounted products, they would be of cheap quality for sure.“ But no, a discount has nothing to do with compromise in terms of quality. The pharmacy provides top-notch products at par with the quality that you can find in reputed pharmacies and medical stores.

    Once PharmEasy sends your medical prescription to the drugstore, a delivery agent collects the medicines from the drugstore while adhering to all sorts of precautions and guidelines. Your order is then packaged and eventually delivered to your doorstep.

    PharmEasy – Industry

    Along with all the industries of now, the medicine/healthcare industry has also been witnessing decent growth empowered by the penetration of new-age technologies and the internet. Internet users have already grown at a CAGR of 18.17% between 2015 and 2019 and are further expected to rise at a CAGR of 9.3% till 2028. Besides, the e-commerce transactions also increased by 26.2% in 2023.

    The market of Indian e-pharmacies is predicted by a leading consulting firm to grow greater than 7X times between 2019 and 2023. It reached a total value of $394.09 million in 2024 and is expected to rise to $801.34 million by 2030, at a CAGR of 12.62%, which is fascinating, to say the least.

    PharmEasy – Founders and Team

    Dharmil Sheth and Dr. Dhaval Shah are the founders of PharmEasy.

    PharmEasy Owner, Founders
    Dharmil Sheth and Dhaval Shah

    Dharmil Sheth

    Dharmil is the Co-founder of PharmEasy along with being the Co-founder of API Holdings. He is also the founder and president of Ekagrata. Sheth also founded 91streets before founding PharmEasy. Dharmil is an Electronics Engineer with a Btech degree, after which he obtained an MBA in Marketing from IIM Ghaziabad. Techno Gravity Solutions and MakeMyTrip.com were among the first companies that Dharmil Sheth worked with in Business Development and as a Summer Intern respectively.

    Dr. Dhaval Shah

    Dr. Dhaval Shah has an MBBS from Rajiv Gandhi Government Medical College, after which he pursued an MBA from XLRI Jamshedpur. Shah has been the General Secretary at both of his colleges. He eventually became a Consultant at McKinsey & Company and then founded PharmEasy and API Holdings.

    The team behind PharmEasy has set its sights on becoming India’s best healthcare delivery venture. The focus at the moment is digitization to the maximum possible extent. PharmEasy is a private company that is adding new employees to its task force every other day.

    PharmEasy is undergoing a significant change as three co-founders of the parent organization, API Holdings—Dharmil Sheth, Dhaval Shah, and Hardik Dedhia—step back from active roles in the firm.

    Siddharth Shah, the fourth co-founder, will continue to lead the company.

    As per a company statement on 22 January 2025, the three co-founders will remain part of the group, align their shareholding for the long term, and continue as board members or observers, but they have chosen to step away from daily executive responsibilities.

    PharmEasy – Startup Story

    Dharmil Sheth, the founder of PharmEasy, and his doctor pal, Dr. Dhaval Shah came up with the idea of building an online pharmacy. Both of them agreed on the potential of technology in the healthcare sector and it is this idea that primarily gave rise to PharmEasy in 2014. Presently, the company extends its supplies to nearly 98% of the Indian pin codes.

    The company wanted to achieve the mission of doorstep delivery of everything related to healthcare, which it is always on the verge of achieving. Digitization has become an integral component of India’s healthcare industry. Be it scheduling a doctor’s appointment or delivery of reports and medicines, every step in the industry has been digitized. A major chunk of the credit goes to the e-pharmacies like PharmEasy for this initiative. The “health commerce industry” in India is growing at unprecedented rates courtesy of these e-pharmacies.

    “Take it easy PharmEasy” says the tagline of the company.

    PharmEasy Logo
    PharmEasy Logonet

    PharmEasy – Business Model

    PharmEasy delivers medicines and other medical accessories across Indian towns and cities. It is like Grofers for medicine. The pin codes maintained by PharmEasy are used to identify pharmacies closest to the customers. Customers can either access PharmEasy’s website or use its mobile app to order items. They are entitled to discounts of up to 20% if they order using the mobile app, which further increases brand recognition and adds new customers to PharmEasy.

    PharmEasy is an e-pharmacy, the processes of which are mostly online acting as a 3-way chain between the buyers, suppliers, and the distribution network.

    Buyers – PharmEasy is a ready platform from which buyers can search for their medicines or healthcare accessories and buy them online without any hassles.

    Suppliers – PharmEasy collaborates with a wide range of local suppliers and medical shops, all of which help the company arrange their stocks and keep them live online. Besides, the company also earns revenue from various pharmaceutical companies that want to showcase their products online and on the PharmEasy app as featured brands.

    Distribution channel – PharmEasy operates with a vast distribution spread out all across the nation. This helps the company to deliver its products for a broad range of pin codes all over India.

    Due to various rules and regulations set by the Indian government, the company doesn’t deliver Schedule H drugs.

    Why do people abstain from e-pharmacies? Research has found that most people do this because they aren’t sure where the medicines are coming from. PharmEasy is dispelling this notion for good!

    Wellnessmonk Story, Founder, Funding, Revenue Model, Products, Competitors
    Wellnessmonk – Startup Success Story
    Startup NameWellnessmonkHeadquarterKanpur
    [https://startuptalky.com/kanpur-startups/]FounderGyaan DixitSectorE-Pharmacy
    Founded2017Parent organizationDreamz Nutrition & Pharmaceutical Private Limited
    Wellnessmonk – Introduction
    Wellnessmonk – Industry Details
    Wel…
    StartupTalkyShubham Kumar

    PharmEasy – Revenue Model

    PharmEasy primarily earns by displaying the sponsored results of various pharmaceutical entities. These kinds of advertisements are found on the home pages of such organizations. Advertising is a major source of revenue and this e-pharmacy leverages it to the hilt. Besides, with the new-age strategies, you can now advertise your products, services, or business with little or no money and market your brand. Attractive discounts also contribute to PharmEasy’s revenue. Furthermore, PharmEasy earns commission from its customers for the healthcare products and medicines that are sold via the platform. The brand also earns through the delivery charges that get levied on the products.

    PharmEasy – Funding and Investors

    API Holdings, the parent company of PharmEasy, has raised INR 1,804 crore ($216 million) in a funding round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) along with its existing investors on 29 April 2024. However, this new investment comes with a 90% drop in the company’s valuation from its highest point. The valuation of PharmEasy as of September 2024 is $458 million, slashed 92% from the peak of $5.4 billion.

    PharmEasy has received $1.7 billion in funding to date in over 14 rounds. PharmEasy had last raised a private equity fund from VestinWolf Capital Management after raising a pre-IPO round worth $354 million from a clutch of investors. Market volatility, low investor sentiments, and the funding winter are some of the popular reasons behind PharmEasy looking to raise funds at a lower valuation.

    The primary round saw an infusion of the $354 million funding round was worth $204 million and led by Amansa Capital, Steadview Capital, OrbiMed, Abu Dhabi’s sovereign wealth fund ADQ, and more. In the second round of funding that PharmEasy received, the company mopped up around $150 mn from the partial exits of a bunch of existing angels and other early-stage investors like Fundamentum, Eight Roads Ventures, Bessemer Venture Partners, and others. PharmEasy, which is all set to file its Draft Red Herring Prospectus (DRHP) has also disclosed that over 20 senior employees, five founders, and some of the new investors had picked secondary shares at a valuation of $5.6 billion. The company was valued at $5.4 billion in February 2022. The company is yet to decide on its IPO round and will not be setting its pricing before the nod from SEBI.

    Before this round where the company has further raised $354 million worth of funding in its Pre-IPO round of funding, split into 2 rounds, it raised a whopping $500 million round via its Series F funding round that was led by Arokiaswamy Velumani, valuing the company at $1.8 billion in June 2021.

    Here are all the funding and investor details of PharmEasy to date.

    Date Series Amount Investors
    April 29, 2024 Venture Round $216 million MEMG Family office, Existing Investors
    Nov 7, 2022 Debt Financing – EvolutionX Debt Capital
    November 1, 2021 Private Equity Fund – VestinWolf Capital Management
    Oct 20, 2021 Venture Round – Trifecta Capital Advisors
    October 18, 2021 Pre-IPO Round $354 million Amansa Capital, Fundamentum, Steadview Capital, Abu Dhabi’s sovereign wealth fund ADQ and more
    July 7, 2021 Series F $500 million Arokiaswamy Velumani
    June 17, 2021 Secondary Market $20 million B Capital
    April 7, 2021 Series E $390 million Prosus Ventures, TPG Growth and others
    November 27, 2019 Series D $220 million Temasek Holdings and others
    September 26, 2018 Series C $50 million Eight Roads Ventures India and others
    September 11, 2018 Debt Financing $5.44 million InnoVen Capital and more
    February 28, 2018 Series C $27.23 million Eight Roads Ventures India, F-Prime Capital, and others
    April 25, 2017 Series B $2 Million Bessemer Venture Partners
    March 30, 2017 Series B $16 Million Bessemer Venture Partners

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    PharmEasy – ESOPs

    PharmEasy was reportedly valued at $5.4 billion in February 2022. Due to the exceptional growth that the company had seen, PharmEasy decided to reward the cofounders and employees by creating new employee stock options (ESOPs) for them.

    The healthcare major had passed a special resolution, where it has declared that it would be allotting around 79,987 ESOPs to each of the five co-founders of the firm – Siddharth Shah, Dharmil Sheth, Hardik Dedhia, Karsh Parekh, and Dhaval Shah. The collective worth of all these shares making the Founders’ ESOP pool is estimated to be around INR 236 crores. PharmEasy has also additionally expanded its ESOP pool with INR 356 crore worth of new options for eligible employees. This new ESOP pool has reportedly been expanded with 603,103 equity shares. Moreover, PharmEasy has also amended its existing ESOP Scheme to align it with the SEBI regulations.

    PharmEasy – Acquisitions

    PharmEasy has acquired 3 companies –

    Acquiree Name Date Deal Value
    Aknamed September 14, 2021 $144 million
    Thyrocare Technologies June 26, 2021 $605.70 million
    Medlife May 25, 2021 $250 million

    Aknamed – A healthcare company that strives to streamline the supply chain of the industry in India. PharmEasy has acquired Aknamed on September 14, 2021. PharmEasy acquired the majority stakes of Aknamed for an initial investment of INR 308 crores ($41.90 mn). The company will be acquiring Aknamed completely in a few months in a deal size estimated to be around INR 1000 crores ($136.04 mn).

    Thyrocare Technologies – Thyrocare is a full automatic diagnostic laboratory, which claims to be the first of its kind in India. PharmEasy acquired Thyrocare on June 26, 2021. In a definitive agreement where the company has acquired 66.1% stakes in Thyrocare, the deal size is mentioned at INR 4564 crores ($620 mn).

    Medlife – Medlife is an online medicine supplier from Bangalore, India, which has facilities for home delivery. On September 22, 2020, the Competition Commission of India approved the merger of Medlife (Online Pharmacy) with PharmEasy. It is noted as the First Major Consolidation in this sector after the entry of Amazon and Reliance. According to this deal, PharmEasy’s Parent Entity will acquire 100% equity in Medlife and the promoters of Medlife will get a 19.95% stake in the entity. Though the talks of the acquisition began in August 2020, the CCI approval was received in September 2020, and it is not earlier than May 2021, 8 months after the CCI nod that PharmEasy finally announced the merger with its rival Medlife. From May 25, 2021, Medlife discontinued its operations and fully merged into the PharmEasy platform. The company acquired majority stakes in Medlife valued at $250 million.

    PharmEasy – Challenges Faced

    The company started its journey in the year 2014 and has now become a major player in the online pharmacy segment. However, PharmEasy didn’t witness overnight success. Challenges are inevitable and the mentioned e-pharmacy also had its share of problems. It was difficult for PharmEasy to deliver products without a prescription.

    Knowing the medicines by their names wasn’t enough. A valid prescription was compulsory for supplying the products. Many didn’t want to upload their prescriptions fearing consequences. Furthermore, location tracking back then when the company started, was difficult for PharmEasy’s delivery agents. It is not like that anymore, though.

    The company eventually overcame the challenges thrown at it and has grown tremendously since its inception in 2014.

    PharmEasy Layoffs

    PharmEasy laid off 40 employees, as per the reports on June 16, 2022. The company has laid off around 40 of the employees who were working with its subsidiary Docon Technologies during the week. These employees who were laid off mainly belonged to the sales department and hailed from Mumbai, Delhi, Chandigarh, Jaipur, and more. PharmEasy has offered a two-month salary for the employees as part of the severance package and is reportedly helping the employees too in getting new jobs. It was also announced that Docon Technologies would be rebranded to PharmEasy One and would then be a whole entity and that most of the Docon employees would be shifted to any of the API Holdings’ entities.

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    PharmEasy – Customer Acquisition

    Customer acquisition of a company depends upon trust and faith. It’s a symbiotic relationship between how much the company is giving to its customers and how those users are benefitting in return.

    Acquiring new users has not been problematic for PharmEasy ever since it overcame the initial hiccups and challenges. A solid user-retention rate has proved PharmEasy’s expertise in keeping customers satisfied.

    PharmEasy – Partnerships

    Swiggy

    Swiggy plans to enter the online pharmacy market by delivering medicines in 10 minutes. Partnering with PharmEasy, it will leverage its infrastructure and regulatory framework via Instamart for rapid delivery of prescription and OTC drugs.

    PharmEasy – Competitors

    The company’s top competitors are –

    • Tata 1Mg
    • Ranger Health
    • Medibuddy
    • Myra Medicines
    • Hello Heart
    • BrownPacket and more.

    Besides, there are also other hospitals and chains like Apollo Pharmacy that are trying to boost overall sales via their online platform along with their brick-and-mortar stores. Most of the companies mentioned here are trying to reinforce their online delivery system of medicines. However, most of them are trailing PharmEasy.

    PharmEasy – Growth and Revenue

    PharmEasy Financials

    PharmEasy Financials FY22 FY23 FY24
    Operating Revenue INR 5,729 crore INR 6,644 crore INR 5,664 crore
    Total Expenses INR 8,491 crore INR 8,974 crore INR 7,254.8 crore
    Profit/Loss Loss of INR 2,731.7 crore Loss of INR 5,211.7 crore Loss of INR 2,533.5 crore
    PharmEasy Financials
    PharmEasy Financials

    In 2023, PharmEasy had an operating revenue of INR 6,644 crore, and its total expenses were higher at INR 8,974 crore, leading to a loss of INR 5,211.7 crore. In 2024, their revenue decreased to INR 5,664 crore, and expenses also dropped to INR 7,254.8 crore, resulting in a smaller loss of INR 2,533.5 crore.

    Dhaval Shah and Dharmil Sheth are playing a major role in this growth through excellent leadership and superior decision-making.

    PharmEasy Financials FY22 FY23 FY24
    EBITDA Margin -39.66% -20.38% -9.59%
    Expense/Rupee of ops revenue INR 1.48 INR 1.35 INR 1.28
    ROCE -32.11% -27.12% -15.71%

    India’s IPO market slowed in 2022 after 2021 saw the largest amount of funds raised in at least a decade. API Holdings Ltd., owner of India’s largest online pharmacy PharmEasy, withdrew its preliminary filing for an initial public offering, citing market conditions and strategic considerations. PharmEasy had filed its DRHP with the market regulator SEBI and was planning to raise INR 6,250 crore through a fresh issue of shares on November 10, 2021. The existing investors of the company were not selling any shares in the upcoming IPO, as per the DRHP.

    Furthermore, PharmEasy had announced that it would be looking for a pre-IPO fundraising of up to INR 1,250 crore via private placement after consulting with the BRLMs (Book Running Lead Manager). However, according to the latest news, PharmEasy was looking to slash its IPO valuation considering the volatility of the current market, as of February 19, 2022. PharmEasy currently partners with over 60K brick-and-mortar pharmacies from across the country and has served 20 mn+ patients since it was formed.

    Finally, there is no shortcut to success and PharmEasy is a case in point. From being an unknown candidate in the online pharmacy space to becoming an established brand, Dharmil Sheth-founded PharmEasy has conquered varying obstacles to reach the zenith of success.

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    PharmEasy – Future Plans

    PharmEasy plans to launch an IPO in the future if its performance remains strong. The company is working to reduce its debt before going public. It is waiting for approval from the Competition Commission of India (CCI) to move ahead with its plans.

    FAQs

    Who is PharmEasy owner?

    API Holdings Private Limited is the Parent Organisation of PharmEasy. Dhaval Shah and Dharmil Sheth are the Founders of PharmEasy.

    How much is PharmEasy Revenue and Profit?

    In 2023, PharmEasy had an operating revenue of INR 6,644 crore, and its total expenses were higher at INR 8,974 crore, leading to a loss of INR 5,211.7 crore. In 2024, their revenue decreased to INR 5,664 crore, and expenses also dropped to INR 7,254.8 crore, resulting in a smaller loss of INR 2,533.5 crore.

    How PharmEasy work?

    Customers can upload a prescription on PharmEasy, which is then sent to a drugstore in your vicinity. The package is then delivered to their doorsteps within the stipulated time.

    How much is PharmEasy net worth?

    API Holdings, the parent company of PharmEasy, had its valuation reduced to $458 million in September 2024.

    Is the Pharmeasy office in Bangalore its headquarters?

    No, the Pharmeasy headquarters is in Mumbai, Maharashtra but it has its office in Bangalore.

    How much funding have Pharmeasy funding rounds earned for the company?

    The Pharmeasy funding rounds have helped the company raise a whopping $1.7 bn, as of November 2024.

    What are PharmEasy acquisitions?

    Aknamed, Thyrocare, and Medlife are the 3 major PharmEasy acquisitions.

  • Tanya Goodwin of Botanical Chemist Palm Cove on Revolutionizing Healthcare with Sustainable and Personalized Solutions

    In this exclusive interview with StartupTalky, we speak with Tanya Goodwin, the visionary Founder and CEO of Botanical Chemist Palm Cove. Tanya shares her diverse and rewarding professional journey, from hospital and community pharmacy to a Fortune 500 pharmaceutical company, culminating in the establishment of Botanical Chemist Palm Cove.

    Driven by a passion for sustainable and personalized healthcare, Tanya discusses her innovative approach, leadership style, and the core offerings of her company. She also talks about the challenges faced and shares the future direction of her organization in revolutionizing global healthcare.

    StartupTalky: Could you share insights into your professional journey and experiences? Additionally, what drives and motivates your daily routines?

    Ms. Goodwin: My professional journey has been diverse and rewarding, encompassing roles in hospital, community, and corporate pharmacy settings. Starting as a hospital pharmacist, I gained invaluable experience in patient care and medication management. Transitioning to community pharmacy, I learned the importance of personalized healthcare and building strong patient relationships. My time with a Fortune 500 pharmaceutical company broadened my understanding of the industry and honed my strategic thinking.

    Establishing Botanical Chemist Palm Cove was a culmination of these experiences, driven by a passion for sustainable and personalized healthcare. Every day, I am motivated by the desire to make a positive impact on my patients’ lives and contribute to the health and well-being of our community. The innovative use of technology in healthcare, coupled with our commitment to sustainability, fuels my drive to push boundaries and find better solutions.

    My daily routines are driven by a commitment to continuous learning, embracing new challenges, and fostering a supportive and collaborative team environment. Seeing the difference our work makes in the lives of our patients is incredibly rewarding and serves as a constant source of motivation and inspiration.

    StartupTalky: Reflecting on your extensive industry background, what standout lessons have you gained, and can you elaborate on your distinctive leadership style?

    Ms. Goodwin: Reflecting on my extensive industry background, several standout lessons have emerged. Firstly, adaptability is crucial. The healthcare industry is constantly evolving, and being able to pivot and innovate in response to changes has been vital. Secondly, the importance of empathy and patient-centered care cannot be overstated. Understanding and addressing the unique needs of each patient fosters trust and improves outcomes. Lastly, continuous learning and professional development are key to staying ahead in this dynamic field.

    My leadership style is collaborative and inclusive. I believe in empowering my team by fostering an environment where everyone feels valued and heard. Encouraging open communication and diverse perspectives leads to more innovative solutions and a stronger, more cohesive team. Additionally, I prioritize ethical practices and integrity, always striving to lead by example.

    I also emphasize the importance of work-life balance, understanding that a motivated and well-balanced team performs at its best. By combining these elements, I aim to create a supportive and dynamic workplace where both employees and patients can thrive, driving our mission of delivering exceptional, personalized, and sustainable healthcare.

    StartupTalky: Dive into the core offerings of Botanical Chemist Palm Cove. Furthermore, shed light on the unique value propositions that individuals or businesses can anticipate from your solutions.

    Ms. Goodwin: Botanical Chemist Palm Cove offers a comprehensive range of healthcare solutions, including personalized medicine, compounding services, and the latest medical equipment. We specialize in customized treatments for skincare, anti-aging, nutraceuticals, hormones, pain management, and veterinary needs. Our core offerings also include innovative pharmaceutical products and expert healthcare advice tailored to individual patient needs.

    What sets us apart is our commitment to sustainability and holistic care. We use advanced technology and sustainable practices to create effective, safe, and environmentally conscious healthcare solutions. Our team of skilled professionals ensures that each product and service is tailored to meet the unique needs of our clients, offering unparalleled personalization.

    Additionally, we are dedicated to serving under-served communities, having provided after-hours delivery of medicines and medical equipment to palliative care patients, Aboriginal and Torres Strait Islander families, the elderly, and LGBTQIA+ members. Our participation in the Australian Government’s Closing the Gap scheme further highlights our commitment to equitable healthcare. Clients can expect innovative, personalized, and compassionate care that truly makes a difference.

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    StartupTalky: In navigating your role as a leader, what significant business challenges have you confronted, and what strategies did you employ to successfully overcome them?

    Ms. Goodwin: Navigating my role as a leader at Botanical Chemist Palm Cove has presented several significant challenges, particularly during the COVID-19 pandemic. The sudden need for rapid adaptation in supply chain logistics, ensuring the safety of our team, and maintaining uninterrupted service to our patients were primary concerns. To address these, I implemented robust contingency plans, diversified our supply sources, and leveraged digital platforms to facilitate remote work and telehealth services.

    Another challenge has been staying ahead in the competitive field of sustainable medicine. This required continuous investment in research and development, as well as staying up to date with advanced technologies like AI and IoT to enhance our offerings. Collaborating with industry experts and fostering a culture of innovation within the team has been crucial.

    Overall, these strategies—embracing technology, fostering innovation, diversifying supply chains, and community-focused initiatives—have been key to overcoming business challenges and driving our success.

    StartupTalky: Balancing the preservation of company heritage with the imperative to innovate and adapt to change can be challenging. How do you manage this delicate equilibrium within your organization?

    Ms. Goodwin: Balancing the preservation of company heritage with the need to innovate is indeed a delicate task. At Botanical Chemist Palm Cove, we manage this equilibrium by adhering to our core values while embracing cutting-edge advancements. Our heritage is built on a foundation of personalized, compassionate healthcare and a commitment to sustainability. We honour these principles by ensuring they remain central to all our operations and decisions.

    To foster innovation, we continuously invest in research and development, exploring new technologies like AI and IoT to enhance our healthcare solutions. This approach allows us to offer modern, effective treatments while maintaining our traditional emphasis on personalized care. We also actively seek feedback from our clients and employees, using these insights to drive improvements and stay aligned with contemporary needs.

    Moreover, we promote a culture of continuous learning and adaptability within our team, encouraging them to embrace new ideas and methods without losing sight of our core mission. This strategy enables us to evolve and grow while staying true to the values that define our heritage. By integrating innovation with our foundational principles, we ensure our company remains both forward-thinking and deeply rooted in its original ethos.

    StartupTalky: Envisioning the future, could you elaborate on the destination you are steering towards in your professional journey?

    Ms. Goodwin: Envisioning the future, my professional journey is focused on steering Botanical Chemist Palm Cove towards becoming a global leader in sustainable medicine. We aim to revolutionize healthcare by integrating advanced technologies like AI and IoT to develop innovative, personalized treatments that meet the evolving needs of our patients. Our goal is to expand our reach internationally, providing top-notch healthcare solutions to underserved communities worldwide.

    In the next few years, we plan to launch a new range of sustainable healthcare products, further our research and development efforts, and establish strategic partnerships with global health organizations. We are committed to continuous learning and adaptation, ensuring our offerings remain at the forefront of medical advancements.

    Moreover, I am dedicated to fostering a culture of inclusivity and compassion within our team, empowering our employees to contribute their best work and drive our mission forward. By maintaining our core values of sustainability, quality, and personalized care, we aim to make a significant positive impact on global health, ensuring that our journey is not just about business growth but also about improving lives and making healthcare accessible to all.

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  • StayHappi Pharmacy – Making HealthCare Affordable with Generic Medicines!

    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 the organization it is StayHappi.

    Medicine is considered to be one of the most important necessities for all of us. It is concerned with maintaining and restoring human health, and the role of a pharmacist is vital for the benefit of the patients. With the rapid growth of the pharmaceutical industry, the market players need to provide these lifesaving drugs at a fair financial value that is of the best quality as well.

    A humanitarian belief is that everyone should be able to get the opportunity and access to necessities that include medicine and health-care as well. To provide these life-saving high-quality medicines, drugs, and prescription remedies at an affordable price is what StayHappi envision. StayHappi Pharmacy practices this right and serves these legitimate medicines at the right costs by providing them the authority to make this right choice. They offer High-Quality Generic medicines at 30- 90% lower MRP than the branded medicines and progressing towards making Healthcare more affordable.

    Read more about StayHappi Company Profile, Founders, Business Model, Revenue, Growth, Pharma Industry etc.,

    StayHappi Pharmacy- Company Highlights

    Startup Name StayHappi
    Headquarter Delhi, India
    Sector Pharmacy
    Founders Ms. Arushi Jain
    Founded October 2017
    Parent Organization SarvaGunAushdhi Private Limited
    Website stayhappi.in

    StayHappi – About and How it Works
    StayHappi – Pharmacy Industry
    StayHappi – Founders and Team
    StayHappi – Name, Tagline, and Logo
    StayHappi – Product and Services
    StayHappi – Business Model and Revenue Model
    StayHappi – User Acquisition and Growth
    StayHappi – Startup Challenges
    StayHappi – Make In India Initiative
    StayHappi – Future Plans
    StayHappi – FAQs

    StayHappi – About and How it Works

    StayHappi Pharmacy was incepted with a firm belief to serve humanity by providing High-Quality Generic Medicines at ‘Real and Affordable’ prices. It provides medicines with their molecule name and not by the brand name, where patients will have the power to choose the right medicine and make a smart choice.

    Generic medicines are as good as branded medicines and have similar dosage, intended use, effects, and side effects, route of administration, risks, safety, and strength as the original drug. Their low prices offer High Value to the patients as the company aim to provide quality healthcare at affordable prices for everyone and everywhere.

    StayHappi Pharmacy partners with retail outlets/sub-franchisee, manufacturers, and development partners for increased access to medicines for everyone. Their partners manufacture about 15% of the country’s total medicinal consumption and maintain the highest standards of quality. Their facilities are regularly audited and approved for manufacturing by regulating authorities like the US FDA, WHO GMP, USNSF, NABL, PICS, ISO 9001-2008, and ISO 14001-2015.

    The company has a central warehouse and a robust supply chain with a distribution network across all states in the country. Thus it creates employment opportunities for thousands of pharmacists, doctors, and business opportunities for entrepreneurs.

    StayHappi pharmacy is progressing towards the expansion of Retail Pharmacy Stores along with online Presence across India to make Healthcare more affordable.

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    StayHappi – Pharmacy Industry

    The pharmacy market in India is primarily governed by the branded drugs in terms of the methodology of how Indians buy their Medicines. But, now the trend is changing into a generic base but it is going to take a long time before it gets into the culture of the Indian population from the generic perspective.

    StayHappi – Founders and Team

    StayHappi was founded by Arushi Jain who leads the company as an executive director.

    Arushi Jain - Owner of StayHappi Pharmacy
    Arushi Jain – Founder, StayHappi Pharmacy

    Dr. Sujit Paul is Managing Director of StayHappi. He is a proven leader and part of Top Management with board-level experience, Dr. Sujit Paul, aged 42, has extensive exposure to multi-national as well as large and medium-sized organizations in various corporate culture and carries over 20 years of experience. He also received an award as a World’s Greatest Leader 2018-2019 Asia & GCC in Dubai.

    Other than a thriving professional life, Sujit enjoys reading and travelling across the globe and works for stray animals. He is a believer in ground-level realities and possesses a strong team-building attitude.

    StayHappi team has over 30 years of experience in the pharmaceutical industry from manufacturing, supply chain, distribution, and marketing. Since its inception, the company has hired experienced and erudite executives from pharmaceutical and retail industries who work towards ensuring that the company achieves what it aims towards the end consumers and patients.

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    The mission of the startup is to ensure that everyone stays more healthy and happy, so ‘StayHappi’ and the logo depict the ‘happy human’. And hence, it has a connotation with the word StayHappi and a logo as what it is.

    StayHappi Pharmacy Logo

    StayHappi – Product and Services

    The company deals with products like Allopathic, Ayurvedic, Herbal medicines, Neutraceuticals, OTC, Consumables, Cosmetics, Surgical items and Medical Devices.

    StayHappi pharmacy provides high quality generic medicine, so that people get the best allopathic medicines at the least price possible. They offer a complete range of high quality allopathic medicines across all major therapeutic segments at affordable prices. The demand for Nutraceuticals is on a surge and StayHappi provides these products as well.

    StayHappi Stores provide Ayurvedic Medicines as well, to complete the basket of healthcare and cater to people who have an affinity towards Ayurvedic and Herbal Medicines. Their Ayurvedic Product Range covers the following segments: Respiratory, Cough and Cold, Rejuvenating Agent, Liver Support, Memory Support, Anti-inflammatory, Arthritis Support, Laxative, Skin Health, Tonics, Digestive Aid, Circulation Support, Blood Sugar Support, etc.

    Apart from this, medical consumables and cosmetics are also available at StayHappi Stores. It is the one-stop shop for customers’ healthcare and wellness needs. The wide range of products caters to all kinds of customers’ needs. It offers a variety of quality-certified and low-priced generic alternatives to all your essential healthcare and grooming products. So now, you can start saving a considerable amount on your monthly expenses.

    StayHappi offers a range of quality-certified healthcare equipment that you can rely on. What’s more, they also help reduce your critical care bills substantially.

    StayHappi – Business Model and Revenue Model

    StayHappi Pharmacy is broadening its horizon to reach the customers via all the platforms. Thus, it is a combination of an offline and online segment, covering the wide market. Being available at all the platforms helps the brand to understand the pattern and how to mold its strategies to cater to the patients/customers. Its business model follows ethical trading medium with major onset on retail outlets. It also follow franchise and store-in-store model where a kiosk is set up in an existing outlet introducing customers to the medicines. By ordering medicines in bulk, the overall cost of the product is low. With StayHappi Pharmacy, customers can purchase high-quality generic medicines  at prices that are 30%-90% less than the commonly retailed price of the same medicine in India.

    The brand’s revenue model is definitely there, in terms of getting more and more retail stores and thereby when the medicines are handed over to the end consumers definitely revenue rotates on its own perspective. The similar revenue model also rotates when from the online platform a medicine reaches the household.

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    StayHappi – User Acquisition and Growth

    At every business level, the flexibility is scaled up through mantra and one who is flexible and reliable along with a thorough understanding of the market can lead to success. StayHappi Pharmacy is doing lots of marketing campaigns all across offline, online, ATL, and BTL to make consumers more aware of buying high-quality medicines at affordable prices and that’s how it happens.

    “Getting the first customer was a little painful because Indians primarily believes in buying branded drugs or drugs that the clinicians have written in the prescription. So, it was a fight and the brand slowly started winning from 1 to 2 and 2 to 4 and 4 to thousands of users”, says Arushi Jain, StayHappi founder.

    People started believing that yes, StayHappi actually offers good high-quality medicines. So, it is the brand’s continuous endeavor to plant-in the ideals to the end consumers by saying that you have an option to actually and effectively save money in your bills which you can do by buying a good quality branded generic. This methodology is still working.

    The brand opened its first store in May 2018 and in just one year, the brand has been able to open its stores 279 locations across 67 cities in 12 states including Delhi/NCR, Punjab, Uttar Pradesh, Bihar, Karnataka, Kerala, Tamil Nadu, Noida, Tiruchirappalli, Mumbai, Bhakal, Kolkata, Puducherry, Erode & Chennai, and more.

    StayHappi – Startup Challenges

    The challenge that StayHappi faced initially was clinicians writing branded drugs in the prescription. For many years, consumers and patients are under the impression that they will consume only what the clinicians write. So, to overcome that, the startup started to educate the common mass and once they understand the true value of it, then they are sticking to it. A few of the methods were advertisement in newspapers, radio along with organizing health camps.

    The company also faces tough challenges especially in partnering with retailers. right from pitching, to convincing, to getting up the signage, and eventually ensuring product availability is really a tough challenge but the company has been successful in overcoming it.

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    StayHappi – Make In India Initiative

    In consonance with the Prime Minister’s vision, StayHappi is a nationwide chain of retail pharmacies to support ‘Make in India‘ drive with quality medicines and other healthcare products at realistic prices.

    The current universe is dominated by brands where marketing companies expend exorbitant amounts of resources to drive demand of particular brands, and patients get these medicines at very high prices. StayHappi pharmacy will fulfill the government’s aspiration to implement the Uniform Code of Pharmaceuticals Marketing Practices (UCPMP) without any efforts or legislative compulsion with respect to availability of high quality medicines.

    StayHappi – Future Plans

    StayHappi plans to scale up and reach every nook and corner in the country and to make “Health for all” a reality. A combination of an offline and online platform at an affordable medicine segment with high quality will definitely be a beneficial combination to move ahead. So, the future plan of the brand is to build a robust mechanism of an online platform clubbed with an offline.

    It plans to add 1,000 retail pharmacy stores by 2020 and will launch 1,000 products in a phased manner. Subsequently, the company will increase the product mix that would offer a comprehensive range of products covering all types of therapeutic form, dosage forms, consumables, and healthcare products.

    StayHappi – FAQs

    Who is the Founder of StayHappi?

    StayHappi was founded by Arushi Jain who leads the company as an executive director.

    What is StayHappi Phramacy Revenue?

    StayHappi generates around $4.6M in revenue

    What does StayHappi Pharmacy offer?

    It provides High-Quality Generic Medicines at ‘Real and Affordable’ prices

    What is Generic Medicine?

    Generic drugs are copies of brand-name drugs that have exactly the same dosage, intended use, effects, side effects, route of administration, risks, safety, and strength as the original drug

    Is Generic Medicine safe to use?

    Yes. Generic Drugs are regulated and go through a review process before they’re approved. The FDA tests them to make sure they offer the same benefits as brand-name medications and that any different ingredients used in the generic drug are safe.

  • How To Start An Online Pharmacy Business In India? | Growth And Future Of E-Pharmacy In India

    With the advancement in a civilization, there has been a significant increase in the types of ailments and diseases we are subjected to. Medical conditions unheard of a century back have now become a common occurrence. People now need hospitals, medicines, and pharmacies more than ever.

    However, one wants convenience within minimal time. Going to nearby stores for much-needed medicines also seems a huge task because of the time it may take. People want to avoid standing in queues and with COVID-19 around, the fear of catching the disease by traveling to hospitals, and pharmacies are widespread.

    This is where an online pharmacy business plan can solve the concerns. E-pharmacy apps and websites such as 1mg, Netmeds, and Practo have become the talk of the town.

    What Is An E-Pharmacy?
    Advantages Of Ordering Medicine From An E-Pharmacy
    Online Pharmacy Business In India
    How To Start An Online Pharmacy Business In India?
    Growth And Future Of E-Pharmacy Business In India
    Challenges For E-Pharmacy Business In India
    Frequently Asked Questions

    E-pharmacy Business In India
    E-pharmacy Business In India

    What Is An E-Pharmacy?

    An online drug store, web drug store, or an E-pharmacy is a drug store that works over the web. It facilitates the availability of medicines and other healthcare items without the need for people to visit brick-and-mortar pharmacies.

    Kinds of E-pharmacies (Online Pharmacies)

    • Genuine Internet drug stores (online pharmacies) in the same nation wherein the customer placing the order resides.
    • Genuine Internet drug stores in a different nation as the customer who’s placing the order. This drug store, as a rule, is authorized by its nation of origin and pursues the nation’s guidelines.
    • Unlawful or exploitative web drug store. The site page for an illicit drug store may contain lies about its nation of origin, methodology, or affirmations. The “drug store” may send obsolete or fake prescriptions, and may not pursue ordinary procedural protection.
    Pharmacy Business Ideas in India
    Pharmacy Business Ideas in India

    Online Pharmacy Business

    Online pharmacies allow you to arrange medications over the internet through websites and applications (web/mobile). Medicine business online save you the hassle of visiting an actual pharmacy. You need to upload the actual prescription or doctor’s note on the online pharmacy’s portal, and then make the payment.

    According to Tracxn, the restorative information expert firm, more than 60 online drug stores are operating in India and occupied with the conveyance of medications through web portals, mobile apps, and websites.

    Advantages Of Ordering Medicine From An E-pharmacy

    For Customers

    • You get your medicines and supplies while sitting at home.
    • Great discounts and other incentives like free shipping.
    • Get reminders about your medical needs and order.
    • Access a vast range of information on prescription drugs and medicines.
    Online Medicine Business
    Medicine At Your Fingertips

    For Pharmacies

    • Pharmacies can establish an online presence and increase their customer base.
    • They can attract new customers and reach out to new geographical locations.
    • Stores can manage their inventory digitally and get helpful reminders/notifications on expiry dates.
    • Offer different schemes and marketing campaigns to customers.
    • Provide a superior level of customer service.
    • An opportunity to retain customers.

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    Online Pharmacy Business In India

    Which are the top online pharmacies in India today? Here is a gander at some of the top e-pharmacies in India.

    Practo

    Practo is a famous name in the area of medical checkups and surveys. It is an online medicine business in India. The organization has initiated its online drug application in more than 100 urban areas in India like Delhi, Mumbai, Bengaluru, Gurgaon, Chennai, Ahmedabad, Pune, and Lucknow. You can arrange more than 40,000 medications by using Practo.

    Practo health app has tied up with several medication stores and drug retailers to convey physician- recommended prescriptions at your doorstep on schedule. The application allows you to order medicines once you upload the prescription on its portal. Practo will automatically top off the medications as and when needed. The portal additionally recalls your past requests and prepares them, if required.

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    1mg

    1mg allows you to purchase medication on the web and access data concerning your prescribed medication. You can also get different insights into your drugs through the application. The organization has set up associations with nearby drug stores to deal with the client’s needs.

    The best part of 1mg is that you can enter the prescription and get less expensive options through a similar compound i.e. a generic alternative. The application additionally offers well-being tips from famous specialists, depending on the medication you request.

    NetMeds

    NetMeds is a prescription requesting application, launched by the Dadha Company, which has been in India since 1914. A rebate of 15% is relevant on a wide range of prescriptions and the conveyances are made within 2 to 3 days. You can also pay in installments.

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    BookMeds

    BookMeds offers various categories; drugs, care items, orthopedic consideration, mother and infant care, emergency clinic hardware, therapeutic contraptions, protein supplements, wellness items, and whatnot.

    The administration is operational in over 600 Indian postal codes covering spots like Delhi, Hyderabad, Bhopal, Lucknow, Kolkata, Patna, Indore, and several other districts. You can get your prescription drugs inside 4 hours of requesting (generally, but depends on other factors as well). The online drug requesting application is available on both Android and iOS.

    Yodawy

    Yodawy isn’t available in India but deserves mention. Yodawy is the most famous drug requesting application in Egypt. The application gives clients a chance to look from a gigantic database of prescriptions and even proposes the right spellings to simplify inquiries. You can likewise transfer an image of your manually written solution and have specialists decode the penmanship.

    Yodawy
    Yodawy

    The organization has tied up with more than 500 neighborhood drug stores in Egypt to fulfill different requests. Prescriptions are conveyed quickly from the closest drug store all over the nation. The application likewise submits guarantees for your sake if the protection supplier is recorded in its system.

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    SmartMedics

    SmartMedics can be utilized for requesting medicines and for counseling from specialists across different departments. You can request drugs online crosswise over various urban areas in India by calling SmartMedics’ customer service or through its website/ application. The drug store will collect the prescription from your home. You can also upload an image through the application. The application guarantees a markdown of 22% on all human services items and conveys the medications within 48 hours.

    WeChemist

    You can buy medicines from WeChemist’s application by uploading an image of the prescription or the doctor’s note. At that point, you have to choose your location and affirm the request to get the items delivered to your home.

    BrownPacket

    Requesting medicines online is a breeze with BrownPacket. You simply need to upload your prescription and give the fundamental conveyance subtleties. Your prescription is generally delivered within 2 hours to 48 hours of submitting the request. You can enjoy up to 22% discount on your order. The administration is at present available in Bengaluru, Patna, and Delhi. BrownPacket accomplices with neighborhood drug stores and welcomes medication stores to join its network.

    PharmEasy

    PharmEasy is one of the biggest online membership drug gateways in India. With this application, you can arrange OTC items, human services items, and drugs and get them home-conveyed within 24-48 hours. You can book well-being tests as well. Alongside sparing flat 20% on each request, PharmEasy offers you a rebate of up to 70% on well-being tests and bundles with zero sample pickup charges. At present, PharmEasy is working in 1000+ towns and urban communities, covering more than 22000+ stick codes crosswise over India. This application will assist you with medicine adherence by reordering your drugs each month. With PharmEasy, you will never fall short on your prescription.

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    How To Start An Online Pharmacy Business In India?

    We don’t have many online drug store stores in India. There are numerous reasons why beginning an online drug store, or e-pharmacy, in India is an overwhelming assignment. Be that as it may, the two principal reasons are the absence of mindfulness and the law. About mindfulness, only a couple of minds think about online drug store stores. However, they don’t delve deep into the implementation aspect.

    A significant number of them don’t comprehend what an online store implies because it may be deciphered from numerous points of view. Secondly, different laws and guidelines are intense and difficult to adhere to, demoralizing individuals from beginning an online drug store. For instance, the Laws of Pharmacies in India were composed before the invention of computers. Outdated, right?

    Also, India doesn’t have any solid law characterized explicitly for E-trade organizations. Assuming you are successful in launching an e-pharmacy in India, you will need to maintain severe laws and guidelines characterized by the legislature of India. If you go outside the point of confinement, you will be reprimanded by the authorities.

    For instance, the laws for the transportation of medicines from one state to another are not clear. Can the online store take cash before the conveyance of the prescription? Not clear.

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    First, you need to enlist your business or store as indicated by the tradition that must be adhered to. There are various classifications that may enlist your drug store under. Some of them are clinic drug stores, chain drug stores, and township drug store. In any case, the best one is setting up an independent drug store business since it limits numerous liabilities. Here are some of the other steps to be followed:

    Tax Registration

    You need to acquire VAT enlistment from the express your drug store is situated in. Every drug store is required to have a VAT enrollment and adhere to VAT regulatory expenses.

    Medication License

    You need to get a permit from the Central Drugs Standard Control Organization and State Drugs Standard Control Organization. There are two kinds of licenses: one is a “retail drug license”, and the other one is a “wholesale drug license”.

    Prerequisite For Obtaining License

    For a retail medication permit, you must have a confirmation or a degree in pharmaceutical studies (e.g B.Pharma). You should have a territory of 10 sq. meters for the store. Refrigerators and climate control systems should be in place.

    Documents Required

    Numerous documents like your ID, address proof, application structure, and any other relevant information would be required.

    Beginning An Online Version

    You should have an expert drug specialist in your ambit for guaranteeing the nature of medications and different prescriptions.

    Online Pharmacy Business Model

    You need to counsel your legal advisor in light of numerous laws and guidelines. Apply for every license referenced in the above paragraphs. Fabricate an association with your providers. You should ensure that your providers are certifiable and not providing any fake drug.

    The initial move towards making your online store involves purchasing a domain name. If you haven’t thought of making an online business webpage, enlist a web designer as soon as possible to get started. You should have a wide range of installment choices, including money down.

    To assume online installments from praise/platinum card or net banking, you can pick an installment portal for your website. When your site is up and running flawlessly, you have to showcase your business on the web. The absolute best techniques are promotion via Facebook, Google AdWords, YouTube, press releases, and so forth. There are several resources available on the internet to learn about promotion and publicity.

    Give your best continuously to promote the authenticity of your online pharmacy.

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    Growth And Future Of E-Pharmacy Business In India

    The Indian pharmaceutical market was esteemed at $36.7 bn in 2018 and remained the third biggest market in terms of volume. It was the thirteenth biggest in terms of net worth. It was expected to reach $55 bn by 2020 at a CAGR of 12% from 2015 to 2020 while ascending in the maturing populace, constant maladies, rising dispensable earnings, and expanding mindfulness.

    A low generation cost, which is around 33% of the production costs in the US gives India an advantage as an assembling goal. Roughly 50% of the Indian-made medications are traded to more than 200 nations on the planet, while the other half is utilized for household utilization. The Indian pharmaceutical industry is profoundly divided with ~24,000 medications and out of this, a lion’s share is disorderly.

    For every household utilization, Indian retail drug stores are the overwhelming dispersion channel with over 85% portion of the general pharmaceutical deals in India. Retail drug store alludes to retail channels which sell solutions, over-the-counter medications, FMCG items, and testing administrations; for example, blood testing, sugar testing, need for blood, and so forth. As per IBEF, the Indian retail pharmaceutical division is expected to reach $59 bn in 2023 from $25 bn in 2017, developing at a CAGR of 15% between 2018-23.

    Lately, around 250 online drug stores have emerged in the nation. As indicated by Frost and Sullivan, the e-pharmacy store showcase in India is estimated to develop at an exponential CAGR of 63% and reach $3.6 billion by 2022 from its value of $512 million in 2018. As indicated by NetMeds, the e-drug store represents 1.5% to 2% of the complete pharma deal, and by taking a gander at the quick development that the business is seeing today, the share can go to over 10% by 2023.

    Growth Of E-pharmacy In India
    Growth Of E-pharmacy In India

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    Developing web entrance, different e-medicinal services activities like Ayushman Bharat, expanding healthcare coverage infiltration, availability in remote zones, cost reserve funds on bills, and doorstep conveyance inside a brief time-frame is expanding the dominance of online drug stores over disconnected retail drug stores. Numerous players have realized the benefits and potential of the online pharmacy segment, for example, Netmeds, PharmEasy, Medlife, 1MG, and LifeCare.

    Additionally, online drug stores offer preferable estimation over disconnected stores. However, they need to follow a framework set up for approval on remedies through an authorized drug specialist. Further, they have a standard inventory of medications identified with interminable and uncommon sicknesses, which neighborhood drug specialists may discover trouble to stock as a result of the significant expense engaged with the acquisition.

    Online pharmacies have difficulties of their own. Some of them are web-based discrepancies. missing things, value contrast or inaccurate estimating, receipt of substitutes or diverse brand’s prescription, deferral or refusal of request as well as installment, inert client care, and so forth. A few concerns have been identified with the fundamental tasks as well:

    • Absence of physical assessment.
    • Abuse of a solution, particularly in opiate and psychotropic medications, and plan X drugs.
    • Absence of comprehension of the therapeutic history, if purchasing from various online drug stores.
    • Absence of cold chain strategic administrations and additionally; it is extravagantly costly for rustic regions.
    • Absence of information security.
    • Unlawful e-drug store sites selling tainted, corrupted, or lapsed medications.
    • Unregulated clearance of medications.
    • Absence of explicit overseeing guidelines in the case of online pharmaceutical stores.

    Nonetheless, with arrangements like unified e-remedy administrations, innovation headway for solid safety efforts, and explicit guidelines, online drug stores are now efficiently handling difficulties in the retail drug store advertising segment.

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    Challenges For E-Pharmacy Business In India

    At present, no particular guidelines are overseeing e-drug stores in India. And this is a significant development inhibitor for the online drug store showcase in India. Every single online drug store is working according to the Drugs and Cosmetics Act, 1940, Drugs and Cosmetics Rule, 1945, Pharmacy Act, 1948, and Information Technology Act, 2000.

    The Union Health Ministry in August 2018 turned out with draft leads on the closeout of medications by e-drug stores to direct the online clearance of medications and patients’ availability to real medications from true online sites. Notwithstanding, this draft is as yet anticipating formalization and finish.

    In December 2018, the Delhi High Court requested a total restriction on the online drug stores crosswise over India as it was firmly contradicted by more than 800,000 conventional scientific experts because online deals are illicit and simple accessibility of medications can prompt its abuse. Be that as it may, around the same time, the Madras High Court followed up on an intrigue recorded by a gathering of online drug store organizations to suspended the boycott till a choice is declared and along these lines, gave some help to these elements. The development street isn’t as straight going ahead.

    Online drug stores offer overwhelming limits to customers to pick up the piece of the overall industry. However, a forceful medication value control system by the administration will put weight on pharma organizations, eventually swaying their edges antagonistically. This rebate technique probably won’t be conceivable to proceed within the long haul.

    Besides, the e-drug store isn’t just rivaling conventional drug stores yet; the administration-backed Jan Aushadi Kendra, which is another activity by the administration, offers limited medications and meds. Furthermore, the sufficient store network for convenient accessibility of medications, particularly in Tier 2 and rustic territories, is a test for e-drug stores and requires increasingly capital mixture and money for innovation.

    In any case, the market has colossal potential as a result of its model of access to prescriptions a lot quicker, center accommodation, and genuine investment funds for purchasers. The segment is worthwhile for financial specialists, who have fueled $711 mn during 2018 and $189 Mn in 2019 in online drug stores. Explicit guidelines for online drug stores are of great importance; this will enable such stores to work in a directed environment, thereby profiting both e-drug stores and customers.

    Experts accept that once the particular guideline will be concluded, there will be an ever-increasing number of online players in this undiscovered market with gigantic potential. In the midst of this, shoppers will consistently be a high priority for both online and disconnected pharma retailers with regard to drugs.

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    Frequently Asked Questions

    How much money do you need to open a pharmacy in India?

    The pharmacy franchise calls for an initial investment starting from INR 8 – 10 lakhs, which includes licensing and documentation. The operational expenses may cost anything between INR 30,000-80,000.

    How can I promote my online medicine business in India?

    Ways to promote online pharmacy business plan in India:

    • Use a professional search engine.
    • Online marketing – AdWords.
    • SEO positioning.
    • Diversify with other types of products.
    • Keep a blog (health-related questions get lots of hits).
    • Create videos.

    How profitable is a pharmacy business?

    compared to other businesses, independent pharmacies make a healthy profit. The average independent pharmacy profit margin in 2018 was 21.8 percent. The number one profit margin in the 2017 report was only 18.4 percent. Independent pharmacies outrank accountants, legal services, and even physicians.

    How can I get pharmacy license online in India?

    Licensing: Online pharmacies have to register with the Central Licensing Authority (CLA) to operate, without which, no person or company can distribute, sell, stock, or exhibit drugs through e-pharmacy portals. E-pharmacies have to pay a fee of ₹50,000 to register for a three-year license.

  • How to Obtain a Pharmacy Business License in India

    Indian pharmaceutical market has been one of the largest markets in the world in terms of volume as well as value. Also, India is the largest provider of generic drugs with around 20% to 25% of global exports in volume. Since the business in the pharmaceutical industry of India is great, one can have a decent opportunity to start it in the local market.

    If you are someone who is interested to open a medical store or obtain a pharmacy license in India, this write-up is for you. Pharmacy business has been eternal in our country. Even when all other businesses suffered huge losses due to the Covid-19 pandemic, pharmacy businesses kept on growing and flourishing and will continue the same in the future as well.

    In India, the pharmacy business doesn’t get affected by economic cycles or financial hiccups. With minimum investment and space you can set up your pharmaceutical business is it a franchise or your own store. Read this article to know more about how to get a pharmacy license in India.

    Types of Pharmacy Business in India
    Types of Drug License
    Prerequisites of obtaining a pharmacy business license in India
    Documents required for starting a Pharmacy Business
    List of Application Forms
    FAQ

    Types of Pharmacy Business in India

    When you decide to obtain a pharmacy license in India, you should first decide the type of pharmacy that you would want to run as there are different types of pharmacy businesses in India.

    In our country mostly all the pharmacy businesses fall under the category of standalone pharmacies who operate their business in the unorganized sector. However, the popularity of township pharmacies has been growing in recent years. It is observed that the majority of the standalone pharmacies are set up under a partnership or sole proprietorship.

    These days pharmacies can now register themselves as LLP or a Private Limited Company for around Rs. 8000/-

    Types of Drug License

    Since there are various types of dealings and businesses in India in the pharmacy sector, there are various types of drug licenses. As mentioned below

    Sales License

    This license is to be obtained by the businesses that plan to make sales of drugs. These include Wholesale Drug License, Retail Drug License, and Restricted Drugs Sale License.

    Manufacturing License

    Those businesses who plan to manufacture drugs allopathic and homeopathic need to obtain a manufacturing license.

    Loan License

    A business that uses manufacturing facilities of some other license and does not own a manufacturing unit, requires a loan license.

    Import License

    When one wishes to deal in the import of drugs, an import license is issued.

    Multi-Drug License

    If one places to operate the pharmacy business in multiple regions with the same name, he/she a multi-drug license will be issued.

    Revenue of Indian Pharma Sector
    Revenue of Indian Pharma Sector

    Prerequisites of obtaining a pharmacy business license in India

    There are a few essential things that are to be acknowledged before obtaining a pharmacy license in India.

    1. Qualification

    If you are planning to have your own pharmacy business, you must be qualified. If your business operations are in wholesale it is imperative that you have completed your post-graduation with one year of experience or have an under graduation degree with four years of experience.

    2. Place

    When you wish to have a pharmacy business, it is important that you have adequate space too.

    Pharmacy License
    Pharmacy License
    • To obtain a wholesale or retail pharmacy business license you must have a minimum 15 square meter space.
    • In all other types, you would have to have a minimum of 10 square meters of space.
    • Also the National Building Code of India, 2005 has laid a few guidelines on the clear height of the premises of the sale which are to be followed accordingly.

    3. Storage

    There are many drugs that are required to be stored in low temperatures, refrigerators, or under air conditioners. You must have such important storage facilities for the same.

    4. Tax registration

    In our country, all pharmacy businesses are required to obtain GST tax and pay GST timely. Since these businesses will be selling drugs and medicines, they are going to be registered under GST 2017.

    Documents required for starting a Pharmacy Business

    Starting a pharmacy business in India comes with certain formalities and responsibilities that vary from state to state. It is suggested that whenever you apply for a pharmacy business license, keep the following documents ready with you.

    1. Application form for the pharmacy license which is in the prescribed manner.

    2. A covering letter would be required with the intent of the applicant. It should be signed by the applicant along with his/her name and designation.

    3. For obtaining the drug license, you would be required to produce the receipt of challan fees.

    4. A declaration in the prescribed format mentioned in the form.

    5. The blueprint of the premises regarding the key plan and the site plan.

    6. The grounds or basis of possession of the premises.

    7. Any authorized Identification proof and photo of the owner/s of the pharmacy.

    8. If the premise is taken on rent, then you would be required to show proof of the ownership of the premises.

    9. Proofs of the constitution of a company like an Incorporation Certificate or Memorandum of Association or Article of Association or Partnership Deed are to be presented while obtaining the drug license.

    10. An affidavit of non-conviction of proprietor or partners of the pharmacy business under the Drugs and Cosmetics Act 1940 is essential.

    11. Along with the above-mentioned affidavit, you also need to produce an affidavit of a registered pharmacist or a competent person working full time.

    12. If the person is employed, an appointment letter of a registered pharmacist or a competent person is required.

    All these documents are required to be produced in order to become eligible for obtaining a medical store license. Once you complete all these formalities, you will be required to file the application for granting the pharmacy business license. For the same, you will have to visit the drug inspector’s office where all the proceedings would be taken ahead.

    List of Application Forms

    Sr. No

    Form No.

    Purpose

    1.

    Form 19

    Application for grant or renewal of a license to sell, stock, exhibit or offer for sale, or distribute drugs apart from those specified in Schedule X.

    2.

    Form 19A

    Application for granting or renewing a restricted license to sell, stock, exhibit or offer for sale, or distribute drugs by retail via dealers who don’t engage the service of a qualified individual.

    3.

    Form 19B

    Application for license to sell, stock or exhibit or offer for sale, or distribute Homoeopathic Medicines.

    4.

    Form 19C

    Application for grant or renewal of a [license to sell, stock, exhibit or offer for sale, or distribute] drugs specified in Schedule X.

    5.

    Form 24

    Application for either the grant of a license or for the renewal of a license or to manufacture for sale or for distribution of drugs other than those which are specified in [Schedule C, C (1) and X].

    6.

    Form 24A

    Application for either the grant of a loan license or renewal of a loan license to manufacture for sale or distribution of drugs other than those specified in Schedule C, C (1) and X.

    7.

    Form 24B

    Application for grant or renewal of a licensee to repack for sale or distribution of drugs, being drugs other than those specified in Schedule C and C (1) excluding those specified in Schedule X.

    8.

    Form 24C

    Application for the grant or renewal of a license to manufacture for sale [or for distribution] of Homoeopathic medicines or a license to manufacture potentized preparations from back potencies by licensees holding a license in Form 20-C

    9.

    Form 24F

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule X and not specified in Schedule C and C(1).

    10.

    Form 27

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule C and C (1) excluding those specified in part XB and Schedule X

    FAQ

    How much does it cost to open a pharmacy in India?

    A pharmacy franchise requires an initial investment starting from INR 8 – 10 lakhs, which includes licensing and documentation.

    How long does it take to become a pharmacist in India?

    To practice pharmacy in India one atleast requires a diploma in pharmacy, which is awarded after only 2 years and 3 months of pharmacy studies.

    Which is the number 1 pharmaceutical company?

    Sun Pharmaceutical Industries Ltd is the number 1 pharmaceutical company.

    Conclusion

    Health is the most important part of everyone’s lives and is certainly a business sector that is evergreen. Pharmacy business in India is currently at the growth stage and will continue to flourish in the coming years as well. By following the procedure mentioned in the above write-up, you can easily obtain a drug license and open your own pharmacy store.

  • McKesson Unveils Insight Into Hospital Pharmacy Trends

    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 the organization it is based on.

    McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. The company had revenues of $231.1 billion in 2020.

    McKesson is based in Irving, Texas and distributes health care systems, medical supplies and pharmaceutical products. Additionally, McKesson provides extensive network infrastructure for the health care industry; also, it was an early adopter of technologies like bar-code scanning for distribution, pharmacy robotics, and RFID tags.

    McKesson – Company Highlights

    Startup Name McKesson Corporation
    Former Names Olcott & McKesson(1833–1853), McKesson & Robbins(1853–1999), McKessonHBOC(1999–2001)
    Headquarters Irving, Texas, U.S.
    Industry Healthcare
    Founded 1833
    Founder McKesson, Charles Olcott
    CEO Brian S. Tyler
    Areas Served Worldwide
    Website www.McKesson.com

    McKesson – About and How it Works?
    McKesson – Logo and its Meaning
    McKesson – Founder and History
    McKesson – Mission
    McKesson – Business Model
    McKesson – Revenue and Growth
    McKesson – Investments
    McKesson – Acquisitions
    McKesson – Competitors
    McKesson – Challenges Faced
    McKesson – Future Plans

    McKesson – About and How it Works?

    McKesson Corporation is a healthcare supply chain management solution, retail pharmacy, community oncology and speciality care, and healthcare information technology company. The Company provides medicines, medical products and healthcare services by partnering with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare.

    It operates through three segments: United States Pharmaceutical and Speciality Solutions, European Pharmaceutical Solutions and Medical-Surgical Solutions. The United States Pharmaceutical and Speciality Solutions segment distributes pharmaceutical and other healthcare related products and provides pharmaceutical solutions to life sciences companies. European Pharmaceutical Solutions segment provides distribution and services to wholesale, institutional and retail customers. Medical-Surgical Solutions segment distributes medical-surgical supplies and provides logistics and other services to healthcare providers.

    McKesson – Logo and its Meaning

    The McKesson logo is a great example of how a simple strict word mark can look modern and stylish.

    Logo of McKesson
    Logo of McKesson

    The brand’s logo is composed of its word mark and the slogan beneath. The key role in the logo design takes the colour palette. Its main colour is common for the pharmaceutical industry design blue. But it has a small and bright accent, which changes everything – an orange line under the letter “C”.

    This colour accent makes the logo look fresher and contemporary, even though the typefaces used in the word mark and slogan are both very classic.

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    McKesson – Founder and History

    In 1833 Charles Olcott and his partner John McKesson founded Olcott & McKesson, a wholesaler and importer of botanical drugs. Twenty years later, with the death of Olcott and the addition of Daniel Robbins, the firm was renamed McKesson & Robbins. Over the next 100 years the company grew significantly by persuading other distributors of wholesale drugs to become its subsidiaries.

    In 1967 the firm faced a hostile takeover by Foremost Dairies, being renamed Foremost-McKesson. The parent had no corporate strategy and began acquiring diverse businesses, from sporting goods to candy. In 1976, new executives worked to streamline its operations by selling low-profit units. They also reorganized it into four groups: drugs/healthcare, wine/spirits, foods, and chemicals.

    The new leaders also aimed to redefine the firm’s “middleman” distributor role by making it more indispensable. They did so by offering data processing procedures that were essential for both customers and suppliers, enabling the company to act as part of their marketing teams. The value-added partnership was prized by small businesses that had difficulty competing with national chains.

    The strategy made it a top wholesaler and led to annual profit increases of 20% on average.  In 1979, it divested over one-third of its holdings to focus on retail and healthcare products. It also began acquiring much healthcare product distribution firms, including technology-related outfits, and shortened its name to McKesson in 1984. By 1990 it was the leader of the drug wholesaling industry.

    McKesson – Mission

    McKesson’s mission statement says, “To provide products, services and solutions of the highest quality and deliver more value to our customers that earns their respect and loyalty.”

    McKesson – Business Model

    McKesson is a distributor and provider of healthcare services and technology. The company operates two reportable business segments:

    • Distribution Solutions – Distributes generic and branded pharmaceutical drugs and other healthcare-related products, and provides practice management, clinical support, technology, and business solutions to community-based oncology and other speciality practices.
    • Technology Solutions – Provides enterprise-wide clinical, financial, patient care, strategic management, and supply chain technology solutions, as well as outsourcing, connectivity, and other services (including managed and remote hosting services) to healthcare organizations.

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    McKesson – Revenue and Growth

    | Year | Amount | Change From Last Year |
    | — | — | — | — |
    | 2020 | $234.194B | +5.5% |
    | 2019 | $214.319B | +2.86% |
    | 2018 | $208.357B | +4.95% |

    McKesson – Investments

    McKesson has made 2 investments. Their most recent investment was on Mar 27, 2019, when Xealth raised $11M.

    Date Organization Name Round Amount
    Mar 27, 2019 Xealth Series A $11M
    Mar 29, 2017 SHYFT Series B $7.5M

    McKesson – Acquisitions

    McKesson has acquired 44 organizations. Their most recent acquisition was Echo on Jun 19, 2019.

    Acquiree Date Amount About Acquiree
    Echo Jun 19, 2019 – Simplifying pharmacy, helping everyone get the medicine they need
    Medical Specialties Distributors Apr 25, 2018 – Full service medical supply and biomedical equipment distributor
    Well.ca Dec 4, 2017 – Well.ca is a Canadian online store for health, wellness, beauty and baby essentials
    RxCrossroads Nov 6, 2017 – RxCrossroads Specialty Solutions is committed to connecting patients to therapy
    CoverMyMeds Jan 25, 2017 $1.1B CoverMyMeds is a healthcare tech platform helping doctors and pharmacists complete PA and insurance coverage determination forms for drugs
    HealthQx Jul 12, 2016 – HealthQx specializes in data analytics and decision support software to bring transparency to the healthcare industry
    Vantage Oncology Apr 4, 2016 $525M Vantage Oncology, Inc., offers a comprehensive development, implementation and management solution for radiation oncology
    Rexall Mar 2, 2016 $2.1B Rexall is a drugstore operator with a dynamic history of innovation and growth
    Biologics Feb 25, 2016 $1.2B Biologics provides a patient-focused platform for managing the financial, emotional, and physical burdens of cancer treatment
    UDG Healthcare Sep 16, 2015 €408M UDG Healthcare specializes in supply chain, packaging, medical, regulatory, and sales and marketing

    McKesson – Competitors

    McKesson top competitors include EMIS Group, Walgreens Boots Alliance, Owens & Minor, Henry Schein, AmerisourceBergen, Cardinal Health and Walgreens.

    McKesson – Challenges Faced

    • Increasing complexity and growth in integrated delivery networks : The lines between care settings are blurring as hospitals integrate with medical practices, infusion centres and home care, to form sophisticated networks delivering comprehensive patient care. While the number of hospital mergers declined in 2018, mega mergers are the new standard. The need for business partners to help networks diminish complexity and streamline operations across the continuum of care has become increasingly important as leaders work diligently to do what is right for the patient.
    • Hospitals expanding speciality pharmacy footprint, swiftly : Speciality pharmacy has been a top trend for the past several years as utilization and drug spend have dramatically increased across healthcare. As hospital and health systems experienced nearly 20% growth in the speciality drug market in 2018, health systems continue to establish their own speciality pharmacies or expand their existing capabilities. Speed to therapy and ongoing patient support are still critical.
    • Out-of-pocket costs impacting patients and revenue : Speciality drugs have emerged as important treatment options for cancer and other complex diseases, but there can be significant access and affordability issues with speciality drugs. The cost of speciality medications and the increased adoption of high-deductible health plans (HDHP) have placed a higher financial burden on patients. As out-of-pocket costs increase – from higher costs or insurance denials – patients are more likely to abandon their treatment plans.
    • Finance and pharmacy leadership relying on data-informed decisions, not intuition : Pharmacy directors face increasing pressure from performance-based reimbursement and diminishing resources. To alleviate these pressures, pharmacists need to leverage data and analytics to reduce costs, help maintain a healthy bottom line and support quality patient care. However, not all health systems have the tools and resources to aggregate and sift through data in order to apply comprehensive, real-time analytics to deliver better care effectively while maintaining a healthy balance sheet.

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    McKesson – Future Plans

    A new strategic planning solution for oncology practices is now available to customers through McKesson’s Business Advisory Services, a team of experts dedicated to helping speciality practices solve financial and operational challenges through consulting, analytics and technology.

    “Tremendous change is happening in the healthcare industry, especially in oncology,” said Catherine Swick, VP of Speciality Provider Strategy at McKesson. “While practices cannot control the future, strategic planning can help them prepare for what may come, while identifying opportunities to remain strong and viable. As an advocate of community oncology, we are excited to offer our strategic planning solution to our oncology customers as it will enable them to grow and thrive in a way that’s meaningful and valuable to their practices.”

    McKesson’s strategic planning process helps practices create a vision for the future, while equipping them with short-term tactical planning to drive momentum and results. The comprehensive planning process starts with an analysis of the practice’s data, so the McKesson team thoroughly understands its challenges and opportunities and the practice has baseline metrics to guide its discussion and decisions. This is followed by a facilitated retreat with physicians and key staff to align on top priorities and culminates in a detailed three-year action plan for each initiative selected by the practice, providing the structure to make daily decisions that follow the larger vision.