Tag: telemedicine market

  • Growth Of Online Doctor Consultation Market During Pandemic

    In an era, where everything is available at the click of a button it is no surprise that even a specialist doctor or a clinical examination could be done online. Online doctor consultation is a coveted field in India and is able to offer services like telehealth, telemedicine, telecare, and digital health care services. According to the survey conducted by Accenture in 2017, over 70% of the consumers are willing to experience health care services virtually, while 20% have already experienced virtual healthcare.

    Many startup companies are looking to make it in the industry as it is currently rising. The consumer’s expectations for a convenient healthcare system are evolving while the healthcare industry is continuously striving to meet people’s needs with the help of technology. The telemedicine market in India is expected to reach $5.4 Billion by 2025 with a CAGR of 31%.

    The online doctor consultation allows the dissemination of specialized knowledge among the medical community through advanced networks, reviews, emergency medical consultations during an epidemic or crisis among others. According to a report by Practo, online doctor consultations have increased 500% since March 2020, as five crore Indians are now accessing healthcare online amidst the COVID-19 pandemic.

    Telemedicine Industry in India
    Growth of Online Consultation in India
    Importance Of Online Consultation
    Target Audience of Telemedicine Industry
    Future of Telemedicine Industry in India
    FAQ’s

    Best Online Doctor Consultation Apps in 2020
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    Telemedicine Industry in India

    The Telemedicine Industry is expected to create more than $5.4 billion market opportunities by 2025. Practo, DocPrime, mFine, CallHealth, and Lybrate are some of the leading startups in India’s telemedicine market. The COVID 19 outbreak has created many challenges in traditional healthcare systems, as citizens have not been able to consult with the doctors physically.

    This situation has led the government to change the regulations around remote delivery of healthcare services and allow telemedicine via video, audio, or text. Telemedicine will not only help these startups address the spread of Coronavirus but also improve access to healthcare in rural areas. Innovative technologies are allowing health organizations to enhance access and reduce the burden on hospitals through real-time consultation with doctors through online services.

    top doctor consultation sites in India
    top doctor consultation sites in India

    Telemedicine will reduce the time of consultations and improve the quality of healthcare services in rural areas, removing many infrastructural challenges. The World Health Organization (WHO) recommends every country to have a ratio of 1:1000 doctor to patient ratio, India only has one governmental doctor for every 1,139 people.

    According to a report, India has a shortage of 600 thousand doctors and 2 million nurses. This leads to limited face-to-face consultations among patients. Secondly, India also has a shortage of hospital beds, which makes hospitalization difficult and there needs to be better infrastructure and facilities whereas with the help of online consultations the healthcare sector can reduce its problems.

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    Growth of Online Consultation in India

    Online consultation has become popular in India because it is easier and safer to access healthcare via call, video, chat with doctors, especially during the COVID-19 pandemic. The health ministry has urged people to take advantage of telemedicine services during the lockdown. And since then the usage of online consultation apps and medicine delivery services has been on the rise.

    The pandemic has encouraged people to use the platform and consult a certified medical practitioner rather than resorting to self-medication. Online consultations are known for specialties such as Gynecology and Dermatology, while other specialties like mental health, pediatrics, ENT, ophthalmology, and gastroenterology are all well-known departments.

    The growth of telemedicine in India
    The growth of telemedicine in India

    The telemedicine sector is steadily increasing not only across metropolitan cities but also in smaller cities like Hoshiarpur, Karnal, and Durgapur. The online doctor consultation platform mFine is seeing demand from states which has a low doctor-to-patient ratio since lockdown. The app has also seen new user signups and consultations from users in states such as Bihar, West Bengal, Jharkhand, and Uttar Pradesh where the doctor-patient ratio is the lowest in the country.

    Many other healthcare startups are seeing an unprecedented surge in demand as they shift healthcare delivery onto the internet, promote telemedicine, encourage online medicine bookings and use chatbots to answer patient queries. The support rendered by the national and state governments, their subsidiary concerns, and allies such as the ISRO have contributed a great deal to facilitate the development of telemedicine as a well-recognized field.

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    Importance Of Online Consultation

    India has seen a tremendous increase in demand for telemedicine for healthcare services. According to Statista, the industry might have touched $280 billion by the end of 2020. Though the healthcare sector is seeing a giant leap in providing services to consumers, it has still not been able to expand its market in rural areas. Around 75% of the rural population is struggling with insufficient infrastructure and technological awareness. This is the reason why online consultation might help overcome this issue.

    • Bringing quality healthcare services to the rural areas of the country.
    • Benefits the people of rural areas in bringing down the disparity in healthcare offerings between the rural and urban areas.
    • Provides access to qualified healthcare providers, specialized consultation, accurate prognosis, timely diagnosis, and effective course of treatment.
    • The people of urban areas, who have access to world-class hospitals and treatment facilities but don’t have the time can seek help by online consultations.
    • The patients can have real-time interactions through video conferencing solutions, or store and forward models which can capture patient and disease-related information through dictation, photos, videos, radiology, etc.
    • The patients can get the benefits of an actual visit to the doctor without having to do so.
    • Not just consultation and treatment, but many other services can be fulfilled through telemedicine, which brings together the best of both worlds – medicine and telecommunication.
    • It helps in the dissemination of specialized knowledge among the medical community through advanced technology and peer-to-peer reviews.
    • It’s very useful for emergency medical consultations in times of an epidemic or crisis.
    How to provide a great online consultation experience

    Target Audience of Telemedicine Industry

    • People who are willing to try telemedicine.
    • Application developers and network operators.
    • Third-party suppliers and healthcare service providers.
    • Potential Investors.
    • Government organizations.
    • Research Institutes.

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    Future of Telemedicine Industry in India

    With the growing attention for telemedicine services, countries around the world are developing a regulatory framework for the industry. While India is already one of the top 10 countries in telemedicine marketing the world, the adoption of a regulatory framework will help the segment grow rapidly.

    Tattvan Mishra, founder, and CEO of Tattvan E-Clinics said that “India has seen considerable growth in the telemedicine sector however, the growth was not rapid due to the lack of proper guidelines and regulations. In the coming years, I expect a high investment from the private sector in the field of telemedicine. I think the telemedicine industry has a bright future and may become a multi-billion industry in the next 3-5 years.”

    Online consultation platforms have supported the healthcare needs of Indians at a time of lockdown. Saurabh Arora, the founder and CEO of Lybrate in a press statement said that “It is the need of the hour to contain the spread of the virus. The healthcare burden on the country is gigantic around this time and platforms like ours can definitely help share it. People can consult doctors on Lybrate across specialties and so on other platforms, letting hospitals tend to more serious patients”.

    Besides telemedicine, other health-tech segments such as online pharmacy, medical technology, and medical devices have also called for increased regulatory clarity so that startups can focus on the model rather than tweaking their operations. When it comes to the online consultation market, the COVID 19 crisis could bring about a lot of clarity and growth just like the fintech sector got a push in India after the demonetization in 2016.

    FAQ’s

    1. What is an online doctor consultation or online medical consultation?

    When you visit a doctor about your health-related issues through an audio/video/chat, it is called an online doctor consultation or online medical consultation. This is an alternative for you when you cannot visit a doctor physically at the clinic or hospital.

    2. How do I consult a doctor online now?

    Book an online consultation either on the website or mobile app. Look out for the ‘Find a Doctor’ button on the homepage of the website/app, select the specialty of your problem or type the name of the doctor directly. Once the doctor of your specialty is selected, you can click on the “Consult Now’ button to start with the online consultation.

    3. Do you provide online doctor consultation for emergencies?

    No, it is not recommended. It is advisable to contact emergency services during emergencies. Emergency medical services are available round-the-clock which can be accessed by calling 112 or clicking the ‘Emergency’ tab on the homepage of the respective website/app.

    4. Where is my prescription for the online doctor consultation?

    Prescription for your online consult can be found in the Records/History section. By clicking on this tab, you will be able to view/download your prescription.

    5. Is it safe to consult online?

    Online consultation is absolutely safe and private, where customer information and health data is the most important thing that is kept private.

  • An Overview Of The Online Pharmacy Industry In India

    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.

    The E-pharmacy Industry in India
    Reasons behind the growth of the E-pharmacy Industry in India
    Benefits of E-pharmacy in India
    Challenges of the E-pharmacy Industry
    Top 6 e-pharmacy apps/websites in India
    Frequently Asked Questions


    Netmeds – Leading India’s Online Pharmacy Segment
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. The e-commerce industry has garnered immense popularity in India in a reallyshort span of time. …


    The E-pharmacy Industry in India

    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.


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    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.


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    Benefits of E-pharmacy in India

    Convenience for consumers

    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
    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.


    Market Growth Of Online Doctor Consultation During Lockdown
    In an era, where everything is available at the click of a button it is nosurprise that even a specialist doctor or a clinical examination could be doneonline. Online doctor consultation is a coveted field in India and is able tooffer services like telehealth, telemedicine, telecare, and digital …


    Challenges of the E-pharmacy Industry

    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.


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    Top 6 e-pharmacy apps/websites in India

    Netmeds

    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
    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.


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    Frequently Asked Questions

    What are the top 6 e-pharmacy companies in India?

    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.