The epharmacy industry is expected to boom in the upcoming year due to raising awareness of the potential benefits of ePharmcy. An e-pharmacy is an e-commerce platform that operates similarly to a traditional pharmacy that sells both prescription and non-prescribed medicines online. On the other hand, e-commerce pharmacies accept online orders and deliver the medications/drugs to the customer at their convenient address.
by Drug Type
- Prescription Drug
- Over-the-counter Drugs (OTC)
Since the internet plays a significant role in our lives, pharmacies began to switch to an online platform. Similarly, to a traditional pharmacy, ePharmacy has its own portal or online platforms that cater to various needs of customers worldwide. To protect public health worldwide, around 32,500 ePharmacy running services within the bounds of the law.
Careem Pharmacy is a UAE-based e-pharmacy start-up that operates in the UAE, Saudi Arabia, and Egypt. PillPack is a US-based e-pharmacy start-up that was acquired by Amazon in 2018. And many other companies such as Medlife, DocMorris, Rowlands Pharmacy, and Optum Rx Inc. are still growing and new start-up companies are playing significant roles in the expansion of healthcare systems.
Pandemic Outbreak
One of the main factors in highlighting the value of e-pharmacy has been the SARS-COVID-19 epidemic. By delivering necessary healthcare services to individuals all around the country during these challenging times, e-pharmacies have demonstrated outstanding resilience in the face of the epidemic. E-pharmacies are without a doubt here to stay, and in the upcoming months, their development will be well established.
Advantages
Home delivery of medicine
Many people, especially those who are busy or have trouble getting to a pharmacy, find it quite convenient to have their medications delivered right to their homes. Additionally, home delivery can enhance access to healthcare, particularly for those who reside in rural regions or have difficulty accessing transportation.
Changing lifestyle and disease progression
Chronic diseases like diabetes, hypertension, and heart disease are on the rise, and altering lifestyle factors like poor food, inactivity, and stress are to blame. Long-term medication is needed to treat many disorders, which can be difficult and time-consuming to get from conventional brick-and-mortar pharmacies. E-pharmacies provide a practical and accessible option to get these drugs.
Chronic diseases are more prone to occur as people age. This is causing a rise in the need for prescription drugs, which can be challenging to get from conventional pharmacies, particularly in remote areas. Regardless of location, e-pharmacies can offer a simple and easy approach to getting these prescriptions.
Increase in government support
Governments are passing laws and rules that foster an environment favorable to online pharmacies. This comprises rules that guarantee the security and caliber of e-pharmacy products as well as legislation that permit the online selling of prescription medications. financial support for e-pharmacies is done by the government in terms of subsidies and loans.
Untapped market in some developing countries
The e-pharmacy market is being driven by unexplored markets in Latin America, the Middle East, and Africa. Although there is a sizable and expanding population in these areas, e-pharmacy services are not widely used there.
REGIONAL ANALYSIS
North America leading the market attributed to Some of the key factors propelling the regional market expansion including increasing e-commerce usage, a growing geriatric population, increased online sales, enhanced healthcare infrastructure, and a favorable attitude toward the embrace of new technologies.
The market that is anticipated to grow the fastest is in the Asia Pacific. China and India are both emerging economies with large populations and rising government initiatives to promote the use of digital technologies. The Indian pharmaceutical market was estimated to be worth US$ 41 billion in 2021, and it remained the third-largest market in terms of value and volume.
The European market is expanding in the online pharmacy sector. The essential component is the transition from conventional retailers to Internet stores. In countries like Germany, Italy, Spain, and France in Southern Europe, ePharmacy has a lot of room to develop. The German regional market that is growing the fastest is the one where more people have access to the Internet and are more aware of the advantages of making in-person purchases online.
Recent Development
In 2023, Tata digital diagnostic platform 1MG is supported by 5C Network and has acquired the artificial intelligence-powered health check-up start-up krayen, based in the USA. With this acquisition, 5C Network hopes to increase the number of digital scans it performs annually, with a goal of one billion scans by 2025.
In 2022 The PrescribeIT® electronic prescription service from Canada Health Infoway is currently accessible at 14 Walmart Canada pharmacies in Saskatchewan, New Brunswick, Alberta, and Ontario, with plans to extend to new locations.
In 2022 CVS Pharmacy presented One+other, a personal care and beauty brand with the objective of expanding access to self-care goods so that customers can practice self-care in their own unique manner at an affordable price point.
In 2022 Hyphens Pharma, a consumer healthcare company and specialty pharmaceutical officially opened Singapore’s first digital pharmacy that has received approval from the Health Sciences Authority. It is the first e-pharmacy in Singapore. Since the company acquired its license, over 100 clinics have already signed up with WellAway.