Seattle, WA -- (SBWIRE) -- 09/24/2019 -- E-pharmacy, also known as internet pharmacy or mail-order pharmacy, deals with online platforms that offer doorstep delivery of pharmacy products to consumers. Consumers can order required pharmacy products through mobile apps or websites. E-pharmacy companies offer both over-the-counter (OTC) dugs and prescription drugs. Uploading the prescription of required prescription drugs is important to order online. Increasing use of internet is expected to boost growth of the e-pharmacy market over the forecast period. For instance, according to the data published by The World Bank, around 34.3% of total population in China used internet in 2010, which increased to 53.2% in 2016. North America and Europe are expected to account for major market share. The market in emerging economies such as India is expected to witness rapid growth over the forecast period.
Key players in the market are focused on adopting investment strategies to enhance their market share, which is expected to boost the market growth. For instance, in 2017, Zur Rose AG, a Switzerland-based online pharmacy company, invested US$ 237 million to expand its business in Germany. Furthermore, several governments around the world are focused on establishing advanced online infrastructure and boosting internet speeds, which is expected to contribute to the market growth. For instance, in 2015, the Government of India launched Digital India program with the motto 'Power to Empower'. Under this program, the government is focused on digitalizing the country by offering high-speed internet facilities in rural areas. Such initiatives are expected to propel growth of the e-pharmacy market over the forecast period.
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Major factor contributing to growth of the market is offers and discounts on e-pharmacy channel. For instance, as on April 2018, 1mg, an e-pharmacy company in India, is providing a discount of 12% on over-the-counter (OTC) drugs. Other features that boost adoption of e-pharmacy channel are free home delivery and free returns. E-pharmacy also helps to increase the availability of various pharmaceutical products at significantly lower prices.
Moreover, increasing use of internet has also increased the number of customers opting for online platforms for purchase of pharmaceutical products. For instance, according to data published by World Bank, only 12.58% of total population was using internet in India in 2012. However, the percentage increased to 29.5% in 2016. The adoption of internet is similarly increasing in the emerging economies of China, Brazil, and Mexico.
A major challenge for regulatory bodies worldwide is the sale of illegal drugs online. This has prompted various governments to draft policies that effectively control the sale of pharmaceuticals online. For instance, importing of prescription drugs is illegal in the U.S. as per the U.S. Food and Drug Administration (FDA). Moreover, the U.S. FDA has made physical presence of e-pharmacies mandatory in the U.S. These online pharmacies are also required to obtain licenses at the state-level for delivery purposes, although no physical presence is required in the state. The Central Drugs Standard Control Organization (CDSCO), the regulator for pharmaceuticals and medical devices in India and the health ministry are focused on drafting policies to encourage online pharmacy companies to sell quality medicines in the country.
Although the adoption of online platforms for buying pharmaceutical products is significant in the urban areas, the same is not true for rural areas. Factors such as low literacy rate, lack of internet facilities, weak supply channel, and lack of awareness about these channels are hindering the adoption of e-pharmacy in such areas. Moreover, majority of the population still resides in rural areas. For instance, according to the World Bank data, about 2 in 3 people in India and 2 in 5 in China resided in rural areas in 2016. Therefore, high number of people living in the rural areas is expected to hinder growth of the e-pharmacy market.
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Company Profiles
The Kroger Co.*
The Walgreen Company
Express Scripts Holding Company
CVS Health
Zur Rose Group AG
Giant Eagle, Inc.
Walmart Stores, Inc.
OptumRx Inc.
Netmeds
European Union (EU) has introduced a common logo for legally operating online pharmacies/retailers in EU countries. On June 2014, EU adopted the new common logo policy. According to the policy, all the online pharmacy legally operating in EU have to display the logo on their website. The logo consists of a national flag in the middle left side which corresponds to the EU country where the pharmacy or retailer is registered. By clicking on this logo purchaser can see where the website is registered on European Medicines Agency (EMA) national list. Prime objective of this logo is to prohibit sale on any kind of drugs through illegal distribution channel.
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