Business & Finance

Pharmacy Business Online: All Medicines at your Doorstep

E-pharmacies, often known as Pharmacy Business online stores where customers can purchase medicines without leaving the comfort of their homes. They operate similarly to any other online store and send medications right to the customer's door. Since its start, e-pharmacies have improved in terms of costs, effectiveness, accessibility, and availability, and are now regarded as a great example of a creative idea. About 20% of the world's pharmaceutical exports come from India and the e-pharmacy sector is predicted to expand by INR 25,000 crores in the near future.

Since the emergence of Covid-19, Pharmacy businesses online in India have gained attention. Online pharmacies benefited from the pandemic's rapid expansion for the e-commerce markets. This is mostly due to e-pharmacies' ability to overcome obstacles faced by their physical competitors. However, significant investments and/or the consolidation of a market that is largely fragmented are necessary for the large-scale development of this industry.

What is a Pharmacy business online?

You may order prescribed medications from online pharmacies through websites and mobile applications. Pharmacy business online relieves you of the inconvenience of going to a physical store. The real prescription or doctor's note must be uploaded to the online pharmacy's portal before you can proceed with the payment.

 More than 60 online drug stores are active in India and involved in the delivery of drugs through web portals, mobile applications, and websites, according to Tracxn, the firm of medical information experts.

 How to start a Pharmacy Business Online In India?

In India, there aren't many pharmacy businesses online. Starting an online medicine store, or e-pharmacy, in India is a challenging task for a variety of reasons. However, the absence of mindfulness and the law are the two main causes. Few people consider online pharmacy stores when talking about mindfulness. They don't get too further into the implementation part, though.

 You must first register your business or store in accordance with the tradition that must be followed. The following are some additional measures to be taken: 

• Tax Registration

• Medication Licence

• Prerequisite For Obtaining Licence

• Personal Documents

 Growth of Pharmacy Business Online

Recently, some 250 Pharmacy business online stores have popped up across the country. According to Frost and Sullivan, the market for e-pharmacy stores in India is anticipated to grow at an exponential CAGR of 63 percent, from its current value of $512 million in 2018 to $3.6 billion by 2022. According to NetMeds, the e-drug shop accounts for 1.5 percent to 2 percent of the total pharmaceutical market. However, given the industry's current rate of growth, that percentage might reach over 10 percent by 2023.

How can Retail Magik help in Pharmacy Business Online

The retail sector is confronting the "keep up or be left behind" challenge in the current digital era. One of the most important challenges the retail sector is now facing is the shift from the offline to the online world. The whole 360-degree solution is provided by Retail Magik! A ready-to-use app platform called Retail Magik allows retail companies the chance to create a custom e-commerce app.

Retail Magik, a platform based on an enterprise framework, makes it simple for businesses to engage and interact with their large customer base. The shopping experience is digitised by Retail Magik to make it more personalised, efficient, and practical. This enables the company to stay current with trends throughout the world, reach out to new clients, and generate large revenue from satisfied customers