e-Pharma is defined as the service available to the patients and consumers to order their medicines online. This type of pharmacy deals in both prescription-based products and over-the-counter products and are aimed at increasing the convenience of consumers by providing them with their medicines in the comfort of their homes or wherever required. A majority of service providers are in direct contact with the pharmaceutical manufacturers and therefore, they even provide their consumers medicines at a discounted rate, as compared to conventional pharmacists.
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The main factors behind the growth of the market are:
The market is segmented on the basis of type as pharmacy benefit manager, legitimate internet pharmacy, illegal or unethical internet pharmacy; application as hospitals, personal use, government research.
Some of the recent market developments are as follows:
“According to Data Bridge Market Research, global e-pharma market is expected to be growing at a healthy CAGR of 14.80% during the forecast period of 2019 to 2026”
Some of the major players operating in the market are Boehringer Ingelheim International GmbH, AbbVie Inc., Aurobindo Pharma, Pfizer Inc., Walmart Inc., Walgreen Co., Express Scripts Holding Company, The Kroger Co., L Rowland & Co, DocMorris, Giant Eagle, Inc., OptumRx, Inc., CVS Health, Merck & Co., Inc., Thermo Fisher Scientific among others.
Rapid rise in the consumers shifting towards online sources of product ordering, purchasing is expected to present the players of e-pharma market with a greater consumer base wanting to shift their purchases for pharmaceuticals and any drugs to online models, rather than staying true to traditional pharmacists. This is due to the fact that e-pharma will provide wide range of benefits and features, while also providing drugs at a reduced cost.
Global e-Pharma Market – Industry Trends - Forecast to 2026