Global e-Pharma Market: Surge in the Preferences of Consumers Shifting Towards Online Purchasing

Global e-Pharma Market

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:

  • Increasing aging population: One of the most important factors behind the growth of e-pharmacy is the availability of older population group that have been prescribed a large amount of medicines and drugs by their physicians and therefore require frequent filling of their medicines. This population group also more comfort in various service offerings, and therefore with the availability of e-pharma they can adopt easier ordering of medicines from the comfort of their homes without having to partake any extra efforts to fill their prescriptions
  • Rising prevalence for e-prescriptions: Along with the availability of e-pharma services, the availability of physicians shifting towards online models of service delivery has resulted in increasing volume of e-prescriptions being available to the different consumers. This model of service delivery results in higher remuneration for the physicians as they do not have to bear the overhead costs of maintaining a particular healthcare facility. The rising availability of e-prescriptions being prescribed to patients is therefore expected to improve the overall share of the market players providing e-pharma services

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:

  • In May 2019, Medlife announced that they had acquired Myra, which will help Medlife expand their services to around twenty cities throughout India and also gain express delivery services. This will increase the overall value and quality of services with Medlife and the recently acquired service operations will be integrated into the business operations over the next six months
  • In June 2018, Amazon announced that they had PillPack for approximately USD 1 billion. This acquisition is evident to the presence of strict competition existing in the market with various market players introducing new & innovative services, and also dealing in extension of their servicing capabilities. With the combination of capabilities of Amazon and expertise of PillPack in pharmaceutical market, the consumers and the organizations alike will experience wide-range of benefits

 “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.