E-pharmacy Market is Growing due to lucrative strategies deployed by key players The Kroger Co., The Walgreen Company, Express Scripts Holding Company, CVS Health, Zur Rose Group AG, Giant Eagle
However, sales of illegal drugs is a major problem in online pharmacies. However, governments and regulatory bodies are working on reducing it by making various rules and regulations. For instance, the U.S. food and Drug Administration (FDA) has prohibited the import of drugs in the U.S., and E-pharmacy companies who want to sell its products in the U.S. need to have their physical presence in the country. Furthermore, the company has to take state wise license to sell and deliver its products in respective state.
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Increasing investment and funding in key region such as Asia Pacific and Europe to scale up and expand their online pharmacy business and this is expected to drive growth of the global E-pharmacy market in the near future. For instance, in 2017, Zur Rose AG, a Switzerland-based online pharmacy company raised US$ 237 million to expand its business in Germany.
Furthermore, the increasing usage of internet is also expected to drive the growth of market. For instance, according to data published by the World Bank around 87.5% of total population of U.K. were using internet in 2012, which has increased to 94.8% in 2016. Strategies deployed by major E-pharmacy key players such as free delivery, and lucrative offers and discounts is also expected to increase the adoption of E-pharmacy by population. For instance, in April 2018, Netmeds, an India-based E-pharmacy startup, is providing 20% discounts offers on its medicines.
Moreover, these kinds of discount are widely aiding in growth of the market. Increasing prevalence of lifestyle diseases such as high blood pressure, diabetes, cardiovascular diseases, and obesity etc. is also expected to increase demand from products from E-pharmacy. For instance, according to data published by World Health Organization (WHO), globally, the number of people with diabetes increased from 108 million in 1980 to 422 million in 2014. According to WHO in 2017, cardiovascular diseases is the leading cause of death worldwide, about 17.7 million died from cardiovascular diseases in 2015.
Furthermore, in march 2017, Ministry of Health and Family Welfare (MoHFW), India proposed that an electronic platform will be developed where stakeholders in the pharmaceutical supply chain such as retail shop, E-pharmacy chain have to register itself and to enter all details of the medicines received, sold, returned to the manufacturer or disposed. The electronic platform will be helpful in identifying any wrong doing in distribution of drugs.
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In 2017, Medlife, an India-based E-pharmacy company, invested a total amount of US$ 30 million to support and enhance its E-pharmacy business. In 2017, Medsonway Solutions Pvt. Ltd, an India-based online pharmacy company, raised US$ 600,000 from RPG Ventures, the venture capital arm of RPG Group. The company will use this funding to expand its business across India. In 2017, 1mg, an India-based online pharmacy company received US$ 15 Mn funding in Series C round.
In 2017, Zur Rose AG, a Switzerland-based online pharmacy company, launched its initial public offering (IPO). The company plans to use the funds raised through IPO to strengthen its position in Europe E-pharmacy market. This increasing investment will support expansion of the business and hence, these companies will be able to cater more customers, which results in growth of E-pharmacy market in the near future.
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