Published by Uma Rajagopal
Posted on February 15, 2022
Expansion of the worldwide telemedicine industry is aiding the growth of the global e-pharmacy market. The medical and pharmaceutical industries are faced with the challenge of extending quality healthcare to an ever-increasing population. In this scenario, e-pharmacies have emerged as a pragmatic and effective solution to offer medical care and prescription to patients who neither require urgent hospitalization nor call for physical aid. The e-pharmacy industry largely relies on the availability of seamless telecommunication infrastructure including high-speed internet and connectivity platforms. The nascence of e-pharmacies has led state authorities to ascertain a conservative and regulated approach to prescription and distribution. Nevertheless, the growth of the e-commerce sector is expected to augur well for the growth of the global e-pharmacy market.
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E-Pharmacies Gain Immense Traction due to the Pandemic Experience
E-pharmacy services are growing in tandem with teleconsultation platforms. Moreover, the importance of virtual care delivery models in the post-pandemic era cannot be undermined. The COVID-19 pandemic first brought e-pharmacy and telemedicine under the radar of focus across the general hoi polloi. These technologies have now formed the basis of the new normal across several parts of the world. The development of dedicated distribution channels to facilitate delivery of pharmaceuticals and medications has aided market growth in recent years. The COVID-19 pandemic unlocked a formidable opportunity for the e-pharmacies market that is now roping in new technologies to initiate prescription and distribution.
Regulatory Requirements Could Inhibit E-Pharmacies from Overtaking Offline Pharmacies
Despite the tremendous relevance served by e-pharmacies, offline sales channels for pharmaceuticals continue to be in greater demand. There has been an increase in the total volume of sales generated across online pharmaceutical channels, but this number is far from what offline pharmacies have achieved over the years. Furthermore, regulatory requirements such as ban on sale of tranquilizers, narcotics, and psychotropic drugs through e-pharmacies continue to challenge market expansion. It is worthwhile to mention that a large population of people are loyalists of offline pharmacies. Furthermore, risk of incorrect medications being delivered due to human oversight has also dwarfed demand across online pharmacies.
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Asia Pacific Market Endows Lucrative Prospects of Growth Across E-Pharmacy Market
The unprecedented challenges posed by the COVID-19 pandemic brought about digital reinvention in several parts of the world. In several Asia Pacific countries such as India and China, digital literacy and e-commerce sales grew by a noticeable chase. This has also created humongous opportunities for growth and expansion within the regional e-pharmacy market. There has been a rapid influx of demand for medications across online channels that were previously under the hood. North America and Europe have emerged as prominent regional markets that leveraged their well-equipped e-commerce infrastructure to accelerate e-pharmacy sales during the pandemic.
Some of the celebrated names in the global e-pharmacy market are Walmart Stores Inc., Express Script Holding Company, Optum Rx Inc., Walgreen Company, and Giant Eagle Inc. These vendors are going above and beyond to ensure timely deliveries that are critical to the success of e-pharmacies.
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