Both clients and investors have recently seen strong momentum in the online pharmacy market. In this segment, growth has been fuelled by increased internal, improved medical infrastructure, higher disposable income, and the ease of online shopping. The industry’s future will be mostly dependent on government legislation and vital infrastructure in the supply chain. In developed countries, the purchase of online medication is a generally recognized phenomenon.
Medicine distribution has posed a whole new set of logistics problems due to the high number of SKUs and complex handling, storage, packaging, and transportation requirements. With an estimated CAGR of 20.5 percent over the next five years, the world pharmacy industry is poised to explode and is expected to reach the $50 billion mark by 2022. The online channel accounts for just 0.05% of overall revenue, 16 times smaller than online retail sales.
How can it be Stopped?
The digital supply chain has the potential to ensure that everyone can access everything and anything in very little time. The worldwide logistics landscape has always been a chaser for demanding and conscious people of today’s new generation.
The following are some issues why the home-grown logistics firms are dismayed-
- Digital businesses have to rely on multiple partners to ensure fulfillment, unlike the established markets that boast of centralized service providers catering to all online companies’ needs under one umbrella. Multiple partners contribute to the sharing of more hands and data going through different networks, decreasing overall visibility and adding costs.
- In the e-commerce ecosystem, inadequate infrastructure and network preparation have resulted in high lead times. Deliveries on the same day and next day are also privileges that are uncommon and cost-ineffective. This is a significant problem for shipments of vital goods such as drugs, where the value of fulfillment is closely related to the speed of delivery. To make the whole customer experience pleasant, ensuring fast and reliable services are critical for these businesses.
- In essence, the lack of visibility is a by-product of having multiple service providers. It is critical for both supplier and recipient to have end-to-end product visibility with monitoring at each point and accurate delivery schedule estimation in today’s market scenario where options and margins spoil the customer is minimal. Technology is another field in which visibility can play a critical role in ensuring a full customer experience.
- Medicines have to be stored as specified by the manufacturer. Drug consistency can be compromised by storage at high temperatures or in wet environments, which can pose a danger to the patient’s health. To fit the requirements of online pharmacy, the process must be revamped.
- There are eazy e-pharmacies. They offer people with disabilities and dire situations that reduce the comfort of movement. They do not have to leave their homes for drugs to attend nearby pharmacies. They can log in to the internet, check for a valid e-pharmacy and then shop and order their medications. At any time of the day, they even get unrestricted access to skilled healthcare professionals. If you live in a remote area that is unavailable, this is a significant benefit for you.
- Any data you have online usually is discreet. E-pharmacies maintain anonymity for you. This is especially helpful for individuals who find it difficult to talk to physicians or pharmacists face to face. It is often useful for people who feel like they have really ’embarrassing’ or ‘shameful’ problems such as erectile dysfunction, acne, STDs, hair loss, etc. Without the embarrassment of feeling judged, they can order their items online.
E-pharmacies are far more convenient than typical physical drugstores. The pros of using an automated drug store outweigh the cons. However, it is still essential to ensure that you determine whether or not the e-pharmacy site you are using is valid.