The Indian pharmaceutical market is relied upon to grow to the US $ 55 billion by 2020. But wait, would you say you are buying the real money?
That's only one of the issues online medicine delivery startups are trying to tackle. Nearly 25% of all medications in the Indian market are said to be fake. Often individuals buy counterfeit or substandard products since they do not have a clue about any better or because they are less expensive and more easily accessible.
The problem is so acute that nowadays doctors regularly caution patients about counterfeit medicines and propose they buy them from branded outlets. But imagine a scenario where your neighborhood doesn't have a branded pharmacy.
It is necessary to find all the medicines at one shop and to go jumping from one medical store to another. A profoundly disorganized market equals the price can differ from place to place.
It is these drawbacks - in addition, obviously, to the sheer convenience of online buying - that has brought about a wide range of medicine order delivery startups coming up in India. Netmeds, BookMeds, 1mg, mChemist, Pluss, Pharmeasy, CareonGo, Dawailelo, MyMedicine, and More Medicare are a couple of names in the space.
Here we put light on how four startups are endeavoring to plug the offline and online loopholes in the medical delivery space.
Chennai-based Netmeds was established in 2010 at Pradeep Dadha. It is part of Dadha & Company, which has been in the pharmacy retail business for more than 100 years. This online startup sells both medicine order and non-medicine order medicines. The firmware is outsourced to the cost of medicines and the manufacturer gives a more clear picture to the end customers. It has a total received funding of $ 64 million.
Gurugram-based 1MG was established in 2012 by Gaurav Agarwal, Vikas Chauhan, and Prashant Tandon. This Sequoia-sponsored startup takes into account medicine order medicine in Delhi-NCR, Indore, Ahmedabad, Bhopal, and all major cities in Karnataka, Tamil Nadu, Telangana, Rajasthan, West Bengal, and Uttar Pradesh. The non-medicine order meds are delivered pan-India. The startup services are provided with a wide range of healthcare services that incorporate doctors' appointments, Ayurveda products, homeopathic medicines, and diagnostic services.
Established in 2015 by Dhaval Shah, and Dharmil Sheth Mumbai-based PharmEasy is a pharma aggregator, which connects patients with nearby medical stores and diagnostic centers. Its administrations are accessible crosswise over 700 cities and offer a wide range of products across the non-medicine order and medicine order categories. The startup additionally has an arrangement for a return policy on medications. This startup has gotten funding of $ 53 million from Manipal Group and Bessemer Ventures.
This Indore-based startup was established in 2014 by Vinay Chhajlani and Alok Bachhawat. It pursues an inventory-led model and has an additional 10 online stores in its presence. When the user uploads a medicine order, the pharmacist prepares a cart and the user gets a call for approval. When the user confirms the quantity and amount, she can check out. The company additionally provides services in child care, orthopedic, Ayurveda, personal care products, etc.
Also, read how the ePharmacy market grows up to 10-15% by 2025.
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