Global E-Pharmacy Market, by Drug class (OTC Drugs and Prescription Drugs), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 31.5 Bn in 2016 and is projected to exhibit a CAGR of 16.5% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing investment and funding in this field is expected to be the primary driver for growth of E-pharmacy market.
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.
Moreover, some players in the market are focusing on inorganic growth model. For instance in 2016, online pharmacy company 1mg, acquired an India-based company, Medd. With this strategic acquisition, 1mg increased its offerings by providing diagnostic services to its customers. 1mg customers can book and appoint home sample collection and receive test results online. Furthermore, companies in the market are also focusing on expanding its business in new geographies, remain competitive in the market. For instance, in 2016, 1mg expanded its online pharmacy business across 30 cities in India with the help of funding’s raised by HBM Healthcare Investments.
Browse 30 Market Data Tables and 32 Figures spread through 182 Pages and in-depth TOC on E-pharmacy market By Drug class (OTC Drugs, and Prescription Drugs), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2025
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Prohibiting sale of illegal drugs online is a major concern of regulatory bodies in key regions such as North America, Europe and Asia Pacific. For instance, Food and Drug Administration (FDA) has prohibited the import of prescription drugs, and declared it as illegal in the U.S. Therefore, all online pharmacies need to be physically located in the country. E-pharmacy companies need to be licensed at the state-level. However, it does not need physical presence in state, it just needs to get licensed if it wants to deliver its products in a particular state. Moreover, FDA launched BeSafeRx campaign in 2012 to increase awareness of the dangers of buying prescription medicines from fake online pharmacies.
Moreover, European Union (EU) has introduced a common logo for legally operating online pharmacies/retailers in EU countries. On June 2014, EU adopted the new common logo policy. According to the policy, all the online pharmacy legally operating in EU have to display the logo on their website. The logo consists of a national flag in the middle left side which corresponds to the EU country where the pharmacy or retailer is registered. By clicking on this logo purchaser can see where the website is registered on European Medicines Agency (EMA) national list. Prime objective of this logo is to prohibit sale on any kind of drugs through illegal distribution channel.
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.
Key Takeaways of the global E-pharmacy market:
About Coherent Market Insights:
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