Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global E-pharmacy Market, by Drug class (OTC Drugs and Prescription Drugs) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 31.5 Bn in 2016 and is expected to exhibit a CAGR of 16.5% over the forecast period (2017-2025).
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The increasing investments and funding by key players are the factors that are expected to drive growth of the market over the forecast period. For instance, in 2017, Medlife, an India-based e-pharmacy company, invested US$ 30 million to support and enhance its e-pharmacy business. Similarly, in 2017, Medsonway Solutions Pvt. Ltd, an India-based online pharmacy company, raised US$ 600,000 from RPG Ventures. The company will utilize this funding to expand its business across India. Furthermore, in 2017, 1mg, an India-based online pharmacy company received US$ 15 Mn funding in Series C round. In addition, Zur Rose AG, a Switzerland-based online pharmacy company, launched its initial public offering (IPO), in 2017. The company plans to utilize the funds to strengthen its position in Europe E-pharmacy market, which was raised through IPO. This is expected to drive growth of the market over the forecast period.
Moreover, some players in the market are focusing adopting inorganic growth strategies such as acquisitions. For instance, 1mg, an online pharmacy company acquired an India-based company, Medd, in 2016. Under this strategic acquisition, 1mg enhanced its offerings by providing diagnostic services to its customers. 1mg customers can book and appoint home sample collection and receive test results online. Furthermore, key players in the market are focusing on expanding its business in new geographies, in order to remain competitive in the market and strengthen their market position. 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, Middle East, and Africa) – Global Forecast to 2025
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Moreover, prohibiting sale of illegal drugs online is a major concern of regulatory bodies present in key regions such as North America, Europe, and Asia Pacific. For instance, Food and Drug Administration (FDA) prohibited the import of prescription drugs and declared it as illegal in the U.S. Hence, all online pharmacies need to be physically located in the country. Furthermore, e-pharmacy companies need to be licensed at the state-level. However, it does not need physical presence in state, but it is important to get license, if the company wants to deliver its products in a particular state.
Additionally, in 2012, FDA launched BeSafeRx campaign to increase awareness of the risks of buying prescription medicines from fake online pharmacies, among populace. Moreover, European Union (EU) has introduced a common logo for legally operating online pharmacies/retailers in EU countries. In June 2014, EU adopted the new common logo policy. According to the policy, all the online pharmacy legally operating in EU need to display logo on their website, and by clicking on this logo, a consumer can see if the website is registered on European Medicines Agency (EMA) national list. The key objective of this logo is to forbid sales on any kind of drugs through illegal distribution channel.
Furthermore, Ministry of Health and Family Welfare (MoHFW) of India, in March 2017, 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 aids in identifying any wrong doing in distribution of drugs.
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Key Takeaways of the global E-pharmacy market:
- The global e-pharmacy market is expected to exhibit a CAGR of 16.5% over the forecast period (2017-2025), attributed to increasing investments by key players to scale up their E-pharmacy business
- Among regions, North America is expected to hold dominant position in the global e-pharmacy market over the forecast period (2017-2025). This is attributed to presence of major players in the region such as Kroger Co., Walgreen Co., and CVS Health who supply online medications in the region.
- Moreover, Asia Pacific is expected to exhibit significant growth over the forecast period, owing to increasing number of e-pharmacy startups in its economies such as India, which are aiming to expand their e-pharmacy business across India. For instance, startups such as 1mg, Myra Medicines, EasyMedico, PharmEasy, and Netmeds has gain significant foothold in India e-pharmacy market, in the recent past.
- Key players operating in the e-pharmacy market include The Kroger Co., The Walgreen Company, Express Scripts Holding Company, CVS Health, Zur Rose Group AG, Giant Eagle, Inc., Walmart Stores, Inc., OptumRx Inc., 1mg, and Netmeds
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