ePharmacy
or Internet pharmacy or online pharmacy is an online platform which
acts an an intermediary between consumer and the seller for the sale
of medicines via online retail platforms. ePharmacies are
increasingly becoming popular owing to the benefits it offers such as
lower price, access to comprehensive information on prescribed drug,
round the clock delivery of medicines, and easy availability of drugs
that are otherwise difficult to find. Patients do not have to
physically visit the pharmacy store to procure medicines; rather,
they can just upload the prescription from doctor on the ePharmacy
portal and receive the necessary medicines at their doorsteps.
The
market for ePharmacies is yet to achieve full potential in with the
development of ethical practices and government regulations
supporting the growth of ePharmacy market. ePharmacies can address
number of concerns such as easy availability of drugs even in remote
locations, medical records of patients, and others. With the help of
ePharmacies, consumers can procure drugs from the convenience of
their homes via smartphone or a tablet. This can largely help
patients those who are severely ill and are not in a condition to go
to a brick-and-mortar pharmacy. Additionally, ePharmacies can store
large amounts of consumer medical data that can be useful in planning
public health policies. Ease in procuring the prescription drugs has
boosted the market for ePharmacies; however, it also encouraged the
illegal sale of controlled prescription drugs. The sale of drugs
through ePharmacies may also result in incidents of self-medication
and drug abuse, which can be prevented with the integration of most
advanced technologies with drug delivery processes.
Know about ePharmacies the most efficient and quick delivery service of Medicines:
The
global market for ePharmacies was valued at US$ 29.35 Bn in 2014 and
is expected to grow at a CAGR of 17.7% during the forecast period
from 2015 to 2023. In 2014, North America was the largest contributor
to the global ePharmacy market, in terms of revenue, followed by
Europe. Europe is expected to be the fastest growing regional market
for ePharmacies, and is estimated to surpass the market size reported
by North America in 2023. The major factors driving the growth of
ePharmacies market in Europe include increasing penetration of high
speed Internet and consumer shift towards online purchase of
medicines. Germany is leading the European ePharmacy market
attributed by cross border trade which was pioneered by DocMorris.
Asia Pacific is projected to display lucrative growth owing to the
growing popularity of e-commerce industry, thereby resulting in the
market growth of ePharmacies and increasing disposable incomes.
Some
of the leading ePharmacies globally, include CanDrugstore.com,
drugstore.com Inc., Lloyds Pharmacy Ltd., The SANICARE Group,
Domzdrowia.pl SA, eDrugstore.MD, Walgreen Co., CanadaDrugs.com,
Rowlands Pharmacy, MediSave, CVS Caremark, CanAmerica Drugs, Inc.,
and PlanetRx.com. These players are implementing various marketing
strategies to increase their share in the market and gain more
popularity and consumer acceptance. Marketing initiatives,
technological advancements, and switching to different business
models are some important strategies adopted by these players. With
the potential opportunities displayed by ePharmacies in the untapped
markets in Asia Pacific and Latin America, more number of new players
are emerging in this segment. The product range offered by these
players is expected to increase competition among the players since
consumers will have options to choose from.
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