Project Report For Online Pharmacy
Project report for Online Pharmacy is as follows.
As India’s online pharmacy, it is likely to cut into the traditional brick-and-mortar pharma retail business’s market share. Brick-and-mortar pharma merchants, who account for over eight lakh of the country’s voting base, have spoken out against allowing online pharmacies to sell pharmaceuticals, stating that easy access to drugs might lead to misuse.
An online drug shop, also known as a web drug store or an online pharmacy, is a drug store that operates over the internet. It makes drugs and other healthcare supplies more accessible without requiring consumers to visit traditional pharmacies.
Online pharmacies enable you to order pharmaceuticals over the internet using websites and apps (web/mobile). Online pharmacies save you the trouble of going to a physical pharmacy. You must first upload the original prescription or doctor’s note to the online pharmacy’s site before making payment.
As per, a restorative information specialist organisation, there are more than 60 online drug stores in India that are involved in the delivery of drugs through web portals, mobile applications, and websites.
Market potential & Strategy
As per, the Indian online pharmacy business would be valued at USD 2.35 billion by 2023, with a 7.08 per cent market share in India’s pharmaceuticals market. This market’s growth is forecasted based on a variety of criteria such as market drivers, present and forthcoming trends, existing growth patterns, and market obstacles.
This expansion is being pushed by India’s expanding and ageing population. Moreover, 6% of the Indian population is above the age of 65, and this output is predicted to climb by 2023. Aside from the ageing and expanding population, advances in buying power and access to excellent healthcare and medicines for poor and middle-class families are also propelling the expansion of the Indian pharmaceutical sector. Indians pay 64.21 percent of their healthcare dollars out of pocket, with drugs accounting for 51.67 per cent. increased access to high-speed internet
Access to e-commerce websites is now feasible even in rural and isolated parts of India, to the internet and increased smartphone usage. This, along with the simplicity of use, home delivery of medications, no risk of counterfeit drugs, and a 15-20% reduction on MRP of medicines given by online pharmacies, is a significant appeal for customers.
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