Everything is bought online today; groceries, accessories, furniture, jewelry, clothes, and even different services. A decade ago, nobody would have believed that buying things online could ever be a thing. But today, anything that can not be bought online feels weird and confusing. Today, pharmaceutical companies like lentivirus company and pharmacies provide services and medications on online requests. It is a huge step towards the technological future.
Growth of Pharma E-commerce
Pharmaceutical e-commerce is not a small industry. According to estimation, it is expected to reach over 177 billion dollars by 2026. Several pharmaceutical companies are providing an online service portal. In the USA alone, there are 400 such websites and companies. So, pharmaceutical e-commerce is not a growing or emerging market. It is an established market with generous success, but there are some established challenges too.
Factors Driving the Growth of the Pharma E-Commerce Market
If you want to start selling your pharmaceutical products and services online, the market analysis should be done beforehand. It is useful to know which factors are driving the market. It will help you in finding opportunities and fill the gaps in the market. Let’s look at some key factors driving pharma e-commerce:
Getting medications from a pharmacy requires consideration of various factors. You have to arrange transportation during pharmacy hours o get your prescription filled. It is possible that the pharmacy that is convenient for you does not have that medication. In this case, you will either have to wait or try to get to a new pharmacy. All of this is too much hassle for a modern man living in the world of technology.
Consumers can access an online pharmacy at any place at any time. They can get their prescriptions as soon as possible without having to commute to the pharmacies. The refilling is just as easy. All they need is their mobile and internet.
The medical condition of every individual is a private and vulnerable matter. Although pharmacies provide a certain amount of privacy, it is not enough. It is uncomfortable for some people to talk about their medications, symptoms, and prescriptions with the pharmacy staff.
The e-pharmacy enables a person to buy whatever medications they need from the privacy of their own homes, making the entire process more comfortable.
Comparing the Prices
The cost of medication depends upon the pharmacy that you are opting for. When you enter a pharmacy and order a drug, you have no idea about how much they have struck up the prices. Moreover, it is too late to go shopping around. Even in the same zip code, pharmacies have different prices for the same drugs.
While buying medicines online, you can easily compare the prices and the brands of the medication at different pharmacies. It helps a consumer in selecting the best option for him without having to commute to several pharmacies to find a suitable deal.
Challenges to Pharmaceutical E-commerce
Establishing a Brand
The leading brands of pharmaceutical medications have a headstart in attracting online customer inflow as compared to a new setup. When companies introduce a drug in the market, they get 10 years to corner the market before any other company can produce the drugs. By that time, the already established brand name has already become the name of that drug in the minds of consumers. Penetrating a market with an already-established brand name is very difficult.
Pharmaceutical medications are sensitive, especially prescription drugs. If they fall into wrong hands, they can be used in negative ways. For example opioids. While shipping out the medications, they move through a whole chain of transportation and process. During this time, the medications at some points are unattended and can be stolen. To meet this challenge the transportation and delivery systems should be made better and stronger. It will still take some time to perfect the flaws in the delivery system.
Consumer Loyalty and Trust
When a person walks into a pharmacy, he is sure that he is among the professional pharmacists and an established company that provides medication. There is no doubt in his head about getting the original medications or getting scammed. But, in online pharmaceutical medication orders, there is always a pinch of doubt in the consumer’s head especially if the medications are expensive. A consumer would rather go to a pharmacy that he can physically see to get his prescription filled because nobody compromises their health. Establishing a name online for medication provision and having loyal and trusting customers is still a challenge faced by the market.