How to Start an ePharmacy Business?

According to ETHealthWorld, “e-pharma presents a total addressable market size of US$9.3 billion as of 2019 and is estimated to grow at a CAGR of 18.1% to reach US$18.1billion by 2023.”

1. Amidst the Coronavirus pandemic, more consumers are purchasing medicines online.

2. On the other side, E-pharmacy companies are also providing a great user experience by offering convenient doorstep medicines and healthcare product deliveries.

3. Government regulations like lockdown, social distancing & self-isolation are fueling e-pharma growth.

Take a look at the following image to understand the potential of the ePharmacy industry:

To leverage this potential by starting an online pharmacy delivery business, one’s must know the vital aspects of it:

- Business and Revenue Model of ePharmacy

- Steps to Start Online Delivery of Medicine

- Must-have features of an Online Pharmacy Store

Business Models of Online Medicine Delivery

Entrepreneurs can launch an ePharmacy business by choosing any of the following business models:

Single-Vendor Pharmacy Marketplaces

In the case of a single-vendor ePharmacy marketplace, the admin manages both inventory and delivery (In some cases, he hires the 3rdparty to manage the delivery part). The administrative and other supplementary costs are lesser in this type of business model.

Understanding how the single-vendor pharmacy marketplace works:

1. Consumers have to sign-up/register on the website by entering the required details.

2. After completing the registration process, the consumer needs to upload the prescription softcopy.

3. The prescription is further verified by the ePharmacy portal.

4. After the successful verification of the prescription, the user can select the medicines and do the required checkout process.

5. The pharmacy store owner receives the order, prepares it, and delivers it.

Multi-Vendor Pharmacy Marketplaces

In the case of multi-vendor online medicine delivery marketplace, there are multiple vendors involved. In this business model, the owner of the online pharmacy business collaborates with multiple offline pharmacy stores. On partnering, the brick and mortar pharmacy stores get listed on the website.

Understanding how the multi-vendor pharmacy marketplace works:

1. This step remains common for both business models. To get services, the user register/sign-up on the platform.

2. Then the buyer enters his/her location. Based on that, the list of nearby pharmacy stores is generated

3. Then the buyer searches for the required medicines by uploading the prescription. The uploaded prescription is verified by the website.

4. Then the buyer adds the medicines in the cart and places an order by making the payment.

5. The admin will confirm the order and assign a delivery partner to procure the medicines from the pharmacy and make delivery.

In this business model, the delivery can either be managed by the vendors themselves or by the admin.

Steps to Start an Online Pharmacy

Different countries have different guidelines with respect to the regulation of pharmaceuticals. It is important to understand all the legalities before jumping into the decision of starting an ePharmacy business.

To avoid all sorts of legal issues, it is advised that the online medicine delivery startup should focus on being compliant with national drug laws.

Here are the steps you need to follow when starting an e-pharmacy marketplace:

Important Features for an Online Pharmacy Store

The important features of an ePharmacy marketplace can be classified into 4 sections based on the user. These 4 feature categories are:

• Admin Panel
• Delivery Boy
• Pharmacists/Seller Panel
• Buyer/Customer Panel

Important features for the Admin

1. Dashboard to view order requests, monitor orders, and other ongoing activities.

2. Advanced Analytics for real-time progress of the business.

3. Real-Time Tracking for the efficient delivery process.

4. Deals & Offers to retain old customers and retain new ones.

Important features for the Delivery Boy

1. Order Notifications for instant updates.

2. Driver availability feature enables the delivery staff to share if they are online or offline with the app.

3. Route Optimization for tracking the shortest routes.

4. Multiple Payment Options for quick and hassle-free payments

5. Route Optimization for tracking the shortest routes.

Important features for Pharmacists

1. Registration is the most important feature as it enables the pharmacists to sell online.

2. Prescriptions Verification to avoid medication errors.

3. Analytics to keep track of activities and monitor overall performance.

4. Store Management to conveniently update information by adding, deleting, and modifying data.

Important features for the Consumer

1. Login And Registration using valid credentials(email and password).

2. Prescription uploading.

3. E-payments integration for making in-app payments.

4. Offers and Discounts for saving on purchases.

Wrap Up

Now, we have a clear understanding of setting up an online pharmacy business. The most important requirement of launching an ePharmacy marketplace is a website and mobile app.

You can find many software solutions for creating an online pharmacy marketplace. But in my opinion, Growcer is the best option. Growcer by FATbit Technologies is a customizable solution to launch an ‘Online Medicine Delivery Business.’

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Content Source: https://www.yogrowcer.com/epharmacy-delivery-marketplace.php

Originally published at https://medium.com/@akankshachandan/how-to-start-an-epharmacy-business-c75a87f6a080