How to Start an Online Medicine Delivery Business

The Coronavirus outbreak has turned everything upside down. All the major industries have experienced dramatic changes in the past few months. The most prominent change is the shift from offline modes to online modes for shopping.

Self-isolation measures triggered consumers to buy essential items like medicines using eCommerce platforms. This dependency of consumers on online marketplaces has projected growth in the pharmaceutical sector. The technological advancement has enabled people to order medicines using desktop and mobile apps.

No wonder, this dynamic change in consumer purchasing habits is here to stay for a long time!

The Rise of Online Medicine Delivery

According to experts, “In the year 2018, the global E-pharma market was valued at US$ 41,389.0 million. By the year 2027, these stats are projected to increase and reach US$ 150,891.1 million, growing at a CAGR of 14.8% over the forecast period.”

The following image represents the probability of U.S. online medication purchases amid COVID-19 home isolation 2020:

Major Players In The Online Medicine Delivery Business

Let's take an in-depth look at the two major players from the online pharmaceutical industry:

PillPack

PillPack is an American online pharmacy which is a subsidiary of Amazon.com. It is based in Manchester, New Hampshire, United States. The company was founded in 2013.

It is a full-service pharmacy that serves a wide customer base and is very popular among the elderly population and those who have busy schedules. To use the online services, the customer has to register on the website and mention their requirements (required medicines). The website asks for the doctor’s prescription and the insurance details. After that, the staff at PillPack checks the availability of medicines and delivers the order free-of-cost. Customers can also connect with pharmacists who are available 24*7 to get answers to their queries.

CVS Pharmacy

CVS Pharmacy is an American retail corporation. Owned by CVS Health, it is headquartered in Woonsocket, Rhode Island. It was also known as, and originally named, the Consumer Value Store and was founded in Lowell, Massachusetts, in 1963.

The USP of the company is that they deliver medicines on the same day if the stock is available. They do not charge a delivery fee from the customers for orders above $35. They also have a mobile app for both android as well as iOS platform.

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

• Business and Revenue Model of Online Medicine Delivery
• Steps to Start Online Delivery of Medicine
• Must-have features of an Online Medicine Delivery Website

Types of Business Models for Starting an Online Medicine Delivery Business

Entrepreneurs can launch an online medicine delivery business by choosing any of the following business models:

• Single-Vendor Online Medicine Delivery Stores
• Multi-Vendor Online Medicine Delivery Marketplaces

Steps to Start an Online Medicine Delivery Business

Apart from choosing the right eCommerce solution for launching a medicine delivery marketplace, there are many regulations and laws that have to be considered before starting an online medicine delivery business. In the initial phase, the process can be complex as many countries have already penned guidelines to regulate the commercial supply of pharmaceuticals.

To avoid any malpractices, online medicine delivery business must focus on being compliant with national drug laws.

Let's take a look at the steps to be followed when starting an online medicine delivery business:

Important Features for an Online Medicine Delivery Website

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

Important features for the Admin - Online Pharmacy

1. Dashboard : The admin can view order requests, monitor orders, and other ongoing activities directly from the dashboard.

2. Advanced Analytics : View orders received, orders cancelled, and delivery status with advanced analytics.

3. Real-Time Tracking : The admin can track the location of the delivery agent in real-time with this advanced feature.

4. Create Deals & Offers : Attract more customers by creating exciting offers, promo codes, and discounts.

Important features for the Delivery Boy - Online Pharmacy

1. Order Notifications : The delivery partners can receive instant notifications and perform deliveries.

2. Driver Availability : This feature enables the delivery staff to share their availability as online or offline with the app.

3. Route Optimization : With integrated Google Maps functionality, the delivery partner can track the shortest route for quick deliveries.

4. Hassle-Free Payments : Multiple payment options like wallets, plastic money, and other e-payment methods make it easy to receive payments.

Important features for Pharmacists - Online Pharmacy

1. Registration : To render pharmacy services, the vendors have to register themselves.

2. Verifying Prescriptions : The pharmacists can easily verify and review prescriptions uploaded by patients.

3. Analytics : This feature allows online pharmacy businesses to keep a track of every activity taking place on the website and monitor overall performance.

4. Store Management : Using the vendor dashboard, the pharmacists can conveniently update information by adding, deleting, and modifying data.

Important features for the Consumer - Online Pharmacy

1. Login And Registration : The customers have to first register on the app using valid credentials(email and password) and then log in to use the services. The customers can also login using their social media credentials.

2. Upload Prescriptions : The customers can upload prescriptions on the delivery app and search for medicines.

3. Payments : By using the integrated e-payment methods, the customers can make in-app payments after placing orders.

4. Offers And Discounts : The customers can stay updated about the latest offers and discount schemes with this feature.

Wrapping Up

Starting an online medicine delivery business will not just benefit you but with this facility, the patients can receive their orders at their doorsteps and make payments conveniently using e-payment methods. The best part is that online pharmacy delivery is something that we need as a prerequisite amid the pandemic like situation.

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

Growcer by FATbit Technologies is a customizable solution to launch an ‘Online Medicine Delivery Business.’ They have already built platforms like RXall, explore the website to learn how efficient Growcer is.

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Content Sources:

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

https://medium.com/@akankshachandan/why-start-an-online-pharmacy-business-in-2020-48b9065aee8d

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