Published on : Jun 24, 2016
Internet pharmacy, also known by the name of ePharmacy is a platform that acts as a mediator between consumer and the seller for the sale of pharmaceutical products and medicines through the internet. In the last few years, this concept has been gaining traction owing to the several benefits it offers, such as easy availability of drugs, round the clock services, lower prices, and others. ePharmacy allows the patient to sit at home and get the desired medicines at the doorstep. The patients need to upload the prescription given by the doctor on the ePharmacy portal and then only one can avail the medicines.
The increasing penetration of internet across the globe is one of the prominent factors projected to boost the demand for ePharmacy in the next few years. The increasing geriatric population worldwide, who are unable to visit medical stores are indirectly fuelling the growth of the global ePharmacy market. Furthermore, the untapped opportunities in several developing economies of Latin America and Asia Pacific are projected to bolster the growth of the global ePharmacy market in the coming few years. On the other hand, the occurrence of substance abuse and the presence of rogue ePharmacies around the world are the key factors expected to curtail the growth of the overall market in the near future.
The global ePharmacy market is still in a nascent stage and holds immense growth potential. Several government regulations and encouragements are anticipated to fuel the growth of the global market. The introduction of ePharmacy can solve several concerns such as preserving medical records of patients and availability of drugs in remote locations. Consumers can make use of their smartphones or tablets to place the order for desired medicines.
The rapid growth of the global ePharmacy market in the last few years have attracted several new entrants to enter the market in the coming years. The technological advancements and enhanced IT infrastructure in developing economies are offering potential opportunities to the key players operating in the ePharmacy market. Some of the prominent players are Rowlands Pharmacy, Lloyds Pharmacy Ltd., PlanetRx.com, Dr. Fox Pharmacy, Walgreen Co., DocMorris NV, CVS Caremark, Banner Health, MediSave, and eDrugstore.MD.