ePharmacy or Internet pharmacy or online
pharmacy is an online platform which acts an an intermediary between
consumer and the seller for the sale of medicines via online retail
platforms. ePharmacies are increasingly becoming popular owing to the
benefits it offers such as lower price, access to comprehensive
information on prescribed drug, round the clock delivery of medicines,
and easy availability of drugs that are otherwise difficult to find.
Patients do not have to physically visit the pharmacy store to procure
medicines; rather, they can just upload the prescription from doctor on
the ePharmacy portal and receive the necessary medicines at their
doorsteps.
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The market for ePharmacies is yet to
achieve full potential in with the development of ethical practices and
government regulations supporting the growth of ePharmacy market.
ePharmacies can address number of concerns such as easy availability of
drugs even in remote locations, medical records of patients, and others.
With the help of ePharmacies, consumers can procure drugs from the
convenience of their homes via smartphone or a tablet. This can largely
help patients those who are severely ill and are not in a condition to
go to a brick-and-mortar pharmacy. Additionally, ePharmacies can store
large amounts of consumer medical data that can be useful in planning
public health policies. Ease in procuring the prescription drugs has
boosted the market for ePharmacies; however, it also encouraged the
illegal sale of controlled prescription drugs. The sale of drugs through
ePharmacies may also result in incidents of self-medication and drug
abuse, which can be prevented with the integration of most advanced
technologies with drug delivery processes.
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The global market for ePharmacies was
valued at US$ 29.35 Bn in 2014 and is expected to grow at a CAGR of
17.7% during the forecast period from 2015 to 2023. In 2014, North
America was the largest contributor to the global ePharmacy market, in
terms of revenue, followed by Europe. Europe is expected to be the
fastest growing regional market for ePharmacies, and is estimated to
surpass the market size reported by North America in 2023. The major
factors driving the growth of ePharmacies market in Europe include
increasing penetration of high speed Internet and consumer shift towards
online purchase of medicines. Germany is leading the European ePharmacy
market attributed by cross border trade which was pioneered by
DocMorris. Asia Pacific is projected to display lucrative growth owing
to the growing popularity of e-commerce industry, thereby resulting in
the market growth of ePharmacies and increasing disposable incomes.
Some of the leading ePharmacies globally,
include CanDrugstore.com, drugstore.com Inc., Lloyds Pharmacy Ltd., The
SANICARE Group, Domzdrowia.pl SA, eDrugstore.MD, Walgreen Co.,
CanadaDrugs.com, Rowlands Pharmacy, MediSave, CVS Caremark, CanAmerica
Drugs, Inc., and PlanetRx.com. These players are implementing various
marketing strategies to increase their share in the market and gain more
popularity and consumer acceptance. Marketing initiatives,
technological advancements, and switching to different business models
are some important strategies adopted by these players. With the
potential opportunities displayed by ePharmacies in the untapped markets
in Asia Pacific and Latin America, more number of new players are
emerging in this segment. The product range offered by these players is
expected to increase competition among the players since consumers will
have options to choose from.
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