Are the pharma companies listening
Over the last decade, Indian healthcare has been dominated by traditional pharma companies. However, with the growing community of e-commerce players particularly in the e-phramacy segment can change the game for the healthcare industry in India for the coming decade.
E-pharma presents a total addressable market size of $9.3 billion as of 2019 and is estimated to grow at a CAGR of 18.1% to reach $18.1billion by 2023, according to a new EY report ‘e-pharma: delivering healthier outcomes.” 35% of the domestic pharmaceutical market relates to chronic medications. Out of this, e-pharmacies are expected to target 85% of the chronic market. This increased growth can be attributed to higher internet penetration, easy of business, last-mile logistics and growth of chronic conditions.
The rise of new-age health companies has opened new avenues for patient acquisition and doctor-patient engagement. There are now new players with innovative business models impacting the healthcare ecosystem. In the coming decade, it will be imperative for pharma companies to embrace this change and adapt their models to meet changing patient preferences.