e-Pharmacy Market Trends

Growth Drivers

Growing Trend of Digitization in the Healthcare and Pharmaceutical Industry

According to the International Telecommunication Union (ITU), global internet penetration rate increased from nearly 17% in the year 2005 to over 53% in the year 2019.

Consumers around the globe are increasingly using the internet to avail numerous services available around the world. Moreover, with the help of digital technologies consumers are empowering themselves for seeking information and interact with suppliers. With rising awareness amongst consumers for deriving knowledge on the drug they are purchasing, along with the power of internet, consumers are increasingly shifting towards e-pharmacies, which enable consumers gain an advantage while choosing a good or a service. Moreover, consumers also increasingly find solutions to their issues resolved by the e-pharmacies by providing comprehensive information on the drug or alternatives for the prescription drug, helping the consumer get easy access to medicines that are hard to find. Additionally, e-pharmacies also help consumers to store their medical records which also helps the consumer to avail for online medical consultation services by doctors. Apparently, consumers who are severely ill and are unable to visit the brick-and-mortar pharmaceutical store, are majorly benefitted from e-pharmacies as they can receive the drugs right at their doorsteps. Owing to such factors, consumers are increasingly shifting towards online health services which is anticipated to drive the growth of the global ePharmacy market in the upcoming years.

Growing Adoption of E-Prescriptions in Healthcare Industry

Several hospitals around the globe are increasingly adopting the electronic prescribing technology so as to reduce paper waste and achieve the growing trend of going paperless. e-Prescriptions allow the hospitals record the historical medical data. Doctors are highly benefitted with the system as they can monitor the patient remotely without meeting the patient physically. Moreover, with the doctors providing e-prescriptions, patients get easy access to medicines directly to their doorsteps as most hospitals have business tie-ups with e-pharmacies who deliver the medicines to the patients. Additionally, it becomes easier for the patient to receive their medicines from e-pharmacies as they can easily upload their e-prescription on the ePharmacy website without any hurdle.

Challenges

Rising Concern For Counterfeit Medicines And Stringent Regulations For Selling Prescription Drugs

Government of several nations around the globe have restricted sales of pharmaceutical products online due to the fear of consumers receiving counterfeit medicines from online pharmaceutical stores. Unable to meet and comply with the rules adhered for e-pharmacies might impact the sales, which is anticipated to act as a barrier to the growth of the global market.