Pharmacy retail refers to the sale of pharmaceutical products, which include over-the-counter (OTC) drugs and prescription drugs. Pharmacy retail stores also sell various FMCG products along with pharmaceutical products and its related services.
Advent of online pharmacy and the emergence of Ayurvedic product retailers in the Indian market is helping the market expand rapidly. Looking at the potential of this segment, several offline retailers too have started online stores in order to increase revenue.
Growing health awareness among consumers and knowledge of the additional services offered by organized players shall result in a gradual shift from unorganized pharmacies towards modern pharmacy retail outlets.
Key growth factors
o Enhancement in medical infrastructure, growth in the number of middle class households and increased penetration of health insurance highly impact the growth of the domestic pharmaceuticals sector.
o Stress, sedentary lifestyles and unhealthy food habits are the most common reasons for the increase in number of patients who suffer from lifestyle-based ailments. This will regulate medication on an ongoing basis, which in turn will make prescription-based medicines mandatory that will help in the expansion of the pharmacy retail market in India.
Threats and key players
o Pharmacy retailing is a capital intensive business proposition and its set-up involves strategic location of outlets and the margin is fixed based on the government?s stipulated prices.
o Apollo Pharmacy Private Limited, Emami Frank Ross Limited, MedPlus Health Services Private Limited, Netmeds Marketplace Limited, RWL Healthworld Limited and The Himalaya Drug Company Private Limited are some of the major players operating in the Indian pharmacy retail market.
What is covered in the report?
1. Overview of the Indian pharmacy retail market
2. Historical, current and forecasted market size data for the Indian pharmacy retail market (2017 to 2023)
3. Qualitative analysis of the Indian pharmacy retail market
4. Qualitative analysis of the major drivers and challenges affecting the market
5. Analysis of the competitive landscape and profiles of major players operating in the market
6. Key recent developments associated with the pharmacy retail market in India
1. Get a broad understanding of the pharmacy retail market in India, the dynamics of the market and current state of the sector
2. Strategize marketing, market-entry, market expansion and other business plans by understanding the factors driving growth in the market
3. Be informed regarding the key developments in the pharmacy retail market in India
4. Understand major competitors business strategies and market dynamics and respond accordingly to benefit from the market
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This post was originally published on Software Industry