Space for retail pharmacies in India has grown steadily in the last few years. The well-being and pharmacy industry across India is expected to cover 13 percent of the retail market this year. Retail pharmacies sell generic or branded medicines and other pharmaceutical and medical products under one umbrella.
Indian Retail Pharmacy is extremely fragmented across the nation. The overall Indian industry of retail pharmacies has grown by around 18% per year over the past few years and is expected to expand by a higher percentage shortly.
Pharmacy retail sells pharmaceutical products, including over-the-counter (OTC) medicines and prescription medications. The retail pharmacies also offer different FMCG items, pharmaceutical products, and associated services.
Pharmacies in retail are becoming ahead of the curve by integrating an omnichannel
Pharmacies are no longer able to depend on brick-and-mortar for their presence. With the shift to digital retail, pharmacies must take the next step and move to a digital or multi-channel presence to cater to customers’ changing needs and broaden their presence.
With easy and seamless choices to begin your journey online with platforms such as Shopify and BigCommerce and with a variety of tools to increase distribution and integrate in-store and online inventory, Retail pharmacies must look beyond their offline presence and embrace the future of retailing by adopting digital tools and the latest and coming technologies for retail.
Emergence of organised chain pharmacies in India
The development of pharmacy chain pharmacy chains will help organize the not-organized Indian retail pharmacy industry. Modern retail pharmacies benefit from being modernized, organized, and tech-equipped.
This enables them to track inventory of medicines sales and record patient information. They’ve got attractive, neat displays that encourage clients to browse easily and ask questions about various health and wellness products.
These organized retail pharmacy chains currently occupy between 8 and 10 percent of the market. In urban areas, they are mostly found.
Counter-competition
New pharmacies open more rapidly in all areas of the nation. Normally, people who use the stores in any particular region are different, and as a result, adverse consequences can be observed across all companies.
The future experience for consumers
To grasp the future vision of pharmacy, we must begin thinking about patients or customers and how their healthcare journey alters. As technology becomes more ubiquitous and interconnected, the role of pharmacists and pharmacies transforms into one that current standards might need to be recognized.
There is a growing convergence in health and wellness, with a growing role for remote health and telehealth. In addition, while the traditional retail pharmacy experience or unorganized pharmacy experience might no longer exist, there’s likely to be a need for high-touch, coordinated health care delivered locally.
Understanding the Tata 1mg Franchise
In a world that is forever changed by the COVID-19 virus, very few industries have witnessed the dramatic shifts in the pharmaceutical industry. The rise of digital health platforms has brought e-pharmacy to the forefront, and the COVID-19 pandemic has highlighted the importance of these services. There are many pharmacy franchise options; one of the most popular is Tata’s 1mg Sehat Ke Sathi program, which stands out as an opportunity for entrepreneurs to get involved in the health industry with minimal capital investment.
In the wake of Tata Digital acquiring a significant stake in the business, it changed its name to Tata 1mg. The platform now provides various services, such as online consultations, bookings for lab tests, and delivery to the doorsteps of medical and health products. This alliance has increased the value of the company and increased Tata Digital’s position in the field of electronic pharmacy.
Private pharmaceutical companies are focusing on small cities and towns where people can receive their medication on time. This is why small cities and towns are the future targets for the growth of the most popular brand pharmacies.
The Pharmacy Retail Market in India is projected to be worth INR 2.9 billion in 2022.
The market for retail pharmacies in India has seen a significant increase recently because of the increasing demand for OTC medications and private-label items fueled by numerous organizations’ extensive advertising.
The national Indian Pharmaceutical manufacturing industry has a market value of 12 billion and is growing by 8 to 9 percent per year.
Retail sales of pharmaceuticals in organized markets are estimated to be Rs. 2600 million.
Retail chain pharmacies have the potential for growth as the customers can get all the medicines they require at a reasonable cost. The retail chain pharmacy industry is considered a new business in India. It is developing and has a huge potential to grow shortly. Currently, in India, there are about 25 chains, with the total number of outlets totaling around 2,000.
Retailing in pharmacies is a costly business venture, and its setup is based on the location of outlets, and the margin is set following the government’s set prices.
Around 90 million individuals are unorganized retail pharmacies in all corners of India, helping to support the Indian domestic market for pharmaceuticals. The modern consumer relies on the retail pharmacy as an all-in-one source with everything from disposable paper towels to cleaning products to influenza shots and strep tests.
In addition, the ongoing lack of healthcare professionals will mean more people go to pharmacies for basic healthcare. The business of retail pharmacies is currently undergoing a revolution.
Final Thoughts
The Tata 1mg Franchise, facilitated by the Sehat Ke Sathi program, is a fantastic opportunity for those interested in joining the rapidly growing e-pharmacy sector. With the rise of digital health platforms and explosive growth, the chance to succeed in this area is huge. Through collaboration in partnership with Tata 1mg, business owners can aid in improving the health of communities and reap attractive financial benefits.
It’s crucial to understand the fact that the success of any business venture depends on dedication to industry knowledge, understanding, and offering value to clients. A Tata 1mg-based franchise allows capitalizing on the increasing demand for healthcare online and aligns with a respected market player.
