While E-commerce is nothing new, E-pharmacy or online pharmacy is pretty a new technological innovation in the healthcare industry where prescriptions are sold to customers online over the mail or through shipping services. This advancement in the healthcare system has proven to solve the issue of the supply of contactless medicine, especially during the pandemic period.
Online medicine provides patients with the option to consult with a physician or a pharmacist on the internet or over the phone instead of physically visiting a store. This has eased the access of healthcare services to millions of people around the globe.
Some of the extra services offered by a reliable Canadian Pharmacy Online include raising awareness, price transparency, and delivering medication reminders.
The costs involved in setting up an online pharmacy
More than $400 billion is spent on prescription drugs yearly, and more than 15-20% of this goes to online pharmacies. It was estimated that online pharmacies make a profit of about $100,000 on average.
While setting up an online pharmacy could be a very lucrative business, the cost involved in establishing one is enormous. Online pharmacy owners have to procure a professional License and also budget for the following ongoing expenses: Liability insurance, advertising costs, Legal expenses, administrative costs, and employee salaries, among others.
The Impact of Covid-19 on Online Pharmacy Market Growth
The economic downturn caused by the Covid-19 pandemic has changed the whole market statistics in many sectors around the globe, including the healthcare sector. Many pharmacies were faced with a lot of challenges even before the outbreak of the pandemic.
When the pandemic struck, pharmacies were again faced with more severe challenges such as low customer turnouts due to sit-at-home orders. Some people began taking vitamins and mineral supplements as a form of protection. Many people chose contactless drug deliveries due to the pandemic shutdown making online drug orders surge. Thus, Telemedicine became the new normal during the pandemic and up until today.
The Global Online Market Growth Projection
Countries like Germany, the UK, France, the US, India, Canada, and Spain are among the growth potential market in the world. The online pharmacy is headed towards unprecedented growth in these countries. The global online pharmacy market is expected to grow exponentially between 2019 and 2028. The market revenue has been projected to grow at a CAGR of over 20% during this period.
What’s Driving the Demand for Online Pharmacy?
Although the online pharmacy business is relatively new, it has boomed as a result of increasing internet penetration. The availability of the internet is not the only factor driving the increased demand for online pharmacies. There is a whole lot of other factors, especially from the customer’s side, such as Privacy, efficiency, and convenience, that has continued to support the growth of online pharmacy.
There has been an outrageous growth in the number of online pharmacies in the past three decades. This has posed the healthcare industry in a serious threat because of the lack of standards, including illegal practices by some online pharmacy owners. For that reason, the National Associate of Boards of Pharmacy has taken it upon itself to certify online pharmacies. All certified online pharmacies such as the Canadian Pharmacy Online must operate under the guidance of VIPPS (verified internet pharmacy practice site).