Research Associate, Ken Research.INVC NEWS

New Delhi·         Future Growth of Pharmacy Retail Market is expected to be led by escalation in OTC drugs segment and online pharmacies

·         The market leader in organized pharmacy retail chains in India, Apollo Pharmacy, is expected to maintain its focus on its private labeled goods  and increase its penetration tier-1 & tier2 cities in order to compete with other players in the industry

Ken Research announced its latest publication on “India Pharmacy Retail Market Outlook to 2020” which provides a comprehensive analysis of the retail pharmacies in India and covers various aspects such as market size of the India pharmacy retail market and the market size of online pharmacy retail market. The pharmacy retail market has been segmented on the basis of organized and unorganized pharmacies, prescribed drugs, OTC drugs and private label products, category of drugs and generic and patented drugs. The report shares the company profile and competitive landscape for major players in the organized and online sector. This publication is useful for industry players, expert consultants, new players venturing in the market, pharmacy retailers, hospitals and other stakeholders of the market.

The pharmacy retail market in the India has witnessed a growth in recent years on account of rising demand for OTC drugs and private label products fueled by extensive advertisement by various organizations. The surge in growth is mainly originated from escalation in urbanization, increase in disposable income, and rising literacy rate in the country along with growing medical awareness. The organized pharmacy retail market in India is comprised of several companies such as Apollo Pharmacy which posses a diversified product portfolio of pharmaceutical products. The revenues earned by the pharmacy retail market have grown at a CAGR of 19.4% from FY’2010-FY’2015.

According to the research report, the India retail pharmacy market will grow at a considerable CAGR of 14.0% thus exceeding INR ~ billion by 2020 due to the increasing number of retail pharmacy stores and extensive product portfolios.

The Analyst at Ken Research recommends on the Retail pharmacy that the pharmacies should now divest their focus towards improving customer experience by installing PIS software. This will help the pharmacies to keep a track record of the inventory. Owing to this, the pharmacies can serve their customer better by providing medicines on their demand.

“While rising household expenditure, hike in penetration of health insurance, and an increase in the self-medication will result in increased spending on pharmaceutical products in India. Shortage of certified pharmacists and circulation of counterfeit drugs in the market are a few of the major challenges which will affect the growth of this industry in the future,” according to the Research Associate, Ken Research.


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