Ken Research announced its latest publication on India pharmacy retail market has witnessed a healthy growth in revenues since FY’2010. The turnover of the industry was registered as INR 1,128.9 billion in FY’2010 which soared to INR 1,363.4 billion during FY’2011, with an annual growth rate of 20.8%. The pharmacy retail market in India has witnessed a hike since 2010 due to surge in lifestyle diseases, growing working population and increase in per capita expenditure on healthcare. The population in India is becoming health conscious and thus consumes more of wellness products, stimulants, supplements to gain energy. Also, with emergence of new trends like online pharmacy, tele-medicine and doorstep delivery has given this market new heights and it is expected to reach another level by coming years. The main variables that have led to an expansion in the number of stores in the Indian market include rapid urbanization and transformation of attitude towards health.
The sales of the pharmacy retail market in India mainly arise from prescribed drugs, over the counter drugs (OTC) and private label drugs. Prescribed drugs include all those drugs and medicines which are dispense to customers with a medical prescription of a registered medical practitioner. The contribution of the prescribed drugs has been recorded as the highest in the pharmacy retail of hospital based pharmacies
The Indian Pharmacy retail market has outgrown at a substantial pace during the span of last decade. There were several factors that have contributed to this growth such as increase in healthcare spending, change in consumer perception towards their health, rise in number of retail pharmacies and emergence of organized players. The major development that has been perceived in the pharmacy retail market in the recent years has been the emergence of online portals through which medicines are sold online.
The market for online pharmacy in India is highly concentrated with the presence of limited number of players operating in the Industry. Medidart is the leading player in this domain. The company has been able to garner a promising share on the grounds of robust backend network, which has provided reminder mechanism for its suppliers on the availability of medicines. Moreover, the wide product portfolio as well as launch of mobile app has really helped the company to post promising share in the market.
The future of pharmacy retail market in India will be bestowed with several developments such as Medicines ATMs (Any Time Medicine) through which patients can fax their medical prescriptions to the medical stores of those medical ATMs and get the medicines delivered within a few hours of placing the order without incurring additional charges. This will be further supported by the rising concept of online pharmacy where medicines and other pharmacy products can be ordered online which can be collected from the nearby pharmacy store of that organized retailer. This concept of online pharmacy will witness an unprecedented growth with the rise in internet and smartphone penetration which will be boosted by the introduction of 4G services in India.