The term “E-Pharmacy” has become an important part of our lives during the Covid-19 pandemic. It is risky to visit medical shops due to factors like containment zones and lockdown measures. Brick and mortar pharmacies are crowded, impose a high price for certain medicines, and may not have all the healthcare products on their shelves.
Hence, many patients are using the PharmEasy app for ordering all their medicines from A-Z. The Indian startup has a mind-boggling valuation of $1.5 billion after purchasing Medlife, another online pharmacy selling platform. It offers various services like on-demand medicine delivery, sample collection for diagnostic tests, and teleconsultation.
Above all, PharmEasy has served 20 million patients since its successful launch in 2015. Users order medicines through the online platform from more than 22,000 zip codes in India. It also offers support in the form of credit, delivery assistance, and logistics through Software-as-a-Service (SaaS) solutions to medicine manufacturers and offline pharmacies. Overall PharmEasy has 5 million active customers located across 1000 cities in India.
Analyzing the market statistics and growth prospects of Indian e-pharmacy apps
PharmEasy is used by a whopping 2 million customers per month. The global online pharmacy industry will cross a value of $177,794 million by 2026. The e-pharmacy sector will grow by an impressive annual rate of 17.3% for the next 5 years.
Positive trends like better Internet connectivity increased smartphone usage, and a rising number of patients with chronic illnesses will boost the growth of e-pharmacy apps like PharmEasy in the future.
Besides that, the PharmEasy platform earned a humongous revenue of Rs 637 crore in 2020. It helps patients to buy capsules, syrups, and tablets from more than 80,000 pharmacies in India. Additionally, customers can diagnose their diseases/ illnesses by booking appointments with 4000 doctors registered on PharmEasy.
“Entrepreneurs can become the leader of the thriving e-pharmacy industry. They have to hire a reputed app development company for creating a customized Medicine Delivery app like PharmEasy. It includes Android and iOS apps for customers, delivery personnel, and retailers.
Further, users can order medicines from a modern web panel. Importantly, a sturdy admin dashboard shares real-time alerts about new orders, pending payments, and upcoming deliveries.”
What are the primary features of an App like PharmEasy?
Priority Delivery (4 hours) — Customers get lightning-fast delivery of medicines within just 4 hours on an app like PharmEasy. Further, new users get a flat discount on their first order and cashback in case their order is late. They can also use the Cash on Delivery (COD) option.
Featured Brands Section — Patients can buy the best pharmacies from both national and international brands on the PharmEasy like the Medicine delivery app. It comprises famous brands like Colgate, Complan, Dettol, Horlicks, Nivea, Nycil, Vicks, and many more.
Lab Test Booking facility — Entrepreneurs who own the PharmEasy like online medicine delivery app can team up with certified diagnostics providers for conducting lab tests for patients. Customers can choose various healthcare packages. It includes Basic Healthcare, Advanced Healthcare for Women, Polycystic Ovarian Disease (PCOD), and Vitamin D and B12 combo packages offered at different prices. Users benefit from the free collection of samples at their homes and the timely sharing of medical reports.
Deals of the Day section — Patients can purchase a variety of healthcare products at low prices through the Deals of the Day section. For instance, they can buy anti-fungal powder, antiseptic liquid, diabetic and orthopedic slippers, hand sanitizers, immunity tablets, oximeters, pain relief gel, shampoos, and skin whitening cream from an app like PharmEasy.
Acceptance of multiple payment methods — Customers process transactions for their orders via different methods on the online medicine delivery app like PharmEasy. They easily pay through Airtel Payments Bank, Amazon Pay, cash, credit cards, debit cards, Freecharge, Google Pay, Mastercard, Maestro, MobiKwik, net banking, Ola Money, PayPal, Paytm, PhonePe, RuPay, and Visa.
Maintenance of a high level of privacy — Entrepreneurs who manage an app like PharmEasy have to follow all the guidelines and rules of the Information Technology (IT) Act, 2000. Hence, the healthcare data of customers is protected through multi-layer security measures.
What are the advanced features of an Online Medicine Delivery App like PharmEasy?
Access to Health articles — Users of a Medicine delivery app like PharmEasy can read insightful health articles and blogs. It includes topics like air pollution, Covaxin vs Covishield, food and nutrition tips, hair loss, mental health, mucormycosis, obesity, oxygen cylinders, remdesivir, RT-PCR testing, etc.
Featured Categories for medicines — Patients can easily select their preferred medicines on an app like PharmEasy. They have to choose their required capsules and tablets from the Featured Categories section. It includes types like ayurvedic care products, baby and mom care items, Covid-19 essentials, diabetic and ortho care products, fitness supplements and nutritional items, health food and drinks, lifestyle ailments, and skincare goods.
Flexible Return Policy — Users can return the ordered medicines within 30 days from the date of delivery. Branded healthcare products have to be returned within 2 days to get a quick replacement. Customers must return the bill and original packaging to claim a refund in case of damaged items or incorrect deliveries.
Partner with PharmEasy — Offline pharmacies can get more sales by partnering with a Medicine Delivery app like PharmEasy. They have to register by submitting details like their location, operating license, and GSTIN number.
An Upload Prescription mechanism — Users can take photos of medical prescriptions and upload them on an app like PharmEasy. Customers will be automatically redirected to a detailed list of medicines.
What is the cost of creating an awesome App Like PharmEasy?
The total budget of developing an Online Medicine Delivery app like PharmEasy depends on various factors. It relies on the choice of basic and advanced features, hourly charges paid to the developers, the kind of tech stack used, the level of customization, third-party API integration, and the time allocated for front-end and back-end development.
Entrepreneurs have to spend more on availing of post-deployment services. It comprises fixing bugs and glitches, maintenance, software upgrades, and technical support.
How do customers benefit by using a Medicine Delivery App Like PharmEasy?
Users can get plenty of advantages by purchasing the PharmEasy Plus subscription plan. They receive benefits like extra cashback for booking lab tests and purchasing medicines. Patients get free home delivery of their medicines.
Additionally, they can opt for free telehealth consultation with a licensed doctor. The PharmEasy premium plan is offered for around 3 to 6 months. Cashback is credited within 48 hours to their PharmEasy (PE) digital wallet.
Customers always choose the right medicines based on their ingredients, side effects, and use-cases- an app like PharmEasy shares all the required information about medicines transparently.
How do offline medical shops benefit by selling on an App Like PharmEasy?
Retailers get immense advantages like access to informative business reports, instant processing of orders, greater revenue, and an intensive training program. They can upgrade their medicine selling a business by joining the PharmEasy NXT retail program. It takes care of order processing, packing, creation of invoices, dispatching, and tracking of same-day deliveries.
Sellers expand their customer base by selling both over-the-counter medicines and prescription-based drugs. Moreover, they receive real-time alerts about expiry dates of capsules and tablets and if there is a shortage of inventory. They boost their retention rate by offering 24×7 technical support to customers.
Know the lucrative business model of an Online Medicine Delivery App like PharmEasy
Entrepreneurs can pocket huge revenue by owning an attractive app like PharmEasy. They earn cancellation charges, a commission from retailers for each sale, delivery fees, PharmEasy Plus monthly subscription plans, publishing of targeted advertisements, registration charges from sellers who enroll on the PharmEasy Nxt program, and transaction processing fees.
Likewise, they have to spend money on the implementation of digital marketing campaigns, offering cashback and discounts to customers, maintenance of the mobile apps and the ordering website, and paying commission to the affiliates and salaries to the delivery personnel.
Who are the team members needed to create a Medicine Delivery App like PharmEasy?
Generally, an app development company will have experts from different fields and specializations for developing an app like PharmEasy. It includes business analysts, finance managers, front-end and back-end developers, marketing specialists, mobile app developers, project managers, QA analysts, UI/UX designers, and website developers.
What is the tech stack to establish an App Like PharmEasy?
Apache HBase, MongoDB, MySQL, and PostgreSQL enable the management of the entire database. Tools like Nexmo and Twilio help in the sharing of instant notifications. Healthcare data of patients and retailers are safeguarded through backup in Amazon Web Services (AWS) and Google Cloud.
Moreover, a skilled development team also uses frameworks like Apache Flink, Apache Spark, Hadoop, and Mailchimp for building a Medicine Delivery app like PharmEasy.
PharmEasy is unquestionably the number one e-pharmacy app in India. It will soon launch an Initial Public Offering (IPO) worth a whopping Rs 3000 crore to Rs 3700 crore. This will double its valuation from $1.5 billion to $3 billion easily.
The PharmEasy online medicine delivery app is also planning to onboard at least 120,000 brick and mortar pharmacies by the end of 2021. This will help it to sell capsules and tablets across 100 cities in India. PharmEasy earns around Rs 600 crore per month from B2B pharma sales. Further, it pockets an additional Rs 240 crore per month as commission from retailers.
The PharmEasy medicine delivery app will become an integral part of the $16 billion Indian online healthcare market by 2025. In particular, it will try to overtake its competitors like Apollo 247, 1mg, MedPlusMart, Netmeds, and Practo.
Hence, entrepreneurs can make a storm in the thriving Indian e-pharmacy market. They must partner with a top-notch app development company to create a magnificent medicine delivery app like PharmEasy.