Unmet Medical Needs in Emerging Economies Serve as Promising Opportunity in Global ePharmacy Market

Published Date : May 16, 2016

The global market for ePharmacy has been driven in the past few years by the rising penetration of the Internet in most developing countries and the surging support from governments across the globe. ePharmacies enable patients and consumers to have medicines delivered to them right at their doorstep without the need to visit pharmacies or medical stores. This convenience has greatly boosted the market for ePharmacy over the past decade.

The trend of ePharmacies offers consumers a wide range of benefits. These include:

  • Lower Prices: Just like every other ecommerce avenue, the prices of medication bought online are significantly cheaper than those bought at conventional medical stores. If the medication is bought in bulk, the prices are even lower. 
  • Improved Accessibility: ePharmacies, like all ecommerce enterprises, can be accessed from the consumers’ homes or any remote location that has access to the internet. This convenience is a leading advantage that ePharmacies have over traditional pharmacies. 
  • More Information, More Options: EPharmacies, unlike traditional medical stores, let consumers compare prices of various medicines so as to find the cheapest available alternative. Thanks to the proliferation of several branded medications that perform the same function, it has become easy to identify a consumer’s first choice and find alternatives to this. This increases the convenience level of ePharmacies for consumers. In addition to this, ePharmacies give consumers the option to look for medicines based on their medical history. This is possible thanks to the increasing incorporation of electronic health records and e-prescriptions. 

APAC’s Unmet Medical Needs Offering Significant Opportunities

At present, the global market for ePharmacy is led by developed regions such as Europe and North America. Thanks the advanced and updated scenario of established technologies in these regions, it has become increasingly easy for governments to introduce ePharmacy platforms. As against this, the development markets of Latin America and Asia Pacific are anticipated to emerge as strong contenders in the coming years. Countries such as India and China have been presenting significant opportunities in the form of high unmet medical needs.