Online pharmacies emerging in India have met with major concerns regarding the misuse of technology, safety concerns on electronic prescriptions and opposition from offline chemists faced by the industry. The Indian Internet Pharmacy Association (IIPA), is leading the Indian e-pharma players to bring to notice and resolve the roadblocks raised by the regulatory bodies. While the IIPA members strive hard to follow regulations and operate legally.
India’s pharmaceuticals industry is expected to account for about 3.1-3.6 per cent of the global pharma industry by value, and currently accounts for 10 percent by volume. (Source: Make in India Statistics) The $18-billion pharma retail market is set to grow to $55 billion by 2020 and is fast coming under the spotlight due to its growth potential in the coming years. Onlinee-pharma startups in India have already raised $92.6 million in funding so far. Currently, India has about 45-50 e-pharma startups, major players being 1mg.com, Bookmeds, mChemist, Medidart, Medlife, Medstar, Netmeds, Pharmeasy, Zigy.com (PM Health & Life Care), SaveOnMedicals and Savemymeds.