With technology overtaking every aspect of our lives, it was only a matter of time before developing a business model for pharmacy-related issues to be conducted on an online platform.
What is an Online Pharmacy?
In simpler terms, an online pharmacy is an online business that operates on the internet. They communicate with their clients through virtual web portals and deliver their medicines through mail or shipping companies.
According to the Global News Wire, it has been forecasted that the online pharmacy market by revenue is supposed to rise at a CAGR of more than 20% around the period of 2019 to 2025 on a global scale. And in the duration of that same period, it has also been estimated that the market size will cross revenues of more than $131 billion by 2025.
Managing director and co-founder of lmg.com, Prashant Tandon, says that “Today, the health space is completely dominated by multiple intermediaries/middlemen, many of whom take advantage of the fact that consumers don’t have the information at their disposal. Consequently, they are forced to follow blindly. An informed consumer will change the game.”
Over the years, we have witnessed many online pharmacies growing in number- with The Independent Pharmacy as one of the leading figures within the UK market. Founded by Andy Boysan and Scott McDougall, The Independent Pharmacy offers a diverse range of over-the-counter and prescription medications delivered to customers free of delivery charge anywhere in the UK.
In addition to that, they provide their customers with a detailed healthcare service that is kept safe and confidential between the two parties. They are also registered with the General Pharmaceutical Council and the Medicines and Healthcare Products Agency.
Due to their authentic and exceptional services, they have scored 100% across all four of the five critical aspects of performance while achieving 98% on the remaining performance area, ‘providing an efficient service.’
With their business framework, many online pharmacies have adopted similar styles to boost their own online pharmacy companies while expanding their range to provide efficient medical care across different parts of the world.
Online Pharmacy Conveniences
Since there has been a drastic transition towards the online market, that must mean that there must be several benefits that must have boosted their popularity. So what are these benefits? Let’s find out.
Easy Accessibility
Ordering medicines online is the easiest and most efficient way to get your prescribed medicines without wasting precious time. This is especially ideal for people who can’t travel outside of the house to get their medicine or if the place where they get their medication is located somewhere far away.
Moreover, ever since the coronavirus pandemic lockdown initiation, the popularity of online pharmacies is thriving more than ever before.
Lowered Expenses
Online pharmacies sell their medicines at a lower price as compared to the ones you would get at an offline store. Mail-order pharmacies tend to operate via your health plan- which means that your insurer can purchase medication in immense quantities directly from the drug manufacturers in order to lower the expenses.
Improved Medical Attention
Many professional doctors are working behind online pharmacies who are always willing to provide their patients with adequate medical care. Some pharmacies even help diagnose medical issues and give you the following prescribed medicines to help improve your health condition- and you don’t even have to leave the comforts of your home to undergo this procedure.
Kamalpreet Singh
Working as a freelance contributor for several news platforms over the years, Kamalpreet has a well-thriving interest in the education sector. Kamalpreet heads at the post of editor at BO Herald and he contributes his knowledge and expertise in reporting Education News.
