RETAIL PHARMACY MARKET SCENARIO OF INDIA
Indian Retail Pharmacy industry is widely fragmented throughout the country. The total Indian retail pharmacy market has been growing at an average of 18% per annum
Indian Retail Pharmacy industry is widely fragmented throughout the country. The total Indian retail pharmacy market has been growing at an average of 18% per annum over the last few years, and is anticipated to grow by even higher numbers in the future.
MARKET OVERVIEW OF RETAIL PHARMACY IN THE WORLD
- The global Pharmacy Retail market is projected to display a robust growth represented by a CAGR of 4.94% during 2018-2023.
- The North Americapharmacy retail market is the largest in the world.
- The pharmaceutical retail market in Asia-Pacificis the second largest in the world.
HISTORY OF RETAIL PHARMACY
2,000 to 1,500 BC – Pharmacy is a recognized part of medical practice dating as far back as Sumerian times where cuneiform tablets have been preserved recording prescribed medications.
400 BC – Among the best known early pharmacists Diocles of Carystus was a Greek member of the “rhizotomoi,” a specialized branch of medical experts on the uses of medicinal plant.
750 AD- The first “drug stores” was established in Baghdad during what is known as the Islamic Golden Age 1200 AD- Drug stores began to move into Europe. Previously, pharmacy was largely practiced in monasteries, where various medicinal plants were cultivated by monks for use inside and outside the monastery.
1605 AD- Louis Herbert, a Parisian who travelled to the New World, became one of the best known pharmacists in the world. He aided explorers and learned of new remedies and new plants from native tribes people.
1729- Retail pharmacies started popping up in the United States, with the first one founded in Philadelphia by Irish immigrant Christopher Marshall.
1752- The first pharmacy attached to a hospital also came about in Philadelphia.
1852- The American Pharmaceutical Association, now known as the American Pharmacists Association, was founded. The first attempt to standardize pharmaceutical medicines also was made in this year.
1990- Pharmaceutical manufacturing took on a modern, industrialized form in the United States. Electronic prescribing systems began to automate the prescribing, supply and administration of medicines in hospitals.
RETAIL PHARMACY INNOVATIVE TECHNOLOGIES
- Pharma research institutes are already beginning to take advantage of mHealth technology to conduct clinical research. Smartphones with powerful processors and advanced sensors that can track movement, take measurements and record information are highly useful in post-market studies and allow people to participate in studies more easily. mHealth sensors are not just confined to smartphones; wearable devices such as smartwatches and fitness bands contain accelerometers and global positioning (GPS) and sensors capable of taking biometric readings.
- Cloud-based inventory management systems enable pharmacies to share information across several locations, automatically re-order stock, and review past transactions.
- Patients can refill prescriptions with smartphone and tablet apps, text messages and secure email. Pharmacists can help patients improve their adherence to taking their medications by monitoring automated refill histories.
- Barcode identification of medicines has been used to reduce medicine administration errors, as well as improve the completeness of the medication history.
GOVERNMENT POLICY FOR PHARMACY
The government plans to set up an electronic platform that will act as the nodal platform to monitor the movement of medicines.
The Drugs and Cosmetics Act has categorized drugs into five schedules ranging from medicines that have limited risk to those that have a greater potential to be abused. The third schedule carries all over-the-counter drugs; the fourth schedule will carry all prescription drugs; the fifth schedule will have antibiotics and anti-bacterial drugs; the sixth will deal with narcotics and psychotropic drugs; and the seventh will cover any medicines that do not fall under the other schedules. There are no first or second schedules.
It will however not be easy to buy refills and repeat orders online, according to the draft proposal. Antibiotics, antibacterial drugs and narcotics and psychotropic drugs shall not be dispensed “more than once” unless so prescribed. At the time of sale, pharmacists will also have to maintain a record with the name and address of the seller and the date on which the prescription is dispensed.
The government is also considering that pharmacists after dispensing medicines stamp the prescription as “dispensed” and record the data for drugs or substances specified under the fifth or sixth schedule so that attempts at unauthorized use of the same prescription triggers an alert. For drugs under the fifth or sixth schedule, the patient should be registered on the website with their name, address and Aadhaar number.
To ensure safety, for drugs specified under the fourth, fifth and sixth schedules, the cash or the credit memo will contain the name of the doctor, their registration number and the patient’s address.
GLOBAL RETAIL PHARMACY MARKET
- The Global Retail Drug industry and the market are forecast to reach an estimated US $1,420 billion in 2017 with a CAGR of 3.6% over the next five years.
- The Global Retail Drug market holds immense potential because most of the countries are still under-penetrated.
- In Asia, the majority of drug retailing goes via hospital and retail pharmacy channels. On average across the region, retail pharmacies account for 71% of sales; hospital pharmacies 29%.
- At one end is Thailand, with 80% hospital sales. The Philippines with 87% retail sales.
- North Americaaccounts for the largest regional share in the global Pharmaceutical Retail market in 2018.
- The global online pharmacy market, by 2023 it is predicted that the market will grow to reach around 128 billion dollars.
INDIAN RETAIL PHARMACY MARKET
- Pharmacy Retail Market in India is expected to reach a value of INR 2.9 bn by 2022.
- The pharmacy retail market in the India has witnessed a growth in recent years on account of rising demand for OTC drugs and private label products fuelled by extensive advertisement by various organizations.
- Indian E – pharmacy industry, it is anticipated to grow at a CAGR of over 20%, crossing the US$ 3 Billion mark by 2024.
- The domestic Indian Pharmaceutical industry is estimated to be worth $ 12 billion, growing at about 8-9% annually.
- The organized pharmaceutical retail market size is estimated to be Rs.2600 crores.
RETAIL PHARMACY MARKET CHALLENGES IN INDIA
- Counterfeit drug may contain inappropriate quantities of active ingredients, are related to pharma fraud.
- Regulatory Hurdles in E-commerce major challenge for online retail pharmacy.
- Needs a large amount of investment in goods or products hence it is a Capital Intensive Business.
RETAIL PHARMACY MARKET DRIVERS IN INDIA
- Growth in India’s Pharmaceutical Sector, as its ability to provide high quality medicines backed by strong innovation capabilities and a structural cost advantage.
- Changing Diseases Profile i.e. diabetes, hypertension, and etc.
- Rising Expenditure on Medicine and other Healthcare services.
LIST OF RETAIL PHARMACY IN INDIA
Noble plus Pharmacy & Skincare
It is Mumbai’s most trusted and preferred Pharmacy & Skin Care chain, having 20+ Outlets serving over 10,000 customers daily. Products and 24/7 services facilities extend beyond just a Pharmacy, encompassing Cosmetics, Pathology, Healthy Food & Fragrances.
Apollo Pharmacy is a part of Apollo Hospitals – Asia’s largest healthcare group. It is India’s first and largest branded pharmacy network, with over 3000 plus outlets in key Locations. Accredited with – International Quality Certification, Apollo Pharmacy offers genuine medicines round-the-clock, through their 24-hour Pharmacies.
Wellness Forever Pharmacy
Established in 2008, at present in India, there are approximately 25 chains with total outlets aggregating to 3000.
The first MedPlus pharmacy store opened in February 2006 in Hyderabad and over the last decade has grown into the second largest pharmacy retail chain in the country with over 1400+ pharmacies throughout India.
Is the e-commerce portal of RWL Healthworld Ltd. (formerly known as Religare Wellness Ltd), one of India’s leading health care retailers which operates a chain of over 100 retail stores across India.
98.4° chain of retail chemist stores with operations in Delhi and NCR is a brand of Global Health line. 98.4° was established in the year 2002 and over a period of time 98.4 is the most preferred pharmacy in the areas it is operating in Delhi and the NCR.
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