Start an Online Medicine Delivery Business

According to ETHealthWorld, “e-pharma presents a total addressable market size of US$9.3 billion as of 2019 and is estimated to grow at a CAGR of 18.1% to reach US$18.1billion by 2023.”

• Amidst the Coronavirus pandemic, more consumers are purchasing medicines online.
  
• On the other side, E-pharmacy companies are also providing a great user experience by offering convenient doorstep medicines and healthcare product deliveries.
  
• Government regulations like lockdown, social distancing & self-isolation are fueling online medicine growth.

Take a look at the following image to understand the potential of the online pharma industry:

To leverage this potential by starting an online medicine delivery business, one’s must know the vital aspects of it:

• Business & Revenue Model of Online Medicine Delivery Business
• Steps to Start Online Medicine Delivery Business
• Must-have features of an Online Medicine Delivery Marketplace

Business Models of Online Medicine Delivery Business

Entrepreneurs can start an online medicine delivery business by choosing any of the following business models:

Single-Vendor Online Medicine Delivery Store

In the case of a single-vendor online medicine delivery store, the admin manages both inventory and delivery (In some cases, he hires the 3rd party to manage the delivery part). The administrative and other supplementary costs are lesser in this type of business model.

Understanding how the online medicine delivery store works:

1. Consumers have to sign-up/register on the website by entering the required details.
2. After completing the registration process, the consumer needs to upload the prescription softcopy.
3. The prescription is further verified by the online medicine delivery portal.
4. After the successful verification of the prescription, the user can select the medicines and do the required checkout process.
5. The online medicine delivery store owner receives the order, prepares it, and delivers it.

Multi-Vendor Online Medicine Delivery Marketplaces

In the case of multi-vendor online medicine delivery marketplace, there are multiple vendors involved. In this business model, the owner of the online medicine delivery business collaborates with multiple offline pharmacy stores. On partnering, the brick and mortar medical stores get listed on the website.

Understanding how the multi-vendor online medicine delivery marketplace works:

1. This step remains common for both business models. To get services, the user register/sign-up on the platform.
2. Then the buyer enters his/her location. Based on that, the list of nearby pharmacy stores is generated
3. Then the buyer searches for the required medicines by uploading the prescription. The uploaded prescription is verified by the website.
4. Then the buyer adds the medicines in the cart and places an order by making the payment.
5. The admin will confirm the order and assign a delivery partner to procure the medicines from the pharmacy and make delivery.

In this business model, the delivery can either be managed by the vendors themselves or by the admin.

Steps to Start an Online Medicine Delivery Business

Different countries have different guidelines with respect to the regulation of pharmaceuticals. It is important to understand all the legalities before jumping into the decision of starting an Online Medicine Delivery Business.

To avoid all sorts of legal issues, it is advised that the online medicine delivery business should focus on being compliant with national drug laws.

Here are the steps you need to follow when starting an online medicine delivery marketplace:

Important Features for an Online Medicine Delivery Website

The important features of an online medicine delivery website can be classified into 4 sections based on the user. These 4 feature categories are:

• Admin Panel
• Delivery Boy
• Pharmacists/Seller Panel
• Buyer/Customer Panel

Important features for the Admin

1. Dashboard to view order requests, monitor orders, and other ongoing activities.
2. Advanced Analytics for real-time progress of the business.
3. Real-Time Tracking for the efficient delivery process.
4. Deals & Offers to retain old customers and retain new ones.

Important features for the Delivery Boy

1. Order Notifications for instant updates.
2. Driver availability feature enables the delivery staff to share if they are online or offline with the app.
3. Route Optimization for tracking the shortest routes.
4. Multiple Payment Options for quick and hassle-free payments
5. Route Optimization for tracking the shortest routes.

Important features for Pharmacists

1. Registration is the most important feature as it enables the pharmacists to sell online.
2. Prescriptions Verification to avoid medication errors.
3. Analytics to keep track of activities and monitor overall performance.

Store Management to conveniently update information by adding, deleting, and modifying data.

Important features for the Consumer

1. Login And Registration using valid credentials(email and password).
2. Prescription uploading.
3. E-payments integration for making in-app payments.
4. Offers and Discounts for saving on purchases.

Wrap Up

Now, we have a clear understanding of setting up an online medicine delivery business. The most important requirement of launching an online medicine delivery marketplace is building the eCommerce platforms.

You can find many software solutions for creating an online medicine delivery website and mobile app. But in my opinion, Growcer is the best option. Growcer by FATbit Technologies is a customizable solution to launch an ‘Online Medicine Delivery Business.’

Content Source: https://medium.com/growcer-ecommerce-grocery-software/how-to-start-an-epharmacy-business-c75a87f6a080