The pharmaceutical market in India is over 1.5 lakh crores which is extremely disorganized and fragmented. There are only a few organized gamers within the retail sector who collectively maintain not more than 15 p.c of the market. The organized retail pharmacy sector has immense potential however with omnichannel play. Contemplating the potential of this market, Medication One has been launched. In future, the healthcare sector goes to consolidate and solely the highest service offering corporations will survive.
The pharmaceutical market has been segmented into acute and power. On-line pharmacies in India are primarily targeted on the previous market and ignoring the quick market. Each maintain 50-50 per cent stake. Medication One’s focus is on serving the sufferers of power and important diseases whereas following the omnichannel mannequin and offering medicines inside 3 hours.
A pure on-line pharmacy area is a large cash-burning mannequin. Medication One is serving all Pin codes of Mumbai by its offline area.
Karan Doshi, Founder, Medication One, mentioned, “At current, we have now 9 shops and we’re aiming to succeed in the goal of round 40 shops by the tip of the yr.”
The model additional launched its digital pharmacy area and can come out with a extra refined digital mannequin in 2-3 months’ time.
“Our offline shops will assist us to achieve new prospects and in addition act as darkish shops for on-line orders within the instances to come back and the supply time will probably be much less,” he added.
As a part of its instant enlargement plans, the model is planning to foray into each main location in India to open new shops in each pin code of Mumbai and Thane after which broaden its presence throughout the nation over the following few years.
What’s on supply?
The model’s hybrid retailer mannequin has round 17,000 SKUs and its shops additionally present high quality diagnostic companies. Its imaginative and prescient is to make Medication One a very one-stop strategy to quality-seeking sufferers.
Going ahead, the corporate plans so as to add a spread of superior therapeutic companies similar to illness administration and wellness, with an purpose to make it a sensible neighborhood clinic that can supply medical trials and free digital physician consultations within the close to future.
Medication One strives to be India’s main “Good Pharmacy Retail Chain” offering an built-in pharma retail expertise by adopting an omnichannel mannequin, giving customers the ability of selection and reaping the advantages of customers by providing greatest worth and superior Concurrently, it blends on-line and conventional retail. Good pharmacy facility.
The gross sales of Medication One earned Rs 15 crore in 3 quarters within the first yr of operations and reached over 1 lakh prospects, offering a seamless hyperlink between India’s 3,000 pharmaceutical corporations and approx. 10,500 pharma manufacturing models and their customers. Medication One is anticipated to play a number one function in India’s rising pharma market reaching $120-130 billion by 2030.
“Within the final monetary yr, we did gross sales of round Rs 20 crore. We’re aiming to develop 5 instances on this monetary yr. Regardless of providing comparable reductions at market stage, we’re worthwhile each operationally and financially. As you’ll be able to see, we’re worthwhile with out sacrificing pricing or customer support. That, I imagine, is the important thing to remain forward of the competitors and develop organically,” Doshi mentioned.
Medication One is eager to additional improve the shopper expertise by integrating interactions throughout channels with the assistance of a novel buyer code. With every retailer assembly a novel PIN code, Medication One will facilitate centralization of prescription and billing information and allow quicker supply and hassle-free returns. Knowledge centralization permits the corporate to reward loyal prospects and supply as much as 18-20 p.c low cost on every drug with a three-hour supply time, Medication One could possibly be a viable choice for sufferers who decide for the standard on-line pharmacy are dependent.
“Going ahead, we additionally wish to decrease human contact with sufferers in each; on-line and offline area,” he concluded.