How to sell retail pharmacy and sell medicine online with MedleyMed?
In 2022, chemists are expected to become entrepreneurs, and you may be one of them. eCommerce and pandemic are two reasons why you should learn how to sell pharmaceuticals online in India.
According to this ET report, the market for online pharmacies has grown quickly in the last year and is predicted to reach $2 billion by 2023. That's not bad for a company idea, is it?
But, before you get too excited and start selling pharmaceuticals online, you should understand the basics of the industry.
What factors contributed to the rise of internet pharmacies in India?
There is a growth in the number of online eCommerce stores. After COVID, Indians became concerned about their health and began looking for online pharmacies to get drugs. Several pharmacies have moved to an online platform, looking for digital alternatives to continue serving consumers who are unable to leave their homes.
With the introduction of e-pharmacies, an entire framework was set in motion to cater to everyone, including delivery, logistics, finance, legality, and compliance. To address the increased demand for pharmaceuticals purchased online, prominent businesses such as Amazon and Reliance have already purchased a significant portion of online pharmacies.
So, here's all you need to know about opening your own online pharmacy store:
With the technical issues resolved, one must address a business challenge: rapid delivery of small-volume orders is necessary, which may raise concerns about cost-effectiveness. Of course, you may always raise the delivery price, but your clients may prefer to buy from your competitors who offer better delivery terms. Rather than tinkering with shipping prices, the recommended approach is the problem from a strategic standpoint.
Consider expanding your product line to include personal care and household cleaning products.
Online pharmacies that sell over-the-counter medications
You can use a typical eCommerce implementation approach for over-the-counter pharmaceuticals, which allows for effective management of a product catalog, promotions, checkout, payment, and orders. When selling over-the-counter medications online, you don't have to worry about prescription legitimacy. Still, don't absolve yourself of any responsibility for pharmaceutical use – taking too much or the wrong kind of drug can have serious side effects and put your health at risk.
To preserve your consumers' health, take the following steps:
Learn about your country's laws.
What is required under Indian law is as follows:
Aside from that, you'll need to obtain extra company permits in order to legally sell pharmaceutical things online.
Models of various kinds
Currently, the industry follows two business models:
The first works similarly to a local pharmacy, stockpiling large quantities of pharmaceutical items for online sale. When a customer places an order for a medicine with a valid prescription, it is delivered to their home.
In the second, the online pharmacy business receives an order with a valid prescription and delivers it to the nearest pharmacy that matches the buyer's address. The staff of the online pharmacy collects it and completes the delivery.
Some internet pharmacies send representatives to the buyer's home to verify the prescriptions. After all, it's preferable to be certain than to be sorry.
How do you make money?
Aside from the commissions, you get from the pricing margins, having your own online pharmacy store allows you to invite manufacturers to share display space on your site. While you earn money from the display advertisements, you can also set up a blog, which is another profitable platform for huge corporations to promote their newest products or supplements and extol their virtues.
Online pharmacies that sell prescription and over-the-counter drugs
You must separate two scenarios of user experiences on a single website: purchasing over-the-counter goods and ordering regulated prescription pharmaceuticals. Your e-commerce solution must offer the following features:
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Product catalog containing over-the-counter medical, wellness, and cosmetic products, as well as household and pet supplies, available to all users.
To manage prescription medication, integration with an e-prescribing solution is required.
Users may track and refill both over-the-counter and prescription orders using their own personal accounts.
MedleyMed, for example, is one of the companies that sought to go beyond the prescription pharmacy sector and become a full-fledged provider of a wide range of healthcare items along with an opportunity to make your products sell in the market.
How to reach your target audience in online selling?
Conduct some preliminary research to see if your customers are comfortable purchasing medications over the internet. When it comes to buying drugs online, be aware of the obstacles and limits they face. When you create an Instamojo store, it includes a LIVE chat option where customers can leave their email address and a question.
You won't miss out on a possible lead (consumer) this way, and you'll be able to contact them by email right away.
1MG, one of India's major online pharmacies, also provides customers and website visitors with online doctor consultations. This increases customer engagement on your website/online store because users come for a variety of reasons other than to buy drugs. Customers will also be able to spend more time on your website after their appointment with the doctor, allowing them to select the best medicine.
A signed prescription from a clinic/doctor is required for sleeping drugs and psychiatry medications. Before you authorize a purchase order, double-check that the customer has uploaded a scanned copy of the prescription. This allows you to reach the correct kind of customer who requires the medicine straight away, as well as avoid any legal or medical malpractice issues that may arise.
E-pharmacies, unlike other companies, should not promote their drugs in a way that encourages customers to buy them. Medicines are a necessary product; therefore, make good use of your social media accounts to promote safe health practices, COVID updates, and general safety and healthy lifestyle habits.
MedleyMed, for example, uses Facebook to deliver healthcare advice and suggestions to its consumers.
You may reach out to your audience through social media, but you can also utilize the Instamojo dashboard to send email campaigns and SMSes to your customers. Demonstrate to your customers that you care about their health and safety. When it comes to selling drugs online, the entrepreneur in you needs to be as ethical as possible. Upload photographs of your medical licenses to the site, check in with consumers to see how they're doing, and make sure they're up to date on what you're selling.
Wondering you don't have enough time and resources to set up an online pharmacy?
That's when MedleyMed comes to your rescue!
Made Additions to value with Medleymed
Here's a fantastic benefit you can give your consumers. If they don't have a valid prescription, offer to set up an on-call appointment with a medical practitioner or a doctor to assess their needs and prescribe or vet the previous prescription for free or a small fee. This will undoubtedly increase your sales while also establishing an unrivaled brand memory in their eyes.
It's time to add E to the business pharmacy's services.
By 2023, the worldwide e-pharmacy market is expected to have grown about fivefold, to $128 billion. If you want a piece of this pie, don't wait any longer and begin building your web presence right now.
Let us provide some advice: when it comes to e-medical website creation, go with proactive specialists who have a strong consulting mindset, because it's crucial to uncover hidden difficulties that could be critical to business success.
With these factors in mind, why not sign up with MedleyMed right now?
You'll find a plethora of chances to boost your earnings to new heights. So go ahead and make use of this fantastic platform.