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Pharmeasy-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
The pharmaceutical sector has always been as chaotic as it gets. Even if the pharmaceutical industry's wholesale and retail market structure made us all very pleased, it was clear that the system was becoming more computerized. And so, it did. We can now easily order our medications online from a variety of eCommerce medical businesses and have them delivered without any problems thanks to the medical industry's digitization. PharmEasy is one of the main companies that facilitates the easy online buying of medications.
To streamline and update India's healthcare system, PharmEasy has created a platform for healthcare delivery. The app makes it easier for patients to keep in touch with different neighborhood pharmacies and retail locations. Today's dynamic health and well-being ecosystem is powered by data and technology, and PharmEasy is utilizing both to improve healthcare in India.
PharmEasy is an online pharmacy that manages the hassle-free distribution of medications and other medical supplies, in case you're asking "What does PharmEasy do?" PharmEasy has operations in several important Indian cities. Hence, PharmEasy has made online medication shopping convenient and simple. Every day, thousands of clients receive medicine and other medical supplies from the company.
Pharmacy is an online store where customers may buy medications and other medical supplies. A prescription that is uploaded on PharmEasy is subsequently routed to a nearby pharmacy. The business provides its clients with the highest caliber medical supplies and necessities at competitive prices by utilizing web and mobile app technologies.
"Ah! Discounted products, they would be of cheap quality," is perhaps what's going through your mind. No, but a discount has nothing to do with sacrificing quality. The pharmacy offers premium goods that are on a level with those found in reputable drugstores and pharmacies.
When PharmEasy sends your prescription medication to the pharmacy, a delivery agent follows all safety protocols and regulations to get the medications from the pharmacy. After that, your order is wrapped and delivered right to your door.
The internet and other modern technology have enabled the medicine and healthcare sectors to grow at a respectable rate alongside all other industries. Internet users are predicted to increase at a CAGR of 8.78% from 2020 to 25 after growing at a CAGR of 18.17 between 2015 and 2019. Moreover, there was a 71.3 rise in e-commerce transactions from April to September 2020.
The Indian e-pharmacies market is likely to increase at a compound annual growth rate (CAGR) of 65.5%, or more than seven times, according to a top consultancy group. In 2023, the market was valued at $360 million (about Rs. 2810 crore) but is forecast to reach $2.7 billion.
PharmEasy was founded by Dr. Dhaval Shah and Dharmil Sheth.
A co-founder of API Holdings, is also credited with helping to start PharmEasy. He founded Ekagrata and served as its president. Before starting PharmEasy, Sheth founded 91streets as well. Dharmil holds a Btech degree in Electronics Engineering and an MBA in Marketing from IIM Ghaziabad. Among the first businesses Dharmil Sheth worked with as a summer intern and in business development, respectively, were Techno Gravity Solutions and MakeMyTrip.com.
Medicus Dhaval Shah
Dr. Dhaval Shah completed his MBA studies at XLRI Jamshedpur after receiving his MBBS from Rajiv Gandhi Government Medical College. At each of his colleges, Shah served as general secretary. After founding PharmEasy and API Holdings, he eventually rose to the position of Consultant at McKinsey & Company.
The goal of the PharmEasy team is to become the finest healthcare delivery enterprise in India. The goal right now is to digitize as much as possible. Private enterprise PharmEasy is expanding its task force every other day by hiring new personnel.
PharmEasy's LinkedIn page states that the company employs between 1001 and 5000 people.
PharmEasy's creator, Dharmil Sheth, and his medical friend, it was Dr. Dhaval Shah first proposed the idea of an internet pharmacy. They both saw the potential of technology in the healthcare sector, and PharmEasy was established in 2014 in part due to their convictions. At the moment, the business serves around 98% of Indian pin codes with its supply.
The company's goal, which it constantly strives to accomplish, was to bring everything connected to healthcare right to customers' doorsteps. The healthcare sector in India now relies heavily on digitization. Every step in the industry, including making an appointment with a doctor or ordering medications, has been digitalized. For this approach, e-pharmacies like PharmEasy deserve a large portion of the credit. Thanks to these e-pharmacies, the "health commerce industry" in India is expanding at previously unheard-of rates.
"Take it easy, PharmEasy" is the company's tagline.
PharmEasy transports medications and additional medical supplies around Indian cities and towns. Think of it as Grofers for drugs. Pin codes are kept up to date by PharmEasy and are utilized to find the closest pharmacies to its customers. To place an order, customers can use the PharmEasy mobile app or website. If consumers order through the mobile app, they can receive savings of up to 20%, which helps PharmEasy's brand recognition and attracts new clients.
An online pharmacy called PharmEasy serves as a conduit for information between buyers, sellers, and the distribution network.
Customers: PharmEasy is a ready platform where customers can look up and easily purchase their medications or medical supplies online.
Suppliers: PharmEasy works with numerous neighborhood vendors and pharmacies, all of whom support the company's inventory management and web presence. In addition, the business receives payments from other pharmaceutical firms who wish to be featured brands on the PharmEasy app and website.
Distribution network: PharmEasy has a wide national distribution network that it uses for business. This makes it easier for the business to supply its products across a large number of Indian postscodes. The company does not provide Schedule H medications because of the different restrictions and regulations established by the Indian government.
PharmEasy's main source of revenue is the presentation of sponsored results from different pharmaceutical companies. These adverts can be found on these organizations' home pages. This online pharmacy makes extensive use of advertising, which is one of its main revenue streams. In addition, modern techniques enable you to sell your brand and advertise your goods, services, or company for little to no money. PharmEasy generates revenue in part through alluring discounts. PharmEasy also receives commissions from its clients for the medications and healthcare items that are sold through the platform. The delivery fees that are added to the products are another source of revenue for the firm.
A company's ability to acquire customers is entirely dependent on faith and trust. The relationship between the company's giving to its customers and their receiving benefits is mutually beneficial.
PharmEasy has not had any trouble gaining new users since overcoming its early setbacks and difficulties. PharmEasy's proficiency in maintaining happy consumers is demonstrated by a strong user retention rate.