The current state of India’s online pharmacy market
India’s online pharmacy market has suddenly had the spotlight turned onto it following Reliance buying into Chennai based Netmeds.
The sudden interest could be a side-effect of the pandemic, with virtually all services moving online due to lockdowns. However, the online pharma game has been up and running for a while now, with future valuations at $2.7 billion.
For the longest time, India’s online pharmaceutical business has been mired in confusion due to a lack of solid regulations, with the government floating a set of regulations which never surfaced again.
In the absence of solid regulations, online pharmacies have several constraints, for example they cannot sell Schedule X drugs - habit-forming ones - like cough syrups.
As of now, many physical pharmacies are in conflict with their online counterparts, mostly due to the unregulated nature of the business. But all that could change once laws are set in place and both forms of the business work in harmony.