Business Plan To Start An Online Pharmacy Business

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BUSINESS PLAN TO START ANONLINE PHARMACY BUSINESS

SUMMARY OF TOPICSE-PHARMACY SECTOR IN INDIAKINDS OF EPHARMACY BUSINESSESCOMPETITOR ANALYSISLAWS APPLICABLEMANDATORY CONDITIONS APPLICABLEPROCESS TO START AN ONLINE PHARMACY BUSINESSMARKET SEGMENTATIONBUSINESS MODELRISKS INVOLVEDFINANCIAL PREDICTIONS

E-PHARMACY SECTOR IN INDIAe-Pharmacies in India are online pharmaceutical platforms which enable customersto purchase medicines, health supplements, nutraceuticals, etc. online without theneed to visit the physical chemist shops or pharmacies.The online pharmacy sector in India has led to an increase in medicine deliveries,especially for the elderly customers who have found ease of access andconvenience of getting their medicines delivered at their doorsteps.The penetration of e-pharma sector in India has been primarily in the urban andmetro regions, and leaves scope for new players to expand to the Tier 2, 3 and 4markets in the country.

INDIAN E-PHARMA SECTOR AT A GLANCE Third largest Pharmaceutical market in terms of volume. Thirteenth largest Pharmaceutical market in terms of value. Technology-powered secure way to get medicines delivered. High discounts and lower prices than the local chemists.

FACTORS THAT HAVE CONTRIBUTED TO THE GROWTH OFE-PHARMA SECTOR Increase in Health insurance access Government Schemes such as National Health Protection Scheme 100% Foreign Direct Investment (FDI) policy in medical devicesmanufacturing businesses. Increased Spending on medicines by Indian households. Changing and Growing patterns of diseases.

S.W.O.T. ANALYSIS OF THE E-PHARMACY SECTOR IN INDIASTRENGTHS High Profitability and RevenueNew Technological InnovationQuicker ShoppingLower Maintenance CostOPPORTUNITIES Less Competitive MarketHigh Market Demand100% FDIEasy availability of productsWEAKNESSES Lack of Awareness Multiple checks required to sell online Shipping and delivery restrictionsTHREATS Legal and Regulatory changes Technology threats and breaches Chance of Drug Abuse by customers

MARKET SHAREE-Pharmacy Market In India inUS Millions365751220182022

KINDS OF e-PHARMACYBUSINESSESINVENTORY BASEDMARKETPLACEBASEDHYBRIDMARKETPLACE

COMPETITOR ANALYSIS1MGMEDLIFELaunched in 2014Marketplace-based modelDeals in non-prescription, over thecounter and wellness products,diagnostic tests PAN-India.Launched in 2014Inventory based modelProvides online doctor consultation,laboratory tests, generics andayurvedic brand PAN-India.NETMEDSPHARMEASYLaunched in 2012Inventory based modelProvides diagnostic and telemedicineservices along with delivery of drugsand medicines.Launched in 2015Marketplace-based modelHas features like medicine reminders,subscription-based medicine refills,online doctor consultation, samplecollection, etc.

LAWS APPLICABLE Drugs and Cosmetics Act, 1940Drugs and Cosmetics, Rules 1945Pharmacy Act, 1948Information Technology Act, 2000Narcotic Drugs and Psychotropic SubstancesAct, 1985Drugs and Magic Remedies (ObjectionableAdvertisement) Act, 1954

MANDATORY CONDITIONSAPPLICABLE There must be a pharmacist and registered chemist on theBoard. The drug prescriptions must be valid for accepting orders The bills must be signed by a registered pharmacist or chemist. All drug orders must be monitored by a registered pharmacist Drugs must be sent from a chemist with a retail drug license incase of marketplace model.

PROCESS TO START AN ONLINEPHARMACY BUSINESSFSSAI LicenseFDA enses andPermits

Business RegistrationBasic business incorporation as:1.2.3.4.Private Limited CompanyLimited Liability PartnershipOne Person CompanySole Proprietorship5. Partnership FirmState Drug LicenseFDA License for retail sale of drugswithin the premises of the state forwhich the license is granted

Food Safety & StandardsAuthority of India(FSSAI)LicenseLicense from FSSAI to sell food-relateditems such as wellness products,nutraceuticals, etc.

ADDITIONAL LICENSES AND REGISTRATIONSShop andEstablishmentCertificateTrademarkGST RegistrationWarehousing License

MARKETSEGMENTATION45% Consumersprefer onlinemode in urbanand metroregionsPeople aged 3574 yearspurchasemedicines online200 Million online users

PRODUCTS AND SERVICESPRESCRIPT IO N MEDICINESO VER - T H E - COUNTERDRUGSBE AUT Y AND WEL LNESSPRO DUCT SDIAGNO STIC TESTS

REVENUE MODELMargin between buyingprices and MRP when drugsare purchased in bulk.Sponsored Advertisementson the web or mobile basedstore.

BUSINESS MODELF or a n e - ph a rm a cy business, a digitalpresence is a m ust. T h ere a re 3 kinds ofbusiness m odels for a n e - ph a rm a cy businessin India.

INVENTORY BASEDBUSINESS MODELThe business stocks its own inventory fromdifferent brands and sells it online. No thirdparty or middleman is involved.

MARKETPLACEBUSINESS MODELThe digital platforms are simply an avenuefor customers to buy medicines from localchemists.100% FDI Allowed

HYBRID BUSINESSMODELWhen brick-and-mortar stores take theirreach to digital channels and work on anoffline as well as online mode.

MARKETING PLANONLINE CHANNELSOFFLINE CHANNELSPaid AdvertisementsSocial Media ChannelsRadio/TV PromotionsNewspaper/Magazine AdsDiscountsSponsored Company AdsBillboardsAds at local vendor shops in case ofMarketplace Model

OPERATIONALPROCESSFIRSTCustomer visits theMobile/Web based AppSECO NDMedicine searchT H IRDPrescription of the doctoruploadedF O URT HPayment and Delivery

INVENTORY BASEDOPERATIONAL omerMARKETPLACE BASEDOPERATIONAL PROCESSPharmacy 1Pharmacy 2Pharmacy 3HYBRIDOPERATIONAL ormCustomerMarketplacedigitalplatformCustomer

VENDOR TIE-UPSFinding the right localpharmacies that cansupply the products tothe business.LOGISTICSAffiliating with logisticsservices provider ormanaging shipping anddeliveries itself.

TECHNOLOGY STRUCTUREeCommerceplatformsWeb H ostingBa ckend andFrontendChoose an ecommerceplatform to start youronline store, such asMagento, Shopify, etc.Web Hosting enablesyou to connect to youraudience, for a largeplatform, Dedicatedhosting is preferred overShared HostingBackend stack todevelop the admin panel(and seller panel), andthe store’s catalogue.Frontend stack todevelop the face of theplatform

HR tsMarketingLogisticsPharmacists

RISKS INVOLVEDAn online healthcare business that deals in pharmaceuticals is vulnerableto an endless list of threats that can hinder its operations and lead tolegal hassles for the business. Understanding the major risks involved inan online pharmacy business is, therefore, the key to plan ahead andmitigate such risks.

POT ENT IAL DR U G ABU SEBY BUYERMEDICAT ION MISTAKESCOUNT ERF EIT MEDICINESW EBSIT E OR ACCOUNTHACKING

FINANCIAL PREDICTIONSCAGR of17.7% by2023512 MillionUsers by20255-15% TotalPharmacyMarketPenetration

ABOUTCORPBIZCorpbiz is a technology-driven online platform that provides legal andadvisory services to businesses, be it small startups or large corporatehouses. Corpbiz is a renowned platform in India for all kinds ofbusiness-related services including new business registration,government registrations, tax registrations, Trademark, Compliancefilings and management, to name a few.Corpbiz is supported by a team of Chartered Accountants, CompanySecretaries and Lawyers, who hold subject matter expertise in an arrayof business related services and can act as your guide and partners foryour requirements relating to: Business Registration as a company, LLP, OPC, etc. Government Registrations such as Trade License, PSARA License, S&ERegistration, IEC Registration, and much more. Trademark Registration under the right Trademark classes. Tax Registration such as GST Registration, ProfessionalTax/TDS/Income Tax filing. Annual ROC Compliance Return Filings.

An online healthcare business that deals in pharmaceuticals is vulnerable to an endless list of threats that can hinder its operations and lead to legal hassles for the business. Understanding the major risks involved in an online pharmacy business is, therefore, the key to plan ahead and mitigate such risks. RISKS INVOLVED

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