PharmEasy is an online pharmacy to link patients to nearby pharmacy shops and modernize the healthcare setup in India. It is one of the largest e-commerce businesses in India today, and India’s No.1 healthcare aggregator. It goals to furnish shipping of drug treatments and different pharma equipment in countless cities all over India.
PharmEasy was started by two Mumbaikars in 2015, Dharmil Seth and Dr. Dhaval Shah who wanted to make the healthcare segment low cost and handy to all. They realized that there was a big market loop in connecting patients and clients to nearby pharmacies using technology.
They realized that even though humans can purchase nearly something like clothes, cosmetics, domestic decor, stationery, etc. There was to be no online platform that supplied medicines.
The two companions then wanted to create something with the help of technology that would allow people to get drugs and clinical gear from entire India effortlessly and shortly at their doorstep. They are attempting to construct relationships between chemists and clients and making them modern through the perception and wants of the patients.
Businsess Model of PharmEasy
To obtain the customer’s trust, the e-commerce platform continues to inform clients nicely and gives an obvious platform to them as a way of assurance. The platform operates in the following way to make certain that the drug treatments and tools supplied are of the suitable best quality and delivered in time.
The first step includes the client sharing the prescription. The prescription is then tested based totally on a set of standards and then it is handed alongside to a neighborhood pharmacy in the customer’s vicinity.
They have partnered with various pharmacies that have licensed pharmacists to evaluate the prescription and the drugs and grant applicable and beneficial data about the medicines.
Next, a transport agent collects the prescription and the drug after getting them validated at the shop from the pharmacist primarily based on guidelines and regulations. The pharmacist additionally contacts you if they have any queries and vice versa. The order is then dispatched for transport after verification.
The agent will then acquire the package deal and supply it to you at your doorstep as quickly as possible. They additionally provide a variety of fee strategies like COD and via online structures like Google Pay, Paytm, Amazon Pay, and so on making it less difficult for the customer.
The clients can order from their site without delay or through their app. The platform gives offers up to 20% off if the clients order via the app. The platform makes certain that it follows all the guidelines set through the Indian Government concerning drug policies and e-pharmacies and solely gives drugs and supplies authorized through them.
With this customer-focused approach, they have written their success story properly and proceeded to climb the ladder upwards. But they have honestly confronted several challenges and limitations at some stage in the journey.
How does PharmEasy makes Money
When it comes to revenue, the important income source is advertising. PharmEasy features ads on its homepage or search for results from specific pharmaceutical companies.
These ads can additionally be from distinctive sectors like E-wallets, Telecom companies, or diagnostic centers.
Another mode of income is a fee from the sale of drug treatments and fitness equipment. It is truly an assured revenue.
Most of the eCommerce portals use this revenue model. The fee share has to be pre-defined by you. The fee can be determined by keeping a cutting-edge market scenario.
At the identical time, in the race to earn more, don’t neglect that the expenditures of products on your platform need to be competitive. It is – difficult and essential to locate the proper stability between both.
PharmEasy is reportedly trying for IPO by end of 2021 or early subsequent 12 months to increase INR 3,000 Cr to INR 3,700 Cr ($400 Million - $500 Million), at a valuation of INR 21,800 Cr ($3 Billion). This is virtually one of the most evolving startups amongst the lot.
Whos is the founder of PharmEasy?
Dhaval Shah and Dharmil Sheth founded PharmEasy in 2014.
What is the revenue of PharmEasy?
The revenue of PharmEasy was Rs 637 crore as of 2020.
Which is the parent company of PharmEasy?
API Holdings Private Limited is the parent company of PharmEasy.
Must have tools for startups - Recommended by StartupTalky
Subscribe to StartupTalky
Get the latest insights delivered to you right in your inbox