In the wake of the pandemic, health awareness has received a boost, which in turn has accelerated the rise of the Indian healthtech industry, which is expected to reach $5 billion by 2023. The sector is also likely to see a compounded annual growth rate (CAGR) of 39%, according to a report by The Internet and Mobile Association of India (IAMAI) and management consulting firm Praxis. India has been increasingly focusing on adopting digital health technologies to increase access to healthcare in the last decade. At the center-stage of this is a growing focus on hyperlocal pharmacies. Providing the convenience of an e-pharmacy and the services of the local medicine store, these hyperlocal pharmacies are re-inventing their proposition as the preferred healthcare destination.
Push Towards E-pharmacies
The pandemic with its severe restrictions on physical movement, has led to an increased adoption of online healthcare options, such as medical consultation, e-pharmacies, and e-diagnostics. To reduce queues, even hospitals have switched to online booking for appointments and consultations.
The push towards innovative digital solutions is driving a shift in healthcare and how people utilize healthcare-related products and services. Recent developments in Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) are increasingly gaining traction not only in curative but also in preventative healthcare interventions. Digital technologies have improved patient access to virtual modes of care as healthcare providers and treatment facilities struggle to keep up to the ever escalating and uncertain needs that the pandemic keeps bringing our way.
Why E-pharmacies are not Enough
The lack of cold chain logistic services is a challenge being faced by this industry. As a result, it is exorbitantly expensive to serve rural areas. Since the e-pharmacies are mandated to follow stringent practices, without such cold chain logistics and temperature track, they may not be able to service rural areas with products that require cold storage.
An additional challenge is the need to build trust among a large section of consumers who still prefer brick-and-mortar stores where they can see and evaluate the medications before they buy it. They can also buy medicines immediately, instead of waiting for the delivery.
The pandemic has dramatically changed the way people lead their lives, leading to some definite shifts in consumer preferences. An increasing number of people are now turning to modern pharmacies to buy their regular prescription drugs and other wellness products. These organised pharmacy stores offer the benefit of cleanliness, attractive displays, and a wide variety of products.
Rise of Hyperlocalization
Clearly hyperlocalization of pharmacies is the way forward. Despite the name, hyperlocal pharmacies are far bigger in scope, encompassing services like patient experience, the role of a community pharmacist, and the advantage of a local home delivery along with all the benefits that are offered by a typical e-pharmacy while offering a far more holistic experience than an e-pharmacy. The hyperlocal model offers seamless omni-channel experiences whether mode of interaction is in-person, via an app or website, click-to-call for delivery at home, click-to-collect at store or any other mode of service.
Indians have shown a marked shift in their approach towards personal health since the pandemic first struck. The earlier approach which was towards health which was all about sickness, followed by diagnosis, and then treatment, has now paved way for a far greater consciousness of ‘preventive healthcare’ centric approach.
Consequently, immunity-boosting foods, drinks, and supplements have become increasingly popular. COVID-19 has thus inculcated a focus on predict-and-prevent model when it comes to personal health. This increase in demand for better quality healthcare and focus on wellness is now single-handedly driving up the growth of organised hyperlocal pharmacies in India. Consumers today are thus inclined to buy products that can help improve their immunity, manage their sugar, blood pressure, and body weight. Hyperlocal pharmacies have thereby emerged as a singular destination catering to the transition from curative to preventive healthcare lifestyle.
Availability of the right drug at the right time can save lives and the organized pharmacy sector is capable of bringing about much needed change in terms of drug availability. This can be enabled by optimized inventory management, via algorithmic models which can regulate themselves basis demand spikes and also provide better visibility into the supply value chain – data-driven timely insights will continue to be the key differentiator in this. The pandemic has made people realize that healthcare is a real priority. This realization provides the hyperlocal pharmacies a great opportunity to take greater responsibility and care of an individual’s holistic wellbeing, and make a greater positive impact to the society and neighborhood that they serve.
Disclaimer
Views expressed above are the author’s own.
