Pharmacy Retail Market in India 2017 throws light on the distinctly fragmented nature of the market, with only 6% of the market currently falling in the organized segment. The market is expected to reach a value of INR 2.9 bn by 2022. Presently dominated by the unorganized segment, the market is expected to shift towards an organized nature with more and more consumers preferring to buy medicines online and from pharmacy retail chains.
Organized retail pharmacies provide various value added services such as selling medicines in air-conditioned surroundings, 24×7 operations, home delivery, options to pay online or through debit and credit cards, insurance cover and nurse station. Most organized players operate regionally. In order to retain existing customers and attract new customers, most organized players provide loyalty schemes in the form of rewards points, gifts and free health insurance.
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The varied disease profile existing in the country and the emergence of newer diseases is helping the pharmacy retail market in India to grow considerably. Moreover, the demographic structure of the country, with a large population of people aged above 60 years, is resulting in a higher need for medicines. This in turn is helping the country’s pharmacies to experience strong demand for the products it retails. However, the pharmacy sector in India tends to suffer from the circulation of sub-standard and counterfeit drugs which hampers the retail segment of the business.
The government too is undertaking efforts to provide medicines at subsidized rates as well as provide tele-consultation services and distribute medicines in rural areas. This can have a negative effect on the sector’s growth. Despite this, pharmacy retail segment comprises a stable market at present and has strong growth potential in the upcoming years.
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- Overview of pharmacy retail market in India and forecasted market size data over 2014 to 2022e
- Qualitative analysis of market drivers, challenges impacting the Indian pharmacy retail market
- Key trends observed in the market
- Analysis of the competitive landscape and detailed profiles of major players
- Key recent developments in the Indian pharmacy retail market
- Get a clear understanding of the pharmacy retail market in India and how it operates
- Understand the current market segmentation and future growth potential of the pharmacy retail market in India and plan strategies to gain from it
- Strategize marketing, market-entry, market expansion, and other business plans by understanding factors influencing growth in the market
- Understand your competitors’ business structures, strategies and prospects, and respond accordingly
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