Medlife Recognized as No.1 Online Pharmacy in India
The largest e-health platform in India, Medlife has been recognized as number 1 online pharmacy by RedSeer.
- (1888PressRelease) February 14, 2020 - According to RedSeer reports, currently, Medlife is the big player in the eHealth sector in India, leading with the number 1 position followed by other brands in this space. Although we can witness a high level of competition among the companies, the economics look favourable!
The higher margins on healthcare services and pharmaceuticals is the reason for the success achieved so far, said Ananth Narayanan, co-founder and CEO of Medlife. “Ehealth and not just e-pharmacy is the business model that works. Margins are there, and frequency is also a lot higher,” he said.
Medlife, which offers a dynamic online pharmacy, diagnostic and doctor consultation services to its users, has an 80% margin on diagnostics, 30% on online pharmacy and closer to 70% on private labels.
These margins are true for most of the companies in this space. The reports of RedSeer says that this factor is another main player in attracting more and more consumers to opt for online pharmacies over the conventional ones.
The eHealth sector in India will see a certain growth from the current market size of $1.2 billion to $16 billion over the next five years! This is due to the fact that more and more consumers are now open to online medicine shopping and are trusting online healthcare providers than never before. The number of consumers who avail this service in India, which currently stands at a mere 4.3 million, is going to skyrocket to a staggering 60 million by 2025, says the RedSeer reports.
Another driving force behind this massive growth in the eHealth sector is the improving expenditure, RedSeer report adds. It is bound to touch a humungous $353 billion from the $135 billion that we are at today. With the government focusing more on the healthcare sector for the next five years, we are sure to see a dynamic change in this area.
“Online pharmacies are just the trigger and will make consumers explore second and third use cases,” said Anil Kumar, CEO, RedSeer Consulting. “Ehealth starts making sense only if you as a consumer look at it as a single-window service.”
Moreover, today a lot of instances of cancer, diabetes and cardiovascular diseases are surfacing because of the lifestyle changes. These chronic patients, with no time to run down to a pharmacy for their regular dose of medicines, are turning to online pharmacies in massive numbers. This, along with the fact that the online pharmacies have offered a simple platform for the consumers to order medicines from, is bound to impact on the way healthcare sector runs their biz.
“For certain sections such as people suffering from chronic diseases, e-healthcare is a no-brainer,” added Kumar.
About Medlife:
Since it was founded in 2014 by Tushar Kumar and Prashant Singh, Medlife has taken care of many patients’ and families’ healthcare needs. With their easy-to-use app, one can take advantage of many healthcare services such as ordering online prescription medications and over-the-counter products as well as booking lab tests online. With this dynamic business, the leading brand is sure to drive the healthcare sector in India to greater heights.
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