Pharma Business Model: How does it work?
by Ordering on Jan 19, 2022 2:53:35 PM
In recent years, the demand for online medicine delivery has become more significant than ever. During the pandemic, the pharmaceutical e-commerce business became practical and life-saving for many.
The global healthcare e-commerce market is currently estimated to reach $435.8 billion in revenue by 2025.
The pharmaceutical e-commerce business provides many advantages for the customers, and it is an excellent opportunity for startups as it is still developing. There are a lot of customer experience gaps to be filled.
How does it work?
In simple terms, the online pharmacy business provides access to all the pharmaceutical products you can find at a stationary pharmacy and delivers them to the customer's doorstep.
The services also include using an on-demand delivery application and keeping an online database that keeps track of prescription refills and medication history.
The convenience factor
What makes the pharmacy e-commerce business model so successful is time-saving and making it possible for customers who cannot purchase their prescriptions in-store to get them delivered to their doorstep. The online pharma business model is an excellent opportunity for startups since the provided service is precious to people who rely on medication and cannot access it daily.
This group includes the elderly, people with all sorts of disabilities, or patients who live in very remote areas and struggle to travel to the nearest pharmacy.
Especially during the pandemic, this was a life-saving solution for many people who were very vulnerable to getting infected and wanted to avoid crowds at all costs.
The online on-demand delivery pharmacies made it possible for people to get their prescriptions delivered on time without human interactions.
What features does an online pharma business need to become successful?
Easy-to-navigate ordering website and application.
The number one factor that needs to be considered when starting an on-demand delivery business of any kind is a very usable ordering platform for both desktop and mobile.
The successful pharma e-commerce companies made sure to pick the right software provider that offers a variety of features, including different payment options, prescription verification integrations, and most importantly, a simple and easy-to-navigate website and application.
The customer should go through a few steps as possible and select their medication from a wide range of items.
Scheduled Delivery tracking
The technological advancements of on-demand delivery software products make it possible for customers to track their delivery and ensure that their prescribed medication will arrive on time.
Pharma e-commerce mainly specialized in online selling during the beginning stages but did not emphasize delivery services.
However, modern online pharmacies provide the possibility to make online purchases and offer real-time delivery tracking and push notifications, which give the customer very detailed real-time information on their order.
One recurring limitation of the online pharma model is that there is no way to contact an actual human.
Many online pharmacies do not take the proper safety measures, which causes a risk of people ordering incorrect dosage or medication not intended for them.
However, some online pharmacy startups, such as Capsule, have done it very well by having an excellent website and application usability, with an integrated system that records previous orders and verifies the recurring prescriptions.
As an online pharmacy, it is vital to have an online database of all customers and a unique order management system, which allows for verification of customers and their prescriptions without filling out their information and verifying their identity each time.
This way, patients with recurring prescriptions can get access to them through their application, linked to the certified healthcare platform, and can receive
Contact with a certified pharmacist
Some patients may be resistant to ordering their medication online because of the lack of contact with a certified pharmacist or doctor, who can provide answers and advice on dosage and the type of medication.
Startups like Capsule are an excellent example of a company that allows visitors to immediately contact a professional via a chat, who can provide medical advice on the products available on the website. This feature highly increases the reliability and safety of an online medical platform.
To sum up
Unquestionably, the online pharma business model is growing exponentially and is here to stay.
If you're currently exploring options for starting an online on-demand e-commerce business, a modern and safe online pharmacy is a good idea to look into.
However, the number one factor that should be considered before you start is the correct software.
A provider like Ordering offers an excellent order management system and plenty of integration and customization options.
Having exceptional usability and features is very important when setting up an online ordering platform, especially concerning the pharma industry.
You do not need to be a technology expert to start your ordering website and application in less than a week!
Topics: Solutions and Use Cases