The global ePharmacy market is expected to witness a CAGR of 14.2% over the forecast period of 2018-2023. The key factors propelling the growth of the market studied are rise in the number of internet consumers, increased access to web-based & online services and rising implementation of e-prescriptions in hospitals and other healthcare services. —
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Rising Implementation of e-Prescriptions in Hospitals to propel the e-Pharmacy Market
e-Prescription is the electronic prescribing technology that allows healthcare professionals to send the prescriptions electronically instead of using handwritten prescriptions. This technology has improved the efficiency of the pharmacy operations and pharmacy management. It also reduces the chances of errors that occur because of the handwriting of the doctors. There are pharmacy software’s that check for the appropriate dosage form and the proper drug that is being given to the patient. Doctors now prefer e prescriptions because patients get the ease of the access to medicine with the help of e-prescriptions. Countries like UK are putting more efforts in the implementation of the e-prescription. The NHS hospitals in England are planning to go paperless by the year 2020. This will increase the e-prescription rapidly in the future. The major advantage of e-prescription is that, one can easily upload his e prescription on the ePharmacy website and order medicine online without any hurdle. There are ePharmacy websites that does not sell drugs or medications without prescriptions. It is quite tough for the patients to upload the handwritten paper online. Therefore, due to the increasing implementation of e-prescriptions, uploading the prescription online has become easy and less time-consuming. This in turn is contributing for the growth of ePharmacy market in the forecast period. Other factors such as rise in the number of internet consumers and increased access to web-based & online services are also contributing for the growth of this market.
Increasing Number of Illegal Online Pharmacies Limits the Growth of ePharmacy Market
According to the ASOP Global Foundation (Alliance for Safe Online Pharmacies), at any given time, 35,000 online pharmacy websites are active among which 96% are not legally following the laws and pharmacy standards. The counterfeit medication provided by illegal online pharmacies is manufactured under the unsafe conditions. In the year 2018, one of the Canadian online pharmacy was importing counterfeit cancer drugs and other drugs that were not approved by the regulatory body. For this, the pharmacy was fined around USD 34 million. Such instances are increasing day by day and that is the biggest factor contributing to the hindrance of the ePharmacy market. However, Organizations like ASOP Global Foundation are continuously giving attention towards such illegal online pharmacies and working towards the eradication of such pharmacies and let people buy safer online drugs. As per the American Pharmacist Association (APhA), around 36 million people from America buy prescription medicines online without the proper prescription. These circumstances are coming into picture because of the rising online pharmacies that allows people to buy drugs without prescription. Due to the availability of such illegal online pharmacies, people are getting access to the drugs that are banned to buy without prescription such as narcotics and opioids. Rising number of illegal pharmacies is having a great negative impact on ePharmacy market. However, the involvement of government and other associations in the eradication of illegal sell of online drugs is helping to reduce the number of unlawful or fake online pharmacies.
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North America Holds the Largest Share in the ePharmacy Market
North America accounts for the largest share of the market studied. This can be primarily attributed to more number of internet users and higher adoptability to the online services, which are expected to augment the growth of the market studied over the forecast period.
Key Developments in the Market
Jun 2018: CVS Health Expands Safe Drug Disposal at CVS Pharmacy Locations in Arizona to Help Combat Opioid Abuse.
May 2018: Walgreens Launches Online Skincare Advisor SkinID™ to Provide Acne Sufferers with Personalized Skincare Regimens
Key Companies Mentioned:
CVS Health, DocMorris (Zur Rose Group AG), Express Scripts Holding Company, Giant Eagle, Inc, Optum Rx, Inc., Rowlands Pharmacy, The Kroger Co., Walgreen Co., Walmart Stores, Inc., among others.
Reasons to Purchase the Report
Current and future global ePharmacy market outlook in the developed and emerging markets
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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