Business model of the start up PharmEasy and how they make lives better.
PharmEasy is an epharmacy recently setup in India which happens to be one of the very first epharmacies in Indian e-market. Let’s dive into the article and know everything you need to know about its business model and benefits.
PharmEasy start-up introduction.
PharmEasy is an online pharmacy and medical store in India which specializes in providing OTC (over the counter) products, diagnostic tests and medical instruments at your door steps.
The company was founded in Mumbai, Maharashtra in the year 2015. It has seen tremendous growth since it was set up. It is an online pharmacy consisting of every product you could get in an offline medical store.
The company came into limelight and became an essential service during the Covid-19 pandemic. There are many new competitors of this company in India like 1mg and Netmeds.
This health tech has become the very first Epharmacy unicorn in India by raising a massive $350 million.
The merger of 2 rivals, PharmEasy and Med life resulted in incredible rise in the funding. PharmEasy acquired 100% stake in Med life and the latter got 19.95% stake in the merged entity. Both companies joined hands in order to beat off the competition from new rivals like Netmeds (Reliance Jio), Flipkart and Amazon pharmacy who have just entered the Epharmacy segment of India.
STRATEGY:
Marketing strategy is a very crucial part of every startup and PharmEasy has adopted various strategies for achieving customer attention and has nailed it.
The company targets its customers by popularizing its work through various social media marketing, alongside TV campaigns to engage the viewers and retain the brand. Their ads are quite impressive and are telecasted with a catchy jingle slogan "Take it easy PharmEasy." The slogan is very catchy and also carries a message of not worrying to step out to buy medicines because PharmEasy now delivers them at your doorstep within 6 hours. Also, the company offers 20% off on buying any product from them.
Business Model:
PharmEasy has a very easy business model running between Buyer, Supplier and Distribution network. Let's understand its business model briefly .When a buyer searches for a health product by uploading his/her prescription, it shows favourable results along with the related search results to give the customer a wider perspective. It also gives a valid description of the product along with the discount available.
After the order is placed it guides you to the page with delivery options with the delivery date. The company works in collaboration with many local suppliers that offer goods. It also generates revenue from various pharma companies showcasing their products on their website and app as a feature brand, increasing the possibility of customers buying them. Their distribution channel is very vast and is a main reason of delivering all around the nation even in rural cities and backward areas.
PharmEasy can be operated from its web site and app. It has all the medical products prescribed by your doctor which cant be found near you usually.
All these factors clearly show that their business model is ready to serve all over India with its huge online network and chain of suppliers to deliver the desired products on your doorstep.
How PharmEasy makes people’s lives better.
The main idea behind this whole startup is quite simple and easy, to make people's lives better and simple. Now-a-days people don't need to get out of their houses to buy food, groceries, accessories and even clothes then why step out to buy medicines?
Travelling even for short distances has been hectic due to Covid-19 pandemic. Self isolation, quarantine and also the fear of virus has trapped people in their homes. And in these times door to door delivery of health products has made our lives even better.
Old people living alone and away from their children, Single parent families who can't leave their children alone at home while going out, students living in hostels who can't get out of their dorms because of curfew timing in the hostels or even people who are a little bit lazy to get out of their homes don't need to worry about their medicines or diagnosis anymore, because PharmEasy has made it way too easy now.
Also their discounts on every product makes the medical expenditure of every middle class household a little less and the family members a little more happy.
Reach.
The investors of PharmEasy are the ones who have also invested in startups like Swiggy and Byju's. The founders Dharmil Seth and Dhaval Shah have planned to reach over 100,000 pharmacies in the next few months in the new geographical markets of India.