What’s the Future of Pharma eCommerce?
Healthcare has witnessed the amplification of issues that had been longstanding in the industry as a result of the pandemic.
This provoked the need to accelerate innovation.
And pharmaceutical ecommerce, in particular, went through huge Covid-fueled growth. As just one example, CVS recorded an increase of 1,000% in its online prescription orders during the earlier moments of the pandemic.
When it comes to both B2B and B2C, pharma ecommerce is capable of making prescription drug buying easier and more transparent. The add-on effect being a boost to higher demand for offerings that are similar.
Now, pharma manufacturers and vendors need to prepare to be able to keep pace with the competition in the digital world in a fast-growing market.
The pandemic and digital acceleration
The spark of digital growth was the pandemic across the globe. This ecommerce boom has led to many businesses shifting to online permanently – including the digital healthcare industry.
As a more traditional industry that is slower moving, the spread of digital adoption is provoking an evolution in order to align with constantly changing patient needs.
The global healthcare ecommerce market is set to reach $436 billion in terms of revenue by 2025. This has made it inevitable that pharmacies require a quality digital presence.
If we look at the previous 12 months, ecommerce giants announced massive investments in their pharmacy businesses. They now provide customers with order prescriptions through online retailer platforms, etc.
This makes it important to keep track of competitors both big and small who are stepping up their game or entering the space.
With ecommerce integration, pharmacies can offer patients an efficient and easy journey for searching for the drugs they need and being able to buy them.
In the context to a B2C operation, this means that patients are able to purchase and receive prescription drugs from the comfort of their homes. In the context to a B2B operation, this means that a good pharmaceutical platform can allow providers the ability to compare all of the different factors involved in drug purchasing – such as current availabilities and prices.
Moreover, with transparency put into the purchasing capabilities, drug manufacturers may be encouraged/forced to become more competitive in their pricing structure. As of now, it’s not common knowledge exactly how much healthcare organizations are paying for their drugs.
The future of pharmacy ecommerce
Digital pharmacies are building a new marketplace that is going to have to find new ways to both verify and validate prescription orders and deliveries. And regarding the FDA, it should be easier for pharmacies with good reputations to ensure that the drugs they provide meet Food and Drug Administration’s standards.
One issue for ecommerce in genral and pharmacy ecommerce in particular is that packages are often stolen from unguarded areas. This is going to require sparks of innovation across all industries that also sell online.
Meanwhile, offering patients and/or providers with the opportunity to buy drugs online combined with other technologies to facilitate the pharmaceutical experience will boost the revenues of organizations.
Also, digital pharmacies are able to expand their businesses while at the same time reaching out to more patients – such as patients that find themselves in more rural areas and far away from their nearest physical pharmacy.
Regarding B2B operations, healthcare organizations want an easy experience when it comes to searching and buying what they need. And a strong ecommerce platform facilitates that.
This induces pharmacies to double down on ecommerce capabilities to keep pace with rising demand from patients and providers. Like all new technology integrations, organizations that are looking at ecommerce as a gamechanger need to evaluate their overall goals and current resources.
With the evolution of the healthcare industry continuing, pharmaceutical companies both B2B and B2C are likewise going to be shaped by digital changes in the way commerce is evolving.
PS: ArganoUV is one of the world’s leading pharmacy ecommerce consultancies. Contact us to see how we can work together.