The new report, Pharmacy Retail
Market in India, elaborates the changing role of pharmacy outlets and the
gradual progression it is seeing towards building an organized format. The
market is sustainable and is projected towards significant growth due to the
already existing varied disease profile as well as the emerging new diseases
and the growing population size being affected by such diseases.
The pharmacy sector forms the second
largest share in the Indian healthcare sector. The sector sources its products
through institutional and non institutional sales. The institutional sales is
the sale of pharmaceuticals to hospitals, nursing homes and other such health
institutions that purchase bulk drugs at discounted prices that results in
partial decline in profit margin of manufacturers. Whereas, non institutional
sales takes place through retail stores that happen to be the only form of
sales channel that reaches directly to consumers and is a major source of
revenue earning for the sector.
To
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The pharmacy sector in India is
highly regulated yet the sector suffers from circulation of sub standard and
counterfeit drugs which hampers the retail segment of the business. Measures
are being taken by the pharmacy regulatory bodies of the country to control the
menace as it hampers the revenue earning drastically. The government is also
taking major initiatives to provide medicines at subsidized rates as well as
engage in tele consultation services and distribution of medicines in the rural
belt.
The pharmacy retail industry in
India is operates majorly in the unorganized format and is currently having
approximately 12 major players operating in organized format. However, most
organized players are operative regionally and are far from having a pan India
presence. A variety of value added services are being incorporated by the
organized players to attract a larger market share and initiatives are being
taken to engage customers in brand loyalty.To sum up, the pharmacy retail is a
stable market that has strong growth potential even in the future years.
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