the-surge-of-the-E-Pharma-market-after-the-second-wave-of-corona

The surge in coronavirus cases has continuously exposed businesses and people to new risks and unforeseen possibilities this year. The pharmaceutical industry is facing its most turbulent times due to the rise in recognition and demand for pharma products more than ever before. The challenges they encounter are the grim reality of this pandemic, such as deficiency of API (Active Pharmaceutical Ingredients), higher demand vs. R&D decisions, and figuring out the shift in market dynamics.

E-Pharmaceutical markets have also witnessed a sudden surge due to these market dynamics during the second lockdown. One of the driving factors for the market’s growth is the fear of contracting the virus. The market’s growth rate has increased from 25-65 percent in sales, primarily health supplements, medical devices, common drugs, and personal protective equipment (PPE). The mid and small-sized startups provide offers and services to their users, such as one-day delivery and customer prescription management, to increase their sales and compete in the market.

According to Samarth Sindhi, founder of Digi-Prex, a digital subscription platform for patients with chronic diseases, the company has seen a sustained 100 percent surge in orders since the lockdown. Truemeds, another subscription model platform, has also been seeing a 35-40 percent surge in its monthly orders, said co-founder Akshat Nayyar.

One of the leading market watcher company Bloomberg, says, “We expect the rate of order to increase by three times by the end of the forecast year.” Many wall street enthusiasts intend to invest in E-Pharma stocks as the estimated growth of the market is noted to be increased by $2.7 Billion in 2023, as per Ernst and Young.

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