Organised Retail Pharmacy Market in India Likely to Reach INR 2330.2 Billion by 2024
Retail pharmacies are an integral component of Indias healthcare ecosystem and are thriving at the moment. During the outbreak of the COVID-19 pandemic, people realised that health care was a significant concern and that the retail pharmacy spaces could work to care for a persons holistic well-being in addition to their medical requirements. Consequently, people increasingly rely on retail pharmacy outlets offering an array of wellness products as well as generic pharmaceutical products.
Apna Chemist Store DelhiNCR
The Pharmacy Retail Market in India 2019 report, which claims that the retail pharmacy market in India is likely to reach INR 2,330.2 billion by 2024, underscores this shift in market sentiments. The report also discusses how online retailers and organised players in the retail pharmacy market are likely to reshape the Indian pharmacy market.
Indias urban and semi-urban areas are home to a significant number of organised retail pharmacy chains. Numerous well-known industry players, such as Apollo Pharmacies Ltd., MedPlus Health Services Private Limited, Wellness Forever, Emami Frank Ross Limited, etc., dominate the retail pharmacy market in India. Apollo pharmacy led the Indian pharmacy industry with over 4000 stores in March 2021, followed by Medplus and Wellness Forever, with 2000 and 220 stores respectively. (Source: Statista). Additionally, there are speculations that pharmaceutical giants such as Cipla and Zydus Cadila want to penetrate this market. Also, new players are joining the industry to explore its potential giving tough competition to the already established retail pharmacy chains.
Genitech NSAN Pharmaceutical Pvt. Ltd., operating under the brand name Apna Chemist, has been creating waves in North Indias retail pharmacy sector. Headquartered in Delhi-NCR, the retail pharmacy chain started its journey in 2019 with five stores. It currently operates 40 stores across North India. Also, the retail pharmacy chain now serves over 14 lakh+ active consumers and over 1.8 lakh+ loyalty clients in Delhi-NCR. It also plans to further expand its brick-and-mortar stores across the country by the end of 2023 to enrich its customers with last-mile delivery. The company plans to have 500 stores by 2026.
Apna Chemist offers a wide range of products as one of the most trusted firms in the retail pharmacy sector. It offers over 40k pharmaceuticals, healthcare, surgical, personal care, cosmetics, purifiers, healthy food alternatives, pet food and smart safety devices. Under the stellar leadership of its founders, Apna Chemist has created a niche in the industry by gaining a competitive edge. The companys dedication to staying up to date with technology while staying true to the companys core values of service, accuracy and customer relationship has made it a household name in India. Additionally, a strong vendor base, transparent procedures, a client-centric strategy, and ethical business practices are some key elements that have contributed to its success in this field. Apna Chemist also offers simple ordering through WhatsApp and guarantees two-hour delivery to make things even more convenient for consumers.
Apna Chemist stands true to its tagline Sahi Daam Sahi Dawaa (Right Price, Right Medicine). As part of its commitment to making high-quality medicines more affordable for its customers, it educates them about high-quality substitute generic medicines. Since its inception, the new-age wellness brand has consistently embraced ever-evolving trends and disruptions to enhance customer service and stimulate growth.
Speaking about its growth strategy, Mr. Aman Nagar (Co-founder) said, “As a new-age retail pharmacy, we are redefining the traditional chemists role by introducing new categories. Apna Chemist provides pharmaceutical products, FMCG, FMHG, Nutraceuticals, Health food, and other related health products under one roof to cater to every need of the customer.”
He added, “We aspire to be Indias leading retail pharmacy chain. To that end, we have implemented a comprehensive, forward-looking strategy since our inception to ensure our business thrives, despite ever-increasing competitive and financial challenges plaguing the industry. Additionally, we are looking to expand into Tier 2, and 3 cities since organised retail pharmacy chains currently hold just 8 to 10% of the market and are primarily located in urban areas.”
In addition, Apna Chemist is opening doors for new wellness brands by fostering a start-up culture through onboarding and providing a market for such brands.
In the upcoming years, pharmacy retailing will become more organised and prosperous. However, to strengthen the sector, customers needs should always come first for both new and seasoned retail pharmacy players. Moreover, to keep the cash flow steady, they must leverage advanced technologies and adhere to the latest industry trends. By doing this, organised retail pharmacies can significantly transform Indias pharmaceutical sector.
