In our previous blog, we did an elaborate SWOT Analysis of One of India’s Largest Pharmaceutical Companies, Abbott. Here we will be doing a comprehensive SWOT Analysis of PharmEasy.
PharmEasy is India’s number one healthcare and medicine delivery platform which is done online. It strongly believes that everyone must have access to good health and affordable healthcare in the country wherever they reside.
With this core belief, through their services (medicine delivery and diagnostic tests), they make sure that their customers get 100% genuine medicines and health products, with the highest savings as quickly as possible.
Do you want to know how PharmEasy became India’s No.1 health and medicine-delivering Platform? The answer is by implementing the latest digital marketing techniques. As most people are using digital media it is easy for businesses to market their target audience.
Thus digital marketing is essential for every business. If you are interested in learning what digital marketing is and how to use it to your advantage – check out our Free Master Class on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
In this blog, we will explore the SWOT Analysis of PharmEasy and discover more about how they’ve succeeded in being successful in the medicine delivery industry. Before we start with the SWOT Analysis of PharmEasy, let us learn more about PharmEasy as a company.
(Founders of PharmEasy, Source: Timesnext)
Dharmil Sheth, the founder of PharmEasy, and his doctor buddy, Dr Dhaval Shah came up with the thought of establishing an online pharmacy. Both of them had trust in the future and the potential of technology in the healthcare sector and it is this thought that originally gave rise to PharmEasy in 2014. Presently, PharmEasy widens its supplies to nearly 98% of the Indian pin codes.
PharmEasy serves as an e-commerce pharmacy and delivers medicines and other medical equipment without any hassle or trouble. PharmEasy operates in several major cities of India, including the slums and other poor areas where there is less access and affordability for medicines and other essentials.
Purchasing medicines online has become convenient and easy through PharmEasy thanks to the benefits of digital marketing. The company delivers medicine and other medical equipment to thousands of customers every single day meeting their needs and making life easier.
|Dharmil Sheth, Dr Dhaval Shah
|No. of Employees
|Rs 26,336.15 Crore (2021)
|$ 86.75 Million (2020)
|Net Income/ Profit
|$ 5.6 Billion (2021)
Products and Services by PharmEasy
- Devices & Lab Tests
- Personal Care
- Nutrition and Fitness Supplements
- Ayurvedic Care
- Baby & Mom Care
Target Audience of PharmEasy
The target market for PharmEasy consists of 42.08% women and 57.92% men. Ages 25 to 34 for both genders.
Here is a buyer persona of PharmEasy:
- Convenient, affordable healthcare.
- Easy access to medicines.
- Time-saving, hassle-free services.
- Health and wellness focus.
- Staying updated with healthcare trends.
Interest & Hobbies
- Entrepreneurship, business growth.
- Fitness, holistic wellness (possibly).
- Self-care, relaxation.
- Cultural, and wellness events.
- Leisurely outdoor activities.
- Business-health balance.
- Medication, health access.
- Managing healthcare costs.
- Staying informed on healthcare.
- Work-life balance.
Social Media Presence
Now that we understand the company’s core business, let’s dive into the SWOT analysis of PharmEasy.
SWOT Analysis of PharmEasy
SWOT stands for strengths, weaknesses, opportunities, and strengths. So, a SWOT analysis is a technique to assess these four important aspects of the businesses.
Companies can use SWOT Analysis to make the most of what the businesses have got, to the organization’s best advantage. And you can reduce the chances of failure by understanding what the business is lacking, and eliminating hazards that would otherwise catch your unawareness.
Let’s first start by analyzing the strength of PharmEasy from the SWOT analysis of PharmEasy.
Strengths of PharmEasy
- Increasing Internet Technology: With the expansion and increased usage of the Internet by people it has become so convenient for many to purchase things online. Especially after the pandemic and many businesses having shifted online, it’s an advantage for businesses like PharmEasy which has been run online since the beginning.
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- Increase Use of Mobile Health Solution: With the introduction of mobile health operating systems and apps, information can now be shared with a move of the fingertips. As mobile health becomes more widespread, solutions are rapidly increasing.
- Ease of Payment: Convenient and less time-consuming payment methods.
- Less Costly: Physical store pharmacies have higher costs; because of many intermediaries being involved in the sale of pharmaceutical medicines. Online pharmacies will cater in bulk by selling online; thus reducing the cost of medicines.
- Convenient and User-Friendly: PharmEasy allows users to purchase the medicine just at the touch of the fingertip, the complete process is very convenient and user-friendly.
Weaknesses of PharmEasy
- Non-Trained Pharmacist: With things turning online there are also other untrustworthy people starting up their businesses which makes people question the authenticity of authentic providers/users.
- Unsafe Delivery of Medicines: It should be made sure that the ordered medicine or product is delivered in time following all the health and safety requirements.
- The Belief of Fake & Low-Quality Medicines: Since the prices are made affordable for people, customers tend to think that discount means compromising quality.
Opportunities for PharmEasy
- Increase in Market Value: High rise in the pharmaceutical market from 20 billion dollars to $35 billion. One of the major reasons for this is the pandemic.
- Medical Requirements at Single Platform: Consumers are examining online pharmacy as a single place accessing all their medical requirements from medicine purchases to lab tests and medical consulting.
- Demand for Healthcare Services: Increase in lifestyle diseases like diabetes and cardiovascular disorders, especially among senior citizens. The expected increase in demand for healthcare services, particularly pharmaceuticals, is due to the growth within the senior population demographic.
- Internet: The number of people who use the internet is growing all over the world. This means that PharmEasy has the opportunity to expand its online presence by interacting with its customers more through the Internet.
Threats to PharmEasy
- Increasing Competition Between Online & Retail: The industry’s competition has increased, putting downward pressure on prices. If PharmEasy does not adjust to the price changes, it may lose market share.
- Unstructured Grievance Handling System: Unpredictability of consumer purchasing behaviour.
- Political Instability: Additional governmental regulations and tax policies. Political indecision in the country can be an obstacle to business, causing performance to suffer and additional costs to be incurred.
Now further let us see any campaign that failed or any strategy that faced viewers’ backlash:
Indian e-pharmacy PharmEasy has found itself in the middle of a controversy after a Twitter user claimed that the company’s pharmacist recommended an herbal product along with their existing order. The incident raised concerns about the legality of such e-pharmacy recommendations and practices in India.
The controversy started when Abhijit Majumder, a professor at IIT Bombay, shared his experience with PharmEasy on Twitter. Majumder claimed that after ordering blood sugar medication, he received a call from a PharmEasy pharmacist who suggested herbal supplements to accompany his existing order.
In fact, the Union Health Ministry has recently raised concerns about privacy and malpractices associated with e-pharmacies, prompting them to consider imposing strict regulations and take decisive action against such platforms.
However, PharmEasy defended its actions in response to Majumder’s tweet, referring to the referral as an act of goodwill.
Although the tweet has since been deleted, it read: “As per PharmEasy policy, we are required to follow the order confirmation process. A team of pharmacists will always suggest a drug or product to customers depending on your medical history. Please note that this is done in good faith and you can always decline the proposal.”
This brings us towards the end but lastly, let us have a look at the competitors of PharmEasy.
Competitors to PharmEasy
The competition between online pharmaceutical apps is expanding as a result of the increased reliance on the online market. The following are some of PharmEasy’s rivals:
PRACTO: Practo provides online health management services. Practo primarily targets independent healthcare providers in Indian cities and offers medicine delivery and booking for doctor’s appointments.
1mg: an online pharmacy that functions as a marketplace for the delivery of pharmaceuticals as well as a source of information. 1mg primarily targets adults in big cities who are 25 or older and obtain most of their users via Healthcart.
NETMEDS: a pharmacy online that sells both prescription and over-the-counter medicines. They want to draw in clients who place repeat orders and who use supplements for long-term illnesses.
Apollo Pharmacy: A one-stop online shop, Apollopharmacy offers a huge selection of more than 70,000 products in numerous categories, including vitamins and supplements, among others.
This ends our comprehensive SWOT analysis of PharmEasy.
PharmEasy is a direct connection between clinics, pathologies, pharmacies, and the general public. If clinics want to improve their marketing strategies to avoid PharmEasy from taking a share of the market, here’s a video that can help you-
PharmEasy is a fast-growing online medical care and medicine delivery platform. In the SWOT Analysis of PharmEasy, we can understand that the company is growing rapidly and is working passionately to make things easier for others and provide their services generously and has successfully built their trust among the customers.
In this rapidly changing and developing world digital marketing is of utmost importance, being well equipped and versed in the field is a must for all marketing enthusiasts. If you are interested in discovering more and upskilling, check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.
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