Pharmacy Retail Market in India 2015

Netscribes' latest market research report titled Pharmacy Retail Market in India 2015 states that the market is distinctly fragmented into organized and unorganized players with a major share of the market being dominated by the unorganized segment. However there should be a significant change in the market segmentation by 2019. Health awareness among Indian consumers will result in a gradual shift towards the modern pharmacy retailers. The organized retail pharmacies provide many value added services like availing medicines in air-conditioned surroundings, 24x7 operations, door delivery, credit-card acceptance, insurance cover, nurse station and online pharmacy. Most organized players are operative regionally.
Indian pharmacy retail market is sustainable and is projected to attain considerable growth based on the already existing varied disease profile as well as the emergence of newer diseases and the fact that the growing domestic population is being affected by such diseases. However the pharmacy sector in India is highly regulated, yet it tends to suffer from the circulation of sub-standard and counterfeit drugs that hampers the retail segment of the business. The government is also taking major initiatives to provide medicines at subsidized rates as well as engage in teleconsultation services and distribution of medicines in the rural belt. Many organized players are providing loyalty schemes in the form of rewards, points, gifts, free health insurance for retaining customers. A variety of value added services are also being incorporated by the organized players to gain a larger market share. Currently, Pharmacy retail has become the fastest growing traditional trade channel for FMCG companies. To sum up, the pharmacy retail segment comprises a stable market at present and has strong growth potential in the upcoming years.