- April 22, 2014
-- Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Pharmacy Retail Market in India 2014’. Increase in healthcare expenditure among the Indian population is mainly fueling growth in the market.
Netscribes’ latest market research report titled Pharmacy Retail Market in India 2014 elaborates the changing role of pharmacy outlets and the gradual transition of the industry as a whole towards an organized format. At present, pharmacy retail industry in India is largely fragmented and unorganized. Most organized players operate regionally. The 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.
Although 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. Measures are being taken by the pharmacy regulatory bodies to control the threat as it drastically hampers revenue generation. 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. A variety of value added services are being incorporated by the organized players to gain a larger market share and various initiatives are being taken to build brand loyalty among customers. To sum up, the pharmacy retail segment comprises a stable market that has strong growth potential in the upcoming years.
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