E-pharmacy, also known as electronic pharmacy or internet pharmacy, is an online retail platform that acts as an intermediary between customers and vendors to enable the sale of medicines. It offers round-the-clock delivery of drugs, access to comprehensive information on prescribed drugs, and transparency in prices. Patients need not physically visit the pharmacies to receive their medication but can instead order the drugs online. E-pharmacy deals with the sales and distribution of pharmaceutical and medical products through online channels. E-pharmacy involves the use of information, communication, and technology in medical products, and services. Any pharmacy can become an e-pharmacy, as long as it has computerized services, an active internet connection, and a working, detailed website. Pharmacies can offer their products and services online website to customers.
Market Dynamics
An increasing adoption of the internet is expected to propel growth of the North America e-pharmacy market over the forecast period. For instance, according to the Pew Research Center, the percentage of households with broadband connections in the U.S. increased from 68% in January 2021 to 77% in February 2022. Moreover, Increasing consumer spending on healthcare and personal care products is expected to drive growth of the North America e-pharmacy market in the region. According to the U.S. National Health Expenditures 2021 Highlights, the U.S. health care spending was US$ 4.3 trillion, accounting to an average spending of around US$ 50,368 per person in 2022. Moreover, the overall share of gross domestic product (GDP) related to healthcare spending increased to 27.9% in 2019 from 21.7% in 2020.
Moreover, an increase in the launch of e-pharmacies in developing countries is expected to drive the market's growth over the forecast period. For instance, in January 2022, Hyphens Pharma International Limited formally launched its WellAway e-pharmacy in Singapore. Kellaway is the first e-pharmacy in Singapore to be registered with the Health Sciences Authority (HSA). It is a digital platform where patients can get e-prescriptions from licensed medical professionals, and the recommended medication will be safely and securely supplied. Such initiatives are expected to drive market growth due to a rise in the adoption of e-pharmacy services in Asian countries.
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