Setting up a Best Indian pharmacy is becoming a trend nowadays. It is a business that is spinning a huge sum of money every day due to its massive reach. People now prefer buying their medicine from an online pharmacy instead of visiting a chemist. However, there are certain rules and regulations that need to be followed before setting up an online pharmacy business in India. After establishing the pharmacy, a set of regulations has to be followed while providing medicines to patients. The new set of regulations for selling medicines online is still under process. Thus, following the complete procedure for establishing a pharmacy is essential.
Formalities to be Made for Establishing an Online Pharmacy
There are certain formalities that need to be followed for opening a Cheap Indian pharmacy. The rules for the same are stringent. The license for the same can be obtained by contacting the healthcare society that has its own norms. There are certain steps that have to be followed for establishing an online pharmacy store in India:
- An online pharmacy should have registered pharmacists on the payroll. All medicines can be sold only by a pharmacist having a retail license.
- It is mandatory for a customer to upload the prescription for purchasing the medicine. The Scheduled H and Scheduled X drugs cannot be sold without a proper prescription.
- The order for medicine can be received from customers only from those areas where the pharmacy retail license applies. For example, if the pharmacy has a license provided by the Gujarat state government, orders for medicines are taken only in Gujarat.
- Each medicine that is delivered should be verified by the pharmacist. No pharmacist has the right to sell the substitute of the medicine of his own will.
Revenue Model of Online Pharmacies
According to FourCreeds an online pharmacy earns its revenue from the e-commerce business model. The revenue model of an online pharmacy includes the classified advertisements displayed on the pharmaceutical sites, which are the major source of income. The new healthcare drugs that are manufactured are displayed on such sites. By advertising on a pharmaceutical site, the manufacturers promote their healthcare drug and the site generates revenue.
In India, online pharmacies are growing speedily. This industry generates its revenue in millions of dollars annually due to the high demand for different medicines. Nowadays, the best place to buy medicine online in India is an online pharmacy. Just by uploading the prescription, customers can easily purchase required medicines by ordering them anytime.
Medicines and life-saving drugs, in the present-day scenario, are costly. They are taxed and then sold by the chemists and druggists near you that make them even costlier. Due to certain amendments in the drug and medical policies for selling medicines online and offline, the government has reduced the price of many medicines in India. This has provided relief to a majority of people. Now, people can purchase medicines and other life-saving drugs without spending a huge sum of money. With the emergence of online pharmacies, one doesn’t require to visit the store to buy the medicine. Now people can buy cheap medicines online in India through online pharmacies.
How is The Price of Medicines Determined?
The price of different medicines and drugs is set by the insurer. The rate is determined under the Pharmaceutical Price Regulating Scheme (PPRS). This describes the value-based price of the drug as per its benefits on a global scale. The set up of the price is done by following the below-listed criterion:
- Price of similar medicines or its substitutes
- Forecast for sales and its effect on the NHS drug bill
- Clinical requirement of the medicine, which can vary as per the condition of a patient’s ailment.
- Taxes and packaging charges
The price is determined on the basis of the formulation of the medicine like how it acts (dispersible, mouth melting, powder, syrup, etc.). Packaging also plays an important role in setting the price. The normal packaging of medicine will be inexpensive, whereas, lamination will add more to its cost. In India, the drug price control board (DPCB) is responsible for regulating the price of medicines periodically. All generic medicines are inexpensive as compared to branded medicines, thus, these parameters determine the cost price of a drug.
Why Online Pharmacies Give Discounts?
An online pharmacy collects the data like ailment and medicine of all its customers after the prescription is uploaded from all over the country. This allows them to focus on the patients with a chronic ailment who usually purchase medicines in bulk (monthly basis). The frequent customers are sold the medicines with a high margin that directly benefits the seller. The cashback/discount varying between 10%-15% makes the customer utilize its benefit every time the discount is offered.
People buy cheap medicines online in India and other countries because it is the easiest way of purchasing medicines without splurging. By ordering medicines online, an individual gets a discount/coupon that can be used for the next purchase of medicine.
A generic drug is a pharmaceutical drug that is equal to a branded medicine. It has a similar dosage, intended uses, strength, route of administration, and active pharmaceutical ingredients (API). The sole difference that lies here is that a generic drug doesn’t carry the brand name and has different characteristics like manufacturing process, salts, formulation, taste, and color. A generic drug is subjected to the regulations set by the government and carries the name of the manufacturer. Since a majority of generic drugs are inexpensive, people prefer buying them instead of the branded drugs. It isn’t essential to visit a druggist to buy the medicines. One can simply buy generic prescription drugs online anywhere in India from home at any time.
Are Generic Drugs Safe?
This is a common question that is often raised by consumers on a global scale. The answer to this question is yes. A generic drug is a drug that contains a similar API to that of a branded drug. Though a generic drug differs in terms of taste, color, salts, and formulation, the strength and intended use for the drug remain the same. It works similarly to a branded medicine to combat an ailment. Considering the safety of a generic drug, it is approved by the Central Drugs Standard Control Organization (CDSCO) and Drugs Controller General of India (DGCO). These two bodies are responsible for ensuring the standard of generic drugs.
For example, the Disprin tablet contains aspirin as the prime API. In the market, this tablet is sold under the name ‘Disprin’ because it is a brand. It is manufactured, has a patent, and marketed so that consumers can purchase it. On the other hand, aspirin is the main content of the drug. Since aspirin isn’t marketed directly and has no patent, people know less about it. But it has the same effect as that of Disprin.
Why Are Generic Drugs Inexpensive?
There can be many reasons for generic drugs to be inexpensive. Not all generic drug manufacturing companies sustain the level of development costs associated with the brand name of the drug. As per the reports of the FDA, clinical testing has proved generic medicines to be safe & beneficial according to the industrial norms. A generic drug manufacturer company spends less on advertising and promoting. Thus, the company is able to save a substantial amount that is passed onto the customers in the form of lower prices of drugs.
To buy generic prescription drugs online, you require uploading the prescription of the medicine. Ensure that the prescription also includes the generic name of the medicine. Buying a generic drug is pocket-friendly because customers save a huge amount while buying a generic medicine instead of a branded drug.