How Demonetization is actually benefiting the online health pharmacies

With a rapidly increasing emphasis on providing affordable and accessible healthcare, the e-healthcare startups have completely disrupted the traditional business models over last few years. Considering the surge in demand for affordable and superior healthcare services, the new-age tech healthcare startups are reaching out to tap a wider network of consumer base, across the country, all this while actually reducing their overall operational costs. Bringing technology at the core of their operations, online pharmacies are offering holistic healthcare services at the click of a button and from the privacy of your homes.

As the "digital age" (the number of years since a user has been online) rises, so does the tendency to buy online. Consumers in today's age are prone to buying online as it gives them the much desired ease of access to quality healthcare. Adding to it, the government's focus on digitalizing and pushing economic reforms to upscale the e-commerce sector, the online healthcare industry in India is all set to emerge as a trend setter in the e-commerce space.

Factors like affordable and accessible medical facilities, increased proliferation in terms of discounts and offers and off course the recent digitization of transactions, have driven phenomenal demand growth in the country. The online healthcare platforms not only allow for a hassle-free experience for patients and doctors, but also save patients' time as their consultation slots are pre-booked at the time of making the payment.

To cater to the personalized healthcare requirements of the Indian consumers, digital healthcare providers like Just Relief aim to play a catalytic role. Just Relief is a 'one stop' destination for all pharmaceuticals, healthcare and wellness products and services and the platform has over 5000 doctors listed on it. The services also include health maintenance, hospital discovery, at home labs, diagnostics and vaccinations. This allows consumers to order all medical products and services digitally, at home.

Over the last few years, technological advancement in the healthcare sector has also gained impetus due to policy reforms and significant economic measures, such as demonetization. Although demonetization has impacted everyone at large, it has had a negligible effect on the e-pharmacy domain.

The online market rather experienced a huge jump in sales, as the market moved towards cashless transactions. Demonetization has in fact opened an electronic gateway to conduct cashless transactions, thereby, maintaining transparency and accountability in the trade dealings.

On the after-effects of demonetization, Amit Goel, Founder and CEO, Just Relief explained that "Post demonetization, the online pharma space has had a positive impact considering that they offer not only one stop services at-home but also because the consumer has access to cashless payments. Tech healthcare companies like Just Relief are now giving the convenience of both time and money transactions. Given the fact that consumers can also avail heavy discounts on our portal and mobile apps, it has increased traffic to e-pharmacy businesses."

Amit Goel, further added, "Although the mood in the e-pharmacy sector is positive, India still lacks a robust public healthcare system that could provide high quality yet affordable healthcare facilities. However, with technological advancements such as adoption of ICT and digital tools, the healthcare sector will sail easily during the demonetization revolution."

All in all this sector is all set to grow and the healthcare companies specially online healthcare providers, have a huge opportunity to broaden their horizon and scale-up their growth. This will in turn allow for an increased contribution to the national GDP and financial inclusion in the long run.

Time is ripe for the healthcare industry to now invest in processing and adopting technological solutions for further growth.