ANALYSING THE DYNAMICS OF THE INDIAN PHARMACEUTICAL INDUSTRY IN LIGHT OF THE COVID-19 PANDEMIC
European Journal of Molecular & Clinical Medicine,
2021, Volume 8, Issue 4, Pages 1086-1100
AbstractThe COVID-19 pandemic is a global crisis that caused economic disruptions. India faced challenges like limited resources and increasing demand for essentials, including medicines and supplies. To analyze this, time-series data was extracted to study the impact of the pandemic on India’s major retail pharmaceutical companies. Net sales and total revenue significantly increased post-pandemic and were especially noticeable in the third quarter of 2020. This resulted from a spike in covid cases and price hikes on major drugs needed to treat the disease. While e-commerce has thrived in other areas, rising demand and growth opportunities are leading it to make its way to retail pharmacies. Restriction of movement led to increased users of e-pharmacy. A survey using an electronic questionnaire was conducted on 190 participants across tier 1, 2, and 3 cities to understand consumer behaviour towards e pharmacy. Common age groups were tech-savvy youth aged between 15 and 30 years. 55% of respondents were e-pharmacy users before lockdown restrictions. Other data points including feasibility and delivery time were positive in tier 1 and 2 cities as opposed to tier 3 cities which can be attributed to logistics challenges. 78.3% of the study participants are likely to recommend and use the service post the pandemic. The pandemic has had a small impact on E-Pharmacy, but a shift at its core has begun, which has a promising future as observed through primary research.
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