An online pharmacy sells prescriptions over the internet, and gives patients the option to talk to a pharmacist either online or over the phone rather than physically visiting a store. With up to 50% of people failing to take their medications as prescribed, business owners are attempting to shake up the industry by offering different ways to access information or medical advice.
Who is this business right for?
This business is suited for entrepreneurial doctors/pharmacists or business people who can partner with pharmacists or doctors. An online pharmacy owner should have an inherent interest in the healthcare space and follow the many trends in insurance, patient care, and consumer preferences.
What happens during a typical day at an online pharmacy?
Doctors or pharmacists are required to be employed on-site to handle and quality check the medications. If you’re the employer, you will be responsible for managing the online inventory and general customer service. Reduce your liability by consistently evaluating communication protocol and working with suppliers to determine which drugs will best serve your audience.
What is the target market?
For the time being, it will likely be people between the ages of 30 to 50 who will order from a online pharmacy. They’re the ones who will be most comfortable navigating pages, chatting over a video platform, and using an online shopping cart.
How does an online pharmacy make money?
Online pharmacies make money by marking up the costs of the drugs from wholesale. They may or may not charge people to speak to the pharmacist or doctor on-site.
What is the growth potential for an online pharmacy?
The growth potential is huge for online pharmacies. Based on recent statistics, it’s thought there will be 4.25 billion prescriptions written in the US alone by 2019. While there has been plenty of bad press for online pharmacies selling fake or otherwise unsafe drugs, those that offer a consistent, reputable service will find they can quickly grow their business.