E-pharma market to touch $2.7 bn by 2023: EY India

Kolkata: The Indian e-pharma market seems well set for a quantum jump to reach a size of $2.7 billion by 2023, riding on ever increasing internet penetration and smartphone ownership, increase in chronic diseases, rising per capita income and resultant healthcare spend. At present the e-pharma market is estimated to be $360 million, a recent report titled: 'e-pharma: Delivering Healthier Outcomes' by EY, suggested.

Globally, e-pharma presents a total addressable market size of $9.3 billion as of 2019 and is estimated to grow at a CAGR of 18.1 per cent to reach $18.1billion by 2023.

"Today, India is adapting to e-commerce rapidly with mobile-first consumer behavior and improving digital payments infrastructure, and online pharmacies, one of the verticals of e-commerce, are starting to gain momentum and have tremendous growth potential. The e-pharmacy market is expected to grow at a substantial pace in the next four years on the back of the renewed focus of the government and households on healthcare spending and the faster adoption of internet amongst users. It will not only create value for the customers but also generate a host of B2B opportunities going forward," said Ankur Pahwa, Partner and National Leader - e-commerce and consumer internet, EY India.

Going by the EY report, e-pharma, actually, is emerging as an interesting space with large opportunities that are gaining interest from some of the key players in the e-commerce, consumer tech, fintech and hyperlocal space and from investors, both in India and globally.