Flipkart forays into healthcare, acquires online pharmacy
Flipkart’s foray into the online healthcare segment puts it in direct competition with established local players including Reliance-owned Netmeds, 1mg, PharmEasy and Amazon Pharmacy. Flipkart is entering this segment at a time when there is a tremendous demand for services that are delivering essential medicines to patients amid the COVID-19 pandemic. A large number of people are buying products online and refraining from visiting shops due to the fear of contracting the virus.
“The consumer internet ecosystem in India is growing rapidly as consumers recognize the opportunities and convenience that digital adoption is enabling in their lives. With increasing awareness and increased focus on health from the pandemic, there is a huge opportunity and demand for affordable healthcare and ancillary offerings,” said Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart. “We are excited to enter this space through this investment in SastaSundar.com, a company that has established itself as a trusted partner for millions of consumers through genuine products, a technology-driven platform and a wide network has established itself. The synergy between the Flipkart Group and SatsaSundar.com, coupled with our commitment to prioritize the needs of our customers, will help us grow and transform online healthcare in India. ,
SastaSundar.com offers a digital healthcare and pharmacy platform supported by a network of over 490 pharmacies. It aims to address the issues of access to affordable and quality healthcare in India by providing original products from authorized sources and distributing them across the country. By using artificial intelligence and data analytics technologies and integrating them with personalized counseling through its network, SastaSundar.com provides consumers with comprehensive solutions for a wide range of healthcare needs.
Flipkart Health+ will leverage the combined strengths of the Flipkart Group, including its pan-India reach and technology capabilities, including SastaSundar’s deep expertise to provide consumers with end-to-end offerings across the health-tech ecosystem. It will endeavor to provide access to quality and affordable healthcare to millions of Indian consumers starting with e-pharmacy and will add new healthcare services like e-diagnostics and e-consultation over time. Flipkart Health+ will report to Senior Vice President and Flipkart veteran Ajay Veer Yadav.
BL Mittal, Founder and President, Sastasundar HealthBuddy Ltd., said, “At Sastasundar.com we focus on developing innovative ways to easily and conveniently provide access to affordable healthcare, build a trusted network for authentic medicines, diagnostics and wellness. Concentrating.” Through this partnership with Flipkart, we see an opportunity to grow further and reach a larger consumer base by using complementary technologies and logistics infrastructure. ,
This new venture builds on the Flipkart Group’s efforts to address the growing consumer internet ecosystem, offering a complete range from travel to healthcare as digital technology is democratizing access to products and services.
Ravi Kant Sharma, Founder and CEO, SastaSundar HealthBuddy Limited said, “This partnership with Flipkart is a strong validation of the capabilities we have built and will accelerate SastaSundar’s mission to provide affordable healthcare to all Indians.”
In August last year, Flipkart’s rival Amazon forayed into the online pharmaceutical segment and launched Amazon Pharmacy. The company is expanding it to cities across India. The service allows customers to order prescription-based medicine apart from over-the-counter medicines, basic health equipment and Ayurveda medicines from certified vendors. Last year, Reliance Retail acquired the parent firm of online pharmacy Netmeds. In June this year, Tata Digital bought online pharmacy 1mg. This month PharmEasy applied for an initial public offering of $843 million.
According to a report by research firm Redseer Consulting, the Indian e-health sector is expected to become a $16 billion opportunity by FY2025, growing from $1.2 billion at a compound annual growth rate of 68 percent. It is expected to reach 57 million households, driven by supportive government regulations and investments, as well as positive reception from both consumers and providers.
According to RedSeer, the overall Indian healthcare industry is set to grow at a CAGR of 17 per cent to reach $353 billion (7 per cent of the expected nominal GDP) by FY2025.
However, experts said it will not be easy for companies like Flipkart and Amazon to tap the e-pharmacy space due to regulatory hurdles and the ongoing war between online and offline pharmacies and delays in finalizing e-pharmacy regulations. by the government.
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