With the growing awareness among hospitals regarding the benefits of digital solutions and services, backed by the ease it offers to consumers, the Indian e-health market is forecasted to grow at a steady rate. Within the e-health market, the e-pharma industry has so far captured a dominant share. However, this has led to increased competition in the space. In order to emerge as a winner, understanding customer preferences and offering them value at every stage of the funnel is pertinent.
Redseer was consulted by one of the leading e-Pharma players to find out the impact of buyers, substitutes, new entrants, competitors, and suppliers to help strategise and capture the growing e-Health market. Redseer was further asked to identify and address consumer gap in the market.
With e-health providers taken on the duty of giving a global overview of e-health solutions, Redseer analysed the e-Pharma market landscape and deep dived into the consumer perspective & need gaps. Breaking down into consumer perspective, it was learned that rapid rise in the consumers shifting towards online sources of product ordering, purchasing is expected to present the players of e-pharma market with a greater consumer base wanting to shift their purchases for pharmaceuticals and any drugs to online models.
Studying the target customer, it was noted that increasing aging population is driving the growth of e-pharma market which offers wide range of benefits and features, while also providing drugs at a reduced cost.
While speaking of the market landscape, as a solution to key issues witnessed in the Indian healthcare system like restricted access to healthcare, large burden of healthcare expenses, and quality concerns with medicines, diagnostic labs and overall infrastructure, eHealth market has expanded, indicating that it could be the new normal for our healthcare industry.
Along with the availability of e-pharma services, the overall share of the market players providing this service is bound to improve.
Redseer’s full-funnel strategy helped the e-pharma company understand the varied needs of customers and pain points. This further helped the company engage better and offer them value at every stage of the funnel. In no time, this helped the company improve gross margins and capitalise better on the booming e-health opportunity.