One of the promising pharmaceutical eCommerce service-based businesses in Chennai is Netmeds, and it can assist you with its online pharmacy. One of the best online pharmacies in India is Netmeds, which offers a large selection of pharmaceuticals, over-the-counter medications, general healthcare supplies, Ayurvedic and homeopathic medications, and premium prescription drugs. It offers delivery services all over India.
Netmeds History
The Pradeep Dadha Group of Companies declared the launch of Netmeds.com in 2015. A financial services company called MAPE Advisory Group will invest in the privately held pharmacy. A few months later, to help the pharmacy, Orbimed, a private equity business, contributed an extra US$50 million (about Rs 325 crore) to Netmeds. Additionally, the parent firm of the drugstore supplies Indian pharmacies with wholesale pharmaceuticals and retail within Tamil Nadu.
Netmeds Company Details
| Company Name | Netmeds |
| Origin Country | India |
| Founded | 2015 |
| Founders | Pradeep Dadha |
| CEO | Pradeep Dadha |
| Headquarters | Chennai, Tamil Nadu, India |
| Industry | E-commerce, Online Pharmacy |
| Key Offerings | Online Pharmacy, Medicines, Wellness Products |
| Number of Employees | Over 1,000 (as of last update) |
| Official Website | www.netmeds.com |
Netmeds – Revenue Model
The three components of Netmeds’ business model are marketing, commission, and shipping costs. The biggest contributor among these is commission, which brought in INR 4.46 crores for the company in FY18.
Business Model of Netmeds
Online sales of prescription, over-the-counter, and health-related products are made possible by Netmeds. In addition, the business employs licensed pharmacists who verify the prescriptions uploaded by clients prior to order fulfillment.
The business is thinking about using a B2B business model to sell pharmaceuticals to pharmacies at a discount. Currently, the business gives its clients a 20% to 40% discount on prescription drugs. The potential of the B2B business model is presently being assessed by Netmeds.
How Does the Business Model for Netmed Operate?
The company is considering selling drugs to pharmacies at a discount through a B2B business model. Presently, the company offers prescription medication discounts ranging from 20% to 40% to its customers. Netmeds is now evaluating the B2B business model’s possibilities.
How Does Netmed’s Business Model Function?
Let’s examine the details of Netmeds’ business model in order to better understand it:
- Wide Product Range: The Netmed business model offers a wide range of products, such as medical gadgets, prescription, over-the-counter medications, and over-the-counter medications, health supplements, ayurveda and homoeopathic products, as well as personal care items. To locate the things they need, customers can look through different categories or conduct specialized product searches.
- Verification of Valid Prescription: The Netmeds business model adheres to a strict procedure for prescription medications. Before processing the order, customers must provide a valid prescription for any prescription drug. Licensed pharmacists then confirm the information. This guarantees adherence to the legal and regulatory prerequisites for the online sale of prescription medications.
- Logistics and Fulfillment: The business concept of Netmeds has created a strong logistical network to guarantee the prompt and effective delivery of goods to clients. To reach consumers throughout India, it has partnerships with reliable courier services and fulfillment centers that are positioned strategically. The business works hard to offer prompt and dependable delivery services, frequently providing same-day or next-day delivery in some locations.
- Licensed Pharmacies: To administer medications and guarantee the authenticity and quality of the products, Netmeds works with qualified pharmacists and licensed pharmacies. Netmeds upholds the government’s regulatory criteria and upholds high standards of pharmaceutical practice through its partnerships with reputable pharmacies.
- Discounts and Offers: Discounts, promotions, and cashback incentives are regularly offered by Netmeds as part of their business plan to draw clients and foster loyalty. It offers exclusive savings for registered customers, large orders, and special offers on products. These kinds of rewards promote repeat business and help retain customers.
- Customer assistance: To help consumers with their questions, order tracking, product information, and other concerns, Netmeds’ business model provides a dedicated hotline, email assistance, and live chat alternatives.
- Digital Health Services: Online medical consultations, appointment scheduling, health monitoring, online diagnostic testing, and wellness guidance are a few examples of digital health services.
- Regulatory Compliance: It operates by the guidelines set by the Central Drugs Standard Control Organization (CDSCO) and other relevant authorities. By adhering to these regulations, Netmeds maintains the trust and confidence of its customers.
Conclusion
The Netmed business model is an innovative way to provide healthcare product delivery services that are accessible and affordable for all. Netmed has been able to become a leader in the healthcare industry. As technology continues to advance at breakneck speeds, other new healthcare startups and Netmeds like app development adopt this type of business model to better serve their clients.
Meet Suhas Harshe, a financial advisor committed to assisting people and businesses in confidently understanding and managing the complexities of the financial world. Suhas has shared his knowledge on various topics like business, investment strategies, optimizing taxes, and promoting financial well-being through articles in InvestmentDose.com
