Without a healthy body, everything else in life would turn out to be nothing but insignificant. The most vital priority in life should be being physically and mentally fit. As each day passes, we are further convinced that if well-being is lost, all happiness in life is lost as well. So in today’s world, as we probably are aware, all kinds of benefits that are really important, are available on the web. Haven’t you felt that clinical aids should be available too? If you take a better look into the world of the Internet, it is! There are diverse online businesses in India whose goal is to give the best medical help to the people. Netmeds is one of those platforms that supply prescription drugs, non-prescription products, and other health care commodities straight to the customer’s home.
At Netmeds, you have the option to upload a legal prescription through their mobile application or website, which is accessible for iOS and Android. It is then surveyed and validated by the certified pharmacists working at Netmeds. They evaluate the dosage, duration side effects, etc. and approve the order. The app even sends you reminders when it is time to refill your stock. What more could you ask for from an online pharmacy!
Netmeds has been gaining much popularity ever since it was established in Chennai in 2010. Even when there are several pharmacies at every corner in our cities, it might not be convenient for everyone to walk the distance. Moreover, many older people who are in need of medicine regularly could make use of an online service like Netmeds. It enabled them to buy medical products as frequently as they wanted all from the comfort of their own homes. As of now, Netmeds serves over three lakh regular customers across 19,000 pin codes in India. Their fulfillment centers are spread across eight cities Delhi, Pune, Chennai, Bangalore, Kochi, Raipur, Ahmedabad, and Hyderabad. They have 13 repositories and over 35,000 stock, keeping divisions spread across many cities in the country.
How does Netmeds work?
Founded by Pradeep Dhandha, Netmeds (1) has established tie-ups with many Indian manufacturers for the easy availability of products. The items sold through Netmeds are acquired from over 200 top sellers in our country such as Sun, Ranbaxy, Cipla, etc. They keep their stocks regularly managed to avoid wastage. The pharmacy business can be highly fluctuating because of epidemics and the changes in weather. Netmeds makes use of a data analytics system to predict the demand for medical products. Using this strategy, they can manage their merchandise in an efficient manner and make the necessary medicines available for those in need.
They also have a properly developed delivery system with networks all over India. In metro cities, the order can be delivered within a single day. However, it varies depending on the location. What makes the Netmeds app more convenient is its user-friendly design. It maintains a record of the users’ orders and a digital copy of the prescriptions so that the next ones can be made using a single tap of your finger. Their large number of inventories all across the country enables them to make these medicines readily available. The company also hopes to expand to a B2B business model in the coming years. They plan to deliver drugs and healthcare products as wholesale to offline pharmacies.
The beginning of Netmeds
Netmeds was founded by Pradeep Dadha whose family ran a pharmacy business named Dadha & Company in Royapettah, Chennai. This enterprise had several decades of legacy and his father S Mohanchand Dadha is a team member of Sun Pharma, a famous pharmaceutical company in India. Pradeep Dadha also leads the Pradeep Dadha group of companies and is the chairman of Notch Media. The idea of Netmeds was born when Pradeep was thinking of initiating online sales for his family business. He wanted to utilize the possibility of online stores and came up with Netmeds.
Soon, people started trusting his online platform, and more orders were flowing in. One of the best features of Netmeds was its easily accessible layout. In order to buy a medical product, you just have to follow three simple steps. The first step is to browse for the medicine you need in the search bar. After finding what you need, you can just add it to your cart. You may also upload the prescription if you are buying a prescribed drug. Netmeds soon started a diagnostic service through which the customers would get expert opinions from verified doctors.
The initial challenges
The online pharmacy business was a strange world for customers back in 2010. When many people relied on stores that they personally knew, it was challenging to convince them to buy medicines from an online platform. The company also had to educate the public about the benefits of making online transactions. Most people refused to think beyond the conventional method of traveling to a pharmacy for their health care needs.
Being a country with such a huge population, India has a growing need for medical products. Any online pharmacy should have sufficient stock to satisfy this necessity. The required drugs had to be collected and delivered in the shortest time possible. The strategy of analyzing prescriptions makes sure that no harmful drugs or self-medication is employed. It also encourages the population to properly consult a doctor before buying medicines.
Investments and Acquisitions
Netmeds led an initial round of funding in October 2015, with the help of Orbimed. This series A round was able to raise an amount of 50 million dollars. After a year, they acquired the online medicine and healthcare delivery application, Pluss. The Series B round was conducted in October 2017 which raised a total of 14 million dollars. The major investors in this round were Sistema Asia Fund and Tanncam Investment.
Netmeds led a series C funding in September 2018 through which 35 million dollars were raised.
This round saw participation from Daun Penh Cambodia Group along with the existing investors.
In the same year, they acquired JustDoc (2), a famous online doctor consultation platform. It had been announced that Reliance Industries Limited was planning to acquire a significant share in Netmeds. In association with the Reliance Retail wonder my RIL, Netmeds recently launched their grocery delivery service. Their latest acquisition was made in March 2019 by buying KiviHealth which is a digital health data managing system.
