Online Pharmacies Making A Revolution?

Mar 17, 2016

Online pharmacy businesses are developing and making a real revolution. What challenges do developing online pharmacy markets face?

Developing Online Pharmacy Markets. Licensing And Certification

According to Ashutosh Garg, Chairman and Managing Director at pharmacy chain Guardian Lifecare, Internet-based shopping is growing with rapid advances. There is a huge increase in sales through the Internet. Some companies find laws concerning pharmacy licensing to be ambiguous. As a result, they have started offering medications via the Internet.

FICCI’s (the Federation of Indian Chambers of Commerce and Industry) spokesperson brings the example of India where the online pharmacy market is in the stage of development. He believes that the market has enough potential to grow into a large sector.

The US is one of the world’s most restrictive and regulated prescription drug marketplaces. Bruce Schwack, Director of Marketing at Netmeds.com, notes that even in the US, medications can be offered online by licensed pharmacies and those having chosen to get licensed. These include such major players as Walgreens and CVS, and hundreds of neighborhood shops.

Problems In Developing Online Pharmacy Markets

According to some professionals in the field, online pharmacies can contribute to drug abuse and misuse, self-medication and other problems. The prescriptions provided through fax or email may be fake. Verification of their authenticity won’t be easy. Moreover, based on the online information submitted by patients, doctors may cause malpractice.

FICCI’s spokesperson believes that the mentioned cases can be reduced if kept under proper regulation.

Getting a pharmacy merchant account is still challenging. Traditional banks consider online pharmacy businesses as high risk because of higher chargeback risks and other factors. However, this is not the case with emerchantbroker.com.

EMB boasts the best services available in the modern high-risk payment processing industry. You can get you a highly reliable and secure pharmacy merchant account with EMB. EMB’s powerful Chargeback Shield program helps pharmacies operating online focus on business and not chargebacks.

Today and in the Future

According to Schwack, current industry analyses show a 5-10% market share for the online pharmacies as they come out, competition for their place and position over the upcoming years.

He further notes these pharmacies grow revenue rather than lose. Success can be achieved through their own E-presence, expanding, providing fulfilment for some key regional companies, and also through various marketplace engagements.

In the modern of world of the Internet and high technologies, the main challenge is to establish a balance, as many professionals think. They’re sure online pharmacy certifications and licensing aren’t the only solution to the existing problems.

Garg thinks the government should develop a secure app to prescribe medicines. This way, registered pharmacies would provide medicines based on this app. Such operation would be completely transparent.

Schwack notes, when medications are offered regularly and delivered conveniently, there would be no rise of chronic diseases.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

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A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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