Online pharmaceutical merchant accounts have historically been a highly successful, profit-making business endeavor.
However, as consumers continue to turn to the internet in rapidly growing numbers, for much of their products and services, the online pharmaceutical market promises to demonstrate unprecedented growth and popularity in the coming years.
In fact, in 2018, the online pharmaceutical market reached sales of over $42 billion and doesn’t appear to be slowing down in any way. With a CAGR of approximately 14%, its expected that the e-pharmaceutical industry will reach over $107 billion by 2025.
It is estimated that there are approximately 50,000 online pharmacies operating in the United States alone and there are extremely good reasons for their growth in popularity and success.
For one thing, consumers of today lead very busy, active lifestyles and don’t have the time it takes to be running out to brick and mortar drug stores to fulfill their pharmaceutical needs.
In addition, there are large numbers of our population that are physically unable to leave their homes, as well as those that live in remote areas without nearby access to brick and mortar pharmacies.
It’s easy to see why so many people love the idea of picking up their various devices, typing in a few words, in order to fulfill their over the counter product and prescribed medication needs, without ever having to leave their homes or offices. What could be easier or more convenient?
Convenience is certainly a key reason for the popularity of e-pharmacies, but there’s a huge bonus for the consumer, that comes along with that convenience. Online pharmacies typically charge much less money for prescription medications and for over the counter products, as well.
This is due to the overhead of e-pharmacies generally being quite a bit less than brick and mortar stores. Online pharmacies typically have lower transaction and product costs, less employee salaries, as well as having broadening accessibility to medications and other products. This all adds up to less expensive pricing for the general public.
With the incredibly high and inconsistent prices of pharmaceuticals charged by brick and mortar drug stores, this is a big plus and very inviting for consumers.
In order to operate legally online in the United States, all e-pharmacies must be licensed by the state boards of pharmacy in every state their paying customers reside in.
Additionally, online pharmacies must follow all the rules, regulations and guidelines of the Food and Drug Administration, whose job it is to protect the public and ensure its safety. Furthermore, e-pharmacies must be in full compliance with the standards provided by The National Association of Boards of Pharmacy’s VIPPS (Verified Internet Pharmacy Practice Sites) program.
Specifically, the VIPPS certifies that e-pharmacies have the documented licensing necessary from all appropriate state boards of pharmacy.
As long as both major and minor illness exists and our society continues to be technology based, along with the general public’s continued interest in convenience and their demand for lower, more reasonable prices for their medications, there will always be a need for online pharmacies. The e-pharmaceutical industry is pretty much assured of its ability to stand the test of time and to maintain its capacity to grow in popularity and therefore continue to produce huge profits.