Growing Pharmaceutical Sector Coupled with Consumer Awareness Driving Indian Pharmacy Retail Market

New York, NY, May 10, 2013 --(PR.com)-- Global market intelligence firm, Netscribes has launched its latest report on the "Pharmacy Retail Market in India." The report elaborates the changing role of pharmacy outlets and the gradual progress it is seeing towards building an organized format. The market is sustainable and is projected towards significant growth due to the already existing varied disease profile as well as the emerging new diseases and the growing population size being affected by such diseases.

The pharmacy sector forms the second largest share in the Indian healthcare market. The sector sources its products through institutional and non institutional sales. The institutional sales is the sale of pharmaceuticals to hospitals, nursing homes and other such health institutions that purchase bulk drugs at discounted prices resulting in the partial decline in profit margins of manufacturers. Whereas, non institutional sales takes place through retail stores that happen to be the only form of sales channel that reaches directly to consumers and is a major source of revenue earning for the sector.

Even though the sector is highly regulated in India it still suffers due to circulation of sub standard and counterfeit drugs by pharmaceutical companies which hampers the medical retailing segment of the business. Measures are being taken by the pharmacy regulatory bodies of the country to control the menace as it hampers the revenue earning drastically. The issue is even more serious because the healthcare industry is one of the most sensitive sectors. The government is also taking major initiatives to provide medicines at subsidized rates as well as engage in tele consultation services and distribution of medicines in the rural belt.

The pharmacy retail market in India is operated majorly through an unorganized format. It currently has approximately 12 major players operating in an organized format. However, most organized pharmaceutical companies are operative regionally and are far from having a pan India presence. A variety of value added services are being incorporated by the organized players to attract a larger market share and initiatives are being taken to engage customers in brand loyalty.

To sum up, the pharmacy retail market is a relatively stable market that has strong growth potential even in the future years. With the growth of healthcare sector we will definitely witness the growth of medical retailing as well.