Netmeds
 | |
| private company, pharmacy | |
| Industry | retail |
| Founders | Pradeep Dadha, founder, Bruce Schwack, co-founder[1] |
| Headquarters | Chennai, India |
Area served | India, worldwide |
| Services | sale of medications, prescription drugs |
| Owner | Pradeep Dadha Group of Companies |
| Website |
netmeds |
NetMeds is a major online pharmacy company serving Indian consumers living in India and abroad. Online pharmacy services are a brand new concept in India, because the development of online pharmacies in the country was not begun until 2015. One of the first Indian online pharmacy companies in operation, Netmeds provides online ordering and mail delivery of prescription and non-prescription medications.
Overview
Customers place their orders online and receive delivery to their homes by mail two to four days later. Until Netmeds and other Indian online pharmacies began operation in 2015, Indian consumers had no choice but to travel sometimes long distances to buy their medications, and to wait in queues at pharmacies to make their purchases.
The online sale of drugs by pharmacies is new and somewhat controversial in India, because legislation controlling the sale of drugs has not kept up with online technologies and the mail distribution of medications. Pharmacy regulators and political leaders, including representatives of the Drug Controller General of India, and Indian Pharmaceutical Association, have met in recent months to develop the best rules to govern the safe operation of online pharmacies for Indian consumers. India's consumer pharmacy market is estimated to be valued at US$18 billion and likely to grow to US$55 billion by the year 2020. [2][3]
History
In 2015, the Pradeep Dadha Group of Companies,announced the establishment of Netmeds.com.[4] MAPE Advisory Group, a financial services firm, will be an investor in the privately owned pharmacy.[5] A few months later, Orbimed, a private equity firm, invested an additional US$50 million (Rs 325 crore) in Netmeds, to support the pharmacy.[6]
The pharmacy's parent company also sells drugs wholesale to Indian pharmacies, and operates retail pharmacies in Tamil Nadu.[7]
Management
Pradeep Dadha, founder, heads the company with co-founder Bruce Schwack.[8] Dadha has had experience leading his family's pharmacy business, including managing a large chain of brick-and-mortar stores throughout South India and providing fulfillment services and back-office management for international pharmacies serving consumers worldwide.[9][10]
References
- ↑ Biospectrum India, http://www.biospectrumindia.com/biospecindia/news/221332/dadha-pharma-launch-online-pharmacy-net-meds-chennai
- ↑ Financial Express, 9 January 2–16, http://www.financialexpress.com/article/pharma/latest-updates/sparks-fly-at-express-pharma-debate-on-online-pharmacies/191165/
- ↑ LiveMint, 14 January 2016, http://www.livemint.com/Companies/EGTOILRRNF0T3J4OfUg9SN/Will-online-pharmacies-work-in-India-and-are-they-even-lega.html
- ↑ Hindu Business Line, 1 May 2015, http://www.thehindubusinessline.com/companies/100yearold-pharma-company-hooks-on-to-net/article7162151.ece
- ↑ Economic Times, "MAPE Advisory Group To Invest Rs 30 Crore in Netmeds Marketplace," May 2, 2015, http://articles.economictimes.indiatimes.com/2015-05-02/news/61746987_1_investment-bank-mape-advisory-group-60-crore
- ↑ Economic Times, 26 Oct 2015, http://economictimes.indiatimes.com/small-biz/startups/orbimed-leads-50-million-funding-round-in-online-pharma-marketplace-netmeds-com/articleshow/49537488.cms
- ↑ Hindu Business Line, 1 May 2015, http://www.thehindubusinessline.com/companies/100yearold-pharma-company-hooks-on-to-net/article7162151.ece
- ↑ "Dadha Pharma to launch online pharmacy Net-Meds in Chennai". biospectrumindia.com. Retrieved 27 June 2015.
- ↑ "Dadha Pharma to launch online pharmacy Net-Meds in Chennai". biospectrumindia.com. Retrieved 27 June 2015.
- ↑ New Indian Press, "Glimpse Into A Luxurious Life," July 3, 2010, http://www.newindianexpress.com/cities/chennai/article163706.ece
External links
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