dsmm – pharmeasy - report

A REPORT ON
PHARMEASY
SUBMITTED TO :
INDUKAKA IPCOWALA INSTITUTE OF MANAGEMENT
(IIIM)
CHAROTAR UNIVERSITY OF SCIENCE AND
TECHNOLOGY (CHARUSAT)-CHANGA
PREPARED BY:
NAME ID
CHARMI PATEL 22MBA149
JAMI PATEL 22MBA150
KARAN MAKWANA 22MBA154
ABHISHEK PARMAR 22MBA161

UNDER THE GUIDANCE OF

MR. MUKESH PAL

FACULTY OF MANAGEMENT STUDIES

CHAROTAR UNIVERSITY OF SCIENCE AND TECHNOLOGY
(CHARUSAT) -AT. & PO. CHANGA-388 421 TA: PETLAD
DIST.ANAND, GUJARAT
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TABLE OF CONTENTS

Sr.no Topic Page.no.

.
1. Introduction
2. Background of the Company
3. Market Opportunity and Growth potential
4. The Founders
5. Key Milestones
6. Products & Services
7. How it works ?
8. Strengths
9. Competitors
10. Business Model
11. Revenue Model
12. Digital Platforms
13. Digital Marketing Strategies
14. Digital Presence
15. Customer Acquisition
16. Engagement Strategy
17. Retargeting Strategy
18. Conversion Strategy
19. References

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About company

PharmEasy is an online healthcare delivery platform based in Mumbai that

enables users to get prescription medications, medical supplies, and diagnostic
tests delivered to their doorstep in the quickest amount of time. PharmEasy, a
well-known digital pharmacy, is making a substantial contribution to the
modernization of healthcare in India as a result of the country's booming digital
healthcare industry. As the largest online pharmacy and top healthcare
aggregator, the business has established itself in the grey market, where
prospective investors can purchase PharmEasy unlisted shares. In FY21, the
company's market valuation was INR 4,603 crore. Because PharmEasy is the
market leader, its business strategy sets it apart from the competition.

Mission Statement: PharmEasy mission is to provide affordable, accessible,

and high-quality healthcare services to people in India. They envision a world
where everyone has access to the healthcare they need, regardless of where they
live or their socioeconomic status.

Vision Statement: Their vision is to become the go-to platform for all
healthcare needs, from online consultations with doctors and healthcare
professionals to deliver of medicines and healthcare products right to users’
doorsteps.

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Background of the company

The company was founded by Dharmil Sheth and his friend Dhawal Shah in
2015 with the aim of improving access to healthcare in India. PharmEasy
acquired Midlife, making it the largest online pharmacy platform. Their main
goal was to bring almost everything related to health care within people's reach.
They used a lot of technology to eliminate the need for intermediaries. The
platform offers remote consultation, sampling for diagnostic analysis and drug
delivery. It also acquired Aknamed and Thyrocare Technology in 2021.The
reach of this MedTech startup is one of its most commendable features. After
the acquisition, it planned to serve 2 million users per month. Pharmeasy
reportedly ships drugs and devices to 710 Indian cities and about 98 percent of
the country's PIN codes.

The Founders and Team Behind PharmEasy

A group of experienced professionals, including Dharmil Sheth, Hardik Dedhia,
and Dr. Dhaval Shah, founded PharmEasy. The team also includes experts from
various fields, such as medicine, technology, and business.

Together, they work towards their vision of providing accessible and hassle-free
healthcare services to people in India. Their dedication and hard work have made
the company one of the leading online pharmacy platforms in the country.

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 Dharmil Sheth:
As one of the co-founders of PharmEasy, Dharmil Sheth brings his extensive
experience in technology and e-commerce to the company. He is responsible
for the platform’s user interface and overall business strategy.

 Hardik Dedhia:
Hardik Dedhia is a co-founder of PharmEasy and an expert in product
management and operations. He oversees the platform’s logistics and supply
chain management, ensuring that medicines and healthcare products are
delivered to users on time.

 Dr. Dhaval Shah:

Dr. Dhaval Shah is a co-founder of the company and a licensed medical
practitioner. He brings his expertise in medicine and healthcare to the
company, helping to ensure that users receive accurate medical advice and
quality healthcare services.

 Harsh Parekh:
Harsh Parekh is the co-founder and CFO of PharmEasy, and he brings a wealth
of financial expertise and strategic thinking to the company’s leadership team.
He has worked in the finance and investment industry for over a decade,
focusing strongly on the healthcare sector.

 Mikhil Innani:
Mikhil Innani is the co-founder and COO of PharmEasy and has been
instrumental in building and managing the company’s operations, logistics,
and customer support functions. With over a decade of experience in the
healthcare industry, Mikhil deeply understands the challenges faced by both
patients and healthcare providers.

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PharmEasy's Timeline - Key Milestones:

● 2014: Founded in Mumbai by Dharmil Sheth and Dr. Dhaval Shah.
● 2016: Secured Series A funding, enabling expansion beyond Mumbai.
● 2017: Series B funding fuelled growth to over 700 cities across India.
● 2018: Series C funding established a Pan-India presence.
● 2021: Acquired Medlife, a leading e-pharmacy competitor.
● 2021: Acquired a majority stake in Thyrocare, a diagnostics chain.

Key Products and Services

○ Over 1 lakh medicines and health products

○ Teleconsultation services with doctors
○ Diagnostic test services
○ Delivery of medicines and healthcare products

PharmEasy has grown significantly, expanding beyond Mumbai and acquiring

rivals like Medlife and Thyrocare. This growth reflects their commitment to
becoming a one-stop shop for all healthcare needs.

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How It Works

Step 1
This is the part where you upload the prescription. As soon as your upload is
complete and submitted, we receive it. We then verify the prescription based on
the criteria (as mentioned in – https://pharmeasy.in/blog/how-to-upload-
prescriptions-on-pharmeasy/) specified. The prescription is then sent out to the
pharmacy in your vicinity. We have tied up with many pharmacies that have
multiple qualified pharmacists on board who scan thousands of products to
provide you with the relevant and useful information about your medicines.

Step 2
The delivery agent collects your prescription and gets it validated at the store.
The sale of medicines is governed by various laws. Therefore, it will be handled
under the supervision of a pharmacist on the basis of a valid prescription by a
registered medical practitioner. The pharmacist then gathers all the required
medicines.
In case the prescription contains salt names and not brand names, the
pharmacist will call you regarding the substitutes available or you can call the
pharmacist and seek counsel. Please keep in mind that we pick up prescriptions
from customers for verification and only then we deliver medicines. Once the
prescription is verified at the store, then the order is dispatched for delivery. The
medicines are sealed in a special PharmEasy package.

Step 3
Our delivery agent will collect the package and bring it to your doorstep! We
offer hassle-free doorstep delivery of medicines. Payment for medication can
be made on delivery via COD or online via the app. For further reference,

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please go through our terms & conditions and privacy policies to understand
better about our working, responsibilities and liabilities. Pharm Easy does not
provide any guarantee or warranty (express or implied) regarding the accuracy,
adequacy, completeness, legality, reliability or usefulness of the information;
and disclaims any liability arising thereof.

Strengths Of The Company

 Increased use of advanced technology: With the increased use of

advanced technology, buying things online has become more convenient,
especially after the Covid-19 pandemic. It is an advantage for companies
like PharmEasy to expand their business online to a great extent.
 More & more use of mobile health solutions: Since mobile health systems
and apps are launched, companies operating online have seen growth in
their business. As mobile health becomes more widespread, accessing
healthcare solutions have become more accessible.
 Cost-effective solutions: Brick-and-mortar pharmacies have higher costs
because many intermediates are involved in it. Online pharmacies do not
involve any intermediate or third-party and therefore sell pocket-friendly
products.
 User-friendly approach: PharmEasy allows people to buy medicines or
drugs at the touch with a single click. Therefore, the entire process is
convenient and user-friendly.

Competitors of Pharm Easy

With the growing dependence on the online market, the competition among online
medicine apps is increasing. Following are some of the competitors of PharmEasy:

1. PRACTO
Online health management services are offered by Practo. It offers
medication delivery and medical appointment scheduling, and Practo
primarily targets independent healthcare providers in Indian cities.

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2. 1mg
An online pharmacy that serves as both an informational resource and a
marketplace for the supply of medications. They mostly target people
aged 25+ in major cities and receive their user base via Healthcare.

3. NETMEDS
An online pharmacy offering a variety of OTC and prescription
medications. They aim to attract customers who regularly order and those
who take supplements for chronic diseases. To beat the competition, the
company needs to keep planning new techniques to sustain. It is needed
to tackle the growing marketing trends. Hence, the marketing strategy of
PharmEasy needs to be very strong.

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Business Model

Medicines and other medical accessories are delivered by PharmEasy all over
India and it works same as Grofers does. In identifying the closest Pharmacy
Stores Pin Codes stored by the company help them a lot. Customers have the
choice of ordering items directly through their website or by downloading the
Mobile App but customers get a discount of around 20% if they order via
mobile app and it gives Brand recognition to the company as well as new
customers are easily acquired.
This E-Pharmacy business also has to have a 3 way chain between the
Customers or Buyers, the Suppliers and a dedicated Distribution Network
whose sole purpose is to link all the pharmacy with the customers.
Buyers- Here, customers get the prescription uploaded and they search for their
medicines or medical accessories and buy them directly just with some clicks.
Suppliers- The company collaborates with local suppliers and dealers and
ensures appropriate stock is available and they remain online. The company also
earns from various pharmaceutical companies by commission for showcasing
their products on their app.
Distribution Network- PharmEasy has a wide distribution network that is spread
out all over India and this helps the company to fulfil the orders of customers as
fast as possible.

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Revenue Model

Considering the revenue model, Pharmacy’s vital income source is advertising.

The ads are majorly from sectors such as telecom companies, diagnostic
centres, and e-wallets. The sale of fitness and drug equipment is another source
of revenue generation for the company. The revenue of PharmEasy from
operations grew to Rs. 5,729 crores during the fiscal year ending March 2022
from Rs 2,335 crore in FY21 as per the company’s annual financial report. The
company also earned revenue from diagnostic services, teleconsulting, software,
and licensing of internet portals up over 16x to Rs 418 crore in FY22 from Rs.
26 crores in FY21.
In addition, the company also earns revenue through its commission model. The
percentage of the commission is already defined based on the market scenario.
With its exceptional revenue model, the company has raised over a billion
dollars till date. PharmEasy earned a $217 million worth round in October last
year. Also, the company turned unicorn after raising a $350 million round
proposed by Propus and TPG Growth in April 2021.

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Digital Platforms

Presence of owned digital media platforms and its activities

1. Website and Mobile App:

● Core functionalities: The website and app are the cornerstones of
PharmEasy's digital ecosystem. They allow users to:
○ Order medicines and healthcare products from a vast catalog.
○ Book diagnostic tests at partnered labs.
○ Schedule teleconsultations with doctors across various specialties.
○ Manage prescriptions, track orders, and access past medical
records.
● Activities: Beyond transactions, the platform offers informative content:
○ Health articles and blog posts on various medical conditions and
wellness topics.
○ Educational videos featuring consultations with doctors and
healthcare professionals.
○ Downloadable resources like guides on managing chronic diseases
or medication adherence tips.

2. Social Media Presence:

PharmEasy leverages popular social media platforms like Facebook, Twitter,
and Instagram for:
● Brand awareness: Engaging content like infographics on common
health issues or relatable memes keeps the brand top-of-mind.
● Product promotions: They strategically announce new product launches,
highlight ongoing discounts, and showcase user testimonials.
● Customer engagement: They actively respond to comments and
messages, fostering a sense of community and addressing user queries.
● Contests and giveaways: Interactive activities like quizzes or health-
focused photo contests can increase engagement and brand loyalty.

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3. Additional Owned Platforms:

PharmEasy might explore additional platforms to enhance the user experience:
● PharmEasy Connect: A dedicated forum or online community could
allow users to connect with each other, share experiences, and offer peer
support.
● PharmEasy Health Assistant: A mobile app with health tracking
features, medication reminders, and symptom checkers could provide a
more holistic healthcare management tool.

Digital Marketing Strategy of company

 Television Advertising

TV advertisements are the most effective approach to capturing the interest of the
Indian public. The TV advertisement was a highly effective marketing strategy of
PharmEasy.

1)Dance Campaign

The business created a song for its advertisement. The song featured a cover of the
well-known Bollywood classic “Urvashi.” They used the melody to create their
catchphrase ‘PharmEasy, PharmEasy, Take it easy PharmEasy’. 3 videos were
created on three different dance forms Kharachnatyam, Bhatak Nritya, and
Shakakali. Every time this music played on television, viewers’ attention was
drawn to it.

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Viewers are curious to learn more about things they find fascinating. This is how
the brand’s strategy was successful. This advertisement increased client awareness
of the app and its offerings.

2) Advertisement related to COVID-19

During the pandemic times, they launched an advertisement “Aapki health aapke
haath mein hai.”

For the advertisement, they chose to go in a funny and sarcastic direction. The
corporation employed a remark that the Indian audience is extremely accustomed to
hearing “Sab uparwale ke hath mein hai”. As a result, the corporation used the
actual uparwala, or neighbour living up to help them and promote their brand.

There was another ad focusing on lockdown titled the ‘WFH Campaign’ because
everyone was confined to their homes. The advertising illustrates how, despite all
the changes, it was still simple to get medications.

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3) Ghar baithe baithe take it easy

Aamir Khan, a popular Bollywood actor, is the star of a new advertisement for
PharmEasy. Khan is introduced as PharmEasy’s new brand ambassador in the
‘Ghar Baithe Baithe Take It Easy’ campaign

Khan performs a triple job as the PharmEasy delivery person, who appears in the
strangest locations and in the silliest ways to inform clients about all the products
offered by the PharmEasy brand and to urge them to “Take It Easy.”

 SMS, Email Marketing

The job of this marketing starts when a user registers on the PharmEasy app
or website. The business employs technology to email or send automated messages
to its clients.
These communications contain details of any new deals or discounts the business is
currently offering. This is a fantastic marketing strategy of PharmEasy for the
business to get customer’s attention.
Sponsorships
In its early years, cricket sponsorship was one of the most effective marketing
strategy of Pharm Easy.
After making an investment in cricket, Pharm Easy became associated with the
sport. The majority of Indian viewers watch the World Cup. The attention of the
viewers is attracted by the advertisement, which also helps establish a level of trust.

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Through this marketing strategy of PharmEasy, it gained enormous popularity. It is

now regarded as a trustworthy brand in the e-pharmacy sector.

 Influencer Marketing

We are all aware of social media’s influence today. Bloggers and influencers on
numerous platforms are becoming more and more well-known. They also have a
huge number of followers.
As a result, PharmEasy has chosen influencer marketing as well. In this way, it can
exploit the influencer’s audience to market itself. For instance, PharmEasy has
created reels. The PharmEasy clips include comedian Sapan Verma and digital
creator Viraj Ghelani.

 Meme Marketing

Since the country’s youth are so attracted by memes, they are an excellent approach
to informing them. The meme is a trend, that can be followed in order to clearly
communicate your message. Memes were used by Pharmeasy as well to raise
awareness of the company. It was an essential step in successfully capturing the
attention of the young audience.

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PharmEasy’s Digital Presence

Facebook

PharmEasy has a page on Facebook with 145k followers and 128k likes. On the
page PharmEasy uploads content related to their products, Health-related memes,
etc.

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Instagram

The Instagram account is a verified account with 74.2k followers. They post
various content like memes, reels, health-related content, etc.

Youtube

In youtube, they post their ad campaigns. They have 280k subscribers. They also
provide extensive explanations of a variety of common chronic illnesses by
recognized medical professionals, burst some long-held health beliefs, and offer
advice on how to live a better life.

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Twitter

On Twitter, they have 10.1k followers. They share tweets related to their products,
services, etc.

Customer Acquisition

● Content Marketing Powerhouse: PharmEasy goes beyond product ads.

They churn out informative content like blog posts on managing diabetes
or videos featuring doctor consultations. This establishes them as a
reliable healthcare resource, attracting new customers searching for
solutions.
● Influencer Outreach: Partnering with health & wellness influencers on
social media allows them to leverage established trust and reach targeted
audiences. Imagine a renowned nutritionist promoting PharmEasy's
healthy meal subscription service - that's targeted influence in action.
● Strategic Collaborations: PharmEasy collaborates with insurance
companies or fitness apps. Think offering bundled health check-ups with
a gym membership or discounts on medicines for specific insurance
plans. These partnerships open doors to entirely new customer segments.
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Engagement Strategy

● Interactive Playground: PharmEasy understands engagement goes

beyond basic information. They incorporate quizzes to assess health risks,
offer health trackers to monitor progress, and even build online
communities for peer support. These interactive features keep users
coming back and deepen brand loyalty.
● Personalized Touch: Gone are the days of generic emails. PharmEasy
leverages user data to tailor email campaigns and social media
messaging. Imagine receiving an email with health tips relevant to your
recent medicine purchase - that's personalization magic.
● Gamification for Good Health: Who says managing health can't be fun?
PharmEasy might introduce points for completing prescriptions or
watching educational videos. These gamified elements incentivize
positive health behaviors and make the platform more engaging.

Retargeting Strategy

● Dynamic Product Recommendations: PharmEasy doesn't bombard

users with generic ads. Their retargeting strategy uses user data to suggest
products based on abandoned carts or browsing history. Imagine leaving
a pain medication in your cart and seeing an ad for a natural pain relief
alternative - that's retargeting done right.
● Nudges and Gentle Reminders: Sometimes, a subtle push is all it takes.
PharmEasy might employ limited-time offers or low stock alerts to nudge
users who haven't completed purchases yet. The key is to be informative,
not intrusive.
● Multi-Channel Approach: PharmEasy doesn't rely solely on website
retargeting. They combine it with email retargeting, sending personalized
reminders with incentives to complete the purchase across different
touchpoints. Consistency is key in retargeting.

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Conversion Strategy

● Frictionless Checkouts: PharmEasy understands the importance of a

smooth checkout process. They offer guest checkout options for quick
purchases and readily available live chat support to address any doubts or
questions that might prevent users from completing a purchase.
● Subscription Services for Convenience: For chronic medications or
regular healthcare needs, PharmEasy provides subscription options. This
streamlines the ordering process, improves customer retention, and
ensures users don't run out of their essential supplies.
● Building Trust with Transparency: PharmEasy displays customer
reviews, certifications, and secure payment gateways. This transparency
builds trust and encourages users to feel confident completing online
transactions

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REFERENCES

 https://digitalscholar.in/pharmeasy-digital-marketing-strategies/
 https://www.google.com/url?q=https://www.linkedin.com/
pulse/what-makes-pharmeasys-business-model-profitable-from-
its%23:~:text%3DIncorporated%2520in%25202014%252C
%2520PharmEasy%2520was,from%2520registered%2520and
%2520trusted
%2520pharmacies.&sa=U&sqi=2&ved=2ahUKEwjSr9_OjKuE
AxXUkq8BHey9ALAQFnoECBAQBQ&usg=AOvVaw3BBiC
qP6ceIGYL3L9LRY8r
 https://www.studocu.com/in/document/chanakya-national-law-
university/business-administration/pharmeasy-pdf-compress/
32744678
 https://startuptalky.com/pharmeasy-success-story/
 https://iide.co/case-studies/swot-analysis-of-pharmeasy/

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