India's e-pharmacy market is seen growing at an annualised rate of 40-45 percent due to surging internet, mobile phone penetration, and government-led initiatives, according to a KPMG-FICCI report published recently.
The report said the e-pharmacy space is attracting huge investments from national and international market leaders.
It noted that the e-pharmacy market was valued at $344.8 million in 2021.
The report added that medicine spending in India is expected to grow 9-12 percent over the next five years.
It estimated that the market size of the pharmaceutical industry in India was above $50 billion in 2020-21.
"The Indian pharmaceutical industry is likely to reach $130 billion by 2030, growing at an annualised rate of 12.3 percent," the report added.It acknowledged the slew of initiatives by the Centre: "Initiatives such as the production linked incentive (PLI) schemes, medical device, and bulk drug parks are likely to boost domestic production of active pharmaceutical ingredients (APIs), biopharmaceuticals, complex generics, patented drugs, and various medical devices."