AkosMD acquires majority stake in mChemist to reduce healthcare costs

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AkosMD offers telemedicine services including virtual consultations for workplace well-being and employee well-being

mChemist is an online pharmacy startup that provides medicines, health supplements, daily wellness aids, herbal supplements, and health devices through its platform.

According to Rajeev Ranjan, CEO of mChemist, acquisition will help AkosMD reduce healthcare costs by eliminating primary care costs

Delhi-based telemedicine company AkosMD has acquired a 72% stake in drug delivery start-up mChemist Global for an undisclosed amount.

Founded in 2016 by Kishlay Anand, AkosMD offers online telemedicine services including virtual consultations, diagnostic booking and an online pharmacy for workplace and employee well-being.

On the other hand, mChemist provides medicines, health supplements, daily wellness aids, herbal supplements and health devices of various brands through its platform. It was founded in 2014 by Rajiv Gulati.

“The partnership aims to provide a revolutionary healthcare service to individuals by offering them expert remote healthcare services at competitive prices, thereby giving them a sense of self-sufficiency and responsibility for their well-being,” said Kishlay Anand , Founder and CEO of AkosMD.

Currently there are nearly 50 e-pharmacies operating in India and estimates set the market size at $ 500 million, which accounts for around 2-3% of total Indian drugstore sales. It is expected to grow at a CAGR of 44% to reach $ 4.5 billion by 2025.

Pharmeasy, Medlife, 1mg and Netmeds are among the major players in the space competing for a piece of the pie. Some of the biggest Indian conglomerates are also keen on the same. For example, Tata Digital acquired majority stake in 1mg, just like Reliance Retail with Netmeds.

“The mail order service for chronic medicine has been a boon in developed countries. Patients, payers, and providers all prefer chronic drug home delivery because it is convenient, economical, and most importantly, helps ensure adherence to prescribed drug regimens by making genuine drugs available at the right time by supporting patient care. remote health infrastructure in India, ”said Rajeev Ranjan, CEO of mChemist.

According to Ranjan, the acquisition will help the combined entity significantly reduce the cost of primary care, which on average accounts for 70% of its costs.

Last month, the drugstore platform owned by Reliance Netmeds had launched subscription and wholesale services. The company’s website showed that a customer could subscribe and schedule subsequent deliveries. In its regulatory documents announcing the financial results for the second quarter of fiscal 22, Reliance Industries said that the online platform launched Netmeds Wholesale in the quarter ending in September.

1mg, meanwhile, considered introducing hyperlocal delivery options within 60 minutes, according to reports.


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