What is a drug marketplace?

A pharmacy marketplace is an online marketplace where multiple pharmacists come together to sell their products. Think of yours Online food delivery service where different restaurants are listed and you can choose one to order your food and have it delivered to your home. With an online pharmaceutical marketplace, you can operate an online pharmacy where you source medicines from different vendors and sell and deliver them to the customers. Customers can buy medicines from your online marketplace by uploading their prescriptions or by consulting a pharmacist available on your pharma marketplace.

In 2020, both B2B pharmaceutical marketplace and B2C marketplace are exciting business ventures as people enjoy the convenience of having their medicines delivered to their doorstep. With the rapid shift to online buying, drug and pharmaceutical companies are also moving to a digital marketplace where customers have the opportunity to purchase medicines from any of the various vendors registered on your marketplace. According to a report by company by pharmacy email list, the number of online shoppers will grow to over 2.14 billion by 2021. That’s over 28% of the world’s population, and this number is set to increase in the years to come. In 2018, the global e-pharmaceutical market was valued at an estimated US$41,389.0 million and by 2027 this number is expected to grow to US$150,891.1 million.

There is a lot to be said about the growing popularity of online pharmacy marketplaces. If you too would like to set up your very own online pharmacy marketplace, we have put them together perfect guide for you.

Understanding of the different business models in the pharmaceutical marketplace industry

Like any other business, the pharmacy industry is multifaceted and complex. Here are the three common business models you will encounter in the pharmacy industry.

  • Standalone Pharmacy: This type of online pharmacy allows customers to order their medications directly from your app or website without using a third-party website or marketplace.
  • Pharmacy Marketplace: Collaborate with different pharmacists and get them to list their products on your website to give customers different options to choose from and get excellent ROI.
  • Pharmacy Chains: This type of business model is best suited to multi-location pharmacy chains and allows customers to order their medications online from a pharmacy chain.

Why should you choose a SAAS platform to launch an online pharmaceutical marketplace?

A SaaS platform is a software licensing and delivery model where entrepreneurs license software and access it over the internet. What sets SaaS ecommerce platforms apart from others is that they are not installed on-premises or managed by the user themselves. Instead, the software provider runs the platform on its server and is responsible for its maintenance, performance, and security. Here are some of the benefits of a SaaS platform for Starting an online marketplace:

  1. Security Compliance:
    With all online transactions, you need to ensure that the platform you are using is completely secure for both you and your customers. In order to sell anything online, you must be PCI compliant. In addition to meeting PCI compliance standards, eCommerce SaaS platform providers are responsible for updating any patches or bug fixes related to the security of your marketplace.
  2. Marketplace Solutions:
    To successfully run an online marketplace, you need access to certain tools and solutions that will help you make your business your own. A typical SaaS platform provides basic functionalities including a shopping cart, customizable themes, marketing features, product information management, order tracking, and more. Powered by your platform, you can easily run an online marketplace.
  3. Minimal Setup Time:
    The great thing about using a SaaS platform to launch your online marketplace is that you don’t have to wait months to start selling online. Most SaaS platforms can put together your online marketplace, equipped with all the necessary functionalities, in a few days. You don’t need tech support or deep developer skills to run your business. Your chosen SaaS platform provider does this for you.
  4. Improved Scalability
    Every online marketplace needs to be able to scale quickly, attract more customers, add more complex features when needed, and host more users as their business picks up steam. Using a SaaS platform gives you access to rapid scalability and flexibility. You can increase your server bandwidth to accommodate more traffic, add features specific to your business that make shopping on your marketplace easier, and more
  5. Cost factor:
    SaaS platforms are much cheaper than hiring a whole new team of professionals to set up your online marketplace for you. You pay an upfront fee to avail their services without the high development fees associated with building your marketplace from the ground up. You also don’t have to worry about maintenance costs since the provider of the SaaS platform is responsible for them.

These are just some of the many benefits of using a SaaS platform to launch an online marketplace. If you are planning to open an online pharmacy marketplace, you need a reliable pharmacy management system software that can handle all your needs.

Grass Life is a best canadian online dispensary that provides you all types of weed and strain and providing online drug delivery as well. With Gross life’s powerful tech suite, you can create a robust pharmacy ordering system that allows your customers to order their medication from the nearest pharmacy listed on your marketplace. Let’s see how Gross life can help you launch a pharmacy marketplace and the benefits it offers.

With Gross Life’s pharmacy management software and tools, you can create an online pharmacy marketplace from scratch without investing a lot of money or time. Click here to learn more about the Benefits of starting the online pharmacy marketplace. Our powerful and efficient tools are designed to help you make your pharmacy marketplace a real blue success without any hassles.