With COVID 19 once again rearing its ugly head in India, the online pharmacy market is on the rise. The trend has been growing ever since the last year, after the pandemic was officially declared, with people having to rely on online resources to get their meds at a time when the need for quality healthcare became paramount. Today, as India’s healthcare infrastructure continues to suffer, smart solutions are needed. With this in mind, online pharmacy ‘PharmEasy’ has acquired competitor Medlife, welcoming it to its family of healthcare services.
“We are thrilled to welcome Medlife to the PharmEasy family! We can’t wait to innovate together and deliver better experiences for our consumers, delivery personnel, and retail partners across the country,” said PharmEasy in a blog post announcing the acquisition.
The company did not mention any financial details about the transaction.
With this merger, Medlife’s customers will automatically become PharmEasy customers, with the former discontinuing its operation starting 25th May (i.e. today).
Medlife customers can login to the PharmEasy app to start using their Medlife account without having to sign up from the same number once again. Moreover, all their digitized prescriptions and saved addresses dating back to a year will automatically be available on the PharmEasy app.
Medlife and PhamEasy operate in the same market, and thus, this acquisition will help the latter gain a huge influx of new customers directly.
The online Medicare market has been growing exponentially over the last year-a phenomena which has reaped huge dividends for PharmEasy. Its parent company API Holdings recently broke into the unicorn club with a massive valuation of $1.5Bn. Moreover, demand has been rising even more over the last few months, after the second wave of COVID 19 led to shutdowns in almost every part of India once again.
Thus, PharmEasy is looking to better its offering, and this acquisition is a step towards achieving that goal.
“This acquisition significantly strengthens our position in the healthcare industry, and further helps us in providing quality healthcare to more number of Indian households. Moving forward, we aim to be of even better service to the people,” the company said.