MARKETING AND BUSINESS MODEL INNOVATIONS SHAPING THE NEW NORMAL IN THE EPHARMACY SECTOR : A CASE STUDY OF 1MG TECHNOLIGIES IN BACKDROP OF COVID-19 PANDEMIC.

Abstract

India is poised to be among the top five pharmaceutical and healthcare markets with an estimated size of over USD 55 Billion by 2020. Despite the high potential, the penetration of e-Pharmacies in India remains low with over 85% sales being performed through brick and mortar stores and diagnostic centres. In recent years, a plethora of start-ups have emerged on the scene to fill the vacuum and have brought with them an array of operating models and innovations thereof. In this study, I examine the Indian e-Pharma Industry to understand the various verticals the e-businesses in this segment engage in and the dimensions on which they have made innovations to penetrate the Indian market. I dissect the marketing journey of a popular e-Pharmacy 1MG Technologies using the ASCOR framework and analyse the consumer decision making process through a focus group of one of its established target segments to highlight the multiple variables affecting this decision making process and have presented a model of gears to represent the consumer decision making, which is capable of being influenced by marketers. This work helps to elucidate the new norms for marketers across different value dimensions of the business in the backdrop of Covid19 pandemic to generate favourable consumer decisions. This study also includes scans, appraisal, evaluation of the external and internal environments affecting the e-Pharmacies. Established frameworks including PESTLE, Porter 5-forces, Strategic groups, ETOP, EFE, RBV, VRIO, SAP and IFE etc along with 360o business innovation model which have been applied on information available through reputed international and national bodies to unravel the critical external threats and opportunities, and internal strengths and weaknesses, and their relationships. To my knowledge this is the first study of this kind in India and is of immense use for not just emerging players but also for existing operators to choose or develop adequate business models, formulate their corporate and business unit strategies, identify gaps in their marketing efforts in various value dimensions and improve them accordingly considering the present status and emergent norms of the market in the backdrop of Covid19 as we all learn to co-exist with pandemics in a globalized world.