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MedCords Pivots From Digitising Rural Pharmacies To Healthcare Market

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MedCords with its Sehat Sathi app appears to be like to digitise native pharmacies in 5 minutes and goals to eradicate the belief deficit that exists within the healthcare ecosystem

Within the final 4 months, MedCords has witnessed 5x progress when it comes to paid session and subscriptions, 25+ Lakh customers, and has added 7K+ medical shops, in comparison with pre-Covid-19 instances, the place it had built-in solely 300 shops

Going ahead, MedCords appears to be like to automate medical prescriptions, add video consultations, and construct a Uber-like aggregator mannequin for docs and extra

Native drug shops and pharmacies have performed a outstanding function in India’s healthcare ecosystem for many years. Even until at the present time, folks in rural and semi-urban areas, who’ve restricted entry to healthcare services, depend on them as the subsequent finest options or ‘aadha doctor’ (half a physician).  

With Covid-19 within the image, a variety of these native pharmacies, that hyperlink docs and sufferers in much less developed areas are in dilemma and worry that e-pharmacy startups corresponding to Netmeds, 1mg, Medlife and Pharmeasy will quickly substitute them, much like what occurred when ecommerce giants Amazon and Flipkart took on retailers, the repercussions of that are being felt right this moment with the protests by distributors and sellers.

Coming to the rescue of such native pharmacy shops in rural and semi-urban areas is MedCords, a healthtech startup from a small city in Kota, Rajasthan, which is at present engaged on digitising native pharmacies throughout the nation through localised, hyper-local supply mannequin.

Headquartered in Pune, MedCords was based in 2017 by Nikhil Baheti, Saidanaik Dhanavath and Shreyans Mehta. The corporate began its journey with digitizing affected person well being information and offering physician teleconsultation service to rural elements of the nation. With its newest Sehat Sathi app, it appears to be like to digitise native pharmacies in a matter of minutes (~5 minutes) and goals to eradicate the belief deficit that exists within the healthcare ecosystem.

MedCords

“During the Covid-19 lockdown phase, a lot of these e-pharmacies were semi-operational, and there was a shortage of delivery executives to deliver medicines to patients. At that point in time, we started analysing the situation and began developing a product [Sehat Sathi], where we onboarded physical medical stores and converted them into digital stores, where they themselves can deliver to nearby customers,” recalled cofounder Mehta.

MedCords believes that eliminating the worry of native pharmacies that epharmacies will take over and provide them some reduction from the deep discounting and supply strain.

MedCords: Is The Future Of Retail Pharmacies Hyperlocal?

Previous to the launch of MedCords’ Sehat Sathi app, the corporate was operational in 4 districts of Rajasthan, together with Kota, Bundi, Baran and Jhalawar. After the launch of its new hyperlocal app, MedCords has expanded to 13 states, together with UP, Bihar, Jharkhand, Chhattisgarh (primarily Hindi talking states), the place it has greater than 200-250 networks of retail pharmacies throughout every state. The corporate stated that by leveraging these networks of medical shops, it has helped MedCords to get new customers at a really much less buyer acquisition value of INR 6 per consumer.

“For medical stores, the entire ecosystem opened, where users didn’t have to go anywhere else to buy medicines and can directly access nearby medical stores. For us, this completed the ecosystem, where patients record, doctor consultation along with medicines delivery all happening in a hyperlocal manner, in a way, optimised the entire operations to a whole new level,” added Mehta.

Additional, sharing the expansion metrics with Inc42, MedCords highlighted that the platform has accomplished near 60Okay orders until date, and claimed to have grown organically, incomes income as much as INR 10 Lakh, within the span of three months of its app launch.

It must be famous that MedCords presence within the city, Tier 1 and metro cities is usually smaller in comparison with different on-line pharmacies and hyperlocal gamers like Dunzo, 1mg, Netmeds, PharEasy amongst others, that are catering to a bigger set of viewers.

“Often, patients in rural areas go to the city to buy medicine, and with our platform, they are not only getting their health records digitised and doctor teleconsultation for individuals and family at an affordable price, but we are also providing them the access to nearby medical stores on the go,” revealed Mehta, saying that constructing the belief issue is simply as important as supply.

Medcords

Covid-19 Brings Telemedicine Into Focus

Backed by Data Edge and WaterBridge Ventures, MedCords claims to have digitised near 2 Mn well being information for 25+ Lakh customers and has a community of 5K docs for teleconsultations. Earlier than the pandemic, it solely had about 1000 docs on its platform. Lately, the corporate has additionally raised an undisclosed quantity of funding from Astarc Group, CIIE and different buyers.

By way of income era, MedCords will not be charging something from pharmacies or docs because it believes that these stakeholders must earn extra given the present-day state of affairs, nonetheless, the corporate stated that it earns its income from customers and people instantly through session charges and subscription plans.

The truth is, within the final 4 months, MedCords stated that it has witnessed 5x progress when it comes to paid session and subscriptions, with 4x progress when it comes to customers. From 300 shops in pre-Covid instances, it now has 7000+ shops. “Now, patients in rural India have realised the importance of digital healthcare service as it solves most of their queries, which otherwise would have taken five years easily.”

To additional enhance this progress, at an area degree, MedCords will likely be including extra retail pharmacies and will likely be making them the model ambassadors for the Sehat Sathi app. “When local pharmacies recommend our network of doctors to the patients and vice versa, it automatically builds trust in the entire ecosystem, and more and more people will start using our platform,” Mehta added.

“Today, there are benchmarks to reach urban audiences, but no benchmarks for rural audiences, where users are actually ready to spend on their health. Through this strategy, we will not only be generating more revenue, but also will be adding more subscription, teleconsultation,” stated Mehta, commenting on its hyperlocal related well being mannequin. In different phrases, the cofounder hinted that reaching out to extra folks in much less time means extra income.

Going ahead, MedCords advised Inc42 that it plans to have greater than 5 Cr customers, and digitise greater than half 1,000,000 medical shops by 2022. By way of product improvement, the corporate stated that it will likely be seeking to automate prescription-writing, add video session companies and in addition assist pharmacies join with native suppliers and newly-launched pharmaceutical merchandise by means of the retailer-facing app.

“We are also developing a Uber-like model for doctors (doctor aggregator platform), where they can earn by consulting patients, on-demand and availability, and patients, on the other hand, will get to reach doctors with just a click of a button” concluded Mehta.



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