Started in 2014 with headquarters in Mumbai, Pharmeasy is an online application for ordering medicines. It has the mission of changing the picture of the healthcare system of the country. It aims to keep the patients at ease by keeping them in touch with the local pharmacy stores and outlets. It operates in several big cities of the country where distance is a very big issue. Pharmeasy helps in easy delivery of medicines and other medical equipment after ordering them through online mediums. The business model of the company is an online pharmacy thus solving the hustle and time issues and ensuring smooth working of the medical industry.
Founded by Dharmil Sheth and Dhaval Shah, Pharmeasy works in the following way- a customer is supposed to upload the medical prescription which is then automatically sent to a medical store that is closest in the area of the customer. After the prescription reaches the medical store, a delivery agent reaches the store after completing all the formalities and following all the guidelines, after which the delivery agent completes the process by delivering it to the doorstep of the customer. The medicines sold here are at a discounted price but the quality of the product is not compromised and the best quality products which are sold at the physical medical stores are offered here.
The Mumbai-based startup has merged with an online pharmacy Medlife and it has been approved by The Competition Commission of India in 2020. The history of the company which is having a turnover of Rs 637 crore in the Financial Year 2020, is as follows-
April 25, 2021, where it has launched the vaccination drive for COVID 19
June 17, 2021, where the minority stake of the company is bought by B Capital for USD 20 million and is now currently valued at USD 1.8 billion
June 17, 2021, where Pharmeasy plans to buyThyrocare, diagnostics, and preventive care laboratories chain. It was reported that the deal would be Rs 7000 crore.
As announced on June 25, 2021, API Holdings which is a parent company of Phareasy has acquired 66.1% of the share of a diagnostic lab chain, Thyrocare. The deal is for about USD 613 million and it is the first time in India that a unicorn startup (Pharmeasy) is acquiring a public listed company (Thyrocare). The 100% subsidiary of API, Docon Technologies will be the one who will become the acquirer and is expected to make an open offer for 26% more stake at Thyrocare for over USD 241 million.
Siddharth Shah, a 32-year-old chief executive of API Holdings said in a statement that the company is all delighted and pumped up after coming into a partnership with Thyrocare. The company aims to deliver the best experience to the customers in the diagnostics and pharmacy by making use of the technology and building a strong image of Thyrocare across the whole country. He further said that the company is on aim to deliver the products and the required medication to the patients in any corner of the country within 24 hours.
According to the Chairman and MD of Thyrocare, Dr. A Velumani, the relationship is exciting as it is different for the Indian healthcare industry. The different strengths and strategies of Thyrocare and the young team of Pharmeasy when mixed will bring out more advanced solutions in healthcare for the people of the country.
The statement issued said that the collaboration and the partnership between the two companies is unique and is expected to bring in transformations and changes in the healthcare industry. One of the companies in the country’s largest digital health platform and the other is the cost-effective solution in diagnosis, and since these two companies have come together, around 80 million Indians will be served with high-quality OPD services and diagnostics.
Pharmeasy has 12 million customers and a network of 6000+ consultation clinics and 90000+ partner retailers all over the country. The startup conducts around 300000 consultations in a month and is a go-to name for one million patients for their pharmacy and diagnostic needs. Thyrocare is a big leading name in the diagnostic solution provider and performs over 110 million tests yearly. It has a network of 3300+ centers in more than 2000 towns in India.
The partnership and collaboration are looking promising, we can always hope that it may bring something new and refreshing. The future can only tell what will happen.
Edited by Aishwarya Ingle