How a Leader of online Pharmacy 1mg is constantly expanding its feet to across all major cities

1mg

THE 1mg

Revenue growth- 10-20% MOM growth

Team growth- 380 (current)

Product growth- From a medicine search engine platform to an integrated healthcare platform.

Funding details

Series A: $5.5M
Series B: $16M
Investors: Sequoia, Maverick, HBM, Omidyar Network etc

Different organisational and product changes and iterations have happened along the way?

1mg has shown that what it takes to run a successful business and keep themselves ahead in the game. Following are the ways that show they are the best:

-Business lines and organizations have been created: ePharmacy, eDiagnostics, eConsultations, and Corporate Wellness
-Medical affairs and content team has grown and we develop quality medical content inhouse
-Teams are across multiple cities across the country
-Product has features for transaction of healthcare services, as well as providing quality content and information to consumers

What are the challenges 1mg has faced in different stages and how did you overcome them?

At the beginning, the regulatory understanding of their sector was very poor across the board. They did not know where the regulatory standing of 1mg’s platform was and they had to explain to them how their model is not only legally sound but actually significantly beneficial for the consumer as well as the regulator. “Our model is a simple marketplace model – a consumer gives us the prescription and we pass it on to a third-party pharmacy. We are not even technically an e-pharmacy, just a platform connecting the consumer to the pharmacy”, said Mr. Prashant(co-founder).

The second challenge was from the consumer perspective – getting them into the habit of getting and sharing prescriptions. In an offline world, people often did not bother getting prescriptions and they could get any medicine they wanted – on the phone or through a pharmacy. Consumers used to get upset with us, while we were merely following the law when asking them to upload prescriptions. This really hindered our growth at that stage, said Mr. Prashant.

The third challenge was that neither Google nor Facebook allows marketing for pharmaceutical products. So we had to have a more content-based growth, which makes the process slower but stronger. Thus, our consumers are less fickle in that sense.

How has the culture and team of the organization grown over the years?

At 1mg, they are passionate about making a measurable impact in everything they do. Team 1mg shares a common goal and vision for the company, and everyone contributes to it in one’s own unique way. “We strive to maintain an open culture where everyone feels comfortable sharing ideas and opinions, said Mr Prashant. They started out as a small team and now they have close to 380 brilliant minds contributing towards making India healthy.

How has the business model evolved with time? What are the shifts that have taken place and why were they important to make?

1mg was started as HealthKartPlus in 2012 with the belief that for health care to change, they wanted to make sure consumers are informed and aware.

It was an initiative within HealthKart to provide information about medicine like side effects, substitutes, compare prices of same products. They got a very good response for that product; almost 1 million downloads back when it was launched. They looked at it as a different business opportunity. The app went completely viral and people embraced it and shared it with each other through WhatsApp messages. It became India’s largest health app and then they just kept adding features, learning from what our customers said.

1mg is an integrated health app and a marketplace for pharmacies, diagnostics and offers multiple values added services like medicine info, medicine substitutes, pill reminder, online consultation, health articles from renowned doctors, etc. It’s an engagement as well as a transactional platform. So, it provides 360-degree health care service at a few clicks. Our core competency is medicines.

What are their future plans and fiscal targets you have in the coming years? and how do they intend to achieve them?

We intend to continue growing rapidly and expand our geographical reach to cover all citizens of India, as well as ensure our platform is available in multiple languages. We also intend to provide more health care information products and services, with multiple new lines of business being considered, said Mr. Prashnat.

Future plans – Fiscal and otherwise.
Continue rapid growth with a fundamentally sustainable business model

Summary
How a Leader of online Pharmacy 1mg is constantly expanding its feet to across all major cities
Article Name
How a Leader of online Pharmacy 1mg is constantly expanding its feet to across all major cities
Description
How a Leader of online Pharmacy 1mg is constantly expanding its feet to across all major cities
Aditya Gupta
Startupwine
Startupwine
Publisher Logo
Comments
Load More Related Articles
Load More In Story