MyChemist | This healthtech startup fill-ups your medical needs and helps you heal faster
-“Our goal is to make all our customers feel as though their health and opinions are valued, welcomed, and carefully considered. For 8 years, we’ve prioritised customer satisfaction above anything else.” Jolly Verma, Co-founder of MyChemist said in an exclusive interview with Startup Story.-
This Gurugram-based start-up is attempting to digitalize the enormous network of traditional medical stores across the length and breadth of the Gurugram in an era where the majority of the population is very used to buying medicines via the retail outlets and nearby pharmacies. In the meantime, Healthcare has become one of the largest sectors of the Indian economy, in terms of both revenue and employment.
MyChemist offers clients a one-stop-shop for superior services. The husband-wife duo is behind the startup’s fastest-growing chain of local pharmacies in India and is promoted by people having an experience of more than 8 years. They sought to create a platform that combined local pharmacy ease with more cost savings and fast deliveries than any online pharmacy. The platform aims to offer affordable, high-quality healthcare to all Indians.
The couple has built a home together, worked together, and is currently running a business. The couple worked for years in the medical field and with hospitals before deciding to launch their own company and identity. Working in a hospital and seeing patients rushing from store to store to acquire the same prescribed medicines gave them the idea to launch this startup. And that’s how MyChemist got started! Building a store and a platform where customers could access and fulfil the required demands in one location was still the major goal.
MyChemist- your health is their priority
The Gurgaon which is now called the Gurugram-based startup MyChemist was founded and cofounded by Vikalp Verma and Jolly Verma in 2014. This bootstrapped business has established new benchmarks for dispensing Medical Care with a team of trained personnel, attractively constructed large stores, and a zeal to offer authentic and branded medications along with Fast delivery.
In Gurugram, there are now 7 locations of the neighbourhood retail pharmacy business MyChemist. To meet all of the customers’ medicinal needs, the startup offers a wide variety of products.
MyChemist helps you heal faster by providing services like Prescription pick up, Procurement of Imported & Other Special Medicines used for Cancer, Nephrology, Cardiology etc. within the Stipulated Time, Faster Home Delivery, and Prescription Refill Reminder.
In an exclusive interview with the startup story, Jolly Verma states, “We at MyChemist not only have the widest selection of medicines and offerings, but we make every effort to arrange difficult-to-find medicines for 100% prescription fill-ups.”
Indian healthcare market dynamics and MyChemist
The pharmacy industry in India is indeed very fragmented. The $25 billion domestic pharmaceutical sectors has so far been 7% dominated by online-only pharmacies. Approximately 81 per cent still work in the unorganised sector, which is controlled by 60,000 distributors and 800,000 retailers.
Since 2016, the healthcare sector in India has been expanding at a Compound Annual Growth Rate of over 22%. It is anticipated that at this rate, it will reach USD 372 billion in 2022. In terms of income and employment, the healthcare sector has grown to be one of the biggest in India.
From FY21 to FY22, MyChemist saw a growth of 25%. As per the startup story report, the company has experienced annual growth of 20% on average. The Indian healthtech market is projected to reach $21 billion by 2025, representing 3.3 per cent of the $638 billion global addressable healthcare market.
Vikalp Verma in an exclusive interview with the startup story claimed that “the brand is doing 11 crore business annually”.
Experiences and Services
The neighbourhood retail pharmacy has 7 locations. MyChemist stands out for its spacious and beautiful store designs put up over sizable square feet of area, enabling clients to explore a wide choice of products therefore making medicine shopping a delightful experience! With daily client additions of between 100 and 200 across all outlets, the business has amassed thousands of new customers in Eight years.
The warm and welcoming drugstore also sells nutritional supplements, cosmetics, surgical and health monitoring equipment, and homoeopathic, ayurvedic, and allopathic medicines. In order to suit the varied needs of consumers, the brand also intends to expand its product line.
The business offers fast delivery in under 30-45 Minutes. And train their employees before customers dealing in the category of soft skills, behavioural skills, and knowledge of medicines. A central warehouse and a reliable Robust Supply Network connects all of MyChemist’s stores. The goal is to save money, time, and energy so that the customers may access the right medicines at the appropriate relatively lower price.
In an exclusive conversation with the startup story Jolly says, the process as a whole is characterized by logistics and fulfilment. When compared to many other online pharmacies, “We provide the right medicines to our customers at the right time and at a reasonable price. This enables us to provide customers with same-day deliveries of needs.”
Plans, Challenges and Expansions
MyChemist intends to expand and double the number of stores in every corner of NCR through company owned and Franchise model. The company is also looking forward to the launching of its application ‘HealthBro’ in the coming months to fasten up medicine delivery. Despite initially being bootstrapped, the start-up is looking for funding and is in discussions with investors to expand in north India.
The company plans to launch the “HealthBro” application for iOS and Android users. HealthBro will be a healthtech application which will provide a single platform for people to avail of online doctor consultations, ordering medications, lab and radiology tests, and daily services like physiotherapy, diet, injection administration, etc. This Hybrid model tightly integrated with an App will not only increase visual engagements & customer education but will also widen the reach.
In an exclusive conversation with the startup story, Vikalp talked about the application and new challenges, “The future challenges are to compete with many healthtech and online healthcare businesses. Compared to buying online, buying medicines in stores offers a user experience that many individuals find more convenient and gratifying. When it comes to customer purchases, physical stores still account for a sizable portion.”
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