For those with chronic health conditions, a visit to the doctor means repeated visits to the pharmacy for refills and sometimes coming back empty-handed if the required medication is not available, in addition to a large payment each month. .
It is to alleviate the problems encountered by these patients that the start-up Myra Medicines based in Bengaluru entered the fray in August 2014. Almost four years later, this e-pharmacy founded by Faizan Aziz and Anirudh Coontoor delivers drugs in Bengaluru and Mumbai. within an hour of placing the order and with a 20% discount on the sale price. Plus, the predictive modeling at the heart of the entire system helps Myra ensure the medications her customers order are always in stock and ready to ship.
“With our 20% discount on all orders, we make our products accessible to the poorest economy classes. In addition, for many customers, we have become a reliable and reliable partner for their health, ”says Faizan Aziz, co-founder and CEO of Myra Medicines. “Myra is also working to increase the efficiency of the supply chain. This ensures that there is less waste, less fake drugs and more liability in the system. “
Myra started out by buying drugs from local pharmacies and delivering them to the consumer. With more scale, it shifted to purchasing drugs from small distributors. With the scale and more data, Myra began to leap up the supply chain ladders and cut the middleman. Now Myra operates a full stack model: she holds drugs in stock throughout the city (she has warehouses in Bangalore and Mumbai) and is responsible for delivery. This gives Myra multiple advantages; better control of operations, higher margins and supply credit.
Customers can download their prescriptions directly through the app or search for medications on the app and then download their prescription later. Once verified, the order is processed and delivered to the customer. In cases where clients do not have a prescription or the prescription has expired, Myra connects clients to doctors for an online consultation. After the doctors make their diagnosis and prescribe medication to the patients, Myra delivers the medication. In addition to paying online and cash on delivery, customers can choose to pay for the transaction at a later date, by boxing multiple orders and making payment at once. Myra also has a 30 day return policy thus minimizing medication waste.
The online pharmacy market in India is estimated to be between 800-1000 crore, which represents 1-2% penetration of the entire pharmaceutical market. Several e-pharmacy start-ups have entered the market, each with their own technology platform and back-end algorithms to eliminate inefficiencies in supply and delivery. Aziz explains that drug delivery is a high-margin business, with the supply chain accounting for around 45% of the total drug cost. Myra works mainly on this margin. “The higher margins are the result of cutting out middlemen and directly benefit customers with a 20% flat-rate discount on all drugs,” he says. In addition to medicines, Myra also sells health related equipment and accessories such as OTC products, childcare products, blood pressure monitors, blood glucose test kits, etc. add this functionality in the future, ”he added.
Myra secured Series A funding co-led by Matrix Partners India and Times Internet. Myra previously raised an undisclosed fundraiser led by Matrix Partners India. Pranay Chulet, co-founder and CEO of Quikr, Prashant Malik, co-founder and CTO of LimeRoad, Vamsi Duvvuri, associate director of Vy Capital and Pankaj Gupta, former product director of Twitter are among the angel investors who have invested in Myra . It is now looking to further expand its operations in Bangalore and Mumbai and enter the Delhi NCR market.