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Healthcare: Analysis: The Demand For Pharmaceutical Products Sold Online Increased By 34% In Eastern Europe
The e-commerce sector for pharmaceutical products is experiencing unprecedented growth globally, and Eastern Europe is quickly confirming the trend. In 2022, Eastern Europe recorded 3 billion online visits on such platforms, marking a 34% increase compared to 2021. As a result, the region ranks fifth in global growth for 2022 compared to 2021, following other areas such as Sub-Saharan Africa (98%), Western Asia (51%), Southeast Asia (49%), and South Asia (40%).
On a broader regional level, in Central and Eastern Europe, the entire pharmaceutical sector is experiencing remarkable growth, with Romania ranking among the countries with the strongest development in this segment. In 2021, Romania recorded over 3.9 billion euros in pharmaceutical revenue, making it the second-largest market in the CEE region, following Poland. Additionally, Romania’s pharmaceutical exports have been steadily increasing, reaching a total of 989 million euros in 2022.
This upward trend underscores the potential for a swift expansion of pharma e-commerce in the region. Moreover, the e-pharmacy market across the entire European continent is projected to experience substantial growth, escalating from $17.26 billion in 2021 to an estimated $44.18 billion by 2027, representing a Compound Annual Growth Rate (CAGR) of 16.95% during this period.
According to data of a marketplace for health and pharmaceutical products, the consumer trend for online purchase of healthcare products, medicines, particularly over-the-counter (OTC) products, continues to grow—indicating that the shift initiated during the pandemic is far from being a temporary change. This growth is also fueled by the expansion of internet access, digital innovations in healthcare, and the emergence of a new type of consumer in the pharmaceutical industry. This consumer regularly uses technology and prefers online purchases because they find them simpler, more convenient, and faster. Along with the expansion of digital technology and e-commerce in the healthcare sector, all of these factors are favouring and driving market development.
Anton Avrynskyi, CEO of Liki24, said: “The pharmaceutical industry is considered historically conservative, yet we are at a critical juncture. And this is just the beginning. With a surge in online activity and a clear demand for digital healthcare solutions, there is an undeniable need for innovation. Liki24 is stepping up to be a driving force in this transformation, leveraging technology to make healthcare more accessible and affordable for everyone.”
“Liki24 leverages the benefits of technology for the ultimate benefit of the end consumer and collaborates closely with retail partners in the pharmaceutical market to actively participate in revolutionizing the landscape of the pharmaceutical industry. Together, our goal is to overcome traditional barriers in the field and lay the foundation for a new direction that combines technological advancements with the evolution of the pharmaceutical market. Our platform is designed to cover all aspects of healthcare: prevention, treatment, and health maintenance. By offering the largest selection of pharmaceutical and healthcare products and soon introducing telemedicine services on our platform and app, we ensure that healthcare becomes more accessible from all perspectives”, stated Natalia Dina, Romania Country Manager of Liki24.
Liki24, a marketplace for health and pharmaceutical products founded in Ukraine, aggregates the largest assortment of healthcare products offered by pharmacies, at the best prices on the market and delivers them as fast as possible, affordability and delivery speed being some of the most appreciated attributes of the service according to the customers.
The company recently launched operations in Italy and plans to enter new EU markets soon. Present in Romania since the end of 2021, the platform has successfully delivered over 1 million health products, including prescription medications, to more than 150,000 customers across the country.