Just Relief: Aims to be One of the Top 5 Healthcare Providers Catering to Total Marketshare of $280B
According to IBEF, the healthcare market in India was close to $100 billion as of 2015 and is expected to touch $280 billion by 2020, clocking a CAGR of 22.9 percent. As per some statistics, the industry size is expected to touch $160 billion by the end of 2017
Just Relief is an online pharmacy and healthcare services network which enables users to purchase prescribed medicines at their door-step. The platform allows consumers to order for medicines ranging from OTC drugs, homeopathy, ayurveda and nutrition. Just relief also provides facilities such as lab tests and vaccination services at the consumer’s doorstep and serves as a hospital and doctor discovery platform.
BWDisrupt interacted with Amit Goel, Founder & CEO, Just Relief
Just Relief started in mid-2015. Initially, the company started with four retail chain of pharmacies across Delhi NCR, in May 2016 – later the organisation came up with the concept of online pharmacies. At present, the company has eight retail pharmacies across Delhi NCR along with the current online platform. Just Relief has 5000 doctors listed on the platform.
Amit Goel is the Founder and CEO at Just Relief. An entrepreneur for last six years, Amit has now set his sights on making Just Relief a house hold name in preventive healthcare across the country. Amit looks after the marketing, operational and business development areas in the company.
Rahul Gupta and Gagandeep Singh are the co-founders at Just Relief. Rahul Gupta heads the supply chain operations at the organization and Gagandeep Singh is a member of the core management team who leads the overall operations and technology development.
How was the company started? What are the unique key feature/services?
A major factor that contributed to the emergence of Just Relief was the factoid that the pharmaceutical sector in India lacks a robust public healthcare system that could provide high quality yet affordable healthcare facilities. Over the past few years, India has witnessed a rise in health consciousness among people. The founders realized that there was a need to provide better access to healthcare and wellness facilities Pan-India. With easy access to information, higher disposable income and knowledge the demand for health and wellness products and services has grown. This led to the idea of creating a platform which can provide medical and wellness products and services at the consumer’s doorstep.
Just Relief aims to bridge the gap between technology and healthcare practices. It covers a complete 360 degree healthcare ecosystem starting from products to the services. The service bouquet includes at-home vaccination and diagnostic services, which is one of the key USP’s.
The long-term vision is to create a better healthcare ecosystem which provides services and medical assistance at consumer’s convenience and offers healthcare relief for everyone and that too at their doorstep.
How is Just Relief different from existing companies in similar space?
Just Relief provides delivery at the doorstep within 12-16 working hours in Delhi NCR. We at Just Relief provide holistic information of the drugs and other healthcare products like description of the drug, usage, side effects, and contraindications. We also offer vaccination as a service at home which is a key differentiator from market.
What is the Funding status and Monetization model?
Just Relief is a bootstrapped venture. We have invested close to 5.5 crores in the company so far. We are in conversations with investors and we are hoping to close the first round of funding early next year.
Currently, the organisation’s revenue is derived from the online pharmacy which includes sale of the medicines, OTC drugs, health and wellness supplements and lab tests.
The margins on sale of pharmacy products online are minimal due to highly competitive pricing and standard discounting feature on online pharmacy, which is, approximately 25-28%. Post the delivery charges the margin drops to 3-5%. The higher revenue feature is through lab tests, doctor appointments and vaccinations where the margins are higher and there are no heavy discounting opportunities.
Give us the traction details and your ideas on future plans?
Just Relief is present in 11 cities which include Delhi NCR, Bengaluru, Chandigarh, Ludhiana, Jalandhar, Mumbai, Pune, Jaipur, Hyderabad, Lucknow, Mohali, Panchkula. Currently, Just Relief has a registered customer base of 7,000. We have close to 1 lakh pharma products listed at our website. Today, Just Relief witnesses close to 150 transactions each day.
Over the next years, our primary aim is to be among top 5 healthcare providers catering to total market share of $ 280 bn. We are running successfully and are on track with our set targets for the company. We also plan to expand our reach in the Tier 2 and Tier 3 cities.
Our aim is to expand our pharmacy/ medicines reach to 50 cities by May 2017. We also have set a target to increase our presence in more than 350 cities wherein we will have our lab services.
What kind of Marketing plans and challenges faced since inception?
Since, Just Relief has retail presence across Delhi NCR, it was easier for the organization to foray into the online space. Over the next few years, Just Relief will be highly focused on digital marketing with an aim to increase its outreach to online buyers and bridge the gap in accessibility of healthcare products and services amongst all.
Team is dedicatedly working towards strengthening the logistics and operations to reduce delivery time for the consumers. We aim to provide pharmaceutical products to end consumers within the same day or 12 working hours.
What is the market size & opportunity you are looking at?
According to IBEF, the healthcare market in India was close to $100 billion as of 2015 and is expected to touch $280 billion by 2020, clocking a CAGR of 22.9 percent. As per some statistics, the industry size is expected to touch $160 billion by the end of 2017.
There is a huge opportunity which is still untapped in the online healthcare sector. For startups there is a massive market in various subsectors including hospital management systems, doctor discovery, delivery of medicines and home healthcare services.
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