The major online pharmacy chemist Pharmacy2U is undoubtedly a shining example of business success. Founded in 1999 by pharmacist Daniel Lee, it has now become a major player in the pharmaceutical industry, supplying countless people with medication through the mail. It is perhaps no wonder, then, that the company has just secured a £7m funding package from the Business Growth Fund and other shareholders. Here is some useful background information.
The Market
Back when Pharmacy2U was founded, the market for online pharmaceutical products did not exist, given that sending medicine through the mail was illegal. The founders, however, had an inspired vision to bring the selling of these products into the modern age. They set up their business with confidence in their professional experience and belief that their innovative idea would be successful.
They actually managed to overturn legislation which prohibited the sending of pharmaceuticals through the mail, and created a market for their innovative business idea. Nearly 20 years later, the company is still going incredibly strong, and this funding will undoubtedly strengthen the business.
Business Relationships
As one of the UK’s first, and largest, online pharmacies, Pharmacy2U has extensive business links with the NHS, to whom it supplies many prescription products and has a good working relationship with. This is perhaps one of the keys to its success, as the NHS prescription market is incredibly lucrative and valuable.
The company has managed to reach out to a host of new customers, and revolutionised the way people order their prescriptions. With the respected NHS at its side, it also has authority and legitimacy in the online pharmaceutical industry, and looks set to continue successfully expanding in the future.
Expansion
Back in 2016 Pharmacy2U announced that it would be merging with ChemistDirect in a £40m deal, a move which would see the company become a goliath of the pharmaceutical world. It meant that 1.5 million customers would be served by the business, showing just how extensive their service has become.
The most recent injection of funding will further develop Pharmacy2U’s business strategy, and allow them to reach out to more potential customers than ever before.
Growth
The overall growth of this company has been remarkable, from barely legal startup to industry leader in under 20 years. The fact that it received £7m is testament to how professional and outstanding Pharmacy2U’s work is, and shows that investors are confident in its potential for continued growth.
The funding provided will boost the company’s marketing strategy and ultimately accelerate its trajectory of success even further. It is the result of years of clever strategies and wise business decisions, and will undoubtedly help Pharmacy2U achieve a new level of success.
It seems there really is no stopping Pharmacy2U, with countless successes already under the company’s belt. With a £7m investment it is likely that it will continue to enjoy success in the future as a growing company, building on its relationship with the NHS and reaching out to more customers than ever before.
