Rebranded from healthkart, 1mg is an online medicine marketplace for medicines launched in 2013. The company sells all kind of medicines at the discounted rates from its mobile application and website. 1mg crossed more than 5 million app downloads and more than 3 million monthly visitors over the platform. The company has raised around 70 million dollars in 5 years.
Medicines – Medicines from all over the world
Lab Tests – Book appointment to track your health
Doctor Consultations – Consult doctor at your convenience
Information resource – Get to know about your prescribed medicines and dosage
Pay per use model: pay each time you use it
Retention model: use of referral codes and credits
E-commerce model: Over the counter purchase without prescriptions
B2C model: For individual workforce
B2B2C model: Corporates and Insurers offering service through 1mg
Name:1 Mg – milligrams (measure of medicine) and MG road (where the idea evoked)
Logo: Multiple color logo – It emphasizes different color varieties of medicines
Brand Identity: What the mind says?
Brand Image: What the heart says?
Health care companion
Competitive advantage: Cost leadership and Differentiation
Sources of competitive advantage:
Financial and Physical resources: Ability to raise funds and procurement of land and supply chain management through backward vertical integration
Technological resources: AI-powered chatbots and cloud infrastructure
Employees: They own and train their employees in-house on the core principles
Corporate culture: Culture of empathy and challenge ready
Cost leadership: Economies of scale, advanced technology, automation and process innovation helps them to dominate the industry as the cheapest service provider.
Differentiation: A brand becomes unique when it shifts its focus from the products/service to the customer experience while using the product/service.
1) AI to streamline deliver times and logistics
2) AI in disease regressions and doctor consults to deliver better experience
3) A pool of Resources for health and wellbeing rather than mere medicines
1mg intends to use the funds to accelerate investments in its growth, supply chain and healthcare AI. It aims to personalise care management programs and expand its ecosystem partnerships (hospitals, insurance, pharma & Government) to launch innovative care delivery models, both online and offline.