Shikhar Agrawal's InstaMed: Digitising local pharmacies to take on e-pharmacy giants

In a world dominated by large e-pharmacy giants, local brick-and-mortar pharmacies struggle to keep up with the rapidly evolving digital marketplace.

Shikhar Agrawal, a 25-year-old entrepreneur from IIT Bombay, is taking on this challenge head-on through his startup, InstaMed.

By empowering small local pharmacies and bringing them into the digital ecosystem, Shikhar aims to create a sustainable solution that benefits both the community and the healthcare industry at large.

The story behind InstaMed

The idea of making an impact in healthcare was sparked during Shikhar's second year at IIT Bombay when his friend's father suffered a cardiac arrest, and they were unable to find an ambulance on time.

This experience led to the founding of HelpNow, a startup that provides a reliable and timely ambulance service. During the COVID-19 pandemic, HelpNow played a significant role in saving thousands of lives and was even recognised by the Health Ministry for its efforts.

Building on this experience, Shikhar realised that local pharmacies were also facing challenges due to the growth of e-pharmacy giants. Many local shops were closing down, unable to compete with the convenience and reach of larger online players.

In response, he founded InstaMed, a full-stack pharmacy chain, to support small pharmacies by optimising their procurement process and giving them an online presence.

How InstaMed is empowering pharmacies

InstaMed works with local pharmacies to become their preferred distributor, streamlining the procurement process for different categories of medicines. Shikhar's team aims to provide a one-stop solution for pharmacy owners by acting as the primary distributor, eliminating the need for shopkeepers to rely on multiple sources.

Additionally, InstaMed helps these stores establish an online presence, enabling customers to order medicines through the InstaMed platform.

Bringing local pharmacies online

With over 2,000 pharmacies already on board in Mumbai, InstaMed is making progress. The plan is to expand pan-India, creating a wider impact across the country.

By providing small pharmacies with the tools to compete in the digital age, InstaMed aims to create a level playing field. Local pharmacies can now benefit from centralised distribution and increased online discoverability, allowing them to serve customers better and remain competitive in a market increasingly dominated by e-pharmacy giants.

Affordable healthcare for all

Shikhar's vision for InstaMed goes beyond providing operational support to pharmacies. He also plans to launch branded medicines at a lower cost, making essential healthcare accessible to people in rural areas and those who cannot afford expensive branded medications.

By leveraging the same formulations used in existing branded medicines, InstaMed seeks to provide a more affordable alternative without compromising on quality.

Advice for aspiring entrepreneurs

Shikhar believes that starting a business is like pursuing an "MBA on steroids"—an invaluable learning experience that can't be replicated in a classroom. He encourages aspiring entrepreneurs to begin as early as possible, emphasising that the journey is more manageable before one gets tied down by jobs and financial responsibilities.

Importantly, Shikhar advises that passion should be at the core of any startup, as the entrepreneurial journey is filled with challenges that require unwavering belief and commitment.