Are you wondering whether it is a good idea to set up your own pharmaceutical franchise in India? Or are you curious about the business opportunities of a franchise company in the pharmaceutical industry and how you can take full advantage of the situation? Then you should know that there is a bright future for this business in India.
Scope of Pharmaceutical Industry in India
The pharmaceutical franchise companies are among the most widespread supply and distribution chains for the Indian pharmaceutical industry. As the population grows, this sector is also growing to offer healthcare to everyone. This, therefore, opens up a wide range of opportunities for careers, companies, and startups. For this reason, there is a wide range of pharmaceutical franchise companies in India for different industries.
Pharma Franchise Distributors and Wholesalers
The investment amount is massive, making the returns even more massive. Many companies offer credit and loans to franchise members to receive target sales from them. The distributors and wholesaler sector have two types:
- Single party pharma franchise wholesalers/distributors
- Multiple party pharma franchise wholesalers/distributors
Single party covers a smaller area for business as compared to multiple parties. On the other hand, the investments in the multiple parties are significant hence the profit is significant as well. Most companies prefer multiple-party pharma franchise members as their sale capabilities are more potent than single-party pharma franchise members. Under pharma distributor or wholesalers, you can be a part of any one of the following:
- Chain pharmacy
- Carrying & Forwarding Agent
- General Medicine distributor
- Health Supplements distributor
- Over the counter (OTC) medicine distributor
- Surgical distributor
- Unani/ Ayurvedic/ Herbal / Homeopathic medicine distributor
Don’t forget to check – How to Find the Best PCD Pharma Franchise?
Pharma Franchise Retailers
PCD or Propaganda cum Distribution is one of the ways of pharma franchise which depend on smaller investments and budget. This option is ideal for fresh entrepreneurs or unsure about running the pharmaceutical business in the future. For a good amount of profits, you require excellent communication skills and salesmanship. Here are some of the jobs you can take up in the pharma franchise retailer sector:
- Standalone Pharmacy (Chemist/ Drugstore/ Retail pharmacy)
- Hospital Pharmacy (Hospital, nursing home, medical clinic, daycare centers)
- Township Pharmacy (Housing complex or Township)
- Clinical Pharmacy for other medical centers or professional doctors having clinics.
- Online Pharmacy (MediMart, Netmed.com, etc.)
- Specialty pharmacies (complex ailments like cancer, rheumatoid arthritis, hepatitis, etc.)
- Animal pharmacies or Veterinary pharmacies, an independent or a part of animal care hospitals or significant clinics.
The pharmaceutical industry is vast and therefore offers a comprehensive collection of jobs, career opportunities, and business opportunities. But most of the pharmaceutical franchises may require several examination documents and approval for a pharmaceutical or medical test. The government has issued so many rules that this industry has a lot to do with human lives. Therefore, if you have basic medical knowledge, you should try the pharmaceutical franchise business.
[ Don’t forget to read: How to Start a Generic Pharmaceutical Company in India? ]