Currently, pharmacy has become one of the most rewarding disciplines for business. Pharmaceutical products, including medicines at various dosages, instruments, vaccines, ayurvedic products, account for 5% of total exports. It is among the top 5 export items of India, with an enormous market base worldwide. In the last two years, the export value has increased by 13 percent, which amounts to more than 14.5 billion USD. As the economic experts suggest, it will continue to grow in demand after the worldwide pandemic.
So what makes India a popular choice for medicinal products?
It has a lot to do with the Pharma Franchise Companies In India.
Pharma Franchise Companies, also recognized as Propaganda cum Distribution (PCD) companies, are involved in the marketing and distributing of products by third-party means. They form the fundamental structure of the pharmaceutical industry in India. The PCD concept has allowed entrepreneurs to open new businesses and a great opportunity to contribute to India’s health sector.
More people are venturing into the industry for many reasons:
1. Requires Low Investment
Whether it’s a franchise or PCD, the investment requirement is much less than compared to businesses that are heavily involved in manufacturing. One investing in the Pharma franchise doesn’t have to worry about the expenses entailed in developing quality checks and preclinical trials. Evident in the case of drugs but also applies to other pharma products. Also, the infrastructural requirement is low.
2. Highly Profitable
There’s much freedom for one to choose from the manufacturers providing the same drugs of improved quality, at less price. So when the initial investment is low, profits are high.
3. Win-Win Situation
There’s a symbiotic relationship between the manufacturing company and the distributing company. The manufacturers can have multiple distributors for the same product. So they never run out of demand. Similarly, a company can sell the same products that are from different manufacturers under their brand name. So they never run out of stocks or hamper the quality.
4. Reduces Monopoly of Foreign Companies
Third-party manufacturing pharma companies have made it possible for local brands to expand their business through franchise marketing. It reduces the monopoly of pharmacy giants in the market. As a result of healthy competition, the medicine cost cuts down and becomes accessible to a larger crowd.
5. No Pre-requisite Qualification Required
Any person from any field can start their pharmacy franchise. One doesn’t have to know the mechanisms of how the drug path in the body or how it is developed in the lab. However, some experience in marketing may be advantageous.
6. Better Customer Relationships
Many companies associated with third-party manufacturing appoint medical representatives in each locality to build a relationship with the healthcare professionals of that area.
There is a scope for advancement in the way the healthcare industry functions. Health and safety are always going to have top priorities in most countries. Pharma Franchise Companies In India are successfully running a profitable business for a long time now. So anybody interested in owning a business can delve into this sea.