What is the Scope of Pharma Franchise Business? – Are you thinking of starting your own pharma franchise business in India? Want to know the business opportunities of franchise business in the pharma industry? There is a good scope for a pharma franchise business in India. The Indian Pharma industry is growing at a fast speed. The industry is currently an estimated value of 2, 40, 000 crores. It is targeted to reach USD 55 million by the end of 2020.
PCD pharma franchise and pharma franchise businesses are very popular in India. It offers company support, promotional backup, incentives, bonuses, and many other benefits. The industry is growing enormously. One can imagine the profits of being in a pharma business. The pharma franchise business is then the best way to start your own business. Want to know what is the scope of the pharma franchise business? Know the best here!
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What Are The Scope Of Pharma Franchise Business in India?
The pharma franchise business is one of the largest chains of distribution for the Indian pharma industry. The franchise business has been generating genuine opportunities for business & careers for people. If you are new to the franchise line, then you should know the scope of the pharma franchise business in India. The opportunities are many. Here take a look at them:
Pharma Franchise Distributors and Wholesalers
The pharma franchise distribution is majorly handled by distributors and wholesalers. They buy the medicines and products in bulk. Then further distribute it to their various channels at profit. They are favored by the companies due to their credential powers. This distribution channel of pharma franchise marketing distribution and wholesaling scope includes:
- Single Party Pharma Franchise Distributor/ Wholesalers
- Multiple Party Pharma Franchise Distribution/ Wholesalers
It is best to start as a single-party pharma franchise distributor/ wholesaler if you are new to the industry. You need to have a good investment to invest in this kind of franchise business. You can start multiple party distributions as you start gaining the experience and the trust of many people. Multiple-party distributions suggest wide channels for the purpose of distributing pharma items. The distributors and wholesalers are of many kinds. Here take a look at them:
- C&F (Carrying & Forwarding Agent
- Chain pharmacy.
- Health Supplements distributor
- Medicine distributor
- Over-the-counter (OTC) medicine distribution
- Surgical distributor
- Unani/ Ayurvedic/ Herbal / Homeopathic medicine distributor etc.
Scope of Pharma Franchise Business As A Retailer
The Pharma franchise business requires good investment. In case you in short of investment or are not sure about the business for the future, you can choose to become a PCD pharma franchise business owner. PCD’s pharma franchise is similar to a pharma franchise. It is a small form of it. Less investment, less area under control, no sales target, promotional benefits, etc. The scope of the pharma franchise business extends to appointing retailers. Here take a look at the retailer scope:
- Standalone Pharmacy or Chemist/ Drugstore/ Retail pharmacy for residential areas
- Hospital Pharmacy for the hospital, nursing home, daycare centers, medical clinic, etc.
- Township Pharmacy (Housing complex or Township)
- Clinical Pharmacy for other medical centers. It can be in collaboration with reputed and professional doctors having clinics etc.
- Internet Pharmacy for digitalizing pharma distribution. It is good for small investors with better distributaries. They work as e-commerce portals for medicines, pharma products, drugs, etc. Such as Netmed.com, MediMart etc.
- Specialty pharmacies for marketing medicines for chronic/ complex ailments like cancer, rheumatoid arthritis, hepatitis, etc.
- Veterinary pharmacies or Animal pharmacies specialize in medicines, drugs, and pharma products related to animals. They are mostly found as a part of animal care hospitals or major clinics.
The pharma franchise has good scope. You can be part of specialized therapeutic areas like dental, diabetes, oncology, orthopedic, etc. The person has to meet the required experience, qualifications, and other standards. The Drugs and Cosmetic Act, of 1940 and 1945 lays all the provisions regarding it. The company policies can also differ. Make sure you consult and discuss with the Pharma Company for eligibility.