Benefits Of Starting A Pharmaceuticals Franchise Business In India – Pharmaceutical industry is growing at a fast pace with an over 11% compound annual growth rate. The global pharmaceutical market size was valued at over 400 billion U.S. dollars and is expected to grow more at the end of the decade. Some numbers suggest that the pharma market size will get double at the end of 2030.
Along with the growth of the global pharmaceutical industry, India has also witnessed a rise in the exports of pharmaceutical products of 103% since 2013-14, and 2021-22 is the best year so far for the export numbers of the Indian pharmaceutical industry. This data suggests that there are several Benefits Of Starting A Pharmaceuticals Franchise Business In India at this time.
Advantages Of Setting Up A Pharmaceutical Business In India
Many factors prove the Benefits Of Starting A Pharmaceuticals Franchise Business In India. Some of those factors are listed below to provide pharma professionals insight into the prospects of owning a pharmaceutical franchise business in India.
The pharmaceutical franchise business gives the store owners a monopoly over the products offered by the pharmaceutical companies. They can sell a wide range of pharma products at their specific locations and targeted areas of distribution.
Small risk factor
One can start a pharma franchise with a minimal investment of 15 to 30 thousand rupees. This value is significantly less than the major investment amounts that one has to pour into starting other businesses. With such minimal investment, one can grow the business accordingly at his/her own pace by periodically increasing the investment amount, once the profits are coming.
Great opportunity for growth
With minimal initial investments, the pharma franchise business is a great way to grow small businesses gradually. It is a steady process with great returns and more opportunities for growth in a risk-free environment.
Minimal marketing cost
Pharma professionals can easily sell the products using the name of the pharmaceutical company as all the marketing is being done by the company itself and also there is guidance for additional marketing.
Independence in business
The pharma franchise business offers the liberty of doing business on the terms of pharma professionals. There is no constraint of time, place or resources by the company. The professional can make his/her own decision to operate the franchise business.
The pharmaceutical company will partner with the pharma professional in a specific region and therefore the business owner will not face any competition in the proximity of the market.
Pharma professionals can easily expand their business by investing more in their franchises. The process can be gradual or instantaneous. In both ways, there is complete autonomy in the hands of the professional to expand the business, more creatively.
There are fewer layers of people and companies in PCD pharma businesses, due to this, the pharmaceutical companies can provide healthcare products at significantly less prices than the other distribution markets. Also, a professional can choose a product based on the market demand.
Additional promotional tools
Associated companies will provide pharma professionals with some promotional tools like stationery items, and merchandise, to promote the company to the customers using the product.
PCD pharma companies provide the autonomy of decision-making to pharma professionals. They can work at their own pace, within deadlines, and environment without the interference of some upper-level associate.
Chance to become the owner
Working with a PCD franchise company is beneficial to a level that pharma professionals can own their businesses. It is due to no interference of the company regarding sales, marketing, or any form of deadlines.
Opportunity to work with experts
Pharmaceutical companies have some of the best employed people in the business. These experts can provide valuable information regarding business, products, and the market. Collaboration with pharma companies will allow you to work with professionals and learn more about your business along with ways to expand it.
These are some of the benefits of starting a pharmaceutical franchise business in India. We hope that you learned something about the advantages of launching a pharmaceutical franchise business and wish you the best in your pharma franchise journey.