What is the Scope of Pharma Franchise Business

What is the Scope of the Pharma Franchise Business? – Pharma franchise is one of the most sought-after business opportunities in India. The medicines business offers good business startup ideas. The Indian pharmaceuticals industry is a 2,40,000 crores.  The government of India plans to attain Pharma Vision 2020 – a goal of USD 55 million by the end of 2020. If you are thinking of starting a pharma franchise business in India and want to know more about it, then read what is the scope of the pharma franchise business in India.

What is a Franchise or PCD Franchise in Pharmaceutical Industry?

PCD stands for propaganda cum distribution. One can take up the business of marketing medicines and products through a pharma franchise or a PCD pharma franchise. The concept is similar in both cases wherein PCD is the smaller unit in comparison to the huge investment and offerings pharma franchise owners get. Here are some key features of taking up a pharma franchise in your location:

• Business opportunities can be available in any part of the nation.
• The investment plans are flexible to the needs of the people.
• Low risk is the biggest beneficiary of owning it. The company supports you by offering you credits, tools, and schemes.
• The sales targets are genuine and not very high in comparison to other forms of business.
• You get to own quality drugs. The business has good demand all year round, owing to the healthcare and medicinal demand of a populous country like India.
• The companies offer you a range of promotional tools for attracting consumers and doctors for promotion.
• The investment is genuine, but the return on investment is positive. Many people have enjoyed this status of earning better through a pharma franchise.
• You can be your boss and work with your flexibility. The business is primarily a sales business where you market medicines and pharma products.

Scope as a Pharma Franchise Distributor and Wholesaler

Pharma Franchise works offer a wide area under your control. The investment level is higher, and the returns are also higher. The company assigns certain sales targets to them, which are genuine. Many companies also offer credit or loan facilities in times of crisis to their franchise members. One can choose to be a part of either of the two:

1. Single Party Pharma Franchise Distributor/ Wholesalers
2. Multiple Party Pharma Franchise Distribution/ Wholesalers

The single-party pharma franchise businessman has a single distribution channel. They have fewer channels for distribution and cover smaller areas for business. Multiple-party pharma franchise members are much favoured by the companies due to their power of larger sales capabilities. They have multiple channels for distribution, which can be across the nation. One can choose to be part of pharma distribution or wholesaler under the following headings:

• Chain pharmacy
• C&F (Carrying & Forwarding Agent)
• General Medicine distributor
• Health Supplements distributor
• Stockiest
• Over-the-counter (OTC) medicine distributor
• Surgical distributor
• Unani/ Ayurvedic/ Herbal / Homoeopathic medicine distributor, etc.

Scope of Pharma Franchise Business as Retailers

PCD is one form of pharma franchise that relies on smaller investments and a budget. These businesses are ideal for sole proprietors and fresh entrepreneurs. The initial driving force for better profits is your communication power and salesmanship. Here are some of the retail pharma businesses you can choose to be a part of:

1. Standalone Pharmacy (Chemist/ Drugstore/ Retail pharmacy)
2. Hospital Pharmacy (Hospital, nursing home, medical clinic, day care centres)
3. Township Pharmacy (Housing complex or Township)
4. Clinical Pharmacy for other medical centres or professional doctors having clinics.
5. Internet Pharmacy or Online Pharmacy. For e.g. Netmed.com, MediMart etc.
6. Speciality pharmacies (marketing drugs for chronic/ complex ailments like cancer, rheumatoid arthritis, hepatitis, etc)
7. Veterinary pharmacies or Animal pharmacies as an independent or part of animal care hospitals or major clinics.

And, so if you have a plan to start a pharma franchise business and are looking for the best pharma company for PCD franchise, then find the list of Top pharma franchise companies.

Conclusion

The pharma franchise business may require a set of documents and passing an eligibility test. The medicines business is a delicate issue for the government as it involves human life. One can go through the requirements and qualifications needed as per the Drugs and Cosmetics Act, 1940 and 1945. Collaborating with a reputed Pharma company will help you raise the bar. Eridanus Healthcare is among the top pharma franchise companies in India. You can contact them for all kinds of pharma franchise help.