Excited about doing something different after completing your Pharma degree? Well, there are many choices other than seeking a career in a pharma company.
The scenario in India is changing rapidly and thanks to the encouragement and facilitation by the Government of India, youth have several choices for shaping their careers.
Starting a pharma franchise business is an excellent idea. The pharmaceutical industry has performed tremendously in the past few years, and the upward rally seems to continue further.
Eyeing to the 55Million USD mark by 2020, the industry opens unlimited growth opportunities for those who are ready to take a calculated risk.
Why is pharma franchise the ideal business model in India?
Once you decide about entering the pharma business, the biggest question is how to proceed further? Other than that, you have several other questions also.
- What should be the business model?
- What works well in the niche?
- Is it very costly affair?
- Where to get knowledge from?
Due to its easiness, practicality, and adaptability, pharma franchise is the ideal way for novice entrepreneurs. It has been doing well for quite some time and generating bright opportunities for people.
The article tries to explain the most effective business model, i.e. Pharma Franchise and its scope.
The franchise model
If we look at the top of the pharma franchise business pyramid, then the distributors and wholesalers are at the top. They buy the products in bulk directly from the manufacturers.
They distribute the products further to several channels. Since they have credential powers, they are favored by the pharma companies.
Two types of distribution and wholesaling models are there:
- Single party pharma franchise distributor and wholesaler
- Multiple party pharma franchise distributor and wholesaler
To start with single party franchise is a good move. You need relatively less investment. Once you get sufficient experience, you can put more money and start multiple party distributions.
Several types of wholesalers and distributors are there:
- Chain pharmacy
- Carry and Forwarding agent
- Health supplement distributors
- OTC medicines distributors
Pharma franchise as Retailer
Do you have limited money for starting a business? Also, you don’t have prior experience. In this case, you can choose the option of starting PCD pharma franchise.
It is similar to pharma franchise but needs less investment. You need less investment to start PCD franchise. The scope of pharma franchise as the retailer is:
- Standalone pharmacy
- Hospital pharmacy
- Clinical pharmacy
- Internet pharmacy
- Specialist pharmacy
- Animal pharmacy
It depends on your choice which model do you choose. Once you get settled in the business, you can choose from specialized branches. You need to have relevant experience and expertise.
Sometimes, companies need specific qualifications to assign the franchise business. Company policies may differ. Hence, you need to talk to the pharma company to decide whether you are eligible or not.
Pharma franchise business has a tremendous future. Those who want to launch new business should explore it.
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