In recent years, the pharmaceutical sector has witnessed a visible boom in the Indian market. A large part of the credit goes to the concept of owning a pharma franchise company. Well, if we look at the numbers, the Indian pharmaceutical sector is expected to touch the $100 billion mark in recent years. This clearly points to the vast potential of growth in this industry. It’s worth noting that the Indian pharmaceutical sector is the source of almost 50% of global vaccine demand. So, if you are planning to explore this space, the pharma franchise business is your best bet.
Here’s Why You Should Go With a Pharma Franchise Company
Investment and Risk
It’s a known fact that the investment is subject to the market risks. Well, the same does not apply to the pharma franchise model. That’s because you can start the business with a very less investment that eliminates any risk involved. This means that you can get started with as less as Rs 20,000- Rs 25,000 and still manage to get 30%-40% profit. So, that gives you an attractive deal and you can always capitalize to expand your business.
Immense Growth Potential
The nature of this business model is such that there is minimal risk involved. Plus, the pharmaceutical sector in the country is in a phase of constant boom. So, it’s a great idea to invest in it. Going by the current trends, the figure is set to rise further in the future. So, it’s a wise decision to be a part of this lucrative opportunity.
Better Control Over The Business
The pharma franchise model focuses heavily on the sales. So, this means that you can work at your own pace and set your targets. The amount of effort you’ll invest will reflect directly in your profits. So, the more you concentrate, the better it is more your business. Plus, one major advantage is that you have no set deadlines. You are your own boss.
If you opt for a pharma franchise company, you will get all the promotional and marketing tools needed to expand your business. So, you can get the stock of your medicines and kick-start your business. Plus, if you are the company that is offering the franchisers with support, it opens up the opportunity of customer retention and helps you earn a brand name in the market.
Get The Monopoly Rights
As an authorized and trusted dealer, you have the opportunity to establish monopoly and rule the market. This means that you can target a specific area and dictate the distribution and supply of medicines based on your own terms. So, you will have greater control over the market and you can cap more profits for your brand. As you dive deeper into the business, the revenue will increase and you can look for more opportunities to expand your business.
Extensive Product Range
The best thing about any pharmaceutical company is that they have an extensive product portfolio. With such a huge range of products, you can dictate the supply of medicines according to the need of the customers. In other words, you will be supplementing the basic need of the market. Plus, there is always an opportunity to grow because you can launch new products and market them in a way you want. This will expand your reach and help you gain new customers.
Low Marketing And Administration Cost
With the pharma franchise model, marketing is smooth and efficient. Plus, you don’t need to spend a lot of money. The franchise company can help you with the marketing by supplying you with free promotions, ads, product cards etc. Similarly, this model doesn’t require you to have an extensive administrative budget. You can start with just two sales professionals who can handle your work efficiently. As your market cap increases, you can hire more people and expand your business.
Choosing The Right Company is Important
When you plan to start a pharma franchise business, it’s important to select the right pharma franchise company. It’s a good idea to look at the reputation and experience of the company before making a valid choice. In addition to that, make sure they have the necessary WHO and ISO certifications. They serve as proof that the company is trustworthy. Plus, ensure if they keep an active check on the quality of products, whether they have a large inventory, and if they promise to provide you with top-quality products in the market. Once you ensure these parameters, you have a higher chance of succeeding in the business.
So, if you are still wondering about entering the pharma business, it’s high time you consider the pharma franchise business model. It’s tested and you won’t be disappointed.