You will be surprised to know that the total worth of the Indian pharmaceutical industry is US$ 41 billion. That’s a significant figure, right?
The success and popularity of the Indian pharmaceutical sector are applauded worldwide. With the emergence of new technologies and trends in the healthcare industry, the pharma industry is growing at a rapid speed.
Entrepreneurs looking for successful and profitable business careers can invest in the pharma industry.
Confused regarding which pharma sector to invest in?
Well, one of the most lucrative and developing sectors in the pharma industry is the PCD pharma franchise. The industry offers unlimited business opportunities to both budding entrepreneurs and business pros.
However, whether small or large, no matter the size and type, every business is prone to challenges and competition. And pharma franchise business is no exception. Over the last few years, the pharma franchise sector has witnessed stiff competition, making it tougher for the entrepreneurs to sustain in the rat race.
But, what is the secret behind the growing competition in the pharma franchise business?
Let’s find out the reasons:
1. Low Investment
Every business, whether small or large, needs funds to grow and expand. And this rings true in the case of the pharma industry also.
Thinking to invest in the pharma business but are short on funds? No worries. Unlike large-scale businesses that require adequate funds, a pharma franchise is a low-investment business option, making it easier for more and more people to invest in and raise the competition bar.
PCD pharma franchise business requires less investment yet yields impressive profits in the best way possible. This is one of the main reasons why people invest in this industry despite having little to no knowledge about the market and medical sector.
2. Profitable Sector
With a significant increase in the number of people suffering from different health issues, the demand for drugs and other pharma products is at its peak. Medicines have become an indispensable part of everybody’s life. This clearly indicates that the need for medicines will always remain and the pharma business is not going to stop anytime soon.
This makes the pharma franchise sector one of the most profitable sectors for business visionaries, hence an increase in the competition.
3. Better Growth Prospects
Who doesn’t want career and business growth?
One of the major reasons that attract young and newbie entrepreneurs to enter the pharma franchise business is the career growth opportunities the industry offers.
When working with a reputed pharma company like Vivaceutical, you get all the support needed to grow and excel in the pharma world.
However, make sure to work with a company having a wealth of experience and knowledge about the industry, else you might end up facing losses.
4. Monopoly Rights
One of the best things about investing in a pharma franchise business is that you can enjoy the maximum level of monopoly rights. This makes an attractive point for the investors to rush into this industry, thus increase in the competition.
To people’s knowledge, monopoly rights allow a PCD pharma company to provide rights to its partners to market and sell the pharma products under the name of the parent company.
In this business agreement, you can run your business in the location of your choice. Moreover, you are free to choose the product type and your working hours.
There are many pharma companies that offer monopoly rights to their associates but there are some people who enter this industry which eventually raises the competition.
5. Type Of Products
One of the major reasons behind the growing competition is that most pharma franchise companies sell identical types of medicines and pharma products. Hence, rivalry is unavoidable when it comes to the pharma franchise business.
Also Read: Types of Products You Can Get A Pharma Franchise For
6. Better Incentives
Last but the least, another factor that makes the pharma franchise industry highly competitive is that you get attractive incentives and grants.
While working with a PCD pharma company, the associates or the franchise partners get a lot of promotional gifts like bags, pens, and notepads to name a few. Moreover, high chances that you may get discounts and bonuses.
How To Beat The Competition
If you really want to make your pharma business career a great success, it is important to stand out in the competitive world. Some of the ways to gain a competitive edge are
1. Product Quality Matters
As mentioned above, there are many companies selling the same type of products. But one thing that can make them different from each other is the quality of the product.
In the healthcare industry, there is no way you can compromise product quality. All pharma products should be made in compliance with the highest standards of safety and quality, else you may have to face huge customer and business losses. The best bet is to stock quality products sourced only from a well-known pharma company.
This will help you beat the competition and boost business growth.
2. Effective Planning
When it comes to the pharma franchise business, effective planning is key to success. Although you cannot avoid competition, a sound plan and strategy can help you overcome any competition barrier.
In order to reap benefits, your PCD pharma business plan must include the following factors
- Choosing the reputable pharma company
- Market study
- Selecting products wisely
- Study target audience
3. Business Expansion
You can’t beat the market competition while operating in one location only. It is recommended to expand your business across different regions. Look for locations having low availability of products and less competition.
Doing so will help you reach more potential customers and will boost brand awareness.
Let’s Wrap Up
Regardless of having tough competition in a pharma franchise business, the industry offers a one-stop platform to entrepreneurs who want to enjoy financial success without breaking their bank.
Above all, the pharma franchise is an exciting and result-oriented venture. It all depends on your management skills to make your business stand out in the crowd. For further information on anything related to the pharma franchise business, contact us.