Known as the pharmacy of the world, India is the 3rd largest manufacturer of pharmaceutical products by volume. Over the past few years, the Indian pharmaceutical has witnessed remarkable growth and is not going to stop anytime soon. This makes the pharma industry one of the fastest-developing and profitable business sectors.
So, in case you are looking to kick start your business journey, then investing in the pharma sector is one of the best ideas. The pharma industry offers many career opportunities that require little investment yet yield impressive profits.
One of the lucrative, low-investment, and risk-free business ideas is starting a pharma franchise business. It is a perfect business sector for anyone having marketing and sales knowledge. The business allows you to market and sell the pharma products under the name of the parent company.
There are many factors like choosing the right product range and working with a reputable pharma company that are important to take your pharma franchise business to next level.
However, one of the major segments that can help you make your pharma business a great success is choosing the right category of drugs.
There are different categories of pharma products that you can get a pharma franchise for. Let’s discover all the pharmaceutical product ranges separately.
1. Ayurvedic Drugs
Also known as the “science of longevity”, Ayurveda is a well-known field of medicine that can help you live a long, healthy, and quality life. From rejuvenating your body to fighting many health issues, ayurvedic drugs are one of the most popular classes of medicines you can choose for your pharma franchise.
Compared to western drugs, most customers prefer ayurvedic drugs for effective and fast recovery. Since they are made from natural plants, ayurvedic products do not pose any side effects to physical and mental health. The Indian Ayurveda sector is incredibly growing at a very rapid speed.
In fact, you will be surprised to know that after china India holds the 2nd position for being the largest exporter of herbal medicines. If you want to touch the heights of success in your pharma business, it is recommended to get ayurvedic drugs for your pharma business from a reliable source.
2. Cardiac and Diabetic Range
Did you know,” India has one of the highest loads of cardiovascular disease (CVD) globally?”
Furthermore, every 1 in 11 Indians is diagnosed with diabetes. In fact, India is one of the most diabetes-affected nations. From the above stats, it is quite clear why the Indian market for cardiac and diabetic pharma products is at its peak.
With a sudden rise in the number of cardiac and diabetic patients, there has been a sustainable growth in cardiac and diabetic medicines also. Therefore, investing in this pharma product range can help your business gain a competitive edge and earn huge profits in the shortest time possible.
3. Dermatological Drugs
Whether men or women, everyone wants to have better-looking and glowing skin. Over the past few years, there has been a substantial rise in the number of people interested in keeping their skin healthy and spotless. This makes skincare one of the most well-known and
demanded business sectors in India.
Dermatological drugs are the best choice for entrepreneurs who want to make impressive profits in the pharma franchise venture. This is all because of the exponential rise in the growth of the dermatological market.
In fact, you will be surprised to know that the Indian dermatological market is increasing at a CAGR of 8.22%. This makes investing in a derma pharma franchise business a good venture.
This sector includes products associated with skin and hair problems. This includes serums, moisturizers, shampoos, and ointments to name a few.
4. Anti Cancer Medicines
You will be surprised to know that there were nearly 1,392,179 cancer patients in India in 2020.
With each passing year, there has been a significant rise in the number of cancer patients, which eventually increases the need for anti-cancer drugs.
This growing market base has raised the interest in investing in anti-cancer medicines for a pharma franchise. Therefore, it makes sense to get authentic anti-cancer medicines from a reputable pharma company. Doing so can bring fruitful profits and can make your business stand out in the crowd.
5. Neuropsychiatry Drugs
As per the source, 56 million Indians suffered from mental health issues like depression in 2016. That’s a huge figure!
With each passing year, there has been a skyrocketing increase in the number of people suffering from mental illness. In the hustle and bustle of life, it has become more important than ever for people to keep up with their mental and physical health.
Neuropsychiatry defines drugs that offer relief from mental illnesses like depression and anxiety. In other words, they help in fighting issues associated with the mind and nervous system. This makes investing in neuropsychiatry drugs a smart choice for your pharma franchise business.
Let’s Wrap Up
Apart from the above, there are other categories of pharma products like the Hepatology range, Orthocare range, and Gastroenterology range that you can get a pharma franchise business for. However, the market and CAGR (compound annual growth rate) varies from product to product.
One needs to understand that the pharma franchise business is a highly competitive sector offering a myriad of business opportunities to both budding entrepreneurs and successful businessmen. Choosing the right category of products is key to success. So make sure to understand the industry properly to avoid any problems down the road.
If you want to take your pharma franchise a notch higher, it is recommended to consult Vivaceutical—the best pharma company in India. The team of experts can help you make your pharma franchise business profitable and successful. For further information, read: How to Start a PCD Pharma Franchise? A Step-by-Step Guide.