With the Indian pharmaceutical sector on a boom, this is the right time to invest in it. Over the last decade we have seen the sector multiply its international sales volume, becoming a dominating player in the global market. Today we are working harder to achieve the same success in terms of higher value. In fact, the Indian market has seen a revival of branded drugs, essential for a raising market value.
Given this context, it is also a ripe opportunity for entrepreneurs to invest in the pharma business by opening a franchise pharma company in India. With high returns, this is great opportunity for new entrants as well. There are many benefits of opening a pharma franchise. Here are our top reasons:
1. Be your own boss
The foremost reason for opening up your own franchise is the spirit of entrepreneurship, of wanting to be one’s own boss. This is not just about setting one’s own rules and timings. It is also about creating an organization you can be proud of. True entrepreneurs start with an idea and build an organization that can inspire others. It is your chance to make a difference and chart your own course!
2. Risk avoidance
A franchise is often seen as a shortcut to owning one’s business. That’s because someone has already done the hard work for you! As a franchise pharma company in India you can choose from the many successful pharma companies. You can also choose your own terms.
Some companies offer maximum risk cover, while some will give you partial cover. Some companies offer support in terms of property, marketing and more, while some leave all sales activities to you. In either case, you avoid many of the risks associated with starting a business, such as R&D, setting up the brand etc. Franchises also have the option of returning unsold stock, avoiding losses thereof.
3. Keep your returns
While you avoid many of the risks, your share in profit will be substantial. After deducting the parent company’s share, the returns are completely yours to do with as you please. There is no waiting for salary slips or bonuses. Instead you can reap the benefits of your labour yourself. You can use it to further grow the business. Many franchise owners start with one centre and expand to several other centers. Many pharma companies offer special packages for entrepreneurs who want to expand further.
4. Operational support
A franchise can be a sweetheart deal. While you do avoid the risks, you get invaluable operational support from the parent company. Since you represent their brand, a parent company will train you and ensure a functioning organizational set-up. This is particularly useful for a new entrepreneur who needs support to begin with. Many parent companies will completely set-up the franchise, leaving you to run the place. Some also undertake staff training at regular intervals.
5. Growing market
Ultimately, the reason for investing in any market is to ensure that one gets good returns. Market survey is critical in this. Indian markets offer an ideal opportunity to invest because of the high demand. With rising incomes and health consciousness, this demand will only go up. In fact, the Indian market is close to developed markets when it comes to growth potential. All this means that your investment has chances of excellent returns.
6. Plenty of choices
For budding entrepreneurs looking for new investments, the Indian market also gives them many choices. There are companies in every sector – from big companies to the SME sector – that are looking for entrepreneurs to expand their base. The portfolios are also wide enough to suit any philosophy, from generic drugs to Ayurveda. You can choose according to market demands, your own believes or the brand value.
7. Government support
The government has time and again reiterated its commitment to create a healthy business environment by encouraging new entrepreneurs and businesses. It has started various programs like Startup India, Make in India etc to encourage Indian business. Apart from this, there is also financial and government support.
With the success of the Indian pharma industry, it is the right time to open a franchise pharma company in India. There are many benefits associated with this – from being one’s own boss to benefitting from a rapidly growing market.