The pharmaceutical industry in India is expanding at an alarmingly rapid pace, so is the healthcare sector. Lots of people are working in it making a pretty decent and successful livelihood out of it. If you aspire to make a foray into the pharma industry. Then you should have a clear understanding of dealing with Generic Pharma Franchise and Ethical Pharma Franchise.
Generic Pharma Franchise- In Generic Pharma Franchise category, generic medicines are manufactured by PCD pharma companies that are directly sold to retailers via a good sales support team and distribution network. This model is a huge hit in India taking into consideration the product price and affordability of people to access the product. The benefits of Generic Pharma Franchise include:
- Same formulation as brand-name drugs.
- Hugely popular amongst the economically backward class of people.
- Favourite amongst people taking medicines on daily basis and unable to pay exorbitant medical bills every month.
- Extremely beneficial for young entrepreneurs making inroads in the pharma market.
Ethical Pharma Franchise- In Ethical Pharma Franchise, the promotion strategies are performed by medical representatives who consult doctors. And healthcare providers to promote their medicines directly for common people to get a ‘taste’ of them. Ethical Pharma Franchise has under its belt:
- High-quality prescription medicines are available via this model only.
- The profit margin in this segment is higher for concerned entrepreneurs.
How Generic Pharma Franchise Serves as More Lucrative Business Model than Ethical Pharma Franchise:
The pharma franchise methodology in Generic Pharma Franchise has so much to offer, changing the dynamics of the entire healthcare system and helping entrepreneurs to grow their business into a profitable venture.
Indian pharmaceutical industry is largely dominated by ‘branded generics’, relatively cheaper, effective and a safe bet. India ranks amongst the key players in the world in manufacturing, retailing, and exporting generic pharma products. The Indian Generic Pharma Franchise is the second-largest producer of generic drugs. And it is expected that is can provide a major positive turnover in the Indian economy.
Moreover, effective distribution and retailing play crucial roles in making the products accessible to common people. To give a major boost to India’s healthcare conditions, Generic Pharma Franchise can bring remarkable changes in the Indian medical landscape. That pav ways for lucrative business growth and opportunities.
Culmination Of Economy & Healthcare In Generic Pharma Franchise:
In the production of generic medicines, the drugs of the same chemical composition originally protected by chemical patents, are permitted to sell after the patents on the original drugs expire. But eventually, the effectiveness of these medicines have come out with flying colours and consumers are lapping it up like never before.
Furthermore, bigwigs from the pharmaceutical industry like Cipla, Sun pharma, and Dr. Reddy, take initiative in producing generic drugs. And on-time delivery made possible through the timely intervention of Generic Pharma Franchise leading to more accessibility with its increasing outlets, improvising the healthcare scenario for peoples’ betterment.
Generic Pharma Franchise serves as an inspiring lucrative business model for wannabes, offering multifunctional benefits, the reasons being:
One can start Generic Pharma Franchise with a smaller investment. Some of the franchise know-hows of big players of the industry are:
- Required Investment: Rs.18-20 Lakh.
- Area Coverage:100-300 sq. ft.
- Expected ROI: 70%
- Payback Period: 1.6 years.
Easier to restock cheap drugs as a franchisee. Because the franchisor takes charge of accumulating drug requirements of the franchisee and procuring the bulk. But that is not the case with independent pharmacies.
Entrepreneurs make a mark by associating themselves with big reputed brands, unlike in independent franchises sans any brand name.
All these aforementioned reasons substantiate the more profitable and bankability factors of Generic Pharma Franchise than Ethical Pharma Franchise which:
- Relies heavily on the chain of medical representatives sealing the deal with doctors, providing convincing details about their products.
- Depends on the selling prowess of medical representatives.
- No under-the-table exchange.
- No monetary exchange or indirect benefits.
- High-quality prescription medicines are available under the strict supervision of doctors only.
- Inaccessible to poor strata of society.
To be at par with the ever-increasing demand of pharmaceutical companies in India. Huckel’s Lab is a reputed ISO, GMP & WHO certified Ethical Pharma Franchise, providing facilities to small scale business organizations to avail of PCD pharma franchise. Huckel’s Lab revels in bringing in unique breakthrough medicines in the drug market, using high-quality chemicals via state-of-the-art techniques by our diligent experts. There is a variety of products in dosage forms like tablets, capsules, ointments, syrups-all well-packaged. Our products speak a thousand words!