One of the most growing industries in the world is the pharmaceutical industry in the wellness sector. This industry holds not only multiple opportunities but also promotes diverse ways of marketing and advertising around the globe.
No matter whatever crisis comes upon the face of the earth, this industry is a “no shut industry” and is emerging fast because it is the only industry that supports survival. The Indian pharmaceutical industry is evolving very fast these days. Especially, with the pandemic of Covid-19, health and hygiene have become the key factors that should be dealt with priority. If our country can make remarkable development in the field of medicines and vaccination for Covid-19 then India’s pharmaceutical industry is expected to earn an expected revenue of $100 billion by the end of 2025.
The emerging anticipation to create life-changing drugs for deadly diseases has become a matter of serious concern. Currently, India is evolving as the 6th largest pharmaceutical market globally in teams of absolute size. In order to influence this sector more, small business ideas can be a real breakthrough in the wellness sector:
Marketing of medicines
Throughout the entire country, every pharmacist should have a sound knowledge about the development of medicines and their uses. Since difference medicines require various equipment and facilities, one must do all the research and development before outsourcing the actual medicine manufacturing to various companies. After a sum of money is generated through this outsourcing, parallel chains of similar medicine manufacturing can be started by investing that money, thus widening the business.
Marketing and distribution
Along with marketing, the distribution of medicines throughout every Indian state is probably the most preferable business opportunity so far. A marketer (wholesaler or retailer) can earn huge revenues by selling their products by distributing their business chain to various hospitals and pharmacies. Not only connecting with a single medicine, manufacturing company but also making a huge network of medicine distribution as an independent marketer can make this industry grow richer with time. Moreover, distribution to core disease-prone rural areas can also enrich the country’s development.
The top medical experts of the country need the assistance of several pharmacists to provide a prescription to their clients owing to the expert abilities of pharmacists to understand them. Anyone can start their consultancy service only after being an expert in handling prescriptions. As a consultant, one can help medical experts by advising them on various kinds of drugs, their dosage, their side-effects and can aid them by providing required prescriptions for specific cases.
It is a very new concept that has given the pharmaceutical industry of India a new edge. It is a beneficial opportunity for any entrepreneur to kick-start their career if they begin in with mobile pharmacy rather than an actual chemist shop. Owing to several health issues, lack of convenience, understanding and communication many people face problems and even loose life.
Through mobile pharmacy service
Drugs can be readily supplied to their doorstep like any other deliverable service. Now people across the country can get their required medicines anywhere, anytime with just a click. There are preferences of choosing, uploading prescriptions and selecting required one from a variety. Some of the mobile apps that have been already running are 1mg, PharmEasy, Apollo 247 etc.
In order to save the pharmacy’s rental cost such as the money spent on the shop location, interior decorations, partnership with distributors and wholesales and so on, one can easily switch to an online pharmacy. An online pharmacy could be set up once you have checked that selling prescriptions online is legal in the country. This business opportunity is very lucrative as it curbs down the maximum offline business cost and additional expenses. Also, there is no requirement to buy extra units of drugs and keep them inside the store for visual merchandising.
The Indian pharmaceutical industry accounts for 20% in the volume terms and 1.4% in the value terms of the Global Pharmaceutical Industry. With the rising pool of scientists and engineers, the country has the potential to steer the growth to a much higher level. Currently, over 80% of the antiretroviral drugs used to combat aids are supplied by Indian pharmaceutical firms.