The pharmaceutical market has seen an inclining growth with new developments and innovations across its sector. In 2017, the estimation growth was around $938 billions whereas this number is believed to reach $1170 billion in 2021. The rising growth rate is the testimonial to the increased demand of pharma medicines, drugs and medical equipment as the population grows.
The year 2020 has put forth newer hopes for the pharmaceutical industry of India. Pharma products like biosimilars, generics, COVID-19 protective gears and a few more usual pharma exports from India were exported in large quantities across the globe. The pandemic made the world rethink on their health, making them more health conscious and the supply gradually began to surge. This opened up opportunities for many healthcare ventures to reach out and support the mission of fulfilling global requirements through pharma franchise.
Many global investors began to invest in the Indian pharmaceutical companies, setting up new manufacturing units in the country. A few began to channel their network for franchise distribution and several non-pharma companies began to adopt it for business continuity. This was an opportunity to streamline, regear and make profits for many businesses during the adversity. This is the key reason why pharmaceutical products in India are in great competition today. But, there are other factors too.
Factors Supporting Growth of Pharma Franchise Business
· Monopoly rights
Monopoly rights are exclusive in this sector that helps PCD franchises excel and set up newer markets at several locations.
· The emerging online markets
Online markets improved promotions and helped lucrative products reach consumers through word of mouth or through advertising kits. The best examples seen through the pandemic are hand sanitizers, immunity booster medicines or products. Several pharma companies in Mumbai gained customers by marketing needful pharma products door to door for free.
. Rise in new formulations and compositions
Since the franchise spectrum began to widen, many businesses realized that biosimilars or selling similar medicines won’t bring profits. This initialized new innovations especially at the time of pandemic wherein immunity boosting drugs, health supplements and many such formulations and compositions were utilized for public welfare. Companies began to target various pharmaceutical products in India that are helpful to fight against life-threatening diseases, coronavirus and a few others to get through in competition.
· Low investment high profit opportunities
With so many opportunities rising based on new formulations and compositions, several non-pharmaceutical companies reached out to settle into this business opportunity that has low investment and high profits now.
· Franchise demands today
The pharmacy sector has observed a rapid revolution in a few years. To improve business outcomes everyone is working towards competing full fledged in the Indian and the global market.
How to stay ahead in the growing pharma competition?
To fight the competition in the growing pharmaceutical franchise business, you must be ahead with your business outlook, supply locations and marketing skills. Here are some outstanding management techniques that can help your business suffice way ahead of your competitors:
- Set up your businesses in smaller domestic locations especially in areas with less or no availability. Targeting rural and tribal areas can help in better business establishment and development.
- Say no to cheap resources that can hamper product quality. High quality pharmaceutical products in India are vital to create loyal customers. Adhere to quality formulations and compositions that can enhance your brand as well.
- Go with the latest, innovative and advanced approaches in your business. Designing unique and promising products for healthcare and wellness will be a marketing point in itself.
- Promote and market with trending methods. Promotional accessories availability in required types and quantity can incentivize profits.