Did you know why is pharma franchise is the spine of Indian Pharmaceutical Market? In this article, you will try to elaborate the same. A franchise is an authorization company permitted by a specially established organization or government to deal with specific business activities. Such business activities include agents or marketers, or sales representatives of a clear group or company’s products.
The Pharma franchise deals with its proprietary products, promoting it’s brand and trademark and thus profits. But how in a very short time, pharma became such a wanted and profit-generating sector in the Indian market, and why is pharma the backbone of the Indian pharmaceutical market? By the way, many such questions come to our mind when we see this booming market of pharmacy.
The Government of India is showing great interest in this sector. The Government of India provides all kinds of help and services to the pharma company.
Why is Pharma Franchise is the Spine of Indian Pharmaceutical Market?
Several reasons why the pharma franchise is considered as the backbone of the Indian pharmaceutical market as stated below:
1. To Remove the Monopoly of Big Pharma Companies:
With sufficient resources and controls, large pharma companies can beat any competition in the pharmaceutical market. However, the pharma franchise allows these small or medium-sized companies to meet all these challenges by having healthy relationships with local medical experts.
2. Explore the Great Opportunities:
When it comes to the mass market, the pharma sector accounts for about 1.5% to 2% of the overall market share and is growing at a faster rate of 10% every year. New pharma companies may face proper distribution and brand name creation in this highly competitive pharma industry. But it is easier to cross the threshold with the help of a drug franchise model.
The need for medicines will be much greater in the coming times, as every next day we come up with new viruses and diseases, and the pharma company will have to work hard to save the generation from such problems.
The industry only detects about $ 50 billion, with more than 48% of the retail pharma sector’s revenue. The pharmaceutical market is high, uneven with 600,000+ retail supply chains.
The Pharma franchise is the platform for pharma companies to expand their business and reach the market. As it acts as a bridge between the pharma company and the customers, the sector plays an important role in developing the pharmaceutical industry.
This means that with the development of this strong pharma franchise concept, weaker small and medium-sized companies or pharmacies can now stand out consistently against larger pharma companies.
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