India’s pharmaceutical industry has always been fledgling because of its global manufacturing capabilities. However, the scenario is much more evolved now. Whether you need to take a business loan to partly or completely fund the business, here are the top 10 pharma business opportunities in India:
Pharmaceutical manufacturing business
This is one of the biggest business opportunities available in the pharma industry. There are a lot of regulatory approvals required to start a pharma manufacturing business. Once you start, you will have to comply with a lot of guidelines. The capital investment required in this business is also very high. But if you can run this business successfully, you can make a lot of profit, perhaps, much more in scale than any other pharma business.
Pharmacy or chemist business
The traditional option is to go for a retail pharmacy or chemist shop. Even if you are not a pharmacist already, you can obtain a pharmacist registration to open the shop with your own brand. Another option is to take a franchise of a reputed pharma chain like Apollo, MedPlus, MedLife, etc., to leverage an existing brand.
Online pharmacy
There are many online franchises that have come up and are booming nowadays, such as PharmEasy, NetMeds, 1Mg, etc. An upfront franchise fee and some investment are sufficient. You can focus on acquiring more customers, order medicines as per their needs, and make a commission on fulfilling the order.
Manufacturing of food and dietary supplements
Supplemental dietary and food products, such as protein powders, iron and calcium supplements, vitamins, etc., have a high demand in the healthcare sector. You can consider the manufacturing of these supplements as a profitable business. Compared to traditional pharma manufacturing, this requires less investment.
Cottonwool manufacturing
Cottonwool is a very useful product used in cotton rolls, diapers, gauze, earbuds, etc. There is no hassle of any special approval. Quality is of utmost importance in the end product. Since the machinery involved is specific in nature, you might want to consult an expert.
Wholesaling or retailing of surgical products
The market for surgical products is increasing along with pharmaceuticals. If you are looking to deal in surgical products like masks, gloves, knee caps, syringes, etc., you can either retail them or wholesale them. Retail business involves selling products to hospitals and dispensaries. Wholesale business involves selling those products to other retailers.
Cosmetic and beauty product manufacturing
These are products that are always in demand, primarily from women, and present a huge opportunity. You can open a beauty products and cosmetics manufacturing business, which has lesser requirements and lower investment. It would be better to have a diploma in pharmacy yourself. You can also hire someone with this qualification to register under the state pharmacy council.
Wholesale or distribution of medicines
If you are an experienced pharmacist, you can look at starting this business as well. There are four major distribution setups: branded products, generic products, PCD franchise, and OTC or institutional sales. While the returns are high, it would require a good amount of capital investment as well.
Supply of pharma raw materials
The demand for pharmaceuticals has led to an increase in the demand for pharma raw materials. Small pharma manufacturers cannot afford to import raw materials. Hence, it can be a great business idea to supply raw materials by trading or marketing to pharma manufacturers.
Pharmaceutical marketing or trading business
Marketing in the pharma sector is one of the most active segments. If you have prior experience in sales and marketing and are passionate about it, you can open a pharma marketing or trading business. This is a great option if you do not wish to get into a manufacturing business.
Any business in the pharma industry would require fixed and working capital. You can always consider taking a business loan to meet your capital needs. To reduce costs, try to get the best business loan interest rates from a trustworthy lender. Don’t forget to compare the best options possible using an online business loan EMI calculator.