Try Out These Small Business Opportunities in the Pharmaceutical Industry
Indian pharmaceutical industry is one of the fast emerging industries in the world and is expected to reach $100 billion by the year 2025. The industry is showing a tremendous growth as it is anticipated to emerge as the sixth largest pharmaceutical market globally in terms of absolute size.
The industry is expected to play a significant role in India becoming a 5-trillion-dollar economy. Being one of the highest growing industries in the wellness sector, the pharmaceutical industry comes with so many new opportunities for people who wish to enter into this segment.
Read on to know top five small business opportunities in the pharmaceutical industry that could give you a breakthrough in the wellness sector.
Marketing of Medicines
Pharmacists acquire a sound knowledge of medicines and how to develop them. So, if you’re a pharmacist who’s looking for a business opportunity in pharmacy, opening a medicines-manufacturing company could be quite lucrative.
As the development of these medicines requires various facilities and equipment, not many people have the capacity to afford them in the beginning. In this case, you could do all the research and development and then outsource the actual manufacturing of the medicines to medicines-manufacturing companies. When you start generating revenue by outsourcing, invest the money on your own company.
Marketing and Distribution
If you have a zest for marketing along with pharmacy, then marketing and distribution of the medicines is the most preferable business opportunity for you. As a marketer, you could earn income by selling and distributing medicines manufactured by pharmaceutical companies to hospitals and pharmacies.
You could connect with a single medicine manufacturing company or work as an independent marketer connected with different companies.
Big medical experts need support of pharmacists in order to provide prescriptions to their clients as pharmacists have their expertise in the field of medicines. If you’re an expert in the field of medicine, then you could start your own consultancy services.
As a consultant, you could help medical experts by advising them on different kinds of drugs, their side effects and could help with providing required prescriptions for specific cases too.
The concept of mobile pharmacy is very fresh in the industry. This could be a beneficial opportunity for those who want to kick-start their career.
A lot of people are unable to get to a pharmacy because of several health issues. A mobile pharmacy is a pharmacy service that delivers drugs to people to their doorstep like any other deliverable service.
To save the rental cost of the pharmacy, you could start off with an online pharmacy. An online pharmacy could be setup once you have checked that selling prescriptions online is legal in your country.
This could be a lucrative business opportunity as it cut downs the additional cost of rent. Also, you don’t have to buy so many extra units of drugs as you don’t have to put them up in your store for visual merchandising.