- Sunil Bakliwal
- Dec 11 , 2021
BUSINESS OPPORTUNITIES IN PHARMACY
India is one of the strongest economies in the world today. Indian Pharmaceutical industry is ranked 3rd globally in terms of volume and 10th in terms of value. The Indian Pharmaceutical Sector is poised to grow to US$ 100 billion by 2025. India is heading towards becoming the Pharmacy of the World.
The pharmacy students who dream to become pharmacy entrepreneur can make a successful career for themselves as well as support the pharmacy profession in India to grow at a faster speed.
1. Self Employed Pharmacy Professionals
I. Retail Medical Store/ Franchise Chemist Shop/Retail Pharmacy Chain Stores
The pharmacy retail market in India was valued at INR 996.68 billion in 2016 and is projected to reach INR 2,330.2 billion by 2024.
A pharmacy franchisee receives a well-known brand name, access to the existing network of reliable suppliers, an opportunity to get goods at a better price, and access to proven business processes. Examples of pharmacy franchises in India: Apollo Pharmacy, Medlife, Sanjivani, etc.
When a pharmacy store organization consists of four or more pharmacy stores, it is known as retail pharmacy chain stores. E.g., Wellness Forever Medicare Pvt Ltd, Med plus Pharmacy etc.
II. Wholesale of Medicine
Wholesalers act as intermediaries between the manufacturers and retailers. They buy goods in large quantity from producer & sell them to retailers.
III. Online Pharmacy
At present, there is no special provision or act or amendment in act in India that can describe, regulate and specify online pharmacy.
2. Manufacturing of Pharmaceuticals
Manufacturing of pharmaceuticals include production of pharmaceutical products at small, medium and large scale in an industry. As the demand for medicines increases there is a need to set up new pharmaceutical manufacturing units.
For business purposes, manufacturing of pharmaceuticals may include:
I. Loan license manufacturing
II. Repackaging
III. Crude drug extraction units
3. Pharmacy Related Services
As the scope, awareness and utility of pharmacy profession is increasing day by day, more other healthcare professionals, organizations and general public started to avail specialised pharmacy services from professional pharmacists. Some of such services are:
I. Training academies to provide updated knowledge regarding modern medicines, novel and specialised dosage forms to healthcare providers such as BAMS and BHMS practitioners. Pharmalife Academy, Pune is involved in such types of activities.
II. FDA approved testing laboratories.
III. IPR (Patent) related consultancies.
IV. Consultancies related to herbal drug formulations.
V. Pharmacy related legal services
VI. Pharmacy related publications
VII. Pharmacy journalism (You tube channels and websites)
VIII. Drug information Centres
To start own entrepreneurship projects in manufacturing and service industries in Pharmacy, the interested person can apply for various loan scheme facilities of central and state government like Mudra Yojana, Startup India, IFCI Ventures Fund, District Industrial Centers, etc.
Reference: PHARMACEUTICS (First Year Diploma in Pharmacy PCI ER 2020 Syllabus)
Authors
Sunil R. Bakliwal , Pravin P. Jawale , Dr. Bhushan R. Rane
Publisher- Nirali Prakashan, Pune
(Note: Views expressed represent the views of the author and not necessarily those of www.pharmalifeacademy.com).