Pharma Franchise is an expansion strategy originally adopted by pharmaceutical companies to expand their business by appointing distributors based on Monopoly for a particular region, district, or state.
Franchisees established by the Pharma franchise company are empowered to sell the company’s business model, brand, products, and services. Pharma franchises can be offered to an individual or to a group of people willing to work for a pharma brand.
Companies are Providing Monopoly Pharma Franchise
Increased competition in Pharma companies can be created due to monopoly rights. The franchise is a marketing condition in which a franchisor holds individual marketing and sales rights in a particular area or district. This could be the reason for the competition. When a pharma professional or any individual gets the pharma franchise from any professional pharma manufacturer, the company signs a monopoly pharma franchise agreement at the time of the deal to ensure the benefits of the individual sale’s rights.
Competition as Economy Booster
The competition in the pharma sector is playing a big role in raising the Indian economy. It is the second-fastest-growing industry in India and it ranks third in the world by volume. There are many pharma companies in India playing a very big role in the pharma sector of the country.
India’s status in the pharma sector spreads from research and development to manufacturing, clinical trials, drug research, etc. The fastest-growing pharmaceutical sector in the world is today being considered as a glorious industry.
Participation of the Pharma Industry
From the distribution of medicines to marketing, the elements like packaging, management, etc. all are important parts of pharmaceuticals. The important reason at present is many registered pharmaceutical companies in India which are almost working at a high level which are giving wings to the competition to pharma industries in the country. About two lakh people are employed in this category. Considering the current progress of the pharma industry, in the next few years, it will require two to three times the skilled people or aspirants to take the franchise.
According to a few research, the Indian pharma industry is growing at a rate of 12-13 percent. The latest reports also confirm this data that pharma organizations are rapidly growing. The report says that the industry will grow threefold by 2020.
This is also a valid reason for the race occurring in this sector. Health awareness has increased in our country during the last few years at a fast pace. Modern healthcare facilities have expanded rapidly.
Health Awareness and Needs
Health awareness in our country is increasing very fast and health facilities are also expanding due to the immense need for medicines and healthcare products, but despite this, 70 percent of the country’s population is not getting the treatment or medicines on time due to the far location or remote areas. To remove this barrier many of the pharma companies are still performing to establish the pharma franchise at every nook and corner of India. This can be an attribute for this sector.
In such a situation, it is not difficult to guess to what extent there is scope for the pharma industry to flourish many careers and lives.