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The Indian pharmaceutical industry ranks third in the world. And medicines are necessary for human beings. Furthermore, it is a profitable business venture to get into, especially after a pandemic when people realised the value of health. However, with the new pharmaceutical business, one can make a profit by opening low-cost pharmacy franchises. Because these franchises are already established brands, you only need a small investment to get started with and will make a huge profit pretty quickly.
So, in this article, we will learn everything there is to know about affordable medical store franchises in India and some of the most well-known pharmacy franchises in India, of which you can become a part.
Did you know?
India will increase funds on pharmaceuticals by 9-12% in five years? You can get more than 30% profit by opening a medical store franchise business in India?
What Is a Pharmacy Store?
A pharmacy, also known as a medical store, is a retail establishment that sells pharmaceutical drugs and other products related to the medical industry. Unlike drug stores, which only sell drugs, pharmacies sell various other items such as baby and women's products. A classic pharmacy would be located in a community's commercial district. A pharmacist supervises the fulfilment of medical prescriptions at the pharmacy and is available to advise the client about medication and over the counter drugs, as well as healthcare and wellness related issues.
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Why Should You Get into the Medical Store Franchise Business?
The pharmacy industry has become one of the most profit-making segments of the healthcare industry. Over the next five years, India's medical spending is expected to rise by 9-12%.
Pharmaceuticals, on the other hand, have an unorganised market, but organised markets are on their way as more and more people step into medical store franchise businesses.
The average price of starting a medical store company is now between ₹3 to ₹4 lakhs. Starting a similar product in a major city would cost you around ₹7 to ₹8 lakhs. The profit margin for opening a medical store franchise is now 16-22% for branded medicines and 20-50% for generic medications. Along with margins, they benefit from company-provided schemes and offers. As a result of the higher profit and lower cost, investing in a medical franchise is a great idea.
Now, let's look at the list of medical store franchises that are best in their field and that you can start and make a profit from it.
Affordable Medical Store Franchises in India
Medplus is a medical franchise based in Hyderabad that operates medical store franchises across the country. It operates over 1,300 stores in 150 Indian cities and employs approximately 10,000 people in retail. Medplus, founded in 2006, sells prescription and over the counter (OTC) medications, fast-moving consumer goods (FMCG) products, vitamins, other nutritional supplements, and opticals. It also provides clinical lab services and physician consulting in the Indian cities of Hyderabad, Vijayawada, and Bengaluru.
The benefits of establishing a Medplus pharmacy includes:
- Medplus is one of India's most well-known and reasonably priced medical store franchises, so you'll never be out of work.
- Medicines can be easily sold all year round with little difficulty.
- Your medical franchise business will thrive if you manage your inventory well and deliver essential products to customers on time.
It is one of the best Delhi based pharmacy franchises and was founded in 2015. This pharmacy sells allopathic, homoeopathic, and ayurvedic medicines. Sanjeevani company provides surgical, over-the-counter, and generic products to be used in day-to-day medicine related operations. They cater to 350000 annual customers with 30 pharmacy stores in the world. Benefits of opening Sanjeevani medical shop franchises are:
- You will never run out of stock if you open a Sanjeevani franchise because it ensures that you have every prescribed medicine in stock. When the new product is introduced, it is distributed to franchises first.
- The Sanjeevani Company gives necessary training to keep employees updated on new medications that hit the market.
Sasta Sundar Pharmacy
Sasta Sundar pharmacy is one of the best medical franchises in India. It has 100 to 200 franchise outlets in India. Along with pharmacy-related products, it also sells healthcare and beauty products. The following are the advantages of establishing a Sasta Sundar Medical Store franchise in India:
- Because this pharmacy sells beauty products, you can sell cosmetics in addition to medicines.
- You can save tons of money because the company requires no investment in stocks.
- You can start a Sasta Sundar franchise with as little as ₹50,000 to ₹250,000 investment.
When Medzone pharmacy started its operations in Bangalore, it was sponsored by Ethix Healthcare. Medzone is currently considered India's famous medical shop franchise, serving thousands of customers every day. The specialty of Medzone pharmacy is that it provides Ethix Healthcare products to its customers at a low price. The following are the advantages of starting a Medzone Store in India:
- By opening a Medzone medical store, you can sell products from other companies.
- The cost of establishing a Medzone pharmacy is low.
Also Read: Ultimate Guide To Starting A Medical Lab
Ria Lifesciences PVT Ltd
Founded in 2016, Ria Lifesciences PVT Ltd is a pharmaceutical distributor, supplier and manufacturer and has recently stepped into medical shop franchise. Ria Lifesciences Pharmacy has approximately 50 to 100 outlets in India. Also, its products are sold in the United Kingdom and Kenya. The following are the advantages of establishing Ria Lifesciences pharmacy in India:
- You can earn a lot of money if you become a distributor, supplier, manufacturer of medical products from this company.
- You will have the opportunity of business expansion because you can distribute its products across continents.
EMEDIX was established in 2016, and franchising began in 2018. It is a well-known medical store in India, and it provides pharmaceutical medicines and even an e-copy of the patient's prescription when a customer purchases a medicine. This online pharmaceutical company is dedicated to providing excellent service and flexible payment methods to its customers. The following are the advantages of opening an EMEDIX medical store franchise in India:
- It is a medical product supply company that operates on a global scale. Once you've established your franchise, you'll have access to many opportunities and benefits.
- In addition to selling branded medicines online, you can also sell cosmetics to customers.
Opening an affordable medical store franchise is a good choice as a business venture. It meets all the basic needs of a pharmacy, such as branding, accounting, and design, while costing less. As a result, you will receive numerous benefits such as marketing assistance, extensive support, on-site assistance, and much more. So, you will require less time while making a profit than other medical store owners.