Did you know? According to a release by PIB (Press Release Bureau), India ranks 3rd worldwide in the production of pharmaceutical material by volume. This is evidence that India has a very successful pharma industry, which has led to hundreds of pharmaceutical companies being set up in India. From a small corner dispensary to a large Pharma PCD Company like Vivaceutical, you can find a wide variety of pharma businesses in the country.
In a country like India, pharmacies, better known as chemist shops are the most commonly found pharma businesses. You find a small establishement at the end of the road or just around the corner from your street. You’ll find pharmacies inside medical institutions and hospitals, pharmacies that delivery medications directly to your home and more. You’ll even come across a wide array of PCD pharma companies and third party manufacturing pharma companies in a developing country like India.
Pharmacies/ pharma companies are often classified according to the way they function. Here are some of the types of pharmacies and how they function:
Aka retail pharmacy. This is the most common type of pharmacy in India. The pharmacies that we find in our different communities, usually near shopping centers. In India it is commonly known as a chemist shop. They provide walk-in services such as basic pharmaceutical products like masks and drugs as well as medical information
Clinical or Hospital Pharmacy
Have you ever walked into a hospital, clinic or medical center with a pharmacy in it? Most doctors refer you to this clinical pharmacy after giving you a prescription, if it is there in the clinic. These pharmacies are usually under the management of that same institute.
The function of industrial pharmacies is to research, manufacture and distribute pharmaceutical products. They are also entangled in developing and improving the quality of pharma equipment. Therefore, industrial pharmacy is different from Community Pharmacy and Clinical Pharmacy.
Home Care Pharmacy
Home care pharmacy takes care of delivery services of medical supplies like insulin shots, to patients who need ongoing supplies. The doctor or health personnel who wrote the prescription is usually the one who initiates these deliveries. These services are there for patients who need ongoing medical deliveries.
Instead of a pharma entity selling its pharmaceutical products directly, it can use other entities to do that for them. For example, hiring a sales agent to market your products can boost your sales. Or entering into agreements with smaller pharmacies and dispensaries and providing pharma services for them to sell your products.
Pharma franchises are becoming popular in India. Probably, because they require less investment to make more profit. There is a very small chance of experiencing a loss in franchise business.
According to the Indian Pharmacy Act of 1948, any medical store or pharmacy has to be registered to the state to be able to sell medical products. This means that, whatever type of pharmacy you own, you have to possess the necessary licenses to be able to commence with your business.
Also Read: 5 Ways to Invest 50K in Real Estate