Top Pharma Franchise in Maharashtra | H & Care Incorp
If you are looking to buy a pharma franchise, you cannot overlook the state of Maharashtra.
India is a country of diverse cultures and traditions. Each state has its own unique identity that gives it a competitive edge in some fields. The pharmaceutical industry is no stranger to this dichotomy. Some states are known for traditional formulations, while others have markets established for branded drugs. Maharashtra is one such state that has seen exponential growth over the years with an increasing number of players entering this space. It’s no wonder then that top pharma franchise in Maharashtra keep coming up now and again.
However, there are so many options when it comes to choosing franchises for pharma in Maharashtra that you might find yourself stuck at some point.
Here we will help you navigate your way through the maze of opportunities out there by highlighting all the relevant information you need to know about establishing a top pharma franchise in Maharashtra.
The state has a high density of doctors and pharmacies with more than 8,000 registered outlets and 30% penetration of drug stores. In terms of purchasing power, there are 35 lakh households in the state that can spend around Rs 4 lakh per annum on healthcare expenses. With such a promising market for pharma franchises in Maharashtra, it is important to understand what it takes to get started with this business venture here. Read on to know more about the details and pre-requisites of setting up your own pharma franchise in this state—
What is the current state of the pharma industry in Maharashtra?
Since 2008, Maharashtra has been emerging as a lucrative pharma hub due to various factors. The growth of the healthcare sector in the state is driven by an ageing population, increasing disposable income and an increase in the number of swine flu cases. However, over the last few years, the state has seen a dip in growth of the pharma sector owing to various factors. With the government taking note of the issues being faced by the industry, there is a hope for the revival of the sector. Recently, the central government announced the National Pharmaceutical and Health Plan which aims to increase the revenue of the pharmaceutical sector by 40% by 2025.
Pre-requisites to start a Pharma Franchise in Maharashtra
The first and foremost thing that you need to do before setting up your own pharma franchise is to get the required permissions. The first step towards getting your top pharma franchise in Maharashtra up and running is to get the permission from the state government authorities. While the process of obtaining permission to set up a pharma franchise in Maharashtra is not very difficult, it is important that you do not ignore the pre-requisites. Apart from the state government permission, you will also need to get permission from the Food and Drug Administration (FDA) and the State Drugs Controller. The state government has also made it mandatory for franchisees to register their businesses with the government.
The cost of setting up a top pharma franchise in Maharashtra: Mumbai
While the idea of starting your own pharma franchise sounds exciting, the first question that many people will have is, ‘what is the cost of setting up a pharma franchise in Mumbai?’ While the initial investment to start a pharma franchise in Maharashtra can vary from Rs 25 lakh to Rs 50 lakh, it is important to note that these figures are only indicative and will vary based on the size, location and brand. The major expenses towards starting your own pharma franchise in Mumbai are –
- This is the initial investment that you will have to make to buy the products of the company. The amount will vary based on the company and products. Initial investment can range from Rs 2 lakh to Rs 2.5 lakh.
- Distributor Store Rent: Rent will be the biggest expense that you will incur while setting up a pharma franchise in Mumbai. The average rent for a pharma store in Mumbai is Rs 5,000 per month and can go up to Rs 30,000 per month for a prime location.
- Other Expenses: While these are not as significant as the above two, you will also have to factor in things like marketing costs, inventory, furniture, equipment and other miscellaneous expenses.
- Working Capital: While it is possible to raise funds at a low interest rate to start your own PCD pharma franchise business, it is always better to have a significant portion of your own funds. This will help you manage the business better and save on interest.
Conclusion
All in all, starting a top pharma franchise in Maharashtra is a lucrative business opportunity. While it is important to keep in mind all the pre-requisites before setting up a pharma franchise in Mumbai, it is also important to choose the right company. When you buy a pharma franchise, you are not just buying an innovative business model, but also an established name. When you buy a pharma franchise, you will be provided with all the support that you need to run the business successfully. Finally, a pharma franchise will give you freedom and flexibility to work according to your own schedule. This is the best part about owning a pharma franchise.