Why is Generic Aadhaar the best Pharmacy Franchise in India for 2024?
Written By: Resham Daswani
Hello, aspiring entrepreneurs out there! Are you looking to become a major contributor to society when it comes to helping out in healthcare? Then why not start a pharmacy franchise anywhere right away?
Did you know? The pharmacy retail business in India is one of the most profitable and recession-proof businesses you can never go wrong with. Also, with the number of initiatives taken by India’s government, the pharmaceutical industry is allowed to receive over 70% of the FDI.
Moreover, the pharmaceutical sector is continuing to be on a growth trajectory, and India is developing as a worldwide hub for pharmaceutical manufacturing. This is due to the country's well-established domestic manufacturing base as well as its low-cost skilled personnel availability.
The pharmaceutical sector in India has the potential to play a more significant role in ensuring the safety of medicinal products around the world.
Below are some of the general trends that are enhancing the growth of the pharmacy business in India and why this is a great opportunity for entrepreneurs to start a pharmacy franchise of their own.
Market Drivers Enhancing The Growth Of Pharmacy Franchise Opportunities in India
So, without taking more time, here are some of the trends that have helped the pharmacy retail business grow at a rapid pace.
- Rise in E-commerce and Online Supplies: The explosion of e-commerce and the proliferation of online pharmacies was a noteworthy trend. Because of this, clients were able to place orders for medicines and other healthcare supplies online, which provided them with convenience and accessibility. There was a gradual evolution of regulatory frameworks to accommodate and regulate this sector.
- Health Awareness: One of the main trends that enhances growth is the rise in health awareness across the country and globe. Because of the increased awareness of health and well-being, there has been an increase in the market for items that are available without a prescription, nutritional supplements, and preventative healthcare. Additionally, in order to meet these demands, pharmacies were increasing their product lines.
- Rise in Health Insurance Services: A growing number of health insurance systems were beginning to incorporate pharmacies into their networks. The accessibility of healthcare services was improved as a result of this, which made transactions easier for clients who were eligible for insurance.
- Impact of the pandemic: The pandemic caused by COVID-19 had a huge influence on the healthcare industry as well as the pharmacy industry. There was a noticeable rise in the demand for a variety of healthcare products, including sanitisers, medicines, and other items. Additionally, the epidemic hastened the uptake of digital solutions and services that make use of contactless technology.
- Emphasis on educating consumers about healthcare and medicines: The need to inform the public about healthcare and medication was emphasised. Customers were becoming more educated healthcare consumers thanks in part to the role pharmacies play in educating them.
These are just a few of the many trends that have been and are continuing to enhance the growth of the pharmacy business in India.
Must Read: How the Indian Retail Pharmacy Market is Expected to Exceed Expectations
Now that we have understood the trends that are helping this industry grow, let us look at who has topped the list of being the best pharmacy franchise in India and which follows.
Generic Aadhaar Pharmacy Franchise - Brand Overview, Challenges & What Makes This Brand Stand Out From The Rest
Generic Aadhaar, a pharmacy started by the youngest entrepreneur across the globe, Mr Arjun Deshpande, has made its name to every household across the country in a very short period.
Arjun Deshpande, a driver for change, saw the need to bring revolution to the traditional pharmaceutical sector once he identified its core cause. Generic Aadhaar stepped forward to address this societal issue innovatively. Generic Aadhaar has brought about a revolution by selling high-quality, life-saving medications at a price that no other company can match.
What Makes This Brand Unique?
An inexpensive pharmaceutical shop franchise in India is being offered by Generic Aadhaar. Our goal is to assist the many mom-and-pop medical stores that are struggling to stay afloat in the face of intense market competition by uniting them under our umbrella.
One pharmaceutical option that can help your company develop and make a lot of money is Generic Aadhaar. The independent pharmacy will be able to compete with large retail medical malls and internet pharmacies thanks to Generic Aadhaar's medical store franchise.
Benefits Of Starting a Generic Aadhaar Franchise
- It is one of the fastest-growing pharma companies across the country.
- Has retail franchises across major cities of India.
- Helps consumers reduce their medical expenses by providing pocket-friendly products.
- You can earn a profit margin of up to 40% approximately.
Cost & Requirements To Start a Generic Aadhaar Franchise in India
To start this pharmacy franchise in India all you need to do is:
- Complete the application by going to their official website and filling it out. Don’t stress, we are here to guide you through the entire process.
- Once you have fulfilled all the requirements, you will need to invest under Rs 2.5 lakhs with an area space of 200-250 square feet.
What You Can Expect On Becoming a Generic Aadhaar Franchise Owner:
- A hassle-free set-up which can be done in just a few steps.
- An increased customer base by providing benefits to GA customers.
- This is a franchise business model which is very cost-effective.
- Provision of a wide range of services which can help you increase your revenue.
Trending: How Mr Ratan Tata helped this young entrepreneur build this 500 crore worth company in India.
Other Top 4 Pharmacy Franchises You Can Choose Based On Your Investment Criteria
When it first opened its doors, Sanjivani's mission was to provide customers with affordable, high-quality medical supplies. The trip was challenging, but we helped folks as much as possible. Currently, our presence in India extends to over 40 locations.
We intend to achieve our goal of becoming one of the most successful merchants not only in India but also on a global scale. As a result, we provide a wide range of products, which include over-the-counter (OTC) items, surgical supplies, and various medicine types.
The investment range is approximately between Rs 15-20 lakhs with an area of less than 250 square feet.
Dava Discount, which is a division of Rajnish Wellness Limited and was established in 2015, possesses a robust network that includes its presence throughout numerous medical stores, across India, and the provision of all pharmaceutical products across the nation through its franchisees. Additionally, they have a presence on all major e-commerce platforms. The only market leaders who provide a discount of up to twenty to twenty-five per cent on branded medications.
The investment range is between Rs 8-20 lakhs with an area of between 250-500 square feet.
In India, MedPlus is a retail chain of pharmacies that runs over 3,000 outlets in 374 different cities. This particular pharmacy chain is the second-largest in the entire nation. The omnichannel platform known as MedPlus provides services to customers through both brick-and-mortar retail locations and online platforms.
The investment range is between Rs 17 to 20 lakhs with an area of between 300-500 square feet.
The way that we describe ourselves to our customers is that we are a reliable neighbourhood pharmacy that can meet all of your health and wellness requirements in one convenient location.
When it comes to our clients, we are their partners in the process of monitoring and maintaining their mental and physical health. as a part of the ongoing process of revitalising the mind, body, and spirit, together with them. At Wellness Forever, you can find not just products that you love today but also products that you will enjoy in the future.
Their vision: The establishment of a chain of pharmacies that provides unrivalled performance in terms of the availability of products, the reduction of healthcare costs, and the provision of value-added services is what we envision.
Their mission is to be one of the fastest-growing pharmacy franchises in India.
The investment range is approximately Rs 75 lakhs with an area of between 800-1500 square feet.
Future of Pharmacy Franchise Business Opportunities in India for 2024
Our blog has a convincing and good enough reason why you shouldn’t delay yourself from starting a pharmacy franchise anywhere in India in 2024. But does it have a bright future? Yes, it does, and I have some compelling reasons to make you see how fruitful the future of the pharmacy business holds in India.
The retail pharmacy market in India is anticipated to increase from its current value of $18.89 billion in 2022 to $40.19 billion by the year 2030. Between the years 2022 and 2030, this is a compound annual growth rate of 9.9%. There is a present valuation of $50 billion for the pharmaceutical business in India, and it is anticipated that this value will increase to $65 billion by 2024 and $130 billion by 2030.
Moreover, pharmacy franchises have the potential to establish themselves as forward-thinking and innovative businesses if they keep up with global health trends such as personalised treatment, telehealth, and improvements in healthcare technology.
Get in touch with us at FranchiseBazar, to understand which is the best pharmacy franchise in India. Contact us right away!
Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.
Written By: Divisha Pandey
Written By: Divisha Pandey
Written By: Divisha Pandey
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