Why It's The Right Time To Invest In A Healthcare Franchise?
Do you know the Indian Healthcare industry is expected to cross $0.9 billion by the end of 2020?
The Indian healthcare sector is not only the largest in terms of revenue but in terms of employment generation as well. It is likely to grow at a 16.9% rate in 2020, due to which more than 40% of expenditure is spent on the healthcare industry for development and expansion. Still, the rapid growth of the healthcare industry is unable to untangle a few of the roadblocks: the current increasing supply of healthcare and medical facilities is inadequate to meet India's growing population of patients in India. By 2026 the number of senior citizens is likely to rise to 173 million, which is anticipated by the reports published by the United Nations Population Fund and HelpAge India. Such massive growth in only senior citizens of India along with an increasing population rate overall displays that the demand for healthcare will be extreme as well. Since India has been showing a prompt growth in the start-ups’ ecosystem, one of the best choices an entrepreneur can make is investing in a healthcare franchise in India. But how can you start a healthcare business?
Future of Healthcare Business:
The Indian healthcare industry rank 145 among all the top 195 countries due to the quality and approachability in their healthcare sector, to enhance the accessibility in India Indian medical business is likely to grow $7-8 billion by the end of 2020. The hospital sector is comprised of 80% of the total healthcare industry in India, which is likely to escalate at a CAGR rate of 16-17% in the near future. By 2020 the entire healthcare industry is forecast to elevate to 8 trillion by the end of 2022. And due to the emerging privatization trend in the market, many healthcare sectors will have booming growth along with the prominent and quality-based facilities. With such enormous growth, the healthcare industry is likely to become one of the largest industry in the future.
Is Healthcare a Profitable Business?
At present only 40% of India start-ups invest in the healthcare industry, many of them are inclined to invest in ed-tech and leading food and beverage businesses only. But with current upgrades in the healthcare industry and rising demand for better healthcare equipment and facilities, yes, investing in the healthcare business is profitable. At present we are witnessing the dreadful consequences of the global pandemic under which many people have become health-conscious and focusing more on spending their money on health-related products and services in order to gain health-assurance. Many e-healthcare platforms have been aroused by various healthcare institutions to assist patients online and provide them aid during critical conditions. We can observe here that even the healthcare industry is going virtual in India which brings to us the new normal pandemic trend where people are re-assuring their basic healthcare issues within the comfort of their home. After ascertaining the above rate of growth in the industry, the healthcare business is a pioneering choice for entrepreneurs who are healthcare enthusiasts.
Healthcare Business Ideas in 2020:
What comes to your mind when you think about the healthcare business? Hospital? But there are many other healthcare business ideas which will grow lucrative benefits for you as well as society. So if you do not have enough investment budget to start a hospital franchise, then worry not - below are a few profitable healthcare business ideas for you to execute in 2020.
Retail Pharmacy Store:
Since the pandemic is putting the worst health-related fears in people’s minds they are doing their best to have a complete stock of sanitizers, masks, medicines, hand-wash, etc. in order to put relief on their burdened mind. But in many places pharmacy stores are not well-equipped or are not completely accessible, that is why starting a retail pharmacy store would be an excellent choice to uplift the basic healthcare facility and provide customers with required health-care products. While starting your own retail pharmacy business you should highly consider the location decision, if you open your store near a hospital or a diagnostic centre then you are most likely to succeed.
What if you ended up choosing the wrong location for your pharmacy store and now your customer reach as well as your revenue is not growing at all? Or what if you want to go digital?
Yes, you can start your own pharmacy business on a virtual platform by starting your e-commerce pharmacy site online. You can create your firm virtual presence by showcasing your products along with a brief description and many customers all over the internet will be able to reach you through an online platform. Your e-pharmacy business will not only make you self-employed but also make you create job opportunities for others. You can hire your delivery partner to execute all the online orders and gain fruitful results through your virtual pharmacy.
No matter how much you miss the outside world, stepping out of the home when the COVID-19 cases have reached more than 60,000 lakhs still sounds dangerous especially for senior citizens and infants. But many elderly people, pregnant women, infants, or sick people require a proper healthcare facility, and due to the swift growth of the virus, they all are unable to visit hospitals on a daily basis, and under such conditions many people are hiring home-healthcare facilities to resume treatment within the comfort of home. Such a home-healthcare business is emerging in India at a rapid rate and will likely have a rising demand in the future, that is why starting a home-healthcare agency will be a golden opportunity to have a reliable business in the future.
In a diagnostic centre, the experts take a sample from the patients and after a few tests, they provide medical reports of the patients. The diagnostic centre is leading in India at a quick rate and provides the best facility to both customers and the owner. The key focus while starting a diagnostics centre should be on strict cleanliness and hygiene standards and effective services to the patients. This medical business model is ever-green and provides lucrative benefits to the owner depending upon its locational choice.
Herbal/Ayurvedic Healthcare Product Business:
Many people in India find herbal/ayurvedic products more trust-worthy than chemical-based medicines, that is why at present this business is booming like never before. Many herbal/ayurvedic institutions have been expanding in India at a quick pace and even providing franchise opportunities as well. As you know that herbal oil, herbal cosmetics, herbal soap, etc reduce the ill-effect caused by artificial product consumption, many people prefer to have herbal treatment rather than chemical-based medicinal treatments. Under such time starting a herbal/ayurvedic healthcare products business is a promising choice one can make.
The above business ideas in the healthcare business are best only when you start a franchise of a well-known and quality-based company. But where do you find some of the companies that offer profitable and lucrative healthcare franchise opportunities in 2020?
Best Healthcare Franchise Opportunities in 2020:
Apollo Health and Lifestyle Limited Franchise:
Apollo Health and Lifestyle Limited is one of the largest retail healthcare platform in India and has the widest chain of systemized primary healthcare models. The company is largely known as “Apollo Clinic” in and most notable for its superior quality services India and has acquired many other healthcare platforms. The platform offers one of the most promising franchise opportunities to penchant individuals, it provides assistance in arranging financial resources, robust training program, assistance in site selection, logistics support, assistance in marketing as well as sale, and best employee training as well.
Investment: 1-2 crore
Space requirement: 3000-5000 sq ft.
Ayurvita Healthcare Private Limited franchise:
Ayurvita healthcare Private Limites provides sublime treatment for many common health disorders as well as chronic elements, and the platforms provide its treatment through its substantial record along with safety and efficiency. Their treatments do not show any side effects and cure the health disorder or chronic elements with efficiency and safety because they have highly qualified, well-skilled, and professional doctors who offer quality-based treatments and expert guidance to patients. The company provides good training as well as support to its franchise partners for conducting and running a platform with reliability.
Investmnet: 5-10 lakhs
Space requirement: 1000-2000 sq ft.
Sanjivani Pharmacy Franchise:
Sanjivani pharmacy offers the best and quality-based products to the customers and has a notable presence in the healthcare industry. The company offers promising pharmaceutical retail as well as distribution franchise opportunities in India. Due to its emerging presence across the nation, it has augmented nearly 80+ outlets in India. Such a massive reach is a result of consistent efforts and quality-based products supply service which cater to the needs of the customers and provide them great satisfaction. The brand is known as “The Largest Item Master In The country” due to its specialized prescription that extends its footprints across the country.
Investmnet: 10-15 lakhs
Space requirement: 250-500 sq ft.
Adidev provides herbal cosmetics which are consumed to provide treatments to the skin, the platform has firm roots in the healthcare industry and is one of the leading platform in India with more than 20 franchise units. It is also known as the leader in the herbal products sector which has its presence on a PAN-India basis. Their products are made using herbal elements that do not cause any harm to the skin or do not even show any minor or major side effects which is why many customers are attracted to their platform and receive a great amount of satisfaction. The platform offers lucrative franchise opportunities in India with proper training and support for the franchisee.
Investmnet: 2-5 lakhs
Space requirement: 500 sq ft.
Umang is one of the most reliable and leading brand in India which offers all the required healthcare products to its customers and aims to provide all such products under one roof only. The company has a dedicated taskforce that performs all the significant tasks with great focus and performs various research and development for checking each product in detail. The company has many years of experience in manufacturing pharmaceutical machinery which helps it to offer world-class and quality-based products through its dynamic and innovative technology. The company's main focus greatly lies in providing superior quality customer service. The company offers good training and assistance to its franchise partners for better enhancement.
Investment: 2-5 lakhs
Space requirement: 250-500 sq ft.
When you have found so many healthcare business-related pioneering ideas, promising business opportunities, and an insight into the healthcare industry, now it’s the right time for you to invest in the healthcare business and gain a rewriting experience. Start your healthcare franchise now.
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Written By Kiran James
Written By Kiran James ...
Written by Kiran James ...