India is a leading global provider of generic drugs with a reputation for producing cost-effective vaccines and generic medications. The Indian pharmaceutical industry currently holds the third spot for pharmaceutical production by volume after experiencing steady growth over the past nine years, with a CAGR of 9.43%. As of 2021, the domestic pharmaceutical market in India amounted to US$42 billion. This figure is estimated to increase to US$65 billion by 2024, and by 2030, the industry is expected to expand even further, reaching a market value of US$120-130 billion.
The growth of the Indian pharmaceutical industry has opened up a new opportunity for investors to take advantage of this lucrative business option. Here are some reasons why a pharma franchise offers a great business opportunity in India:
High success rate
The pharmaceutical industry is rapidly growing in India, providing excellent business prospects across the country, even with minimal investments. The numbers and statistics mentioned above indicate that the pharmaceutical industry is an attractive and profitable venture for any entrepreneur.
The pharmaceutical business provides a lot of opportunities for growth and development. Associating with a reliable pharma company gives you a more noteworthy introduction and access to a wide range of products. This makes it easier to stay up-to-date with new trends in the market and expand your business.
This franchise provides easy accessibility to medicines and drugs across India. You can also easily access medical representatives and doctor referrals, making it easier to promote the products and services of your pharma franchise.
The potential for growth in the Indian pharmaceutical industry is immense, making pharma franchises an attractive business opportunity. Vibcare Pharma is a growing company in India that strives to promote improved access to superior medical care by creating, producing, and marketing cost-effective pharmaceutical products for both domestic and international markets such as Africa, the CIS region, and South Asia.
Go ahead and discover the lucrative business opportunities with a pharma franchise in India today with Vibcare Pharma. No matter how small or large your investment plan is, you will surely find immense success with this venture.