Current state of Indian pharmacy sector
The pharma sector is an ever growing industry and developing countries like ours are taking this sector pretty seriously. Well there are two reasons for it - it will not only boost the economy of the country but also ensure quality of health in the nation. According to Ananth Kumar, Chemical and Fertilizer minister, the pharma sector is anticipated to show growth as high as 20 per cent in the next two to three years(source: economictimes.indiatimes.com), the current growth of the sector being 14 per cent annually. The sector has exhibited huge potential for the budding entrepreneurs.
Fortunately, this sector is not dependent on the economic condition of a country. Individuals and professionals are free to endeavor and explore this sector as per their caliber and come up with new discoveries in the field of Science and Technology that can be proved beneficial on a global level. Currently, India is a supplier of drugs and medicinal products to more than two hundred countries worldwide. The government is on its way to set up a dedicated ministry for this sector to ensure harmonization among the different segments of pharma production.
The darker side
All these facts are proposing that it’s a win-win situation for entrepreneurs owning or willing to own a PCD pharma company and for all other lower level professionals associated with these firms. Along with them, the marketing professionals and franchise companies working for the promotion of medicinal products with giant producers can also see huge finance approaching. Sadly, individuals who are looking forward to become a marketing partner for such PCD pharma companies focus more on the initial budget required and some of them suffer due to the unethical practices taking place in this booming sector.
Rather than going the wrong way to give a good start to your franchise business for a PCD pharma company, you must have a broader vision towards the future. The Health sector is all about building up trust among the people. By following unethical methods for quick success, or due to lack of knowledge, you may seem victorious in the initial stage, but you would never succeed in developing a strong market place and a consistent customer base.
Take-away
India is advancing towards becoming a medicine hub of the world, however, following ethical methods of producing and promoting medicines is the need of the hour.
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