SMALL BUSINESS IDEAS IN INDIAN PHARMACEUTICAL INDUSTRY
During the coronavirus outbreak in 2020, the healthcare and pharmaceutical industries proved to be the most important ones across the world and India’s position as the largest provider of generic drugs globally was reconstructed in the global pharmaceuticals sector as various developed nations demanded possible cure drugs for the pandemic from India.
The Indian pharma industry has been catering to the international demand with the supplies of over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the US and 25 per cent of all medicine in the UK. Backing this supply is India’s significant pool of scientists and engineers who have the potential to steer the industry ahead to an even higher level.
While the international sales are done and over 80 per cent is supplied by Indian pharmaceutical firms, the domestic sales are also worked upon. There is expected to be a better growth in domestic sales would which depends on the ability of companies to align their product portfolio towards chronic therapies for rapidly increasing diseases such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers.
Government INITIATIVES AND PHARMA INDUSTRY
The Indian government has taken various initiatives to support the growth of a pharma industry with many programmes. Along with that, it has taken many steps to reduce costs and bring down healthcare expenses. Their focus has remained on the speedy introduction of generic drugs into the market to benefit the Indian pharmaceutical companies. Besides this GOI’s thrust on rural health programmes, lifesaving drugs, and preventive vaccines also augurs well for the pharmaceutical companies.
PHARMA MANUFACTURING BUSINESS IDEAS
As mentioned above, the focus on generic drugs has been a key area to support the Indian pharma industry and hence, if you are looking to start a business in the pharmaceutical industry in India, here are few ideas for manufacturing startups:
- Vitamin c
- Cough syrup
- Bovine serum albumin
- Gelatin sponge
- Quinine sulphate from cinchona bark
- Pharmaceutical pellets and granules
- Active pharma ingredients (API)
- Gelatin from bones
- Glucose saline
Industrial and pharmaceutical grade oxygen (500 industrial gas cylinders and 500 medicated gas cylinders)
Medical alcohol from date juice concentrate
Ayurvedic medicines (chyawanprash, cough syrup herbal, ayurvedic hair oil, jawaharmohra&muktashukti tablets)
- Pharmaceutical grade sugar
- L ascorbic acid
- Invert sugar enzyme-based
- Cellulose powder
- Sterile water for injection
- Blood bags
- Dextrose injection
- Medicated lozenges like strepsils, tusg
- Acrylic teeth
- Iv cannula
- Salicylic acid aspirin
- Fructose syrup from broken rice
- Glycerol monostearate (NSE SE grade)
How to Manufacture?
Medicines are not something everyone can sell; thus pharmacists acquire a sound knowledge of medicines and how to develop them. If you’re a pharmacist, then it is a great idea to avail the business opportunity in pharmacy by opening a medicines-manufacturing company which could be quite lucrative.
As the development of these medicines requires various facilities and equipment, not many people can afford them in the beginning. In this case, you could do all the research and development and then outsource the actual manufacturing of the medicines to medicines-manufacturing companies. When you start generating revenue by outsourcing, invest the money on your own company.
What about other sides, if you are not interested in manufacturing, well, here are some small business ideas for starting a business in the Pharmaceutical industry in 2020
SMALL BUSINESS IDEAS
- Marketing and Distribution: Manufacturing aside, if one has a passion for marketing along with pharmacy, well then marketing and distribution of the medicines is the most preferable business opportunity in the Indian pharma industry.
How it is profitable? Well, one can earn income by selling and distributing medicines manufactured by pharmaceutical companies to hospitals and pharmacies and also connect with a single medicine manufacturing company or work as an independent marketer connected with different companies.
- Consultancy Services: As mentioned above, it is a field where knowledge is important, especially the big medical experts need the support of pharmacists to provide prescriptions to their clients where the expertise in the field of medicines of pharmacists comes into the picture.
So, if you are an expert in the field of medicine, then you could start your consultancy services where you can help medical experts by advising them on different kinds of drugs, their side effects and could help with providing required prescriptions for specific cases too.
- Online Pharmacy: Another aspect of business today is an online business, so online pharmacy is also a profitable business idea as it is a great option. To save the rental cost of the pharmacy, one could start with an online pharmacy. This could be a lucrative business opportunity as it cut downs the additional cost of the rent. You can check the regulations to issue the online prescriptions and to buy so many extra units of drugs as you don’t have to put them up in your store for visual merchandising.