Key factors to consider when selecting a location for an inhaler franchise

Key factors to consider when selecting a location for an inhaler franchise - Inhalers are an effective way to deliver medication in form of spray or mist. Even smart inhalers are on the market that shows effective results. So, investing in an inhaler PCD franchise is one of the best decisions one can make. However, if you already thinking of starting a pharma business then here you can find all the answers regarding key factors to consider when selecting a location for an inhaler franchise. 

Inhaler Market Size | An Overview

According to the studies, the demand for respiratory inhalers is rising with a CAGR rate of 25%. The global market value of inhalers is approximately $120 million and is expected to rise to the value of $1,113.57 million by the end of 2030. The pandemic has had a positive effect on the demand for market inhalers and there is a significant rise in air pollution in the major cities of India. Delhi has been facing a huge air pollution crisis and many cities have already ranked among the world’s top polluted cities. Data collected over the years clearly stated that COPD cases increases from 28 million to 55 million in just two decades. The primary causes of surging cases of respiratory illnesses in India are ambient air pollution (42%), tobacco smoking (26%), and household air pollution (32%). So, it is quite clear that the demand will be expected to grow at a steady rate in the near future. 

What Things Need To Consider While Starting a Pharma Business in India?

We understand starting a business is not at all easy and need to take some serious steps before making a profit. Even though the pharma sector of India is booming but starting a business from scratch is not at all a piece of cake. That’s why you much consider investing in a PCD Pharma franchise. PCD pharma franchise offers high-profit margins, free-of-cost promotional support, on-time delivery, minimal investment, and exclusive monopoly rights. Now, let’s take a look into the top things that need to consider while investing in a PCD Pharma Franchise - 

1. First of all, select the product or product range you want to do business. There are many product ranges including ENT, General, critical, and inhalers 
2. Secondly, do some research regarding the market, and find the best company that you want to partner with. 
3. Thirdly, check out the necessary documentation required for starting a PCD Pharma. In most cases, there will be a required drug license, TIN no., and GST no. 
4. Lastly, check out the list of perks and facilities being offered by the company including promotional support, monopoly rights, ISO-certified products, and so on. 

Key factors to consider when selecting a location for an inhaler franchise 

While making the decision for finalizing the location for an inhaler franchise, one can dig for some information regarding the demographic data, already running a pharmacy and no. of healthcare facilities in a particular area. First of all, there will be some key factors to consider when selecting a location for an inhaler franchise-

1. The population of a particular area - Population is a vital factor for any business to consider for obvious reasons. The more the population the more will be demand for products. Also, one can go the next step ahead by researching the sex ratio and average age group data. 
2. Demand for a pharma product - In simple words, the demand for inhalers will grow at a much faster rate in cities like Mumbai, Varanasi, and Mumbai compared to rural areas. Though there is an overall rising case of respiratory illnesses in India over the past decade.
3. Healthcare facility of a particular area - If the healthcare facility of a region is developing, this increases the influx of patients and ultimately increases the demand for pharma products. 

Then you can come up with some locations for a final decision as mentioned below where one can start an inhaler franchise- 

1. Nearby hospital or healthcare clinic
2. Adjacent to the other pharmacy store
3. Busy Area of a Market or a Highway 

Conclusion

At last, we hope you find all the answers regarding the “Key factors to consider when selecting a location for an inhaler franchise”. As it is pretty clear that starting an inhaler pcd franchise is quite profitable and needs a minimum qualification. So, if someone is thinking of starting a pharma business, then feel free to reach out to Nutra Respiro today!

Frequently Asked Questions (FAQs)

Question - Is the inhaler pharma franchise profitable?

Answer - Yes, absolutely there is a huge demand for smart inhalers and the CAGR rate for the next 10 years is 25%.

Question - How much investment is needed for starting a PCD pharma franchise for respiratory illnesses?

Answer - The initial investment required for a PCD pharma franchise for respiratory illnesses is Rs. 2-3 lakh.