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Online Pharmacy Franchise in India – Is it Worth it?

Introduction

Business Franchise is a system in which a Franchisor company grants permission to a Franchisee company to use the intellectual properties of the former such as brand name, logo, processes, and so on. This kind of business model is generally employed by big enterprises that grant permission to smaller companies to use their intellectual property.

This is a passive business expansion technique in which the greater control of the product remains in the hand of the Franchisor; however, this model should not be considered as exploitative as the Franchisee by using the Franchisor’s rights gets an opportunity to attract new clientele and increase their business.

What is a Business Franchise? Understanding the Concept

 A business franchise is an official permission or license that gives one the right to use a business or company’s intellectual property. The company which gains the rights is called a Franchisee, whereas the company which grants permission is called a Franchisor

The intellectual property right given can be business knowledge, processes, branding information, copyrights, and trademarks. Gaining these rights allows the Franchise to sell and service a product in the Franchisor’s business name. In this relation, both parties get rewards for their association with each other.

Indian Economy in the Corona virus Pandemic

The year 2020 will go down in history as one of the darkest times for humanity. Riddled with natural calamities, the biggest shock came from the coronavirus pandemic. In India, thousands have lost their lives, and millions have lost their livelihood till now. Unfortunately, many more will be affected by the pandemic by the time this situation is brought under control.

 Although tragic, the Covid-19 pandemic brought along with it a set of unique opportunities that are not only timely but also relevant. As the traditional business system started collapsing in this pandemonium, businesses started exploring new avenues to survive and thrive during these tough times. Two sectors specifically came out on top during this crisis: 1) the Pharmaceutical industry, especially the online pharmacy stores, and

2) E-commerce.

The Future of Pharmacy Franchise Models in India

The pharmaceutical industry in India at present generates annual revenue of around 30 billion US dollars and is expected to reach around 60 billion US dollars by the end of 2023 at a CAGR of 22.4 percent per annum. India is the second-largest manufacturer and supplier of drugs and medical systems in the world and is often referred to as “World’s Pharmacy.”

The pharma sector also provides millions of job opportunities across various health-care disciplines. Pharmacy at present is one of the most sought-after career options among young Indians. It is also considered one of the safest career options in India concerning job security and mental peace. The pharma sector besides employment also provides ample opportunities for establishing new businesses. The franchise business model is quite at infancy in India; however, the business model has been readily accepted by society and is growing exponentially.

Several online pharmacies have started their business franchise, which has attracted many people to start their own pharma business. Some of the Franchisor companies are even helping individuals to set up their business with minimal capital investment. The best example of this is 3MEDs.  3MEDs is a Delhi-based online pharmacy helps simplifying medicine delivery across India at discounted prices. There is the small procedure of joining franchise of 3meds.you will have to apply through our website and then within 24hours and they will tell you the procedure and requirement and when you submit your whole documents and fees. our company gives you online training and then you will start your work as soon as possible.

3MEDs was founded in 2020 and was ranked as the no. 1 online pharmacy delivery app and website in India. Although many companies give their franchise, they do require a ton of credentials from the investors. 3MEDs only ask for their PAN Card details, thus making the process of acquiring their franchise very user-friendly. 3MEDs also allows good relaxations in earnings from the Franchisee companies.

Conclusion

A franchise business model is an exciting option in India due to the fact that India is considered the youngest nation in the world. The pharma and e-commerce options have huge potential in India and although the corona pandemic has been one of the greatest tragedies, it has definitely opened newer business options.

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