19. December 2014 13:13
As there is a great boom for retail chains in every sector of Indian market, how can pharmacy be far behind? A pharmacy retail sector is ready to tap the opportunities of doing business by adopting this proven niche. Not only big names like Fortis, are even small pharmacies in Hyderabad eye for a big fortune. Why so much tom tom about it, many people still can’t understand it. Well, the pharmacy retail bandwagon is going to change the age-old concepts about it. The industry won’t need huge investments, and the profitability would increase manifold. In fact, the market was waiting for it from quite some time. As soon as somebody started the ball rolling, the trend seems to overtake everything.
It is a concept of yesterday converting into the reality today
Some companies were planning to launch the concept of pharmacy retail a few years ago. However, they could not establish it as a workable concept and the concept failed. Also, people were unable to digest the concept of a pharmaceutical company reaching people’s doorstep for selling medicines. Nevertheless, with a huge change in the Indian economic scenario, it becomes quite feasible today. No wonder, pharmacies in Hyderabad and rest of India offer pharmacy retail to the users. As paying capacity of Indian middle class and awareness of health increase, people do not bother spending money on medicines. Health conscious people look at the health benefits and forget about the extra money spent. Preventive, curative, and supportive; all kinds of medicines have been made available by manufacturers through the retail chain.
The niche has a great potential
It is assumed that Indian middle class is going to dominate pharmacy retail market in the future. According to estimates the market has the potential of not less than 250 to 350 million Indian rupee. Pharmacy retail has a share of 4 percent today, and it is expected to reach 10% two years down the line. It is quite obvious that pharmacy retail will play an instrumental role in achieving the target. Pharmacies in Hyderabad know the potential, and they are ready to grab the opportunity. The concept has proven its utility and effectiveness in the US, but it needs to prove the same in the rest of the world including India. It will be quite interesting to see how pharmacy retail market performs in the Indian market looking at various challenges?