The Mc Kinsey report reads, “The pharmaceutical market in India carries great business opportunities and would be a $55 billion market by the year 2020.
The health and wellness business industry is being tapped by most of the franchisors, franchisees, and entrepreneurs in order to introduce a promising business idea. The multifaceted nature of this industry allows investors to extend their vision from luxury brands to unique and lucrative business ideas.
Serving as the capital of the states of Punjab and Haryana, Chandigarh is an union territory and city that has been listed among the perfect and wealthiest cities in India by BBC. The architecture, modernization, and cultural growth are few driving factors that are contributing to the health and wellness industry.
As the city is becoming a prime center for health and wellness businesses, the pharmaceutical business industry is experiencing a rapid expansion in the region. The Mc Kinsey report reads, “The pharmaceutical market in India carries great business opportunities and would be a $55 billion market by the year 2020.
Chandigarh- A Lucrative Pharmaceutical Business Destination
Chandigarh is recognized as the first planned city in India and also popularly known as the ‘Tricity’ including the cities Mohali, and Panchkula, Chandigarh becomes a great city for establishing a career in the pharmaceutical industry.
Establishing a pharmaceutical business is no more an easy task rather being a daunting project to carry forward. The rising number of competitions in the segment is itself generating challenges along with increased business opportunities for pharma investors.
Additionally, being 2nd on the Human Development Index, Chandigarh generates numerous pharmaceutical business opportunities in the city and in other neighboring regions.
Technology Causing the Rapid Evolution
The population being skilled and well educated, entrepreneurs and franchisees could be seen investing in their business with proper knowledge and research and development (R&D).
One of the major reasons why the pharmaceutical business is emerging rapidly in Chandigarh is because the brands are coming up with broader and unique visions, utilizing technology as the most powerful tool.
This is why Chandigarh becomes a major city to target for pharmaceutical business owners that are ready to absorb the changes along with anticipating and moving simultaneously.
Innovating via Collaborating
Innovation and collaboration have been two major driving factors contributing to the rapid growth of the pharmaceutical industry in India. The same could be the result with the Chandigarh as the region’s rising competitions could force the franchisees and entrepreneurs to collaborate and innovate simultaneously for a better and positive result.
Thus, keeping the latest trends in mind and innovating as a pharmaceutical business owner could well help you attain success as a pharmaceutical businessman/woman in Chandigarh.
Those who want to start their own business or take up franchises can join in the FRO 2019, happening in Chandigarh on 19-20 January, to know more about the franchise business, financial advice, and business advice from the experts. Meet the investors personally and participate to change the small world of business.