Pharma is one of the most popular types of business in the world. As well as being profitable, it allows you to make a genuine difference in people’s lives. If you’re already working in the pharmaceutical industry but are eager to start your own business, some of the most popular areas are here.
#1 App development
A career that merges web design with medicine, medical apps are more popular than ever. These range from fairly simple apps that allow users to look up their symptoms and get advice to more complex fitness apps that track steps, calorie consumption, and even sleep quality. Choosing one of these areas and hiring a web developer to design your app is an easy way to transform your knowledge into solid passive income.
If you’ve worked for a long time on the corporate side of pharma, then this might be the career for you. A consulting company works with clients from across the healthcare industry and can sometimes even be involved in government decision-making. You’ll need in-depth experience and knowledge of the industry. Consultants advise on everything from drug prices to licensing and marketing.
#3 Go into supplements
Dietary supplements are enormously popular around the world, and that’s a trend that doesn’t look set to reverse any time soon. There are lots to choose from, including vitamins, natural supplements, and those designed purely for fitness enthusiasts. It pays to identify and operate within a niche, sourcing, marketing, and selling these supplements either online or from a high street store.
#4 Home healthcare
Home healthcare is a widely encompassing term covering everything from delivering meals to the elderly to working as a full-time carer, and everything in between. You’ll need to decide on your niche and then hire staff (as well as transport) to meet demand. This is a challenging but rewarding profession that helps vulnerable people retain independence in their homes.
#5 Become an author
The idea of becoming an author might sound daunting, but the entry-level is substantially lower than it once was. Most modern authors with specialist knowledge now go down the print-on-demand route with a service like Amazon KDP. This allows them to publish paperbacks and eBooks without any initial investment. They then use the services of a digital marketing agency like clickintelligence.co.uk to advertise their book online through blog posts, PPC adverts, and social media, ensuring that it reaches the biggest audience possible.
#6 Open a pharmacy
Opening your own pharmacy is a big commitment both in terms of time and money. You’ll need a big initial investment to secure high street premises, and that’s not to mention sourcing your first stock. Moreover, you’ll need to meet a wide range of legal criteria, some of which will require the services of a lawyer. That said, once they’re up and running, pharmacies can be extremely profitable business models, especially now that so many operate online with virtual consultations and paperless prescriptions.