As they say, health is wealth. No doubt health is one of the basics of our lives, and it will never cease to be one of our top priorities.
- 1 The following listed are some of the most profitable healthcare business ideas:
- 2 Legal Requirements for Medical Business Ideas
Important note regarding COVID-19
Looking at the current global scenario of COVID-19 (commonly known as the CoronaVirus Disease spread), the world’s focus is on the healthcare industry. At the time of updating this article, Corona Virus has infected more than 300,000 and affected every single life directly or indirectly.
This has given rise to increased awareness as well as spendings on health throughout the world. Of course COVID-19 will soon be controlled, but it will leave the world understanding the value of health more than ever. A lot of people will end up starting new ventures in healthcare sectors so that the future can be covered and secured.
We have updated this article in purview of corona pandemic. Remember even after this outbreak is controlled, health will always remain a priority.
Healthcare business has always been an ever-growing industry in India and it will continue to do so because the need for medical care will always be there. Not surprisingly it is a billion-dollar industry that contributes highly to the economy of our nation.
The promising industry has multiple business opportunities to choose from. From large scale to small scale, the health care business has only flourished through the years and it is pretty evident. The healthcare department provides an extensive scope to the entrepreneur for their business opportunities.”
Healthcare being a necessity of human life has flourished in every class of the world be it rural areas or urban areas. And with people being more aware of their health, the industry has only become bigger.
To use the healthcare industry to explore new business opportunities you need to grow through each point mentioned below.
The following listed are some of the most profitable healthcare business ideas:
1. Retail and Manufacturing Business of Healthcare Products
The manufacturing of medical products is undoubtedly a highly profitable business idea. However, it will need you to put some investment, in the beginning, for the availability of various equipment, commercial unit, raw materials, licenses, and permits, etc for your manufacturing business.
India promotes the manufacturing business of medical products because it contributes to the medical advancement of our country as well as it also helps with the growth of the economy. The following are some medical products that you can make at your manufacturing business.
- Medical Gloves
- ECG Machines
- X-ray machines
- Weighing Scale
- Sanitary Napkins
- Disposable Syringes and injections
- Aloe Vera Gel
- Coconut Oil
- Surgical Bandages
- Surgical masks
- Sanitizers and other disinfectants, etc.
- Surgical dresses, etc.
Manufacturing of these products is not an easy business option and some of them will require you to fulfill the high authority standards. One must seek help from the professionals before initiating any sort of business plan in the medical world.
Retail Pharmacy Business is one of the most flourishing business ideas in the medical world with small scale production. Pharmacy business is actually a pretty easy way for your business idea. For this business idea, you will need an investment that ranges from Rs. 3 to Rs. 5 lakhs.
The healthcare business idea requires you to abide by the standard rules set by the government to start a pharmacy store. You need to get in contact with the Regulation of Retail Pharmacy department, the department will help you in various tasks related to your business, such as supplying, selling, stockpiling, sourcing, and record-keeping of your products.
The Retail business of pharmacy products should be set while considering the location. The store is more likely to succeed if it is near hospitals, medical schools, etc.
3. Gym Centers for Fitness
With more and more people becoming aware of their fitness needs, it has made fitness centers a lucrative business plan. Fitness centers are undoubtedly one of the trendiest business options in healthcare businesses. You could start this business either on a small scale or a large scale.
The investment of your fitness center depends on the location of your commercial unit, area of your center, the quantity of equipment available at your center and services offered. However, a basic estimation of Rs. 5 to Rs. 10 lakhs is there.
Fitness Center or gyms are equipped with various fitness machines for people to use for their daily dose of exercise. There are several factors that you could keep in your mind while starting your own fitness center in the healthcare business.
You also need to regulate the amount of exercise that your customers are doing per day. Sometimes too much exercise can cause more harm than good and it could also cause harm to the body. Also as a part of your marketing strategy and enhancement of service quality, you could feature a juice bar in your fitness center for juices, energy drinks, smoothies, protein shakes, etc.
4. Fertility Clinics
Fertility Clinics deals with the issue that can not be avoided therefore they are one of the most evergreen business plans in India. Some couples often face problems in conceiving and the role of fertility clinics is to help them do so. There are millions of couples in today’s time who are struggling to conceive.
Fertility centers do not only make a sustainable business plan, but it also helps couples with child conception challenges and thereby makes a good healthcare business plan.
Fertility Clinics uses various authorized methods for helping women get pregnant. The following are some methods that are used by the fertility centers to help the couples in conceiving.
- Medication and Counseling
- Fertility drugs and hormones
- IUT- Intra Uterine Insemination
- IVF- In-vitro fertilization
- GIFT- Gamete Intrafallopian transfer and ZIFT- Zygote Intrafallopian transfer
5. Healthcare Services for Animals
Veterinary Clinics or hospitals for animals as we know it, is another profitable healthcare business. The veterinary clinic deals with the care and treatment of animals from various diseases, providing them proper medication to ensure their good health and treat the injured animals with proper aid, etc.
Nowadays more and more people are concerned about their pet’s health and treat them like a member of their family. Unlike earlier, people do not hesitate in visiting the veterinary clinics and do not even have second thoughts about it.
Not just among pet owners but the significance of veterinary clinics can also be seen in farm owners who deal with animal husbandry. The treatment of animals is essential for the quality of their products therefore they remained concerned about it.
However not just anyone could open up their own veterinary clinic, you must have a degree of Veterinary Practise from a recognized medical school. The investment of your business depends upon the area of your clinic. Although estimating the cost of land, clinic setup, employees, equipment, etc. you will need about Rs. 20-Rs. 25 lakhs.
6. Door-to-door Healthcare Services
Home Health Care agencies simple means the agencies that provide their healthcare services at your home. Health care services provide professional medical assistance to the people who are not able to reach the business set up by themselves.
Home Health care agencies expertise in various areas such as helping with daily activities such as bathing, keeping companionship, physical exercise, physiotherapy, mental therapy, short term or long term service for illness, disability, diseases, etc.
There are various types of health care services, depending upon the tasks performed. This includes the following:
- Home health aid services
- Medical social work
- Speech-language pathology
- Physical therapy
- Occupational Therapy
- Short-term nursing services
- Home healthcare
- Private duty nursing game
- Personal care and companionship
7. Healthcare Rehab
Rehabilitation centers are another health care business idea that generates high revenue. Rehabilitation centers basically deals with people and their addiction, their mental health, and mental instability in life or even some of the physical issues. Rehabilitation centers are also known as psychiatric and de-addiction centers.
Rehab centers include physical rehabilitation plus speech therapy. People could stay for a short period or a long period of time in rehab centers depending upon the severity of their issues.
To start your own rehabilitation center, you will need to abide by some mandatory rules that are listed in the article below. Apart from this, you will need a commercial unit, some medical professionals, and a moderate amount of investment.
8. Health-Based Blogs
Health-based blogs are for people to find various diagnostic criteria for their diseases, treatments, precaution and even some healthcare and fitness tips. Nowadays the best mode to approach the audience is through the internet and with the advancement of technology and digital marketing, blogs have made a significant progress. health based blogs makes a really profitable business idea that entrepreneurs should consider.
Your blog could list the detailed description of various diseases, their causes, effects, diagnosis, precautions, etc. Apart from this, you could also introduce the section in your blog where you could list the local doctors of the area city wise for the convenience of people.
The market potential for blogs is really high right now as they are the trendiest option of earning money. It is quite reasonable too because whenever we are faced with a medical issue we first google the symptoms and it is common among the wide range of people.
Legal Requirements for Medical Business Ideas
Starting your own healthcare business will require you to meet certain legal criteria and will need permissions and licenses from different departments of India. The following are some of the licenses that are mandatory for starting your own healthcare business in India.
1. Company Registration
No matter what kind of healthcare business you decide, you will have to register your company under Private limited, limited liability of the partnership. The registration of your business could be done at the Ministry of corporate affairs in India. You can visit their website by click here.
2. Fire Department NOC
Fire Department license is another permit that is necessary for setting up a commercial unit for your business. You need to visit the local department of your state for acquiring your licenses.
3. Pollution Control Board CFE/CFO
Pollution license is concerned with our environment’s health. You can obtain this license from the Pollution Control Board of your city. Or you can also visit the Central Pollution Board of India website.
Biomedical waste management is another concerned department for starting your own healthcare business plan in India. In order to acquire this license, you need to go to the Biomedical waste authorization department of your state.
In order to get more information about the Biomedical waste authorization, you must click on this link.
5. Pharmacy registration
Pharmacy registration is required for opening a drug store. In order to regulate the profession and practice of pharmacy, the Pharmacy Act was enacted in the year 1948. For registration of your pharmacy business, you must visit the government website by clicking on this link.
6. Blood bank license
If your healthcare business deals with storage and distribution of blood then it is mandatory for you to get the blood bank license. In order to acquire the blood bank license, you need to apply on the official government website of the concerned department of your state.
7. FSSAI license
Food and safety license is also mandatory for your if your healthcare business in any way deals with the products that are consumed as foods. To apply for the FSSAI license, you need to visit the official website, by clicking here.
8. PNDT act license
PNDT stands for the prenatal diagnostic technique which basically means the examination of the fetus before it has been born. The prenatal technique can only be used for the diagnosis of genetic abnormalities and metabolic disorders. In order to acquire the license, you need to abide by some rules provided on the official government website and apply for license registration of your state.
Healthcare business provides blooming medical business ideas for entrepreneurs with professional skills. This area of expertise deals with various quality standards that need to be fulfilled in order to acquire business ideas. The medical field is one of the most important fields in any nation and the quality of each healthcare service provider combines to represent the health service of our nation.
Healthcare business is not only a profitable business plan for you but it also helps you bring positive change in the lives of people and that’s the beauty of it.
So these were some of the profitable healthcare business ideas for a startup. Do let us know in the comment section how you liked it.