India is expected to witness growth in the medical industry up to 22 – 25% by the year 2020. The healthcare industry is vastly expanding and is touted as one of the most profitable sectors in India.
It has not only raised the revenue levels of the nation but has also proved to be a great cause of employment.
Nowadays, medical professionals are looking to explore the various business opportunities the healthcare sector has to offer.
While some businesses require medical certification, professions like a supply of medical equipment, service sectors, setting up of pharmacies can be done regardless of such constraints.
Venturing in the field of the healthcare industry might appear lucrative to the entrepreneurs who were previously medical professionals, but it requires a considerable amount of initial investments.
While some tend to spend their entire savings on this endeavour, others opt for a business loan for doctors from different financial institutes.
Apart from expertise, aptitude, and skill, an entrepreneur requires working capital to make initial expenditures for the set-up of their dream business.
Given below are the lists of different and unique healthcare business ideas for medical specialists to venture in:
Pharmacy business –
It is one of the fastest-growing industries in India as the need for drugs never goes out of demand. This business set up is ideal for medical professionals and consultants owing to their medical acumen; they would have a better insight into the utility of a particular drug. A drug store retail shop must abide by the rules and regulations of Retail Pharmacy Business that keeps a record of the store’s sale, supply, stockpiling, etc.
Investment to set up a drug retail shop would approximately require around 3-5 Lakh. Hence, entrepreneurs with a medical background can opt for a business loan for doctors from various financial institutes.
Fitness and health consultancy centers –
Medical professionals and doctors can opt to advise patients about their regular lifestyle. People who live in metro cities are prone to severe pulmonary diseases that, at times, lead to irretrievable damages. Hence, doctors and consultants can lend their valuable opinions as they know how to smartly manage chronic diseases and guide them about the Dos and Don’ts of a particular ailment.
Health blogging –
Medical consultants who have newly forayed as an entrepreneur in the medical industry can try their luck by starting a health blog. The blog would reflect his/her years of knowledge in this field, along with valuable insights about health and overall wellbeing. They can share remarkable stories during their time of practice and connect to the patients by maintaining a friendly approach.
Medical equipment provider –
Medical professionals can devote their time and effort by supplying durable medical equipment for their healthcare institutes. These supplies are necessary to secure high standard services for the patients admitted and any medical emergencies. Medical practitioners can avail of a business loan for doctors from financial lenders like Bajaj Finserv that offer financial assistance up to Rs. 37 Lakh with extended loan repayment tenor to fund their venture.
Starting a supplement brand –
A medical practitioner can begin his/her own nutritional supplement brand by infusing the skill and understanding that he/she has earned in the years of practice.
Owing to experience, one should have a deep insight into the viability of the products available in the market and can produce something that would serve the purpose at its best possible level.
How to avail of a business loan for doctors?
Applicants have to provide the following documents needed to apply for a doctor loan –
- Medical registration certificate
- KYC documents that include identity proof address proof and two passport-sized photographs.
Additionally, lenders also require work experience based on the discipline of doctor expertise.
The above-mentioned healthcare business options can be taken into consideration to create a career in this sector. With the inclusion of medical tourism, the future of the healthcare business is all set to reach new heights.