EP 3 of 40 - Business Mastery Series | By Sandeep Maheshwari | Hindi

Business Mastery Series

18 Oct 202312:22

Summary

TLDRThe speaker discusses the strategy for running a medical store, emphasizing the importance of selling genuine medicines at a competitive discount. They suggest increasing the discount from 10% to 20-30% to attract customers and differentiate from competitors. The conversation also touches on the need for transparency in profit margins and the importance of trust in the medical field. The speaker proposes branding and marketing strategies, such as showing customers the invoice of the purchased medicine to build trust and highlight the store's commitment to genuine products.

Takeaways

😀 The speaker is planning to start a medical store and is considering various strategies for its operation.
🎓 The speaker has a background in pharmacy, with a diploma mentioned in the conversation.
💊 There is a discussion about the sale of both patented and generic medicines, with an emphasis on the margins and discounts involved.
💰 The speaker contemplates increasing discounts to attract customers but is also concerned about profitability and sustainability.
🤔 There is an emphasis on the importance of trust in the sale of medicines, especially regarding the authenticity of generic drugs.
📈 The speaker is considering branding and marketing strategies to differentiate their store from competitors.
📉 There is a concern about the financial risks involved in running the medical store, especially regarding the initial investment and break-even period.
👨‍⚕️ The speaker mentions the potential collaboration with doctors, suggesting that lower consultation fees could attract more patients.
🏥 There is a discussion about the challenges of competing with online platforms, which can offer deeper discounts due to lower overheads.
🛒 The speaker is considering offering transparency in pricing and the source of the medicines to build trust with customers.
📝 The speaker suggests providing customers with documentation that proves the medicines are genuine and the store's margin on each sale.

Q & A

What is the individual's background in the pharmaceutical field?
-The individual has a background in pharmacy, having completed a diploma in the field (D.Pharm).
What is the main concern of the individual regarding running a medical store?
-The individual is concerned about the competition and how to price the medicines, especially in relation to discounts and margins.
What is the individual's strategy for pricing generic medicines?
-The individual is considering offering discounts on generic medicines, potentially increasing the discount from the usual 10% to 20-30%.
What is the expected margin on patented medicines according to the individual's understanding?
-The expected margin on patented medicines is between 23% to 25%.
How does the individual plan to attract doctors and patients to the new medical store?
-The individual plans to offer lower consultation fees to attract doctors and patients, hoping that cheaper, quality treatment will draw in more customers.
What is the individual's concern about offering too much discount on medicines?
-The individual is worried that offering high discounts might not be sustainable in the long run and could lead to financial strain on the business.
What is the individual's view on the importance of trust in selling medicines?
-The individual believes that trust is crucial in selling medicines, as customers need to be assured of the authenticity and quality of the products.
What strategy does the individual suggest to differentiate from competitors?
-The individual suggests being transparent about pricing and offering fixed discounts, as well as providing proof of the medicines' authenticity.
What is the individual's advice on building trust with customers?
-The individual advises to clearly communicate the fixed price strategy, offer only genuine medicines, and possibly rebrand to emphasize authenticity.
What is the individual's concern about the potential financial risk of running a medical store?
-The individual is concerned about the financial risk involved, especially regarding the sustainability of offering discounts and managing the initial costs.
What is the individual's view on the importance of branding and marketing for the medical store?
-The individual believes that branding and marketing are important to stand out from competitors and attract customers, suggesting a need for a clear and unique strategy.

Outlines

00:00

🤔 Starting a Medical Store with Generic Medicines

The speaker is considering starting a medical store and discussing the strategy of selling generic medicines. They mention the importance of having a good margin, which is between 23% to 25%, and compare it with branded medicines. The speaker also talks about the challenges of competing with online sellers who can offer higher discounts due to deeper pockets. They contemplate offering discounts to attract customers but are concerned about the financial sustainability of the business, especially in the initial years. The speaker also touches on the idea of making doctor consultations more affordable to attract more patients and potentially increase sales of generic medicines.

05:01

💡 Building Trust and Transparency in Generic Medicines

The speaker emphasizes the importance of trust in the sale of generic medicines. They suggest that customers are primarily concerned with the authenticity of the medicine rather than discounts. The speaker proposes a strategy of fixed pricing and no discounts on genuine medicines to attract customers. They also discuss the idea of rebranding to 'Janin' to build a strong brand identity and trust among customers. The speaker highlights the need to differentiate from competitors and to provide clear evidence of the cost of the medicines to show the margin, which is 20%, and to assure customers of the value they are receiving.

10:02

🚀 Launching a New Strategy for Generic Medicines

The speaker discusses the launch of a new strategy for selling generic medicines under the brand name 'Janin Medics.' They express confidence in the strategy and its potential for success, suggesting that it is significantly different and better than previous strategies. The speaker also mentions the benefits they would receive from the success of this venture, including increased sales and profits. They advise against copying competitors and emphasize the importance of thinking out of the box and doing something unique in the market. The speaker concludes by expressing certainty in the success of the new strategy and encouraging clear and straightforward communication about its benefits.

Mindmap

Keywords

💡Medical Store

A medical store is a retail outlet that sells medical supplies and pharmaceuticals. In the video script, the speaker is considering running a medical store and discusses various aspects related to its operation, such as discounts, margins, and the sale of generic and patented medicines.

💡Diploma in Pharmacy

This refers to a professional qualification in the field of pharmacy. The speaker mentions having a Diploma in Pharmacy, which is likely the educational background that informs his understanding and approach to running a medical store.

💡Discount

A discount is a reduction in the price of a product or service. The script discusses offering discounts as a strategy to attract customers to the medical store, with the speaker considering increasing the discount from the common 10% to a higher rate.

💡Margin

In business, margin refers to the difference between the cost of goods and their selling price, essentially the profit per unit sold. The speaker talks about expecting good margins while selling medicines and considers the impact of offering discounts on these margins.

💡Generic Medicine

Generic medicines are copies of branded drugs that have the same dosage, safety, strength, and intended use. The script mentions selling generic medicines alongside patented ones, indicating a strategy to offer customers a range of options with varying price points.

💡Patented Medicine

Patented medicines are drugs that are protected by a patent, giving the manufacturer exclusive rights to produce and sell them for a certain period. The speaker discusses the margins associated with patented medicines and how they compare to generic ones.

💡Consultation

In the context of healthcare, a consultation is a professional advice or service provided by a doctor. The script suggests making doctor consultations more affordable to attract more patients, which is a strategy related to the medical store's services.

💡Branding

Branding refers to the process of creating a unique name, symbol, or design that identifies and differentiates a product or service. The speaker talks about the importance of branding and suggests considering a name change to 'Janu' for the medical store to create a distinct identity.

💡Trust

Trust in a business context refers to the confidence customers have in the quality and reliability of a product or service. The script emphasizes building trust with customers by ensuring the medicines sold are genuine and by being transparent about the store's operations.

💡Strategy

A strategy is a long-term plan designed to achieve a particular goal. The speaker discusses various strategies for running the medical store, such as offering discounts, building trust, and differentiating the store from competitors.

💡Profitability

Profitability refers to the ability of a business to generate profit. The script explores the financial aspects of running a medical store, including the speaker's considerations on how to ensure the business remains profitable despite offering discounts.

Highlights

The individual plans to start a medical store and is considering various strategies for running it.

The person has a background in pharmacy, with a diploma in the field.

Discussion about the common practice of offering discounts and selling generic medicines.

Concerns about competing with others who are selling at a discount and offering branded medicines.

The person is considering offering a higher discount to attract customers, such as 20-30%.

There is a plan to earn profits within the next three to four years, despite the initial lack of savings.

The importance of having a good margin when selling medicines is highlighted.

The conversation touches on the potential for doctors to refer patients for cheaper treatment options.

The strategy of reducing consultation fees to attract more patients is discussed.

The person is advised not to blindly follow the strategies of others but to refine and clarify their own approach.

The discussion includes the idea of building trust with customers by ensuring the medicines sold are genuine.

The importance of transparency in pricing and the margin on medicines is emphasized.

The person is considering rebranding to 'Janin' to establish a clear identity and trust with customers.

The conversation suggests providing customers with proof of the medicines' authenticity, such as including a photocopy of the purchase invoice.

The potential issue of competition from online sellers who can offer deeper discounts is acknowledged.

The person is advised to think out of the box and differentiate their business from others in the market.

The conversation ends with the person being confident that their strategy will work and will be profitable.