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

Summary

The 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.