New Delhi: A great way to start your own business or as a side hustle is to deliver and pick up medical supplies. Low operational costs and a variety of revenue sources are offered by a medical courier business to entrepreneurs with grit and drive. As we all know, hospitals and clinics are not the only places that employ medications.
Millions of people place online orders every day for supplies or to have specific drugs delivered to them. Therefore, there is a sizable untapped market for anyone interested in entering the medical courier services industry.
Medical Courier Service Business: Market Potential
To ensure that they can handle and deliver medical products securely and properly, medical courier firms may need particular training and certifications.
Precedence Research estimates that the global market for the distribution of medical supplies was worth $50.33 billion in 2021 and will likely reach or surpass $97.5 billion by 2030, rising at a 7.6 percent CAGR throughout that time.
Medical Courier Service Business: Investment
A medical courier firm can start up for between Rs 3,32,420 and Rs 8,31,050. The price includes paying for software, a website, promotion, and the appropriate certification. Being able to utilize your own car and cut costs is one benefit of beginning a courier business.
Medical Courier Service Business: Profit
Medical courier services typically cost about Rs 2900 per hour. Your primary expenses while driving your own vehicle will be for certification, a website, and marketing fees. A profit margin of about 85 percent is normal.
You could make Rs 60,66,665 in your first year or two by delivering eight hours a day, five days a week. If the profit margin was 85 percent, your profit would be Rs 51,52,510.
Your profit margin would drop to about 65 percent if you hired a second driver to double your business as your clientele grew. With a Rs 12,133,330 yearly income, you would earn a comfortable Rs 78,94,975 profit.