Are you thinking of establishing your own PCD Pharma Franchise Business, believe me it’s not an easy task. This is the most confusing thing these days as there are a lot of factors which needs to be studied thoroughly beforehand. If you choose a wrong brand or a wrong parent company it will further complicate the situation.
Things to Consider before Starting Pharma Franchise Business
Product Quality : This is the most important factor for the success of a pharma business. Quality speaks for itself. It is always advisable to test a few samples and specimens and ensure that the product is of superior quality and is going to sell itself. This will ensure that the Pharma Franchise Catalogue will have items of great significance. Also it will help you lead the pharmaceutical industry competitors and leap ahead of all local pharma manufacturers.
Certifications : WHO-GMP & ISO certifications are a great tool to ensure that the company is a genuine good in pharmaceutical industry. It ensures that the company is seriously looking for the product and process quality in all the different aspects. Also we must look for some important licences like FSSAI licenses, (DL) Drug Licenses.
Brand names: Always go for the PCD Pharma company which has a list of popular brands. This will help you in having an edge over the competitors and make you very popular in the healthcare and medical sector. If the brand is popular one you will have good references also from the doctors and healthcare practitioners. Lifepure Labs is the most renowned company in India which is a PCD direct from the manufacturer.
Stock Availability: There are very limited Pharma PCD companies which maintain responsive stocks as per demand. You should not be drained away the extensive list of brand collection in the product list. Try to investigate further about ready to deliver regular stock level being maintained by the pharmaceutical company. We should never forget if a product is recommended by a doctor, if the drug is not readily available in the chemist medicine shops it will kill your market reputation for the end customers.
Packing : If the packing is attractive it will lure the mind of the doctor as well as the patients. Packing reflects the manufacturing quality, brand reputation as well as the company seriousness about the manufacturing process. It is the one thing that will superceade all your other efforts.
Monopoly: You must investigate about the monopoly scenario in your PCD Company region. The company should have the area marked as vacant and should be willing to offer you complete monopoly rights on the agreement. Also you should market research about the possible extensions and the scope of monopoly in that region for your brands. There are various companies that provide pharma franchise business within a monopoly basis.
How to start a Pharma Franchise
Choosing a pharmaceutical firm necessitates much investigation and analysis. Because the firm you choose and the items you buy will decide the destiny of your business, extreme caution should be exercised at this point.
1. Examine the products’ availability. You must also verify the pharmaceutical company’s validity. Is it true that all of the items on the menu are actually available? Because there is always the risk of coming across a phoney company, one must exercise caution.
2. Learn about the company’s history, market share, vision, mission, and goals. What is the market’s overall reputation? All of these factors must be thoroughly studied.
3. Sometimes full money is requested in advance, while other times only part payment is requested. The terms should be precise, unambiguous, and well-documented.
4. Discuss the company’s objectives. It’s critical to have a trusting relationship with the organization so that the goals set are achievable. It benefits both parties.
After getting all the details about Pharma Company, you can start your own Pharma Franchise Business.