How to Start Pharma Franchise or Pharma PCD in India?
How to Start Pharma Franchise or Pharma PCD in India?
Start Pharma Franchise or Pharma PCD in India? – A pharma franchise or the PCD pharma franchise business is one of the most profitable businesses in the pharma industry. While other businesses require sufficient financial investment without offering the assurance of good returns, a pharma franchise can be started with remarkably low investment depending upon the area you wish to cover with the business. Even though the investment is low, the returns are pretty good, and the risk factor is low. Moreover, a growing demand for health care products and services across the world has given the boost to PCD pharma franchise owners who can rely on the sustaining need for medicines despite crisis or market fluctuations.
A PCD pharma franchise is a lucrative business model that can be started any time by anyone with little or no experience. However, one can only start pharma franchise in partnership with a pharma franchise company. A pharma franchise company grants authorization to an individual or group to promote, distribute, and sell the company’s services and products in the market. A pharma franchise owner does this by using the proprietary information of the PCD pharma company.
Must Read: What is the difference between Pharma Franchise and Pharma PCD ?
The question now is –How to start pharma franchise or pharma PCD in India? In order to learn the answer, go through the points listed below very carefully. These points will help you decide if you are ideally suited to start a pharma franchise in India and what to expect once you invest your resources in the business.
Points to Consider When Starting a PCD Pharma Franchise in India
A PCD pharma franchise, just like any other business, must have an objective, vision, mission, long-term and short-term goals to help it guide through the process. Without a clearly defined thought process, a business has no meanings. The following points will act as a food for your thought and give you an insight into the nitty-gritty of the pharma franchise business.
- Financial projections become crucial in order to calculate net profit, profit margin, gross profit that can be earned by the PCD pharma franchise. However, inaccurate projections may cause more harm than good. Therefore, take into account future market demands, competition, market share, industry statistics, etc to come up with a nearly accurate figure.
- Give yourself the benefit of doubt and leave room for negotiation when buying products or additional stuff to start a pharma franchise. Do your calculations and avoid excess overhead costs wherever possible.
- Industry and marketing experts have always emphasized the role of conducting market study when starting a new business. In pharma industry competition is acute, hence doing elaborate study becomes crucial to survive. Before you jump into the business, make sure you know your market, demand, supply, competition, target audience, products, history and reputation of the PCD pharma company, etc in depth.
- A pharma franchise business offers numerous possibilities to its associates. Since the range of pharma products is so vast and versatile, a pharma franchise owner has numerous options to choose from. Whether you wish to start a pharma franchise for cardiac diabetic medicines, ayurvedic products, antibiotics, derma products, or ENT drugs, it is entirely up to you. Once you have decided the specialty, you can choose a pharma franchise company.
- Thinking about starting with a partner? If yes, do so wisely.
- A new PCD pharma franchise business, like any other start-up, can be financially and emotionally draining. Give yourself minimum 8-10 months until you break-even. Additionally, keep aside some financial backup ready in case of an emergency which is not unusual with a new business.
- A thorough self-study in terms of own interests, background, qualification, skills, and knowledge is absolutely vital. It helps to gauge one’s own potential in keeping the Pcd pharma franchise on track during contingencies and hard times. It will also enable you to decide the kind of pharma franchise you should start.
- Choose a PCD pharma company only after you have assessed the demand for its products and services in the market. A visit to nearby chemists and hospital pharmacies is a quick way to determine the popularity of the company’s products.
- Choose a pharma franchise company with a genuine profile, reviews, and ratings. It is easy to be duped by fake pharma franchise companies in India claiming to be real and reputed.
- Shortlist a few pharma franchise companies in India that match your requirements. Then send each one of them a separate inquiry asking for price lists, product lists, their policy on monopoly based PCD rights, etc.
- Once you have finalized a PCD pharma company, approach them with your terms and conditions. Follow it up with a signed pharma franchise agreement that contains mutually agreed terms and conditions.
Documents Required to Take Pharma Franchise from a Pharma Franchise Company
Once you are ready to kick-start your dream of start pharma franchise, you must apply to the PCD pharma company for a pharma franchise opportunity. To do so, you need to submit the following set of documents.
- A Copy of site blueprint if you own the premises.
- A copy of the rental agreement in case you are leasing the premises.
- Legal Drug License obtained from the Central Drug Standard Control Organization.
- PAN
- Company Registration Copy with Partner’s attestation in case of Limited Liability Partnership Company
- GST number
- CST number
- TIN
Guidelines on How to Select the Right Pharma Franchise Company
Partnership with the right pharma company can give your business an extra edge and long-term returns. Therefore, tread carefully while choosing a company for start pharma franchise. Use the following tips to make the right decision.
- A good pharma franchise company has a formidable reputation and widely respected.
- A good PCD pharma company will have an impressive history and marketing profile.
- The pharma franchise companies in India that give you free promotional and marketing aid make good contenders. Such companies provide free product samples, visual aids, diaries, pens, product manuals, brochures, reminder cards, marketing bags, etc.
- Choose a company that offers a diverse range of specialty and generic pharma products.
- A good pharma franchise company will have certification from WHO, GMP, ISO and it will offer DCGI approved pharma products.
- Check if the company gives monopoly rights for distribution and promotion in your desired area. Being in possession of monopoly rights can help eliminate competition in your area.
- A leading PCD pharma company offers expansion and growth opportunities on a national scale.
- Many top pharma franchise companies in India help their pharma franchise partners by giving them products on loan or credit during emergencies. Check if your potential pharma company follows the same policy.
- Make sure the company’s terms and conditions match those of yours.
Hopefully, we have clarified any doubts you may have had regarding a pharma franchise business. This detailed guide on how to start pharma franchise or pharma PCD in India will serve you through the entire set up process and prepare you for challenges. The pharma franchise business offers bright future to newcomers as well as experienced individuals. In short, it is a safe investment with minimal risk and great returns.
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