Taking a PCD Pharma and Pharma Franchise depends on company to company. Some pharma companies provide franchise state wise while some go for zonal wise distribution of franchise. The most common in India is the district-wise distribution of pharma franchise or PCD pharma.
The idea of a Pharma franchise business is a mutual working agreement between the PCD Pharma Company and the Pharma franchise. Pharmaceuticals companies in India provide pharma products to franchisees at the net rate, and they distribute these products with proper marketing techniques to earn a marginal profit.
Now we are going to discuss the stepwise procedure for starting a franchise business:
Start your PCD Pharma or Pharma Franchise business
To select a pharma company requires a lot of attention and research because the whole career, future, investment is depending on the company which you select for having a PCD pharma franchise. It is not easy to predict which company is best and which is not, but proper analysis of the company helps you or prevent you from choosing the wrong company.
Stage -1
In the initial stage, you need to prepare a business plan in which you will mention product range (for [promotion), financial planning, doctor or chemist (whose you will target). If you want to start a pharma franchise on a part-time basis then also mention its future, mission, and target. Also, you need to arrange to fund admin, management, marketing, promotional and other activities.
Arrange License and Registration:
For taking a franchise of a pharmaceutical company, one should need to have registered their company. Then apply drug license and Goods and service tax number for your business.
Stage-2
This stage mainly consists of three important factors that need to be considered.
Select the location
Selected the area for your franchise business is a very important step. For this, you need to make a small investigation of competitors, their products, pricing, and people reviews. Besides that, make a list of doctors and retail chemists of your area, and divide them into segments as per the possibility of a sale.
Make a Product list
First, prepare a list of molecules or products you want to promote and market. Check the availability of the products such as derma, pediatric, gynec, general, or any other segment.
Find a good profitable Pharma company
Make a list of PCD Companies and enquire about their product list and pricing. Check history, products & services, distribution network, existing franchise partners then choose PCD Pharma Company that is suitable as per your requirement and need.
Final stage
Once you selected the pharma franchise company, it’s mandatory to follow the Terms and conditions:
Terms and conditions
Terms and conditions should be based on mutual understanding between you and the Pharma Company. They must be in writing because written documents are helpful from any future dispute. In the terms and condition should mention the following questions:
- What are the terms of payments?
- Is the payment required in advance?
- If yes, then how much percent
The conditions should be clear, unambiguous, and documented.
Monopoly rights
Also, you need to read the terms and conditions of monopoly rights. In a monopoly agreement with a pharma company, it should be mentioned that no other distributor is given the authorization to sell the same product in the allocated area.
After successfully clearing all the above steps, now place the final order as per your requirement and conditions.
Once you got approval for a Pharma franchise from the Pharma Company, then you are the owner and master of your Pharma franchise business. In your Pharma franchise company, nobody will interfere in your business and you can take decisions freely.
Eventually, to start a PCD pharma company you need to be determined and dedicated that can make it hugely profitable.
If you are looking to Start Pharma Franchise Business in India, you can approach World healthcare, a pharma franchise company in India that will provide you outstanding marketing support.
Pharmaceutical is the most leading growing business at present. Due to this rapid growth, the pharmaceutical sector provides numerous opportunities for business for the number of people all over the country. People have abundant options for business in the PCD Pharma Franchise Company, one such option is distributorship in Pharmaceuticals.
Providing medicines to the people is as important as to manufacturer them that is done by distributors or other supply chains. Business in pharmaceuticals for distributors is a quite profitable investment that provides a high margin and less input for marketing.
What is the pharma distributor?
In the pharmaceutical field, Pharmaceutical distributors purchase prescription medicines and other medical products directly from pharmaceutical manufacturers for storage in warehouses and distribution centers across the country. They do not manufacture, prescribe, or promote medicines.
The Pharma distributor also faces several challenges and tackles the competition in the pharma field. Here follows some tips and guide to help you become an authorized distributor in the Pharma industry:
Make a Business strategy
The foremost thing you need to create a relevant field-tested strategy with a clear framework of your financial sources and advertising methodologies. You should decide the appropriate location to start your venture and also set up an online website. You can also focus on the legal structure of the business. Also, you required several employees.
Select Target Market
The next crucial thing you should analyze is the market that you are going to target. On deciding the perfect location for your business, you must pick an ideal area that is open to roads and expressways.
Get legal authority
Other than managing the fund and location, the PCD pharma distributors must obtain a valid business license for the Pharma distribution business. Along with that, you need appropriate insurance so that you can run a successful Pharma business. A top PCD pharma franchise company in Ambala will ask for your license and permit to establish your authenticity as a pharma distributor.
Promoting your business
Any kind of business needs promotion to reach the top. It is the same as the Pharma distribution business. A distributor should try to advertise the PCD pharma distributor business as much as possible. It will help to establish a business identity. Promotional materials are powerful weapons to achieve immense popularity. Promotional materials include company profile, and product cards, literature and reminder cards, pen, pad, diary, calendar, small gift articles, etc.
Gross Margin
Another thing you need to do is to calculate the gross margin of your business. That will help to determine how capable your business will be through the costs and to understand the cost of goods sold. It is also essential to check the profit margins, especially when you purchase in bulk and make a long term contract with the supplier for a low cost.
Competition
Besides all elements, the most crucial factor is your competitors. No business can run without competitors. However, to grow your business and attain a trustworthy name, only competition can make you drive the market.
Duties of pharma distributor in PCD Pharma Franchise Company
Distribution is the most important activity in the integrated supply-chain management of pharmaceutical products. Distributors are responsible for the handling, storage, and distribution of such products. They have some more duties in the Pharmaceutical field which are given below:
- to comply with the rules and regulations of the best distribution practice
- distribute only to a person approved by law
- to have an effective system of recalls of medicinal products
- maintain records in an appropriate extent as required by the law
- to cooperate with the employees of bodies authorized to carry out inspections
We hope these points would help you to become a successful Pharma franchise distributor in India. If you need some more information regarding PCD Pharma Company in Ambala, World Healthcare always ready to help you.