The pharmaceutical industry in India is at a growing stage and it is expected to grow even further in the future. As an industry that majorly targets everyone, there is least to no possibility that the pharmaceutical industry will witness a downfall any time soon. In addition to that, starting a business in pharmaceuticals can be highly profitable.
But how to start a PCD Pharma Franchise?
If you are interested in starting a PCD Pharma Franchise but are overwhelmed with the information available online, here’s a step by step guide to making it simpler for you.
Get Your Business Registered
Before starting a PCD pharma franchise, you will require an already registered business, licences and resources. These are absolute necessities and should not be ignored at any cost. Let’s first dive right into the things that you will need to do to start the franchise on the right foot.
Starting a business in the pharmaceutical industry requires at least 3 to 4 years of experience in the sales and marketing department of a pharmaceutical business. The individual needs to have basic knowledge and experience with pharmaceutical products so that they can run the business appropriately. After all, the pharmaceutical industry is a part of the health sector and it directly deals with people and their health.
If you have the required experience, you can go ahead and select a name for your business. Get that name registered and have a trademark. There are different business models that you can start, gather information regarding the same and see which model will work best for you.
To start a pharma business you will need:
- Tax identification number
- Drug licence number
- GST number
These licences along with the business registration and trademark documents are all prerequisites for stepping into the pharmaceutical industry.
Monetary funds to invest in the products, start the business, and support the expenses of the business and resources are important. Even though starting a PCD pharma franchise does not require huge monetary funds, one must still have a considerable amount to support and fund everything at the initial stages.
Starting a pharma business requires infrastructure and machines like a fridge that is necessary to store specific pharma products. Research and select the area where you would want to market your business and rent, lease or buy land and invest in high-quality machines that are a basic requirement for pharmaceutical storage.
Labour and Professionals
The pharmaceutical industry is technical and it will require professionals who are familiar with pharma products. Moreover, labour is also required to manage the infrastructure and products. Although you don’t have to invest in labour in the beginning, this is something that you should keep in mind.
Select a Good Pharma Franchise Business
The first thing that you need to sincerely indulge in after you have registered your business is research. Research as much as you can about different pharma businesses that are already ranking in the market and shortlist a few that you believe are suitable for your business plan.
Now, this is one of the most crucial steps as your selected company is going to be the foundation of your business so you need to be extremely careful and invested.
Start by going through the company’s history. Gather information on the background of the company to understand what kind of business you can expect from them and how it will benefit you.
Then, check the authorisation of the company. Go through their accreditations to make sure they are the pharma company that deals with the products that you intend to deal with and have all the necessary certifications. A pharma company does not necessarily have to deal with all sorts of pharma products, they can choose to specifically focus on Ayurveda or allopathy. Make sure they have the accreditation and certificate that you are looking for.
Quality and Availability
Quality and availability of the products are also something that you should look for. Some companies have a long list of products to show but some of these products are almost never available. It is better to ask for assurance that the listed products will be available for the majority of the time, if not always. In addition to that, the quality of products is also something that you should be looking for. Better the quality of products, the more profits you will make.
Return on Investment
Make sure the company you are going to work with promises you a profitable return on investment. The ROI is supposed to be higher than your initial investment otherwise it is just a bad investment. Reputed companies often offer decent returns on investments, and compare the returns of different companies to secure the best deal.
Terms and Conditions
Lastly, it is important to thoroughly go through the company’s terms and conditions before signing the agreement. There should be no pressure to meet any sales target or any such conditions that would interfere with your business.
Keeping all these points will help you shortlist and select a pharma company that best suits your business plan.
Go Through the Product List
Once you have selected the pharmaceutical company, it’s time to go through the products they have and select those products that you believe will get you decent profits. Select a range of pharma products that are high in demand, trending, or have a low supply rate. All these products can help you make high profits in the pharma industry. Comparing different companies for the market rate of the products will come in handy when you will consider negotiating.
Mutually Create and Agree to the Terms and Conditions
After you have selected the products and the company, it is time to sign some legal agreements. Consider how you would want the relationship to be with the company. If there are any terms and conditions that you would want to mention or if there are some points that the company has made, get everything in writing in order to avoid any legal issues in the future.
This is the time when you can consider getting monopoly rights as well. Learn about the monopoly terms and conditions in advance and see if that can benefit your business considering the area and market you shall be catering to.
Don’t Forget the Promotional Material
There are medical companies that provide promotional materials such as diaries, writing pads, pens, visiting cards, bags, and product cards along with the pharma products, go for the promotional material if you can. As this will attract a bigger market for you. This will prove to be even more beneficial if you have monopoly rights.
Benefits of Starting a PCD Pharma Franchise In India
There are several benefits of starting a PCD pharma franchise in India.
PCD pharmaceutical franchise requires minimal investment and the profits are significantly huge. Because pharma products are bound to stay in demand, the business will not stop. Moreover, the difference in prices of the product is more than what one can expect from wholesale. This is why starting a franchise can be a great career option.
Compared to other industries, the pharmaceutical industry involves the least risks. As aforementioned, the products are in demand all over India and people use them on a daily basis to stay fit and healthy. There is very little chance that the demand will significantly drop for pharmaceutical products to affect the business.
The demand for pharmaceutical products or even the health sector is so high that it is very difficult for the supply to meet the demand, forget surpassing it to increase competition in the market.
As a franchise owner, you will be your own boss. You don’t have to report to anyone or meet any targets, whatsoever. You can run the business on your own terms and make as much profit as you want, the sky shall be the limit.
PCD Pharma Franchise is perfect for anyone who has gained exposure to the pharma industry. The benefits are very promising and the process is very simple. If you are looking to start a PCD pharma franchise in India but do not know where to begin, Vivaceutical is a Panchkula based organisation that can help you start the business by clearing all your doubts and guiding you through the process.