The demand for medicine in India is always increasing, owing to many factors such as the large population, low air quality in many parts of the country, and lack of proper healthcare facilities in the rural parts. So how can this issue be solved?
It’s actually very simple! The demand can be fulfilled by setting up more medical retail outlets. Moreover, investment opportunities in the pharmaceutical sector are a great way to enter the pharma business when you do not have any prior connections is through the PCD pharma franchise. Click here for a detailed, step-by-step guide on starting a PCD pharma franchise in India.
However, today we are going to talk about how to gain success in the pharma business. In this blog, we will mention the tips to make sure that you get the right start when you are starting out with a PCD pharma franchise. Keep these tips in mind to help make better profits, and enjoy running the operations smoothly.
Running a Pharma Business Successfully
Any business must start with careful planning. To enter the pharma franchise industry, you must be cautious from the moment you begin the process of finding a company to source products from.
Selecting the Right Company
Starting off right will decrease your future burden. So, how do you select the right parent company to work with? You may visit a few companies’ web pages and come across professionally taken photos. As a result, the products are bound to look enhanced.
It is advisable to contact the company by email or through call if they have a dedicated customer care line. Set up a meeting with the company, so you can be assured that the product matches the one you see online. This can also be done online if you do not live in the vicinity of the company headquarters.
Most importantly, do not settle for a PCD pharma franchise that isn’t willing to offer monopoly. Monopoly allows you to be the only retailer of the medicines offered by the parent company in a specific area. You even get to choose the area yourself and use the parents company’s resources to market yourself . So, why give up on such amazing benefits?
Be careful, as some companies will try to cheat you and promise a monopoly of half the stock. The rest of it may be promised to another retailer in the same area. A reputed brand like Vivaceutical has a wide variety of products that are available for complete monopoly to our franchise partners. Therefore, conducting thorough research on the parent company is necessary.
Handling Operations Strategically
You may have heard how getting into wholesaling has better profits, so you may want to try it out. However, our experts do not suggest you do that for a slight increase in the profit percentage. There are quite a few drawbacks to working as a wholesaler or a stockist, such as:
- You will be too busy collecting payments to actually look after the operations at your retail store, unless you employ more people.
- You will need to rent a warehouse to store all the products.
- It requires a major investment, which defeats the whole purpose of getting into franchising.
Instead, work as a distributor and directly interact with the customers. If you have been working in the pharmaceutical industry for a while and want to scale up, you can do so by following two simple steps.
- First, you need to analyse which products have been selling the most in your area. Then, you will have to stock up on these products. You may want to get a small warehouse to keep your products.
- Second, maintain proper documents and give bills. This will help the customers view you as a small pharma company owner. As a result, they won’t bargain as people tend to do with pharma franchise partners. Moreover, you will also be able to keep up with the high demand by increasing your stock.
Have Knowledge of the Products You’re Selling
This is a very important point. Say, you find out that derma products are doing particularly well in your area. Besides stocking them up, it is also important to gain scientific knowledge about them. This will allow you to approach specialists in your area with confidence.
For instance, you may be selling derma products, so you will visit the nearest established dermatologist. Now, they would only like to work with companies that know what they are doing. So if you portray yourself as someone with extensive knowledge on the topic in question, the doctor would be more inclined to work with you.
Also, it is best to have patience and approach established doctors than visiting small clinics for quick recommendations to their patients.
Be Consistent With the Discounts You Offer
To understand this point, we need to consider some scenarios. Say, a chemist comes to you to purchase your whole stock. You would be happy and probably offer them a good discount. Do not do this. You would be giving away a percentage of your share of profits. Moreover, you will not be able to duplicate the offer for another buyer.
So, if the two happen to know each other, it spoils your image. It will also encourage future buyers to bargain with you. Instead, run consist offers and keep them open to everyone, such as 10% off over a certain amount. This would maintain your integrity in the market and also push buyers to spend that minimum amount on your products.
Goodwill is crucial for running a business successfully in the long run. However, in order to build it, you need to be patient and consistent. Interact with the doctors that have partnered with you and get their feedback on how your products are performing.
Another thing you can do, to increase your reach is, organise scientific quizzes with the partner company and medical professionals. This allows you to educate potential customers about your brand and promote your products. Moreover, directly contacting the potential customers allows you to build relations, and convert them into prescriptions soon enough.
With a little patience from your side, and our team of experts, you can achieve your dreams of running a successful pharma business! Contact us today to discuss further details and begin the journey to success!