The size of the Indian pharmaceutical industry is no joke. At present, the industry is globally the third-largest by volume and fourteenth largest by value with an annual turnover of Rs. 2,89,998 crore (just in the year 2019-20). This massive statistic tells us something about the pharma sector in India. It’s crucial, it’s lucrative and it’s globally accepted. Since Indian pharma products are so well accepted around the globe, it provides an opportunity for hundreds of big and small businesses to become a part of this fast-growing industry. In this blog, we’ll go through some reasons why a small business should invest in a PCD Pharma Franchise.
How Can a Small Business Benefit From the Indian Pharmaceutical Industry?
The pharmaceutical industry is wide, we’ve already established that. No matter the economic condition of the country or the world, this sector can never stop growing. From research and development to the retail of pharma products at pharmacies, every position plays a crucial role in establishing a functioning cycle of production, quality control, and distribution.
But where can a small business find the most lucrative opportunity?
It’s with a PCD Pharma Franchise Company.
A PCD pharma allows small entrepreneurs to establish their own business without any external interference from the parent company, aka, the PCD. With limited investments and a promise for higher returns, small businesses can grow substantially with this one opportunity.
Here are some reasons why a PCD pharma franchise is a boon for a small pharma company.
1. It Provides Entrants With a Chance to Perform and Excel
The complete idea of a PCD pharma franchise gained momentum when entrepreneurs realized that it gave beginners a chance to set up their own businesses. This model also supports you in the initial stages of networking and distribution.
Unlike big pharma companies that only collaborate with other well-renowned manufacturers and distributors, a PCD company operates otherwise. They look for small-scale businesses with limited resources that can help them reach more remote areas and widen the accessibility of their pharma products.
This, however, does not mean just anybody can set up a pharma franchise. Since the industry is a prescription-led one, certain precautions are necessary. The first and most crucial requirement is a drug license. For a franchise to deal in the distribution of pharma products, certain licenses are required. Apart from these, you must have all the necessary documentation of a legit business and a few years of experience in the pharma industry up your sleeve.
2. It Breaks Monopoly
Just like a PCD pharma franchise provides monopoly rights to small businesses, it breaks the monopoly of big corporations.
What is this monopoly right? PCD pharma provides its franchise owners the sole right to market and distribute an exclusive range of pharma products in a particular region. No other franchise owner of the same PCD company can sell those same products in this region. This helps franchise owners cooperate in the location without extensive competition.
This also helps break the monopoly of big companies selling pharmaceuticals with the same salts and compositions in that area. With small companies, the prices of pharma products are also lower, allowing them to establish a more sound relationship with the locals and gain loyal customers.
3. Increase Accessibility of Lifesaving Medications
Pharma franchises usually start out with distribution rights in smaller perimeters. However, this also allows them to provide crucial and life-saving medications in those regions specifically. Most franchise owners must first go through a thorough evaluation of the location and find the recurring medical requirements of the residents. Depending on what kind of issues people face in a certain place and their economical status, franchise partners can make access to these medications easier.
Unlike big companies that only focus on profits and prefer operating in bigger cities with greater population and a higher standard of living, PCD franchises go deeper into the crevices of the country to reach remote areas.
4. It Is a Simple Model With a Proven Track Record
PCD franchises are pretty easy to establish and they’re best known to be profitable. Due to its limited requirement of resources, entrepreneurs do not feel pressured while starting the business.
To establish a PCD franchise, you must,
- Find a suitable PCD pharma franchise company like Vivaceutical that operates in the region of your choice and has a product line best fit for your requirements.
- Have all necessary licenses, both for establishing a legal business and dealing in the distribution and marketing of pharmaceuticals.
- Go through the terms and conditions of the PCD company, and negotiate the terms as per your convenience.
- The PCD you choose must give you monopoly rights, have minimum investment requirements, and should be transparent with you regarding all transactions.
If you require more tips to choose a PCD Pharma Company, read this.
Once you’ve found the most suitable PCD company that fulfills your requirements, you can easily set up the business and start earning profits.
A PCD pharma franchise opens up new horizons for small businesses that want to enter and excel in the pharmaceutical business. With India’s ever-growing pharma industry and multiplying demands for better distribution channels, pharma franchises are taking center stage.