With an ever growing industry and never-ending demand of products, Pharmaceutical industry has become one of the most profitable fields of business ever in India. Entrepreneurs are closely analyzing the escalating growth and some are even trying their hands on it.
Pharma franchise & PCD franchise which are some of the latest marketing tools adopted by the Pharma industry have been well received by young entrepreneurs. It provides them with an opportunity to leverage the well-established brand power of the Pharma companies and also accumulate wealth in the process.
Especially PCD franchise business, which is an innovative franchising opportunity for entrepreneurs who have a low budget for investments. Due to exponential development happening in the medical sector around India and high fragmentation of the market, even small businesses are empowered to compete and survive in the cut-throat competitive market.
So, If you are an entrepreneur and want to start a PCD Pharma Franchise business in India then you must give this article a read. We have laid down some helpful tips with which you can choose the best PCD Pharma Franchise Company for your own business.
1.Check Company Profile:
Profile of the company must be of your first priority when selecting a PCD Pharma franchise company. You need to check if it has been approved by big agencies or not. Also, its documentation and certifications are something you shouldn’t miss out on.
Some of the important documents and certifications that you must look out for in PCD Pharma franchise are :
- Drug Licence number (D.L. No.)
- GST(Goods & Services Tax)
- Tax identification number (TIN)
- Company Registration
- Trade Mark registration
- GMP Registration
Also see if they have some good awards & certifications for quality, productivity & fair business practices. So, do thorough research on the company first and get to know their background.
2. Analyse the product catalogue:
Product range and also its quality is an important factor which can decide your success in this type of business. A pharma company with an extensive range of products with attractive packaging and labeling would be of greater advantage to you.
You just can’t take this part lightly as your major ROI will depend on it. With a larger range of product, you can serve a larger audience of customers. So, make sure the pharma company has at least 700-1000 different types of products.
Also, make an effort to visit the company and check the culture and also the products that they have to offer.
3. Investigate their Customer Support:
Due to the exponential growth of the Pharma industry in India, there are a ton of them in the market. So, make sure you select the one which has a long term vision and a greater purpose. You must investigate the kind of customer service these companies are providing.
Look out for any complaints or grievances shown by the franchisee because lot of issues may pop up while you conduct others business. You may not get the stock on time or there may be a shortage of availability. So, make sure you keep this in mind.
Ask if you get timely service and also if you get a dedicated account manager to handle all your transactions.
If the pharma company provides you high-quality service then you can further do the same with your customers. Right?
4. Research about the Brand Presence:
The goodwill and reputation of any company are crucial to determine its longevity and market value. This same principle you must apply while selecting a PCD Pharma franchise Company. This creates trust and reliability from your customers and increases your conversions and sales.
While selecting a Pharma company, analyze their social proof. They must have a great presence in the advertising networks, their marketing systems must be strong and also the kind of response they get from the general public
You can make out their presence by looking at the amount of value they have brought in the lives of people through their products.
5. Look for Experience:
An experienced pharma company in its specific industry will undoubtedly provide you with better products and services. Selling medicines and managing a business empire are two totally different things.
Everyone can sell the medicinal drugs but all do not have the expertise to manage the company and create a rock-solid system of business. So, expertise only comes with experience and you must not ignore this factor as well.
Even medical practitioners advise the same and they don’t like to shift from one brand to another. If one works well, they use it until an issue comes up. So, an experienced Pharma company would be a better choice for your business.
6. Clarify the Terms & Conditions:
To be on the safer side of everything, read all the documents regarding the terms, conditions, and policies of the Pharma company. First, check the payment terms and also clarify it with them. Ask them about how you are going to pay for the investments, at what intervals and also the amount you will pay.
The second important thing is your monopoly right. This lets you be the sole distributor around the proximity of your selected area of business. This lets you enjoy monopoly and doesn’t affect you with competition from others.
Both the payment terms and monopoly rights must be in legal written form so that you don’t face any issue in the future. Read the policies properly and get these documents from the company. Then you are good to go.
This article must have given you much more clarity on this topic. A PCD Pharma Franchise company lets you escape the corporate world and helps you become an entrepreneur. This has become quite popular around the world and recently it is picking up its speed in India as well.
If you make the right decisions followed by a strong strategy, you will surely find greater success in this business model. Don’t make a mistake and choose a right company for your business.
All the best for all your endeavors in the coming future!.