What Really Counts When Opening A Franchise Of Pharma Company?

It has been years that the Indian pharmaceutical industry is thriving on huge profits from exports and shares a remarkable value and volume in the world pharma industry. With all of these, the PCD or Propaganda-cum-distributor scheme has worked out well for new players and it drew huge revenues for them. Basically, it gave an impeccable opportunity to the medical representative professionals, who were looking for something to own.

With not a very huge investment budget and administrative risks, owning the PCD companies in India was made easier. But, like every other thing, there are some factors that draw demerits also. Literally, trusting here is same as people do when buying a medicine from a reliable chemist, but on a bigger scale. It is because the reputation of a company decides the fate of a product going to be sold in the market.

Factors that matter when opening a franchise pharma company

Here, we list out several factors that count when opening a franchise of pharma company.

Location – Given their years of experience, the medical representatives have a familiarity of the places in and around a city or district. Generally, people prefer a location where they have a stronghold in the market and a good reputation. It actually has great impact on the business. The local market stronghold will not require demanding persuasive skills.

Company – When opening PCD companies in India, some people commit a mistake of not verifying the history of a company, neither researching their marketing value. It incurs huge losses when doctors in and around the area deny to entertain a brand due to a murky history or poor quality products. At least, a good reputation matters as it makes it easier to introduce.

Manufacturing – The pharmaceutical company should have its own manufacturing unit, where it produces quality medical products. Not just that, it should have modern and efficient manufacturing technology. The medicines should have been approved by the DCGI (Drug Controller General of India). It authenticates their quality of manufacturing process as well as product.

Availability – Numerous PCD franchise business failed due to poor availability of medicines. The doctors who have trusted a branded will never approve it again when the franchise pharma company fails in providing medicines right on time. It degrades the brand value and earns a bad name in the market. Hence, it is of utmost importance that the medicines are available right on time.

Marketing and promotional input – A good pharmaceutical company would provide marketing and promotional inputs to the franchise. For marketing, it is important to have a strategy and provide the exact product that people are looking for. While in promotional, there are several entities that the company provides, such as visitor’s card, reminder cards, pen, etc.

Apart from the above, there are some miscellaneous points that one should learn about. But, the focus should remain upon all of these important factors. Finding that, it is easier to make a decision.

Author Information :-

Danil Vieat is an experienced pharmaceutical sales professional. He shares tips on starting a franchise pharma company. He discusses more on opportunities available for medicine franchise or pharma franchise in India. His advices on nurturing pharma company for franchise helped many pharma franchise India business grow.

Danil Vieat is an experienced pharmaceutical sales professional. He shares tips on starting a franchise pharma company list.