Pharma Franchise - A Successful Business Model Or Just A Trap?

Pharma Franchise is almost 3-decade old idea and has proved its worth over the period of time. But, if you will discuss it in the market, you will observe that majority of professionals are not fond of this business model.

In this business model, companies remotely appoint business partners especially like-minded people who can contribute in growing. Through a mutually agreed contract, the company gives complete monopoly rights to their partner to work in a predesignated area.

Mostly people already working in the pharmaceutical industry are the most suitable candidates for these companies. Since they are experienced and share good relations with the doctors, chemists and other stakeholders, they can easily turn fortune in their favors.

There are many reasons why some people don't like this business model, few of them are -

• Superficial knowledge of the business
• Lack of confidence
• Lack of leadership qualities
• Mentally not ready to take risks
• Less professional acceptance

Since, this business requires managerial skills and self-confidence, many people who lack these qualities never get success with this.

Lack of proper guidance and vision are the major issue's behind their failure. Every business need a vision and to achieve that, it requires complete guidance.

Here we will discuss that whether it is actually worth considering or just a waste of efforts and money. To clarify it, we are listing few pros& cons of this business model. Check them and try to get insight about that whether these can be optimized or not for your professional growth.

Pros of Pharma Franchise Business Model

• Less initial investment
• You will get complete marketing support from the company
• Opportunity to grow vertically, your success completely depends on you
• Choice of choosing products
• No fixed billing requirements
• Complete monopoly of products - Almost no competition

Cons of Pharma Franchise Business Model

• No control on the supply - you may face interruptions
• This business model needs strong relationship with doctors
• You need to keep eyes on ROI
• Most of the time you don't get support regarding expiry settlements

Hope, now it's clear that there is nothing which you cannot control. Unlike other businesses, this business is more predictable and profits are many-folds. Pharma franchise offers you complete autonomy of decisions in your area. You are the sole authority and your own boss.

By keeping close eye on the inventory, product movements and ROI per doctor; you can easily scale-up this business. Since the profit is more, you should always think about increasing the business base by converting more and more doctors.

With the increased inclination of patients towards the generic alternatives, the scope of Pharma Franchise is increasing like never before. It is expected to grow manifold’s in the next few years.

There are many startups who work on ethical principles and offer complete help in your research regarding finding a good, profitable Pharma Franchise company. Pharma Franchise India is one of them, having experienced team of professionals specially from this industry.

Few major benefits of this are:

• Complete solution to setup your business
• Experienced team of professionals
• Quality products
• Competitive rates
• Timely deliveries
• Complete marketing support

Traveler | Author | Philosopher | Entrepreneur | Dad | Husband