UNDERSTANDING THE PHARMA FRANCHISE BUSINESS
Pharma Franchise and/or PCD may be a peculiar word for common people; on the other hand, pharma franchise or PCD is a well-recognised term for people that are associated with medicines and pharmaceutical sectors.
As per the latest WHO Report 2017, the Indian Pharmaceutical industry is expected to become the key global market by 2020. With this potential growth rate, it has become a good investment spot which could provide growth and profit as well. The opportunities for small pharmaceutical companies and pharmaceutical professionals to grow and start their own work also revolutionised with the introduction of the pharma franchise concept.
Franchise businesses are on fire these days, rendering them as the leading chain businesses in the market today. ‘Franchise’ is a term which is defined as an authorisation granted by a government or company or organisation to an individual or group allowing them to carry out specified commercial activities, for instance acting as an agent or marketing or sale for a company’s products.
What is pharma franchise?
‘Pharma Franchise is basically an approval permitted by a pharmaceutical firm to an individual, distributors or gatherings which gives them consent to strive their organization’s restrictive information, items, mark names and other combined concurred term and condition for specified zone, for instance, circulation, advertising, specialist’s advancement approval and taking arrangement of wholesalers and so on for organization items or administrations.’
In simplified words, Pharma franchise is an authorisation or official agreement or approval granted by Pharma Company to distributors, group or individual. It is also known as PCD marketing. PCD stands for ‘propaganda cum distributors’. A Top Pharma Franchise is based on its quality services for its associates, range of high-quality products and affordability.
The pharma experienced professionals, Regional Sales Manager (RSM), Area Sales Manager (ASM), medical representatives, medicine wholesalers, distributors can start their own franchise business. Also, any individual who has experience in the pharma industry for more than 5 years can start their business by obtaining a drug license.
Along with an easy process of getting a franchise to almost minimum investment (varies according to the product range to be marketed), pharma franchise provides endless business opportunities to the new entrepreneurs. Typically, a pharma Franchise looks for two possessions:
⦿ Minimum 2 – 5 years in marketing or sales of pharma products
⦿ Basic level of education and a decent qualification
Why are pharma franchise companies in India gaining so much popularity?
⁃ Profitable:- A franchise distributor can earn a handsome income with minimal efforts. For example, fifty thousand to one lakh income could be grossed by a person after 2 years of own marketing. This is beneficial for the companies also as they earn huge profit by distributing at franchise basis.
⁃ Low marketing cost:- Enormous marketing cost is a subject for concern for a small pharma company. A pharma company has to spend huge money and effort, from general manager to medical representative, C&F to a retailer, etc. Pharma Franchise helps to decrease the direct sales man power and their expenses. Therefore, the marketing and promotion cost of a pharma franchise company is sought.
⁃ Highly exclusive monopoly rights:- It offers exclusive rights to selling its products in your region, with no one to compete for the same brand. You will be assigned your territory, and you will be the only dealer representative in that locality. i.e. pharmaceutical marketing rights on the Monopoly Basis.
⁃ Just a small investment and you are good to go:- If you have the passion for your own work and have links with doctors, pharma franchise marketing can be the best opportunity for you. You are your own boss. Franchise marketing and distribution work can be initiated with investment as low as ten thousand rupees, which can be increased further liable to the product range and the company requirements.
⁃ Medicines at the best rates to resolve the pricing paradox:- Pharma franchise will be offering competitive and best prices for your medicines, which will not be able to match any other rates in the markets. It is guaranteed that the value of your business is in safe hands.
⁃ A simple distribution channel:- Pharma Franchise works at a simple distribution channel. Products could be circulated by appointing a c&f or directly to distributors. You don’t need any expertise in developing a distribution channel. An average knowledge person can simply set-up distribution channel throughout the country.
In India, more than 20,000 pharma companies are registered, and so, it becomes very challenging to rule out which one is best for the investment. Investment in the right company can help foster your business to sustain in a better and quicker way. Some of the leading and best pharma franchise in Chandigarh famous for their products and services include renowned brands like Healthkind Labs, Innovexia Lifesciences, Pharma Franchise World, Vibcare Pharma, Apikos Pharma, to name a few.
These companies have been considered in this list based on the quality, demand, and turnover of these pharmaceutical companies which will enable to choose the top pharma company for pharma franchise business in all over India.
Scope of Pharma Franchise:-
Talking about the future of the franchise in the pharmaceutical sector, franchise business is developing – roughly, one pharma franchise company has launched every day. Pharma franchise business is an excellent approach to earning handsome profit with a tremendous future. Those who want to launch a new business should explore it.
In short, it benefits the pharma franchise company to expand its brand reach into market with funds and support of franchise. It benefits Franchise partner to start their business with monopoly rights in the given area with quality products and without establishing their own pharma company, which requires more money.