How One Can Get The Opportunity to Initiate Pharma Franchise In India?
If you are planning to settle a franchise business in India, then the Pharma Franchise can be one of the best options you can opt for. Pharma business took the healthcare system to a new level by providing a diverse range of pure and quality formulations in the form of tablets, syrups, capsules, soft gels and another thousand of products.
It is as of other franchise industries in which a pharmaceutical organization grants permission to an individual or other corporation for using company’s proprietary information, products right or other mutual accepted terms to trade its products by their name.
The industry of pharma franchise in India is propagating with the current cost of an estimated value of more than a trillion, and investing in this can provide excellent growth and huge returns. There are immense, diverse career opportunities for business in this field. If you are new to this business and not aware of pharma franchise opportunities in India, this is the place to get a fresh start and attaining knowledge.
For sole proprietors who want a fresh start with fewer investments, no sales target and less area under control, pharma franchise provides the opportunities to start as a Retailer. The responsibility of a pharmacy retailer is to dispense and control the prescription and non-prescription medications as per the ethical and legal guidelines.
The duties and jobs of a pharmacy retailer:
⦾ FOLLOW THE GUIDELINES
Working according to the proper rules and regulations is one of the first steps to being a pharmacy retailer. Because the retailers have to deal with powerful medicines such as anti-depressants or opioids, they must know adequate guidelines and the state/federal regulations of concerning medications. The other duty of the retailer is to maintain the medicines and medical items skillfully and adequately, which involve the storing of products at the right place and temperature, locking up specific drugs, and disposing of expired medicines state way.
⦾ GOOD CUSTOMER SERVICE
As healthcare experts, retail pharmacists job is to assist people to feel better. Listening to the customers with full attention, understand their needs and advice as per so is an essential part of a retailer’s job. Another part of their job is to assist in other medical settings, for instance, injections, temperature/blood pressure measurements etc.
⦾ RECORDS MAINTENANCE
Systematically arrange the pharmacy is a vital role of a pharmacy retailer for easy and fast products identification. This involves the cutting eye on delivering medications, maintaining labelling and medicine stock. The retailer should also be aware of recent advancements in medicines.
There are various classes that a pharmacy retailer can be a part of:
• Hospital Pharmacy: The pharmacy at a nursing home, day-care centers, medical clinic or hospital.
• Standalone Pharmacy: It is a proprietary business that can be situated in a market or any residential area.
• Community Pharmacy: A pharmacy of Housing complex or Township
• Online Pharmacy: A form of a digital therapeutic distribution platform for dispensing medicines and other pharma products.
• Disease-oriented Pharmacy: Pharmacies associated with the marketing of a particular class of ailments such as hepatitis or arthritis or cancer.
• Veterinary Pharmacy: The pharmacies work as an independent or as a part of animal-care clinics and hospitals.
(B) DISTRIBUTORS OR WHOLESALERS
Another opportunity which a pharmacy franchise business provides is working as Distributors or Wholesalers. While looking at the pharma franchise industry, the distributors and wholesalers are coming at the top as they do business directly with the organizations or manufacturers. In this field of pharma franchise, the investment is bigger and the returns as well.
The industry involved mainly two types of pharma franchise business for distributors/wholesalers:
• Single Party Pharma Franchise Distributors
This class of distributors work at smaller levels, work through a single distribution channel, covers smaller distribution regions with a high-profit margin. People in this business work with a license for distribution.
• Multiple Party Pharma Distributors
This class of distributors use a diversity of channels for distributions from the whole nation to the globe and much favored by the organizations because of the power of larger sales capacities.
The business options which the people can choose to become a distributor are –
• C&F (Carrying & Forwarding Agent)
• Chain pharmacy
• Surgical distributor
• General Medicine distributor
• Health Supplements distributor
• Exclusive medicine distributor (Ayurvedic/Homeopathic/Unani)
On the whole, the distributors or wholesalers are classified as per the work or job they do in the pharma sector:
This class covers the distributors/wholesalers who deal and distribute their products with proper command over the exhibition and showcasing the products.
This class involves the distributors/wholesalers who buy products from the suppliers and further market them to the consumers. This class might also takes its own name on the products they are purchasing.
• AGENTS AND BROKERS
This class is specially appointed by the pharma companies to sell specific products in different zones or locations.
Recently, the top pharma franchise companies the are growing at an exponential rate in India are –
• Cubit Healthcare
• Pharma Franchise World
• Vibcare Pharma
• Fossil Remedies
• Zubit Lifecare
Each distributorship has its own ins and outs. Therefore, while designing your business in pharma franchise, you require to do some research. Before opting, check the popularity and need of the medicines or medical instruments in the market.
However, pharma franchise business is anytime a successful business in India and extends tonnes of opportunities for success for a various group of people, for instance with pharma background, non-pharma background, freshers, medical representatives, or for the persons who want to start up their own business.