1. What is Pharma Franchise?
Pharma franchise is a joint venture to promote pharma business among professionals willing to be entrepreneurs. Pharma franchise offers marketing rights of their products on a monopoly basis to the new entrepreneurs to market and sells the pharma products.
2. What is PCD pharma?
PCD pharma is an opportunity given by the pharmaceutical companies to the pharma professionals/drug distributors/medicine wholesalers to use their company’s name, services, and distribution rights at monopoly basis for the marketing and sale of their products. Both terms PCD pharma and Pharma franchise business are two different terms used for the same business.
How to start PCD pharma franchise & what are the requirements to start the Pharma Franchise business?
There are certain requirements to start the Pharma Franchise business, such as:
Drug license: The drug license is the principal document/certificate required to start a Pharma Franchise business. As this certificate authorizes the pharma professionals for the sale and marketing of pharma products. The State Drug Standard Control Organization issues this document to pharma professionals. If you don’t have drug licence on your name, you can higher qualify pharmacist for the same.
Premises: An outlet/store of minimum 15 sq meters with a refrigerator and air conditioning facility is required.
GSTIN: The GST number, also known as GSTIN is necessary to obtain before starting the Pharma Franchise business. The current taxation is implemented through GST rates, and it affects the product prizes, customers and vendor’s contracts, working capital and organization’s accounts.
Experience: A fair amount of experience in sales and marketing can help pharma professionals to grow faster in the Pharma Franchise business. It is not necessary for particular but can have a positive impact on business.
3. What is the minimum investment required to start the Pharma Franchise business?
The amount of investment required for pharma franchise business depends upon the product range to be marketed, but a minimal amount of 25,000 INR can be invested in the pharma Franchise business, which can be increased.
4. How to choose a good PCD/ Pharma Franchise company?/ What qualities should a good PCD/ Pharma Franchise company have?
The PCD (Propaganda-cum Distribution) pharma franchise companies provide a platform for the pharma professionals to set up their own pharma marketing business. PCD pharma franchise company should have the following qualities:
Manufacturing facility: A good pharma franchise company should have products manufactured under a GMP certified facility. A good pharma franchise company should offer a quality product range.
Right product mix: With quality products, a good pharma franchise company should have products covering all the major therapeutic segments. Pharma Franchise world offers the full range of quality products, click the link https://www.pharmafranchiseworld.com
Promotional material: The pharma franchise company should provide good promotional material, visual aids for physicians, technical literature, and gifts as well.
Services provided: Good pharma franchise company delivers products in time with no product shortages.
Promotional schemes and benefits offered: The pharma franchise company will provide time to time promotional schemes which act as an add on benefit with profits.
Product Management Team (PMT): The pharma franchise company should have PMT to resolve product related queries and to deliver informational seminars and presentations regarding the product.
5. What are monopoly rights?
Monopoly rights are defined as the rights given by the pharma franchise company to the pharma experienced professionals for the sale of pharma products in a particular area. These rights are distributed area-wise, i.e., state-level or district level or town level depending on the investment these rights can be obtained.
6. Who can start the Pharma Franchise business?
Pharma experienced professionals, RSM, ASM, Medical Representatives, Medicine Wholesalers, Chemists or any individual who has experience in the pharma industry for more than five years by obtaining the drug license can start the Pharma Franchise business.
7. What are the advantages of the Pharma Franchise business?
The Pharma Franchise business has many advantages, such as:
Good career option – Pharma Franchise business is a right career choice for the pharma professionals, wholesalers, distributors, stockists. Moreover, it should be preferred over the marketing job as the professionals can be their Boss, and can work on own their terms, no time-bound sales targets, and profit directly goes to their own pockets.
Own work at small investment – Own business is better than the job and pharma franchise business is an opportunity for the pharma professionals who want to be entrepreneurs to start their own business and that very at a small investment of just Rs — 20000-25000 with handsome earnings.
Simple distribution channels – The products distribution channel is straightforward as products can be easily obtained from Pharma Franchise companies and can be directly promoted to doctors and sold in the market.
Profitable – The PCD Pharma Franchise business is profitable, and professionals can get faster returns. With a fair amount of effort in sales, this business can be a good earning source as the company’s name and brand value is used for the sale of products.