Steps to take Pharma franchise company in India.
If you are an MR looking for a PCD pharma franchise company for your new business or you just want to add a company to your existing pharma business. following are the steps you should take care when finalizing a PCD Pharma company .
Make an estimated budget
As for any other business, for your new pharma franchise business also make an estimated budget which you want to invest in starting the business. You should take care of your traveling expenses, promotion expenses with doctors and estimated budget for stock planning. You should also keep a buffer amount for any emergency in business. If you are planning to keep some staff, you should have salary for atleast 6 months for your staff. When you take call of these together, it will give you estimated budget and funds requirement for your business.
Get All legal documents
For Pharmaceutical business you need to have a few documents before you start this business. Most important of them is Drug-Liscence. You should apply for drug license, as it is required to do billing. You should also have GST , bank account details and firms documents. If you dont have GST you can work with Adhar and Pan card. Most important is Drug license because.
Select Range and products
You should finalize the range which you want to work in and products which you will promote in your area. These products you should select based on the doctors you know and the network you have. You can also do a market survey to understand which products move faster in your area.
Once you decide to take the franchise , take rate from atleast 3-4 companies and compare rates. This will help you in understanding the market rates.
Packing and presentation is very important in pharma industry. Product outlook should be selected carefully so that it is easier to sell the product in market. Not only it should be good in looking but carton quality of the product packing is also important. Compare packing pics provided by different companies and select a sober and attractive packing.
Promotional material like Visual Aid, MR Bags, Notepad, Pens and Product cards etc is very important to promote the product in market. Carefully understand what packing material is provided by company and at what terms.
Once all these steps are followed, discuss all terms and conditions with management and finalize company as per your terms discussed.