Are you a pharma student who wants to be an entrepreneur and wants to make some great money on the back of the big pharma industry? If yes, then you c...
Facts to consider for starting a Pharma franchise company!Friday June 12, 2020 at 2:32 pm
Are you taking a call on starting up a pharma franchise company? Do you possess any knowhow about its working? What are the aspects of such a franchise startup? Let’s get into details on taking up a pharma franchise company.
The pharmaceutical industry is a rapid emergent, along with a more profound awareness of health and hygiene. These are the two aspects you need to go through before a startup. One, clearing up all documents is very crucial, and the qualified expert is essential for smoother business experience.
There are some essential tips to start a pharma franchise company, and they are as follows:
Qualified professional expert is highly essential for such a startup!
If you are going for a PCD format, it does not require a very high level of determination or experience level. But taking a Pharma franchise to the next level is only possible with experienced professionals. There are two essential requirements while starting up with the franchise:
• At least 3 to 4 years of experience in marketing or sales of various Pharma products. The best way out is to get engaged with an already reputed pharma company.
• Understanding of essential drugs and medical equipment is of extreme importance. Being less qualified, even if you hold a gist of all important pharma facts, there is an excellent scope ahead.
2. Getting the documents registered for Pharma Franchise is important
The Pharma sector is quite disciplined in terms of rules and regulations. It is quite vital, as well. Pharma companies manage the lives of thousands of people as they have a complete hold of critical drugs and medicines. Right from a minor scratch to major surgeries, they provide all medical tools and drugs. There are specific registrations and licenses required to run a pharma franchise. Getting this license is mandatory to carry out any business. Here is a list of essential documents you need to verify before the startup.
• Drug License Number: It usually costs Rs.5000 in India but differs from state to state.
• TIN (Tax Identification Number): It costs somewhere around Rs.4500.
• Complete details about GST (Goods and Sales Tax) should be asked, as this tax can have a significant effect on your business.
- How much do you require to invest in this business?
Investment is undoubtedly an essential part of any business. It ensures the regular flow of currency and maintains liquidity. Minimal investment required for a pharma franchise usually differs from one company to another. If you are enrolling in a PCD, it starts with an amount as low as Rs.10,000. On the other hand, Pharma franchise would require an initial set up of around 3 to 4 lakhs. You can plan a budget and then began for further processes. Your investment would decide the actual nature of your business.
Pointers to select the right Pharma franchise company
Once you are ready with legal documentation and investment amount, its time to search for a good pharma company, you can take up a franchise after its selection. Here are certain factors to consider for this purpose.
• Carry out extensive online research related to various PCD companies.
• Get a complete grasp on its marketing techniques and perks offered on added sales.
• Who will own the business? Ask them about proprietary rights? If you acquire a monopoly over your market, it gets easier to establish your zone in the desired manner.
• Ask them for the quality control certificates and quality measurement techniques. It would secure you from any legal risks ahead.
• Do they provide a bulk of stock? If you are entering into any supply chain, it is essential to keep a check whether you possess knowledge of all necessary drugs and medicines.
Taking up a pharma franchise company is a good take as long as you are earning well out of it. After all, profit is the base of any business activity, and if you are good at it, you can nail the venture. Research and feasibility reports should be the primary criteria for a startup. Ensure that the company whose franchise is taken up by you must be a WHO and ISO certified one. Few crucial details can end up in a significant successful business venture!