Did you know that the pharmaceutical market in India was valued at $42 billion USD in 2021? Moreover, it is predicted to grow 3 times its current value in the next 10 years. So, it is safe to say that it is one of the most profitable sectors to invest in India.
If you want to start a pharma franchise company in India, it is going to be much easier than doing the same in other parts of the world. This happens because you can easily find good pharma products at affordable prices, within the country.
For instance, Vivaceutical is one of the top PCD pharma companies in India that allows you to enter the pharma market with an investment as low as Rs. 10,000. Moreover, they help with marketing affordable pharmaceutical products to the people in your area, so you don’t have to spend your funds on acquiring customers.
In this blog, we will talk about the easy process of starting a pharma franchise company in India, and what makes it so profitable? So, without any further ado, let’s get started.
Starting a PCD Franchise Business
A PCD pharma business opportunity is great for those who are just starting out with no or less experience in the industry. You can easily begin by setting up small segments with low sales targets. It is perfect for retailers, distributors, medical representatives, and wholesalers.
Follow the steps mentioned below, and you too, can run a successful PCD pharma franchise, anywhere in India.
Form a Detailed Plan
Writing a detailed business plan is pretty easy and will help you stay on the right track. All you have to do is have a clear understanding of the following:
- Make sure you have a clear objective of what you want to achieve through the business.
- Identify your target audience, and look for ways to reach them. A reliable PCD pharma franchise company should help you with this.
- Set the Budget- we have explained this in detail below.
- Have a set goal in mind, such as you may want to double sales by next year.
- Discuss the marketing plan with the parent PCD pharma company.
- Maintain your plan well so you can easily access it when required.
Register Your Business
It is important for a business to be registered, especially when you collaborate with a pharma franchise company, you’ll need documents to enter the market. This step is mandatory because so many people in the country need medicines regularly. As a result, you need to be registered and have the approval for selling pharma products.
- Just like any other business, all franchise partners need to be GST registered.
- A tax identification number before you start the franchise.
- A mandatory drug licence for all PCD pharma companies that sell medicines.
It is best to apply for these documents beforehand, so the process can go smoothly.
Have a Clear Investment Plan
This is a step you cannot afford to miss, as setting up a business without having your expenses planned is pretty much a recipe for disaster. Your investment plan should specify how you plan to make long-term income, and how you will spend your funds over time. It also needs to include the following:
- Staff salaries
- Commuting costs
- Utility costs
- Registration fees
It is also important to set aside some money for emergencies, even if it is Rs. 10,000, you can make good use of the money if a situation arises.
Choosing the Right PCD Pharma Franchise Company
When you open a PCD pharma franchise, it is important to ensure that you work with one of the best PCD pharma companies you can find. For this, you’ll have to find a PCD company that:
- Supplies quality products within your budget.
- Offers a dedicated customer service.
- Is willing to provide you help with marketing
- Has a broad range of products to choose from.
The truth is that it is nearly impossible to find the “perfect PCD pharma company” as your ideas may not exactly align with their services. However, opting to work with a leading pharmaceutical company doesn’t necessarily guarantee better service. Instead, they may require you to place a larger order, and spend more than you initially planned.
Going Through the Product Portfolio
After you have decided which PCD pharma company you want to work with, take a thorough look at their product range, and whether it caters to your requirements.
For instance, you may want to open a PCD pharma franchise that sells therapeutic segments or general/ herbal medicines. So, you’ll have to ensure the company you work with offers these products.
You also have to enquire about the quality and the manufacturing process. It is crucial that you only work with a GMP and WHO certified company. The products you sell should also do well in your target market, which is something you need to cover in your research.
Make Sure You Pick a PCD Franchise Company With Monopoly Rights
Having monopoly rights is one of the greatest advantages you get out of opening a PCD franchise. Basically, what it means is that you get the monopoly to sell in a specific area.
Say, you rent a space next to a big hospital, so you know you’ll be getting a lot of customers. In this scenario, you can stock up on all sorts of medicines, and there will be no one else selling the same products as you. As a result, you get all the customers in the area.
So, when you choose the area in which you’ll have monopoly rights, you also get to decide which products will be sold there. Moreover, you get to have a say in how they will be marketed.
Hopefully this blog has cleared all your doubts regarding how to set up a PCD pharma franchise business in India. Follow these steps and you make sure you conduct thorough research. It also helps to work with a company like Viva Ceutical that has a responsive customer care service.