If you ask a pharma franchise owner, he may suggest you how profitable this business has been all over the world. And, the primary reason behind it is the booming market of the medicine and healthcare services that people of all ages require. But, setting up a capable PCD pharma in India is not that simple. Many people are confused about how the process works or how they should proceed with this business.
The fundamental step to start a pharma company is by gathering enough information first. You will need to research properly as you are about to invest in the business – whether it is a PCD pharma company or a Pharma franchise.
Market research is important in any business. It keeps you several steps ahead of where you are about to head in your business scheme. Research the pharmaceutical company that you are looking forward to invest in before starting your PCD pharma or pharma franchise.
Availability of the pharmaceutical products
To start a PCD pharma or pharma franchise you need to build up a list of products that you are about to sell to your customers. Do note that the list of products should be genuinely available with the pharmaceutical company. Many companies just create fake product lists, which later can be troublesome for your franchise business when you are looking to supply to your customers.
Be specific about the terms of payments
If you are low on investment and are looking for products on credit, then do make sure that you are choosing a pharmaceutical company that is ready to give you products on credit. It is always prudent to start affiliation with a company through an advance payment so that you can stay on the good books of the manufacturer letting you have access to the supply more often without any limitations.
Keep track of the terms and conditions as well
Your relationship with the company to start your pharma franchise or PCD pharma needs to be properly agreed with terms and conditions on paper. Do not rely simply on a verbal agreement as this could only make it harder for you to keep track of in the future.
No obligations related to targets is important
Some companies apply terms related to fulfilling of targets. Unless you are fully aware of such agreements and are willing to take the risks, do not agree to them. Try choosing companies that do not restrict you on fulfilling targets.
After research and studying of the terms and conditions, your next step is to execute the second phase of your PCD pharma or pharma franchise business plan.
While there is no accurate procedure to setting up such a business as every pharmaceutical company has its own rules and regulations. However, in India district-based distribution is the most common one.