Before knowing about the Pharma Franchise, let’s see what the term ‘Franchise’ means. A franchise is a term that is granted by an organization, government, or a company to a person or a group of people that gives them authority or a permit to carry out a particular activity under their name. For example, an individual or a group of people selling a company’s products under their name.
Similarly, a Pharma franchise works as a legal authority that is handed by a pharmaceutical company over to an individual or a group of distributors, which permits them to sell the company’s products, brand name, trademark, and all the other commercial activities under their name. The authority given to these individuals or groups is to sell the company’s brand name, products on behalf of the company and distribute the profits accordingly.
Steps you need to follow to get a pharma franchise
All the pharma franchising companies do not follow the same steps or procedure to give out Pharma franchises to the right franchisee. Therefore, it is suggested that you read the terms and conditions of the company and inquire about the process for the same.
Mentioned below are just the basic steps that can be followed or referred while getting the Pharma Franchise:
- select the product you want to market under your name
- segregate the companies whose franchise you think you can take up.
- Send in a query regarding the franchise by sending an email or by calling. Calls are preferable because the response is quicker.
- Inquire about a vacancy in the required area. If they have a vacancy for that area then further ask them to send you the details of the product.
- After researching well about the companies, select one of them and finalize one pharma franchise.
- Sign an agreement bond and ask for all the required documents.
- Once the formalities are done, start your business with them.
Please remember that these steps are very basic and you can refer to them while getting a pharma franchise. The procedure differs from company to company therefore, this is not the only procedure.
Another simpler way you can follow is:
- Go to the website pharma franchise. club
- Enter the requirements of your own company and what kind of franchise you are looking for.
- Once the verification of your requirements is done, the right supplier will get the details.
- If the suppliers find your requirements relevant, they will contact you directly.
This process is very easy but might take some time. If you want the pharma franchise quicker, follow the steps mentioned before.
If you stay in Chandigarh, you can look up for a PCD Pharma franchise in Chandigarh and apply for it by following the same steps that are mentioned above.
Documents you require for Pharma franchise
The only two documents that are very important are:
- Wholesale Drug License number
- GST registration number
Pharma Franchising working
The whole process of pharma franchising is not complex and can be understood easily if one knows the basics of business.
The working of Pharma franchising involves a pharmaceutical company that appoints a group of people or an individual as their distributor and gives them the responsibility to sell their products and their brand name.
This is an advantage for the pharmaceutical company as they do not have to bear any marketing cost as they have given that responsibility to the third party. The marketing and publicizing cost is bearable by the third party i.e., the pharmacy store or an individual.
Lookup for a franchise pharma company in UP if you belong from there and earn profits by getting into this business.
Common problems you might face
After entering the business, there can be some common problems that you would have to face that include the marketing strategy that you need to create for the product you are going to sell if it is in a new place. Since the whole responsibility of marketing and selling the drug is on your shoulders, you need to understand the people and then plan your strategy. If you know the market then you can plan your strategy well, but if you don’t, it is always suggested to seek advice from a professional.
precautions you need to take while getting a pharma franchise
There are certain things you need to remember before selecting the right pharmaceutical company for a pharma franchise.
It is you who will invest your time, money, as well as your reputation while getting the franchise. Therefore, make sure you choose the right pharmaceutical company.
The products that you will sell will be under your name, therefore, it will be your reputation that will be affected if there is any problem with the product and not the company’s, therefore, make sure the products are in the right condition.
Pharma Franchise is a booming business and is growing at a rapid pace every day. It is a business where two parties are interdependent to earn profits that will benefit both the pharmaceutical company as well as the franchisee.
This business is fresh and when one gets into it, they can earn a lot!