Pharma Franchise is an authority or permission that is given to an individual or a group of people via a pharmaceutical company, allowing them to sell the brand name and the products on the brand under their name. All the activities, including the commercial activities, are taken care of by these people or an individual.
Pharma franchising is a business that has seen rapid growth in the current market of pharmacy. Many people or pharmacy stores are taking the responsibility to sell the products of a big pharmaceutical company and earn profits. Since the business is booming, here are a few things that one should know before taking up this business.
What is the procedure to get the Pharma franchise?
The procedure of getting a Pharma franchise is different for every company therefore keep in mind to check out the procedure of the company you are applying for. Mentioned here are some of the basic steps:
- Select the company and the product that you want to sell under your name.
- Send an email or call the company and ask for the availability of the franchise. Calls would be preferable because you will get a quicker response.
- Enquire about the vacancy of a pharma franchise in your area. If yes, then apply for it and get the details for the same.
- Select the company and the franchise for yourself
- Agree with the company and sign all the desired documents
- Start your work for the pharmaceutical company.
You can also read more about it here – Things you should know about pharma franchise/PCD
Please note that these steps that are mentioned above are very basic ones and can be referred to while filling out a vacant franchise. These steps do not apply to all pharmaceutical companies. Every company has different steps, rules, and regulations, to select the franchise. Read the rules and regulations beforehand to avoid any misunderstandings and confusion later.
You can also follow these easier steps to get the Pharma franchise from a pharmaceutical company:
- Go to the website pharma franchise. club
- Post your requirements on this website like the area you are selling in and about your company.
- Once your requirements are verified, they will be sent to the right suppliers or the pharmaceutical company.
- Once the suppliers find you suitable, they will contact you directly.
This procedure may take some time as the pharmaceutical company has to reach back to you and your requirements might reach late to the desired company.
You can also look for a PCD pharma franchise in Chandigarh if you belong from Chandigarh and get your franchise for a pharmaceutical company by following the above-mentioned steps or the steps according to the company.
Important Documents to get a pharma franchise
Two of the major documents you need to have to get a Pharma Franchise are:
- Drug license number
- GST registration number
Here is how Pharma franchising works
The whole work of pharma franchising is very simple and can be understood by focusing on some minute details. It may take a bit of some time for you to understand every process, but if you want to get into the business, you will find it very easy and you will get a hold of it soon. The basic process of getting a pharma franchise is – there is a pharmaceutical company that is looking for an area to sell its products so that they can save their marketing cost. Therefore, they give this job over to a wholesaler or a pharmacy store and give them an authority or in simpler words, permission to sell their products and the brand name under them. This process of giving out legal authority is called a pharma franchise.
This is an overall process of pharma franchising and this is the way it works from the top. Yes, there are a lot of other small technicalities and minute detailings like the business papers and contracts that are supposed to be read by both the parties – the wholesaler and the company, to go ahead with lending out the franchise.
important points one needs to remember before taking up pharma franchise
This is a business and a business has to be handled with care. you need to make sure you keep several points in your mind so that you do not face any repercussions.
Make sure you know each and everything about the company before investing your money, time, and most importantly, your reputation in it. This is because if you have the authority or the franchise of a pharmaceutical company, you are the one who is taking out the marketing cost and selling the product under your name, therefore, make sure you check several times and be sure before getting a pharma franchise from a pharmaceutical company.
Make sure the products that are sent to you are in a good condition because if the products are not in the selling situation, it is your reputation that will be at stake first and then the company.
If you belong from Uttar Pradesh, then you should check out a franchise pharma company in UP and then buy the franchise of a good and reliable pharmaceutical company.
Pharma Franchising is a good business and can make you earn a lot of money once you enter into it. But since every business requires you to follow certain rules and regulations and needs you to focus, this business too requires you to focus and strategize in such a way that both the parties earn profits.