If you have been in the pharmaceutical industry long enough to know its ins and outs, then it would be safe to launch your own PCD pharma franchise company and be called wise for doing so. With more help coming from the Indian Government in form of liberal policies with regards to pharma, limited GST taxation which is hardly felt, and an outpour of FDI, starting a PCD Pharma franchise company is as easy as it could get.
The remarkable growth witnessed by the pharma industry has given hope to businesses and individuals interested in becoming a part of the PCD pharma franchise network either as a PCD pharma company or as PCD pharma distributors. Both options are growth-oriented and offer ample opportunities to the parties involved to work their way up the growth ladder.
With this blog, we shall outline the basic steps involved in starting a PCD pharma company and few other aspects that form an integral part of the process. The pharma rule book deems the following legal steps necessary to start a PCD pharma franchise company in India.
- Company Registration under the Company Acts
- Applying for Wholesale Drug License
- Getting a GST number for your business
- Registration of Trademark
- FSSAI registration
Let us now discuss in detail the starting point of every business- the much-needed business proposal followed by the three mandatory legal requirements already mentioned above.
1. Draft a Blueprint of the PCD pharma franchise Company – Having a blueprint or a business plan is as important as the company itself. The plan is an effort on the part of the company owner to convince the investors and entails everything that forms a part of the business/company. The different aspects of the blueprint include the company vision, mission, objective, capital requirement, naming the company, brand logo, marketing strategies for propaganda, expected returns, business scope, strengths, opportunities, and many other factors that could have an impact on the working of the company.
2. Company Registration under the Company Acts – Every business has to register under the Company Act and so is the case with the PCD pharma company. Kindly read on how to register a company under the Company Acts.
3. Apply for Wholesale Drug License – In order to get a wholesale drug license for your PCD pharma company, reach out to your local drug inspector and license issuing authority for details. Please note that the documentation requirements may vary from state to state, thus make sure you go forward with the right checklist.
If you are going in the business together with a partner, then one of you must be an authorized pharmacist. If neither of you fulfills this requirement, then you may be required to hire a registered pharmacist to run the activities in your absence or on your behalf.
4. Getting a GST number – The Goods & Service tax, though new, forms one of the most important inclusions to our country’s tax laws. A GST number is required of all businesses with an aggregate turnover exceeding Rs. 20 lakhs.
Investment Required to Start a PCD Pharma Franchise Company in INDIA
When comparing the investment requirements of a PCD pharma company with a pharma manufacturing company, the former is surely the winner. The minimum capital necessary to launch a PCD Pharma Franchise Company is significantly lower in comparison to the investment required for a pharma manufacturing company.
The costs associated with a PCD pharma company include money spent on office space, furniture, rent, salaries, wages, utilities, promotional tools, inventory & stock keeping, logistics, etc. The fixed costs such as infrastructure, setting up premises, buying heavy equipment is relatively missing from the costs incurred by a PCD pharma franchise company. For a PCD pharma franchise company, the office space can be availed on lease rather than purchased. If space were purchased it would be counted as a fixed cost but if on rent, then the office space is a variable overhead cost.
How do PCD Companies attract PCD Pharma Distributors?
The following ways and strategies are used by the PCD companies list to attract PCD pharma distributors to become a part of their PCD pharma franchise network.
1. Marketing through a Medical Representative – Companies hire medical representatives to market their brand to PCD pharma distributors on the company’s behalf. This helps the PCD company with a good reputation, wider scope and an enlarged customer base. Medical Representatives work with monthly or quarterly sales targets and oversee the distribution sales figures thus keeping a tab on the market.
2. Digital Media Marketing – No one is left untouched by the power of the Internet and neither is the case with PCD pharma franchise companies. These pharma companies use the Internet to reach out to PCD pharma distributors by offering PCD pharma opportunities online. No matter the distance, the PCD pharma distributors from anywhere in the country can become a part of a PCD pharma company in a matter of days.
Another trend that has caught up is using a third-party digital media marketing team to promote your company, your brand, and your products. Various marketing tools such as Search Engine Optimization (SEO), SMO, Pay Per Click (PPC), Whatsapp Marketing, Bulk Email, Bulk SMS, etc ensure that the potential PCD pharma distributors are never far.
3. Social Media Marketing & Blog Writing – Using social media platforms such as Facebook, Twitter, etc. is an ingenious way to reach more customers and clients. Similarly, blog writing can direct you to your target audience with a stroke of keys. How you shape up the image of the company through blogs has become imperative to the success of a PCD pharma company.
Become a Part of the PCD Companies Lists
Now that all your concerns with regards to starting a PCD pharma company have been sort out, the road is clear of the stumbling blocks for you to proceed ahead. Work hard, do things differently but in an ethical way to reach the pinnacles of success. Make sure you join the ranks of the top companies that are a constant picture on the PCD companies list through good business practices, quality products, and effective marketing.