It takes courage to make an investment in any business. The risk is high and the investment may not yield the desired returns. However, starting a pharmaceutical career with the best pharma franchise company is just the thing. A fast-growing Indian pharmaceutical industry has opened extensive business opportunities for individual professionals. These entrepreneurs with their experience, passion, and persistence make the perfect partners for a pharma franchise company.
An obvious problem, however, is- you as an aspiring entrepreneur may be trustworthy, but how to ensure that the medicine franchise company you have chosen to work with is the right one?
This article will focus on tips for choosing the best pharma franchise company to ensure higher returns. But before that, let us throw some light on the concept of a medicine franchise company.
What is a Medicine Franchise Company and how does it work?
As the name suggests, a medicine franchise company uses the pharma franchise model for the distribution of medicines and other pharma products to the masses. Due to a growing demand for healthcare products, the urgency to deliver medicine to its destination on time has become indispensable. This is where a medicine franchise company comes into play.
A medicine franchise company gives out the franchise to interested individuals and businesses via the pharma franchise model to attain a wider reach in a short span of time. The model ensures safe and timely delivery of medicines to millions of people through a strong distribution network.
How to select the best Pharma Company in India?
Now that we have understood what a medicine franchise company does, it is time to get some tips on how to select the best pharma franchise company. Follow the points below and you are less likely to make a mistake.
Company Name – Choosing the best pharma franchise company with a distinctive and catchy name has its own advantages. The name and brand of the company will catch the attention of business associates & customers immediately and is more likely to be remembered easily.
Product Range – Choose a company that possesses a strong product portfolio that has offerings for almost everyone. Even if the company lacks a long bucket list, having products that are more popular and in demand is definitely to work in your favor. Make sure that the products listed by the pharma company are available in large quantities.
Promotional Material – If your target clients are doctors, then aim for a pharma company that gives promotional materials and incentives. Promotional inputs mostly consist of visual aids, bags, free medicine samples, MR pads, letterheads, etc.
Reviews & Feedback – The online world has made access to any information relatively easier and pharma is not an exception either. Nowadays, people do not hesitate to openly discuss the reputation of a business based on their experience. This becomes a significant tool to pick someone’s brains to know how they feel about a certain company and why. Read through the feedbacks, ratings, and reviews available online to gauge the image of your target pharma company.
Net rates – Unaffordable medicines are unprepossessing, both for a pharma franchise distributor as well as the end customer who feels cheated to have to pay an exorbitant price for a health cure. Therefore, it is highly recommendable to check out the rates the company is offering before you seal the deal. For example, compare companies on a franchise pharma company list for their net rates and make an informed decision based on facts and figures.
Franchise Pharma Company List – A Franchise Pharma Company list is a compilation of the best pharma franchise companies in India designed after extensive market study and research. A franchise pharma company list serves as a determining factor for newcomers who find it difficult to choose between companies. The franchise pharma company list also acts as a single source of information thus saving you time and effort.
Stock availability & Inventory Restock – Ensuring a regular supply of inventory from your business partner is a must. It is considered wise to forge an alliance with a pharma company that promises consistent stock delivery on time. Additionally, empty shelves do not pose well for a good business thus choose a company with a quick inventory restock time.
Pharma Franchise Agreement – The terms and conditions specific to the deal between you as a pharma franchise owner and the pharma franchise company should be drafted in a pharma franchise agreement. Do not leave any ambiguous details behind to avoid unpleasantness in future.
Monopoly Rights – Last but not the least, choose a pharma company that gives out pharma PCD rights on a monopoly basis in your desired territory.Doing so could minimize the risk of competition from a pharma franchise owner working for the same company.
This is a comprehensive list that has been designed to suit your purpose. However, it is good to check other sources as well in case a detail has been left out.
