How to Launch a Successful Pharma Franchise Business in India – The pharmaceutical industry in India is the most flourishing business sector. The healthcare sector is one of the fields that will experience continuous demand for high-quality medicine. The health concern, awareness, government initiatives, and the growing population of India have fueled the industry and led it to be open to every expanding business opportunity. Today, many new businesses and entrepreneurs are looking to enter the business through the Pharma franchise business model.
There are many factors that define the success of a company in these models. Many of the company are unaware of the internal process and its workflow of which it very difficult for them to survive in the industry. Here is a blog that will help you understand the process of how to launch a Successful Pharma Franchise Business in India.
Launching a Successful Pharma Franchise in India | Step-by-Step Guide
Here are the step that will help you understand and guide you in launching you Pharma franchise in India , follow these step gather all the required information and document and start you business now:
Market Research and Choosing the perfect product for business.
In any type of business, market research is the most important task. It helps you in the selection and understanding of the market needs of the area and will help you understand many crucial information such as :
- What kinds of medicines are in trend or demand, like antibiotics, dermatology, gynaecology, paediatrics, etc.?
- What are the competitors offering?
- Which areas are underserved?
After researching thoroughly and understanding the market requirement, choose the products and start with the next step.
Select the Right Pharma Franchise Company as a partner
There are many Pharma companies that offer exclusive features and support to the franchise. Some companies, such as Medlock Healthcar, offer monopoly rights to the franchise, which helps them earn a large amount of profits. Some factors to look for in your franchise company are :
- Product quality based on GMP, WHO, and ISO certifications
- Product range and availability
- Monopoly rights
- Marketing support such as visual aids, MR bags, literature
- Terms and conditions
- Timely delivery & stock availability.
Get the Required Documents
Must ask for the required document to ensure a legal agreement, some of it are :
- Drug License Number (Retail or Wholesale)
- GST Number
- Pharmacy Registration (if needed)
These documents are mandatory to purchase and sell pharmaceutical products legally in India.
Sign the Franchise Agreement
Signing a contract is a very necessary step and an important task to do it helps both parties in case of any disputes or misunderstandings in future. In an agreement, you must ensure that the following points are mentioned
- Monopoly territory rights
- Minimum purchase obligations
- Payment terms
- Product pricing and MRPs
- Delivery & logistics clauses
Read everything carefully or get legal help if needed.
Choose Your Business Location for monopoly rights
Must ensure your chosen location is:
- Well-connected to the market area
- Have proper warehouses or storage conditions (a cool and dry place)
- Easily accessible to doctors and chemists
Promote Your Brand
Many companies, like Medlock Healthcare, offer initial support in market build-up and promotional help, like providing tools and training. To promote your franchise, you must
- Regular market research visits to doctors and clinics
- Distributing samples to the retail show and pharmacies
- Visiting hospitals and medical stores to gather more informations
- Leveraging digital marketing like WhatsApp, local directories
- Attending local medical conferences
How much investment is needed?
In India, the required investment at the initial step for a PCD model is typically very low is affordable by the new business.
For the initial investment, the range depends on the product type a franchise chooses, such as the range of products or individual products, the cost ranges from 25,000 INR to 1,00,000 INR
The workforce, including distributors, employees and all, also requires some finances to be functional, and this ranges from 10.000 INR to 50,000 INR
The are many other costs and expenses, such are storage, marketing, rents and all which are basically covered under 10,000 INR
This makes the total estimation of the required investment to be under 1,80,000 INR to 2,00,000 INR, which is affordable for a new business.
Conclusion
Starting a pharma franchise in India is a very smart and flourishing business idea, and this is obviously a profitable business, but to make it a successful one, we need to understand each and every key point, factor, and feature of how to launch a Successful Pharma Franchise Business in India. This will help you get to the depth of the market and its requirements, which will eventually benefit your business. In this blog, we have provided a step-by-step guide about the process and requirements of the pharma franchise business in India, and what its investment needs.
