EXPLORING PHARMA FRANCHISE –WHAT EVERY BUSINESS OWNER SHOULD KNOW

A PCD pharma franchise is basically a business model that involves the distribution of therapeutic drugs. Propaganda- cum distribution means a type of field in which a pharma company contracts a franchise agreement with a distributor. The PCD franchise business deals with marketing and distribution rights for pharmaceutical products by the pharma company. PCD pharma franchise as a business opportunity is a successful idea as it is a very fast-growing sector.

Today’s time PCD pharma is the most lucrative business idea but it’s not as simple as it may seem. It requires a lot of research and correct business strategy to succeed, as many companies tried but due to a lack of proper guidance and market knowledge, they were not able to make it.
Similarly, as a distributor vast research should be done to succeed in the pharmaceuticals sector.

Fibovil pharmaceuticals being the top PCD pharma has curated a list of points for a successful business strategy that will make you all set for starting up a PCD pharma franchise.

 

A.    MARKET RESEARCH: PCD pharma is one of the most lucrative businesses, as it requires lesser investment which means a lower risk factor. Understanding the demand-supply market and forming a strategy around that will help you develop a successful PCD franchise. Make a note of the approximate idea of several general physicians and specialty doctors in your working location this will help build up strong and productive networking. PCD model is basically a B2B business platform. Research the customer’s demands and gather feedback on existing market scenarios and figure out any market gap; this will make your business model unique and luring to customers. Another factor that will increase the success rate of your pharma franchise is to strategize on your distribution and pricing. This is very important when dealing with pharmaceutical products, as each area has its own regulations and demands for dispensing prescription drugs.

 

B.     DOCUMENTATION: A successful pharma franchise is based on the above strategies and tactics to achieve maximum success. To do this, you first need to understand the basics of a pharma franchise. This begins with proper documentation. You need to have a drug license (form no 20B 21B) which legally authorizes you to exhibit and sell pharmaceutical drugs. Having a GST certificate will be beneficial for the smooth ongoing of sales and purchases.

 

C.     RIGHT LOCATION: The more doctors/retailers in an area more are the success rate of the franchise therefore selecting the correct location/area is important. The location should have easy transport access as reaching goods on time is a priority for a hassle-free business. Do confirm the vacancy of your chosen area from the parent company as not doing this might get you at risk of picking up the same product as someone else; this may reduce your unique selling point. Thus, affecting your profitability and market competition. So carefully chose PCD Company that offers monopoly rights.

 

 

D.    BUSINESS STRATEGY: Knowing your business completely reduces the risks associated with it. So, gather all the necessary information before investing in the business. Prioritize the things needed to be done. Plan your dates of doctor visits, read about therapeutics, and prepare yourself beforehand. Pick out your unique selling point, and carefully select the product range you want to work. Research on that product demand and supply graphs. Learn about stock management. Segregate places for official work and stock placement. Gather information about all nearby transport go-downs. Prepare a unique work structure that will maximize your productivity.

 

E.     REPUTED COMPANY: Selecting the company is a time-consuming task as there are innumerable PCD companies available in the pharmaceutical sector. Go for companies that have established themselves in the market which is their brand name. You have to carefully choose the best PCD franchise company that will provide you with good quality products at affordable distribution prices. Shortlist a few companies that have around 1500+ product ranges as this will increase the product variety in your basket. Then figure out the better ones in quality and efficacy.

 

F.     UNIQUE PRODUCTS: Pharmaceutical sector is almost saturated with basic companies available with necessary products. To outstand and develop a successful business strategy you have to select a unique product range that will lure customers toward your agency. Along with basic molecules try to include the latest combinations and research-based molecules. Gather information about the latest molecules doctors are interested in and then sort out the best companies offering the molecule at the best rate this will increase the chances of market penetration and will build your agency reach.

 

G.    QUALITY PRODUCTS: we often hear that names are not built in a day. To establish your business for a longer period you need to keep up with the quality of your products. Select companies that provide drug analysis reports (COA) and are WHO/GMP/GLP/DCGI/FDA/ISO certified. These certifications ensure that the products are result oriented and are 100 percent safe for consumption. This will create a trust factor in your network and therefore will increase your revenue. Quality compromises may give you one-time benefits but can also trap you in legal issues as drug distribution has standards and regulations to obey.

H.    TRADEMARK PRODUCTS: There is a variety of PCD companies offering various ranges. It can be confusing for you to select the best of them. Focusing on whether the products are trademark registered or not can save up your time in selecting a PCD franchise, as a trademark is only registered by reputed companies. This enables companies to have an exclusive range and helps eliminate any fake or copy of the brand names once the product is established in the market.

 

I.       POLICIES OF THE COMPANY: It’s always better to sort everything regarding the company policies at the beginning of the business. Read about the return/exchange policy of the company. Thoroughly read terms and conditions so that later on any issues related to conditions you will be aware of company response and actions. Make sure to clear all doubts regarding terms to avoid any misunderstandings. Keep a note of company actions on product damage, near expiry, wrong delivery, no delivery, manufacturing issues, etc. Be aware of the credit policies of the company in case you are looking for credit during the business.

 

J.       PROMOTIONAL INPUTS: Business strategy is incomplete without a good promotional plan. Promotional input includes the MR bag, visual aids, labels, reminders, product cards, prescription pads, and gift inputs for doctors. Companies that will provide promotional material will decrease your extra investment and hassle in preparing this material. Most companies provide promotional input but go for companies that also provide you the informative messages about products to increase your product knowledge along with these promotional items. Few companies also offer schemes and incentive plans which can be yearly or quarterly. This involves particular sales targets so choose wisely.

 

FIBOVIL PHARMACEUTICALS CAN HELP YOU MAKE THE RIGHT DECISION

Fibovil pharmaceutical is a well-reputed company. They have established themselves in the pharmaceutical a long time ago. Refined business models and distributor-friendly vision has enabled them to hold the number one position in PCD Pharma franchises. They entered the market with a huge product range with extraordinary packaging which was their unique selling point.  A product range of 2700+ products is available and they are adding more products as we read this. Unbeatable product quality as their range is WHO/GMP/GLP/ISO certified and trademark registered. Various divisions are available that cover all product categories like general, gynecology, rheumatology, dermatology, critical care, cardiac diabetic, neurology, ophthalmic range, urology, sexology, pulmonology, nutraceuticals, and much more. They provide all promotional input and informative catalogs of the products.  Their segregated work structure involves a highly experienced research team, efficient marketing and sales team, graphic designers, accounts, and a purchasing department which enables them to provide extraordinary services thus, making them the best PCD pharma franchise.

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