Pharma Franchise is an authorization or right given by a Pharma company to an individual or a group eligible to carry out all the commercial activities related to their products in the market by allowing them to carry out the company’s knowledge products, trademarks, brands on a monopoly basis for a specific area of their choice with some agreed terms and conditions.
Who can start a Diabetic PCD Franchise business, and what is the maximum investment required?
This business provides high profit and growth opportunities with minimum investment. You can start a business by placing small orders of Rupees ten to fifteen thousand also. Still, you have to keep the reserve money rupees to approx with you for the smooth functioning of your business at the initial stages for investing in doctors, products, market, and branding or promotions.
Experts suggest that you start a diabetic PCD franchise company by taking full monopoly rights in your area to avoid any disputes in the future. By this, you can completely concentrate on your sales.
Which products should you buy initially?
You must do Market Research first in your area and try to find out what your doctors are looking for and start your business by taking care of those products only. Never start with one or two products as it will be difficult for you to generate good sales and earn profit margins. To generate maximum sales, you have to keep all the product range.
What are the documents required to start the process?
Not Much Documentation is required. You have to provide a GST Number and your retail or wholesale Drug License number.
What profit margin would you get out of this Pharma Business?
Your profits and your margins all depend on the product to product. Some products will give you a high margin, and some will give you less margin. To get maximum profit, you have to keep a wide range of products with you. Once you start this business, you will get new contacts plus good business relations with your doctors and an established market of your products.
Are you planning to start your own Diabetic PCD Franchise Company?
But confused about getting your products manufactured or taking the products on a franchise or PCD basis, this article is for you!
If you are starting fresh, initially take the products on a franchise basis from a company with their manufacturing unit. So, the advantage would be that you are not bound with the investment. You can take any of the products from a basket depending on the requirements of your doctor. As soon as the sales start increasing, you can get the particular brand manufactured in your brand name from the same manufacturer.
The size, shape, color, quality, and other product parameters would be the same, and it would not be a problem for any of your doctors. So switch over from that brand to your brand.
- The first difference is the ownership of the brands.
The first and foremost difference between the two systems is the ownership of the brands. If you get your brands manufactured, the ownership is with you, and you can market it anywhere in the country, and you can export it.
On the contrary, if you get the products on a Franchise basis, then the brand name doesn’t belong to you, and you can market it only in a limited committed area.
- The second difference is that you have your own choice.
The next difference is that if you take the products on a franchise or PCD basis, you have the entire product basket to choose from, which means you can have different doctors prescribing your product or different doctors ready to prescribe your product. Still, a doctor might have their requirements for different medicines, which is impossible for a starting company to get all the medicines manufactured.
So in the franchise portfolio, there is a large basket where you choose your product depending on your requirements. But if you get your products manufactured initially, it is not convenient or feasible to get all the 200 and 300 products manufactured unless you have a huge budget.
- The investment in the designing and packing cost of the product.
The third difference is the investment in the designing and packing cost of the product. If you plan to get your products manufactured, you have to invest in the products’ entire packing and development cost because the brand belongs to you. Still, if you are taking a product on a franchise basis, you don’t have to invest in all these things.
- The fourth difference is the price of the product.
Another significant difference is the cost of the product. The cost of the product on franchise business is higher than the cost of the product when you manufacture it in your brand name. On franchise, there is no quantity boundation you can take products according to your needs.
But if you go manufacturing your product, there is a minimum order quantity. So, the price of manufacturing products in huge quantities is lower than the price of franchise products.
- The fifth difference is the total investment in the business.
Another significant difference is the total investment in the business. If you bring your products, you have to spend a lot of money on the products depending on how many products you want to get manufactured. But in a franchise system, you can provide the medicines in very, very low quantities depending on your exact requirements without having to block your lot of capital.
So if you are planning to initiate your own diabetic PCD franchise company, you have to consider all these factors before deciding whether you need to get your products manufactured or take them on a franchise business.
The career of ‘Business for all Medical Sales Representatives’ like people in India is that people should get tremendous career growth and diabetic PCD franchise offers enormous profit.