The business of Pharma Franchise in India is at an all-time high. This business is profitable and thrives due to the increase in the demand for healthcare services and medicines. Many aspiring entrepreneurs are looking forward to starting their careers in this field due to the immense opportunity and good scope of the Pharma franchise. To start a pharma franchise has been the first preference of most pharma professionals. Often people get confused between pharma franchise and PCD pharma franchise, but both are different, and the major difference is in the quantum of the business.
In recent years, you will notice that there are several top pharma franchise companies in India, across all the states, one such company is Tesni Pharmaceuticals, in Gujarat. The Pharma franchise business does look quite lucrative, and hence almost all young aspirants in this sector wish to begin their career in this niche field. Like other businesses, starting a pharma franchise too needs efforts to start the franchise, have a good strategy and marketing approach to set your business rolling. Once it picks up the momentum, it would not be tough to achieve great success. To get a franchise of a pharmaceutical company, one will have to follow specific guidelines and procedures. Read the blog ahead to get a brief idea of how to start a pharma franchise in India.
What is the PCD pharma franchise?
To know about the PCD pharma franchise, we should first understand what does PCD stands for? PCD means Propaganda cum Distribution. This short term is extravagantly used in the Pharma industry. It is used extensively for distribution and marketing rights. PCD means a franchise business. Franchising a business means when a company gives the right or authority to a company or person to sell their products with their name. Generally, the franchise has to work in sync with the work ethics and principles of the company that allows them to franchise. Compared to pharma franchises, PCD pharma franchise work requires smaller space, less investment, and a small target. The pharmaceutical industry in India has been performing tremendously in the past few years, and the Success of the Pharma Business in India is on the upward trend due to the increase in demand for medicines and has lead to fantastic opportunities for PCD pharma franchise companies.
Who can get a pharma franchise?
Pharma Franchise business is one of the lucrative businesses in the market, and many young aspirants would dream of starting a pharma franchise. This business is the most preferred career of many marketing professionals and pharma graduates. Apart from the academic credentials, an individual should possess good marketing skills; have a stronghold, and great network in the medical industry. A franchise of a pharmaceutical company can be taken up by a person who is a medical representative, or a pharma distributor, or a private hospital, it can also be beneficial for pharma retailers and stockists.
Pharma Distributor
A pharma distributor is a crucial link of the franchise channel. A company would manufacture medicines in bulk each day located in one corner of the country for which an effective distribution channel is of utmost importance. A pharmaceutical distribution company helps in increasing sales, creating brand value, and can reach out to a wider customer base in a short time. There are two types of franchise opportunities for distributors such as Single Party Pharma Franchise Distributors and Multiple Party Franchise Distributors.
Doctor and hospital
Doctors and hospitals, you must be wondering whether they can have a pharma company. Yes, doctors can start a pharmaceutical company as per the legal protocols. Doctors and specific hospitals have to strictly adhere to all government norms and all the terms and conditions associated to start a pharma franchise. Doctors need to hire a registered pharmacist who can avail drug license. It is not possible to avail of the license under the doctor’s name. Apart from it, the clinic and the pharma franchise premises should be separate or rather independent. Many top pharma franchise companies in India are looking for reputed doctors and hospitals, provided all the rules and regulations of the industry and that of the government are fulfilled.
Existing MR
A Medical Representative or an MR means a person who is appointed by a pharma company to sell or promote their products to healthcare professionals. They are the key link in the pharmaceutical business. Medical Representatives are those people who bridge the gap between the medical, pharmaceutical, companies, and healthcare professionals. He or she helps to promote the product, by sharing the product knowledge with the frontline doctors, chemists, hospitals, and medical practitioners. They have to achieve maintain records, achieve sales targets, provide customer support, and timely update on the market feedback of the product to the company.
One of the best options for an MR is to start a Pharma Franchise. However, a marketing representative should understand that doing a job of an MR and running a pharma franchise are different ball games. Once the MR owns a franchise company, he or she shall be free from meeting the targets. Owning a franchise, you become the boss and do the business as per your wish without any interference. By opting for a Pharma Franchise opportunity, you will get Monopoly Rights; also receive free promotional and marketing tools and strategies to increase the sales of the products. Last but not the least, the franchise owners also receive incentives from time to time.
Pharma Retailers
Pharma Retailers in India can avail a pharma franchise. Initially as a beginner, instead of opening a standalone pharmacy store, one can opt to be a pharma retailer by taking a pharma franchise. As an entrepreneur, creating an independent and good product line may be difficult, and so it is best to start your business with an established franchise company. One of the important aspects is to have a pharmacist at the retail store, which is compulsory to avail a drug license in the country. The Indian retail pharmacy market is growing rapidly at a rate of 18% per annum over the last few years and is anticipated that it will grow higher in the future.
Pharma Stockist
A pharma stockist is a distributor who can represent more than one pharmaceutical company or manufacturer. It can range from 5 to 50 depending on the city and region. The distribution of drugs in India has taken a paradigm shift. A medicine stockist generally buys the product directly from the company and sells it further to sub-stockist, retailers, and hospitals, which is further sold to the consumers. The most important step to start a pharma franchise business is to avail the drug license; a stockist can use their license for it. Doing a business related to the pharma industry is a profitable investment that provides a higher margin.
What is the role of the pharma franchise?
Once you have decided to take up a pharma franchise, it becomes quite imperative to understand first what has to be done or required, know the importance of the role of the pharma franchise. A few of them are as below:
Marketing Good relations with the doctor
Good marketing is very important along with the right type of advertising and promotions with the right set of clientele. In this case, it is very crucial to maintain the right type and level of marketing relations with the doctor. Pharma doctors would prefer a strong collaboration with the pharma industry to enhance the quality of patient care. They are also looking at pharma companies to make the drug-related information easily accessible to all – patients and professionals both. Pharma doctors expect more than a marketing or sales interaction. These days they are interested in a much more meaningful partnership that is mutually based to improve the treatment results.
Maximum sale of medicine
The franchise owner has a right to market, promote, and sell the products offered by the pharma company. One of the most reliable and old methods of promoting PCD pharma products is through personal selling. Though this method is a little expensive, it is vital due to the increase in competition in the market. The pharma industry has a tough competition between companies that offer similar products; it is generally the person associated with the selling of product makes a huge difference in medicine sales.
The Sale of Medicines is directly proportional to the success of your business. You may not achieve huge profits if you are not focused on maximizing sales. You can achieve this by deciding a particular area to target, seek maximum aid for marketing from the pharma company, interact with your clients, provide a combination of services and products, and last but not the least, use social media. In recent times, everything seems to be online, so why not promote and sell your products online.
What are the advantages of a pharma franchise?
Many Medical representatives and aspiring young candidates are considering a pharma franchise as their career option and this is one of the reasons to join a Pharma Company. A pharma franchise is the best way to increase the business in all parts of the country. The government too supports the pharma franchise module to meet the increasing demand for quality products at affordable prices. Invest in a franchise business with Tesni Pharmaceuticals and avail benefits such as it offers one good career options; you can be your boss, small investment, easily available, profitable, lower administrative costs, are the common reasons. Some of the best pharma franchise advantages are as below:
Monopoly rights
If you own a franchise, then you are going you enjoy the great benefits of a monopoly pharma franchise. You will have complete control of your business in the targeted region. The franchise partner will have the freedom to market or sell products in his or her way, giving you the liberty to do business your way. You can solely decide how you want to market and distribute the products. A monopoly pharma franchise company means you will monopoly rights in your preferred region or district. This will remove competition, enabling you to achieve higher revenue and success.
Pharmaceutical branding
Almost all pharma companies irrespective of their position in the supply chain, whether they cater to B2C or B2B clientele, need to have a specific marketing strategy to efficiently sell their services and products. Nowadays, you will notice branding everywhere, the need for it is even greater in recent times, for organizations to create powerful brand recognition. It is an emotional connection between the customer and the company.
Do note that while carrying out a pharmaceutical branding, the brand is not just the name of the pharma product, but it also emphasizes the value or importance the product has for its patients and doctors. Product marketing and branding enables companies to detect, predict, and offer viable solutions to customers. One can easily identify many pharmaceutical company names with pharma brandings such as Pfizer, Johnson& Johnson, Merck & Co, GSK, Novartis, and many more.
A strong brand provides the company with a strong relationship with its customers. It can influence the attitude and behavior of an individual. A brand that can attract the loyalty of its customers is a great source of income for a business. Such types of relationships are enjoyed by top pharma franchise companies in India such as Tesni Pharmaceuticals.
Quality Assurance
The field of quality assurance is quite broad that refers to any phase that may affect the quality of drugs during the development, manufacturing, sales, and research phases. Quality Assurance in the pharmaceutical industry is very crucial to ensure that the pharma products that are manufactured are safe and consistent. A drug or medicine that does not work as planned or a defective drug may be a threat to public health. The main goal of the quality assurance department of a pharmaceutical company is to ensure the safety of all pharma products.
For example, the quality assurance departments test the drugs or medicines for stability, which shows the consistency of therapeutic, physical, chemical, and other properties of the pharmaceutical products, remain the same in various conditions. A drug or medicine that gets spoiled when exposed to various environmental conditions may hurt or damage the patients. The results of the quality checks are quite helpful to the drug manufacturers to develop proper storage and safety guidelines for the drugs. The pharmaceutical industry Quality Assurance helps companies to maintain their reputations, and stay in compliance with the Law.
Marketing support more profit margin comparatively
Marketing is a crucial part of doing business. Pharma companies provide effective strategies to market their product range along with promotional support to create brand awareness among consumers and also profitable for the franchise partner. Any type of pharma marketing action is incomplete without the help of marketing tools. So in the pharmaceutical market, it is important that a company must have a strong marketing team to develop efficient marketing strategies to promote their products. Some of the marketing tools used by the pharma franchise companies are promotional kits, social media marketing, Digital marketing, promotional literature, and many more.
Along with good marketing strategies, pharmaceutical advertising is vital too. Consumers need to know about the products. Good marketing not only helps the pharma industry to increase its sales but also helps to earn good profit margins. One such leading Pharma Company is Tesni Pharmaceuticals that provides franchise partners to market their products and target the right audience in the pharma industry.
Requirement and license to start a pharma franchise
Once you have decided to start, you should first be aware of all the important requirements to start a pharma franchise business. The primary and most important requirement is to avail a drug license for a pharma franchise. Other details are as below;
Drug license
The pharmaceutical industry needs to strictly follow the rules and regulations as it is concerned with the lives of people through medications and drugs. To start a pharma franchise, one needs registration and many licenses are mandatory to achieve a pharma franchise from any pharma company. A drug license for a pharma company is a very important document required to purchase any type of drug. The drug license is provided by the state government. The drug license registration would cost around INR 5000, but it may vary from state to state. The drug license can be availed from two organizations such as the State Drug Standard Control Organization and Central Drug Standard Control Organization.
GST number
GST means Goods and Service Tax. It is the most important indirect tax in the country. Along with Drug License, the GST number for a pharma franchise is equally crucial. You can apply the same through the online portal. GST on pharma products is mandatory. Some of the documents need while registering for GST number are Pan Card, Aadhar Card, Bank statement, incorporation certificate or proof of business registration, Address proof of directors or promoters, Address proof of the business place, Letter of Authorization, and digital signature.
Minimum 5 years of experience
One of the most important requirements for any type of business is the need for an experienced person. Similarly to start a pharma franchise, it needs a person who has good experience in the pharma industry. The pharma business is mostly based on sales targets. Hence it is vital to have an experienced leader to drive it. Pharmaceutical experience means that the person needs to have at least 3 to 4 years of experience in marketing and sales of pharma products. Work experience of a position of a zonal sales manager, or a district sales manager. Preferred would be from a renowned pharma company. Apart from experience, basic academic qualifications are also required such as HSC and SSC from a recognized board; it may vary from company to company. Some companies may even ask for sales reports to know the performance credibility.
Range of available Pharma products
For a pharma franchise business, the product range is equally important as is the company name. One can select the range of PCD pharma products as per their need. So one should opt for a franchise of a company that has a range of products that you are interested in, the quantity or the number of products doesn’t matter much. While considering a particular company, check out their products list. Generally, the list of products includes capsules, tablets, syrups, injectables, topical solutions, oral solutions, etc. You will find multiple segment options wherein you can invest in starting a pharma franchise in India. Due to the diversification of this industry, drug markets have varied future expectations, profit capabilities, and CAGR growth rate.
One of the leading pharma franchise companies in India, Tesni Pharmaceuticals, provides a wide collection of pharma drugs for PCD pharma franchise and pharma franchise. It has a huge range of products such as tablets, capsules, injections, medicines, powders, drops, creams, etc. General medicines too are in great demand in the country. With the most affordable price range, one can opt to be a part of a multi-specialty segment.
Antiviral Drugs
The drugs that are used to cure and prevent the growth of the virus in the body are known as Antiviral drugs. There used to treat numerous viral infections in our body. They work or action by reducing the reproduction of the virus. Antiviral medicines are used to treat viral infections. A viral infection is caused when the virus infects the cells and uses it to reproduce themselves, which in turn would infect more cells in the body, thus increasing the quantum of virus in the body. Cases of virus infection are increasing each year. Diseases like seasonal influenza, Herpes simplex virus-1, dengue-like symptoms, Rotavirus, HIV, respiratory virus, conjunctivitis, and many more. Such diseases have increased the demand for antiviral medicines in the country.
The demand is rather increasing steadily with newborn virus-related diseases. With the increase in demand for Antiviral drugs, it gives great scope for pharma franchise businesses. Start this flourishing business by being associated with Tesni Pharmaceuticals. They have a wide list of antiviral drugs that are verified and approved by DCGI.
Specialty drugs
The drugs that are used to cure rare or complex diseases are known as Specialty drugs. Such types of drugs have special dosage, handling, storage, and special administration. It also needs great care and monitoring. Specialty pharma products are classified as having high complexity, high touch, and high cost. These drugs are prescription drugs that either oral medication or self-administered injectable medications. They are used to cure chronic conditions such as growth hormone deficiency, cancer, multiple sclerosis, and rheumatoid arthritis. They are more expensive compared to traditional drugs. There is a huge list of specialty drugs covering numerous therapeutic categories that are gaining popularity in the pharmaceutical markets in India.
FAQs Regarding Pharma Franchise
How can I get a pharma franchise?
To avail a pharma franchise or begin a pharma franchise business, you need to decide on selecting the right pharma company and the range of products should have experience and knowledge in marketing and sales in the pharmaceutical industry, registered Drug license, and Goods and Service Tax registration number. You need to check the updated requirement set by the government.
What is a pharma Franchise Company?
A company that has received permission or authorization that is granted by a pharma organization or a company is known as the Pharma Franchise Company. These rights are given to a group or an individual who is qualified to carry out commercial activities as an agent in the market, to promote and sell the products of the company.
How does a pharma franchise work?
The pharmaceutical company provides monopoly rights and clearly defines the terms and conditions that are mutually agreed upon by both parties. The franchise owner receives rights to market, distribute, sell, and promote the services and products offered by the pharma company. The franchise owner is given authority to carry out promotional activities for healthcare personnel, appoint and authorize the distribution and channel network. All these and other activities are carried out representing the parent company, without any deviation in the business morals and policies of the company.
How can I get a pharma franchise in India?
You can avail pharma franchise in India by following a few simple steps such as doing a proper survey of various pharma franchise companies in the country, once you select the company, check whether they have vacant monopoly rights, if they have, then check the entire list of products with prices, compare it with other companies, check the services and product quality, check the range of products, check their sample kit, and then finalize a particular company.
What are the requirements for a PCD Pharma franchise?
The requirements needed to begin a PCD pharma franchise business are to have enough knowledge and qualifications of a pharma background, funds to invest, vacancy of monopoly rights and availability for the desired location, various government registrations such as the drug license, GST number, etc.
What are the types of pharmaceutical products?
Various pharmaceutical companies have their specialization to create different pharma formulations. The most common types of pharma products are Oral drugs, topical medicines, parenteral formulations, novel drug formulations, modified release formulations, and Oncological formulations.
What are pharma products give example?
Pharma products are related to pharmacies and prescription drugs. A few examples of pharma products are tablets, capsules, oral medications, injections, and many more.
Conclusion:
Each pharma franchise owner faces numerous pros and cons, so while selecting the franchise options; one should check the need and popularity of pharma products in the market. However, a pharma franchise is a successful business in our country that provides numerous success opportunities to all those who aspire to begin their own business. One of the most prominent and leading companies that provide a profitable pharma franchise is Tesni pharmaceuticals, a growing and reliable company in Gujarat. Contact Us!