Medicine franchise business is at a boom stage in India and is making a lot of profit because of the increasing demand for healthcare services. Many aspiring people are looking forward to starting a pharma franchise business due to its high scope and opportunities.
In this blog, we give you tips to start your pharma franchise business in India:
Draft a business proposal
Proper planning is crucial for a smooth start. You need to draft a business proposal which includes various aspects related to your pharma franchise company like the business objective, vision, investment requirement, financial planning, company name, marketing strategies, business opportunities, etc.
Get essential documents
Obtain the documents which are needed to start pharma franchise business like Drug license and GSTIN (Goods and services tax identification number).
Choose the pharma company carefully.
Before investing in any of the pharma companies in Chandigarh, it is important to know about their services and demand in the market. Select a company that has a reliable reputation in the market. Select the pharma companies in Chandigarh which have a better turnover to increase the chances of your profit. It is also better to know the profit margin beforehand.
Almost all top medicine franchise companies in India are characterised by their detailed product list. Therefore, a new pharma marketing company should select its range of pharma products carefully based on market demand & supply, trending products, etc. You can compare the products and rates of different companies to make a wise decision.
Monopoly Right agreement for pharma franchise
It is very important to know the terms and condition of the monopoly rights. You should clearly know about the area where you can market the products of the company. Always take a written agreement.
Targets for pharma sale
Make sure that the company does not pressurise you for any targets or impose their conditions on you under any circumstances. A good relationship between you and the company is important for both in order to get success without any loss.
Packaging of products and on-time delivery
You must ensure that the products are delivered on time and packaging of the products is of high quality to protect them from moisture and dust. Good packaging always draws attention of the pharmacists, doctors and patients which is essential for the sale of the products.
Promotional material by the pharma company
Always go for medicine franchise companies which provide the required promotional materials on time such as visual aids, visiting cards, diaries, working bags, writing pads, small gift articles, reminder cards, brochures and product cards.