How to Choose Best Pharma Franchise Company? – Looking for a business opportunity? Want a stable career in Medical industry? Searching for a good pharmaceutical company? Hundreds of pharma companies! Which one to choose? What are the parameters to judge the right one? How will I know which one to select? What all can I expect from the firm to work the best for you? These are some of the questions which are mostly asked by the people globally who are new to the pharma industry or have no much clue about the pharma franchise industry. We bring you how to choose best pharma Franchise Company for your golden future.
Pharmaceuticals scenario in India is a golden one in near future. The industry is already a flourishing one with being ranked as third largest in terms of volume. The industry is growing at a good speed of 17.56% by now and expects another 15.92 by 2020. The market is crowded with firms which are numerous in number and work on large scales. But what actually is the correct measurement to judge the right one for? No worries. We present you points on how to choose the best pharma franchise company which will help you take the correct decision.
The true potential of a pharma firm for investment has many criteria. From being certified to goodwill to how it deliberately delivers its services and with ethic values. A good company should be hard working and works for social responsibilities which make the firm more reliable on future prospects. So before choosing pharma franchise company, you also need to know that how a Pharma Franchisee Can Calculate the Net Price and Profit Margin. After that you can take any decision for pharma franchise company.
What To Look In A Good Pharma Franchise Company?
First, before we proceed, make it clear a PCD pharma franchise and a Pharma Franchise are two different terms in the pharmaceuticals industry. PCD stands for Propaganda Cum Distribution. They are huge in number and works on smaller areas. They require less investment and qualification is almost not needed much as it requires a good salesman spirit only. Whereas Franchise is a bigger in terms and includes many small PCDs under its control. The rest will be discussed down. Read how to choose the best Pharma Franchise Company for yourself.
Goodwill and Company History – Check The Profile
No one wants to invest in a company which has no history or doesn’t know the background of it. So, before enlisting any firm for this purpose, it is best to look for the company profile and does a little research work about them to be sure of their credibility and potential. Many times people are caught under deemed or fake companies which have no history of their own.
So, our first point on how to choose the best Pharma Franchise Company is to look for the company profile. Dig the past records. Only a reputed firm will be able to deliver best to you. On the other hand, to judge the credibility, look at its goodwill. Goodwill is the value of the company in monetary terms which makes it ideal for selection.
Points to consider checking the efficiency of the company:
- A catchy name is a good way for remembrance by the customer and all.
- Customer reviews should be a priority.
- Look for the past profits and the return on investment it is maintaining.
- Look at the balance sheet of the company of at least past 5 years.
Important Certifications & Approvals Are Mandatory
When you come across the history of a firm, look for the certification it has successfully passed. Past records can be manipulated but not the certification from a well-known organisation. As many the certifications and approvals from organisations, it is likely like a safety and surety that you are investing in a good firm which is legal.
- First and foremost, ISO 9001:2008 which stands for International organisation for Standardization which ensures good quality standards of the firm and its services.
- A valid Drug License No. (D.L.) Number and Tax Identification Number (TIN) are mandatory.
- The self-owned manufacturing units and plants should have passed with certification from World Health Organization (WHO) and Good Manufacturing Products (GMP).
- Food Safety & Standard Authority of India (FSSAI) licensing is crucial to ensure safety for consumption.
- The products list should be passed by Drug Controller General of India (DCGI) and produced as per government guidelines.
Products It Offers
Many times people complain that the company showed us these many items but the available are few which makes it annoying. On the other hand, always for a company which offers high-quality medicines which are pure, effective and have a long shelf life? Duration of the generics and drugs are important so they do not go waste due to any kind of low sales. The packaging techniques should be good to avoid any kind of corrosive or growth of fungus etc due to injection of moisture due to any kind of leakage or poor packaging.
- It is best to look for the available products by the company as its absence can make an effect on the sales and once it is started with a prescription it would be difficult to manage the demand.
- The price of the products should be priced about 25% to 30% of the Maximum Retail Price (MRP).
- Affordable and qualitative should be the demand.
Check the Pharma Quality
Reading is easy but to be sure of its effectiveness crucial. It is like assuring yourself before you guarantee it to someone. You being the seller should always take the precaution to avoid any kind of speculation and chaos. A good quality product is always the highlight and demand for which masses are ready to pay a high price.
The points to remember are as follows.
- Look for the samples for testing.
- Get them tested by a reputed clinical lab or doctor to see the efficiency of the medicines.
Other Benefits That The Franchise Company Is Offering
The companies are distinguished to what it offers in return to the investment and towards your growth. It is best to look for the following to make you conclusions clearer.
- Regular medical updates.
- Variety of Marketing inputs which should be attractive and quality materials.
- Any kind of gifts, bonus or increments.
- What is the stipulated time of delivery for them?
- How much regular they are in introducing new molecule.