Establishing a PCD pharma franchise is a common method of making fast money, legally. As a business, you can collaborate with a PCD pharma company like Vivaceutical and enjoy the sole marketing and selling rights of an exclusive range of pharma products. However, with limited investments and profitable margins, people often jump into the business without proper research. In other words, some people do not realize that every business, no matter how foolproof, has some risks involved. Apart from this, there are other misconceptions about a PCD pharma franchise business that holds businesses back from becoming reputable and profit-making establishments.
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Let’s discuss some of those misconceptions here.
PCD Company Is Risk-Free
The risk is substantially low, but never zero. The truth is, for the risk to be extremely low, you’ll have to make intelligent and well-calculated decisions. Let’s go over some of the crucial decisions that you must make to ensure that the risk of your PCD pharma franchise is negligible:
Finding the Best PCD Pharma Franchise Company in India
Here are some things to keep in mind while choosing the right PCD pharma franchise company:
Check the Legitimacy of the Pharma Company in India
Start by looking through the multitude of PCD pharma companies available in India. Since there are hundreds of names that pop up on your google search, you’ll have to dissect every single company that you are interested in. Look into the company’s history, its financial statements, how long they’ve been in business, and most importantly, its business certifications. Do not trust a company that does not have all the necessary documents or denies disclosing them to you.
Choosing the Right Product Portfolio
Once you’ve shortlisted some trustable organizations, you can start looking into their product range. While some PCD companies provide products covering a wide range, others only focus on particular therapeutic segments. Find your own calling and then look for a leading pharmaceutical company that fulfills your requirements. Also, ensure that the manufacturing unit and the products are ISO certified.
Do They Provide Monopoly Rights?
Start asking some basic questions.
The first question you must ask is whether the PCD pharma company provides monopoly rights. These rights will determine if you’ll be faced with any competition from another pharmaceutical distributor. It is preferable to choose a company that provides you with the sole marketing and distribution rights over an exclusive range of products in your locality.
Do They Provide Affordable Pharmaceutical Products?
Simply providing pharmaceutical products is not enough, these should also be available at affordable prices.
Do They Provide Promotional Support or Promotional Inputs?
These include notepads, pamphlets, pens, bags, visiting cards, and other such marketing tools that can help distributors make a rapport with your target customers.
Anybody Can Start a PCD Pharma Franchise
You do not require a master’s degree to start a pharma franchise, not even a bachelor’s, that’s true. In other words, setting up a franchise does not depend on your educational degree. At the same time, board certification of completing your 12th or a graduation certificate can make applying for a franchise easier. Apart from your educational background, there are other things that have an impact on whether you’ll be able to establish a franchise or not.
To begin with, you must have a minimum experience of 2-3 years in the field of pharmaceutical sales and marketing.
Before you can take the franchise from any PCD company in India, you must first have an established business with all appropriate documents. The most crucial documents that you must have to start this business are a drug license and tax identification number. The drug license is a prerequisite for any business that deals in the manufacture, packaging, or distribution of pharma products, due to their sensitive nature. A tax identification number, on the other hand, is a prerequisite for any established business in India.
As a pharmacist, you must register under the State Pharmacy Council.
The Best PCD Pharma Companies Have No Investment Requirements
All PCD pharma franchise businesses require some investment to carry out their operations.
While a PCD pharma franchise opportunity has low investments but is not negligible. You still need to invest in your business and that requires smart financial decisions.
- To begin with, you need to invest in an area no smaller than 10 sq. ft.
- For you to become a legal entity, especially one dealing with pharmaceutical drugs, you need to apply for multiple business licenses which will cost you money.
- For instance, applying for a tax identification number will cost you around Rs. 4500, a drug license will cost about Rs. 5000, a trademark might cost you around Rs. 4500 while registering as a private company might cost you about Rs. 8000. This expenditure is excluding any other amount that you’ll pay to procure the products from the PCD company or any investment in the storage of those products.
Other expenditures might include:
- Manpower, experts, and consultant
- Electricity bills
- Machinery like refrigerators for storing specific products
- Money for emergencies and crisis
- Investment to avoid shortage of products
It is best remembered that marketing affordable pharmaceutical products also requires investment.
A PCD Pharma Company Has Substandard Products
Many people believe that a PCD pharma company only produces substandard products to push them in the market without any care for the product quality.
On the contrary, PCDs are famous for their high-quality manufacturing process and outcomes. The Indian pharmaceutical sector is well known for its affordable price yet high-quality pharma products in south Asian markets as well as globally. However, that does not mean that you won’t come across products with poor pharmaceutical formulation and quality control processes. To ensure that the products you’re dealing with are of high quality, make sure they are ISO, GMP, and WHO approved.
Conclusion
A PCD pharma franchise is not difficult to establish but it does require intelligence, vigilance, and some common sense. Like any other business, this too requires investment. Careless selection of the company, the products, or the market to deal in can also be detrimental to your business. At the same time, investing in any company that is without necessary documents can also lead to your downfall. It is crucial to be careful when it comes to making the right choice and setting up your own pharma franchise.
