The pharma industry never faces a lack of demand because one may choose to skip a meal but cannot afford to skip a medicine. The fact makes the PCD Pharma business a profitable one. Among the different types of business opportunities in the niche, a pharma franchise business is quite popular. It uses the brand power of an established PCD Pharma in India to earn money.
Hence, the pharma franchise business opens new opportunities for entrepreneurs who do not have deep pockets. Even at low investment, they can expect good returns. However, in the cut-throat competition, it is always good to select the right pharma franchise company meticulously.
Here are some cardinal points that will help in choosing the perfect company.
Experience matters a lot
Why do you need an experienced and consummate company? It is because you get better products and services there. You get a rock-solid system that supports you in difficult times. Experience brings expertise, and expertise brings confidence. You would certainly love to associate with a confident company instead of a struggling one.
Read the profile thoroughly
Not just a confident company but you would love to associate with a valid and legitimate company as well. For that, you have to scrutiny the profile of the company. Check that the documentation and certifications are in place. Some important documents are Drug License Number, GST, Tax Identification Number, Registration of the company, and so on.
List of products
Product catalog can be a ‘make or break’ aspect in deciding the success or failure of your company in a pharma franchise business. If you associate with a pharma company that has a comprehensive product range and eye-catching packing and labeling, then it is a boon. You cannot and should not ignore it as the ROI depends on it largely. When the product range is wide, you can serve a large audience. An ideal number of products is 600-700 products.
Clear terms and conditions
Lastly, you have to read terms and conditions with care. Every bit of it is important. Make sure you read the documents, policies, terms, and conditions, everything. Ask them about the terms of payments, investment, and other financial points. Will you get monopoly rights? Are you going to be the sole distributor around the area chosen by you for business? At what intervals are you supposed to pay? Everything should be in the legal form so that there are no issues later.
Also Read: How can I get Pharma Franchise in India?