You know the meaning of ethics and franchise, eh? Put two and two together, and voila, you have the answer! If you are still scratching your head, fret not! In this blog, we will discuss the ins and outs of ethical pharma franchises.
An ethical pharma franchise is a franchise business. So, what is a franchise business? A franchise business is one in which a company gives the right to a franchisee – a person or organization buying the franchise – to sell the company’s products by their name. The arrangement between a franchise and a franchisee is called a franchising business. A franchisee is an entrepreneur who buys franchises from a large company, also called a franchiser. A Pharma franchise is also known as a PCD pharma franchise. PCD stands for Propaganda-cum-Distribution. However, the scope of the PCD pharma franchise is limited. Propaganda-cum-Distribution franchise’s work is limited. They also work on a smaller budget and have no fixed target. Pharma franchises, on the other hand, have big budgets and operate on well-defined objectives. Here, you must note propaganda does not have any negative connotation. It refers to marketing involved in pharmacy franchises.
The state of PCD pharma, or ethical pharma franchises:
Two years ago, many businesses went bust when a once-in-a-lifetime pandemic brought the entire world to a grinding halt. From airlines to journalism to IT services to market research, there was not a single sector that escaped the Covid-19 wrath. The Pharma industry was an outlier doing brisk business and registering growth, sometimes in double digits. The pharma industry is robust by the very nature of its service and immune to slow down. Medicine is a human’s fundamental requirement, and the pharma industry will be relevant and needed until humans gain perfect health – a utopian dream. Ethical pharma is the oldest and most popular segment of the pharma industry, and medical representatives in this sector distribute all kinds of medicine.
Benefits of ethical pharma franchises
There are many benefits, and we will list only the significant benefits of owning an ethical pharma franchise.
(1) Ethical pharma franchise eliminates mediators by directly contacting doctors with clinical representatives. The elimination of mediators makes the entire sector transparent and easy to regulate.
(2) This technique allows new brands to popularise themselves among the masses.
(3) Ethical pharma franchises offer medical products at a reasonable price — a benefit from the customers’ point of view.
(4) Products offered by ethical pharma franchises are very attractive as they use the best and most beautiful packaging for marketing their top-notch medical products.
(5) Ethical pharma franchise has the potential to revolutionize the market.
(6) As a franchisee, you eliminate competition.
These are the top benefits of an ethical pharma franchise from a franchisee’s and consumer’s perspective.
How to start an ethical pharma franchise?
Before starting your new journey, ensure you have the qualifications to start a pharma franchise and have sales experience to stand you in good stead. It is not mandatory to have sales experience, though. Securing credit will be an uphill task in the initial phase of your foray into an ethical pharmacy franchise. Once you establish your credibility in the market, pharma companies may offer you a line of credit.
Steps to be followed before you start an ethical pharmacy franchise
(1) Thoroughly research the area of pharmaceuticals in which you are interested. Do a cost-benefit analysis before throwing your hat in the ring.
(2) Choose only well-established and reputed pharma companies. Engagement with a sub-standard company can ruin your credibility before you even have a chance to create it!
(3) Once you have done your market research and zeroed in on a company, contact the pharma company to enquire about a vacancy for their company’s franchise. If you get an affirmative answer, request them to provide you with more information. Ask them for a price list for a better understanding of products. Opaqueness in PCD Pharma companies price list should be the red flag for you.
(4) The last stage will entail agreeing on mutually satisfactory terms and conditions. When you have an agreement, formalize the deal, and you are all set to begin your pharmacy franchise!
How to know which company is the best?
There is no one answer to this question. The definition of the best pharma company is influenced by the sector in which it operates, and several great companies can exist simultaneously. There is a rule of thumb that you need to follow before you finalize your deal with a pharma company for your ethical pharma franchise:
(1) Reputation: How reputed is the company in its segment? A company must have a high reputation to have credibility, and you will be better off without a franchise from companies with low reputations.
(2) Brand: Brand does not only mean reputation and credibility but also name recall ability. With name recall ability, a company can be successful. Think of all the big brands. Their name is simple, short, and easy to remember. Choose a company that has an attractive and catchy name. Don’t select companies with fancy gobbledygook of a name. Had trouble reading ‘gobbledegook’? Imagine what will happen if you have a pharma franchise of a company whose name is tongue-twister! Look at Hower Pharma Private Limited: its name is short and easy to pronounce. One need not be sophisticated to wrap their tongue around this name. Brand names should always be attractive and simple.
(3) Monopoly rights: In the absence of monopoly rights, you will face maddening competition, bringing down your earnings. Ensure your company gives you monopoly rights over its products.
(4) Differentiators: Pay close attention to what differentiates your company from other companies. Their brand value must be high, and their packaging, etc., should be of excellent standard. PCD pharma companies’ price list is another factor to which you must pay close attention.
(5) Stock: You will need a regular supply of stocks to keep your business profitable. Choose a company that can ensure a hassle-free steady supply of stocks
(6) Range: choose a company that offers a wide range of products. Your company should also give you excellent promotional materials.
Final thought:
An ethical pharma franchise offers you a good business opportunity. There is a constant demand for medicinal products, and if you go about your business carefully, you can quickly establish your name in the market. Do a proper vetting of the company you want to do business with. You can run a successful pharma franchise with diligence and some smart moves.
Hower Pharma Private Limited is a well-established and reputed Chandigarh-based Pharma franchise company. The company is motivated by the vision of delivering quality medicines at an affordable price.