Pharma Franchise Companies in India- Those associated with the India pharma industry for a while now will agree when we say that one of the safest investment propositions in the pharma sector is none other but starting a medicine franchise company in India. With assistance coming from quarters such as the government monetary aid, liberal pharma policies, tax relaxations in Special economic zones where most pharma companies prefer to set up their businesses, an increased Foreign Direct Investment and so much more, launching a medicine franchise company becomes a safe bet.
The pharma sector of India has witnessed tremendous growth over the last 2 decades. This growth pattern has encouraged businesses and individuals to associate with the pharma franchise companies in India as pharma distributors or join the ranks of the PCD pharma companies by becoming one. It is safe to say that both choices offer scope for growth and expansion.
In the article below, we shall discuss the licenses required to start a medicine franchise company in India followed by the basic steps involved in the setup. Learn how to be a part of the Indian pharma PCD companies network by following the steps below.
Licenses Required to Start a Medicine Franchise Company in India
Apply and get the following licenses to operate as a medicine franchise company in India.
1. Register the pharma company under the Company Act
All the Indian pharma PCD companies must register under the Company Act as required by the law. A medicine franchise company can either register as a Private Limited Company, a Limited Liability Partnership or a Partnership Company.
In case of a Limited Liability Partnership or a Partnership Company, one of the partners must be a registered pharmacist.
2. Get a Wholesale Drug and Cosmetic License
To start a new medicine franchise company, the owner must apply for a wholesale drug and cosmetic license to the local license issuing authority and local drug inspector. Each state in India requires different documents for license application, therefore, ensure that you have the right checklist to work with.
3. Apply for a Goods & Service Tax (GST) number
Visit the local tax authority for a GST number or you could even hire a CA to get a GST number for your business. A GST number is mandatory for all PCD pharma companies with an estimated turnover of Rs.20 lakhs.
4. Food Safety and Standards Authority of India (FSSAI) Registration
FSSAI registration is mandatory for the PCD pharma companies also engaging in marketing and distribution of dietary supplements and food.
Steps Involved in Starting a Medicine Franchise Company in India
- Draft a business proposal
Drafting a business proposal involves long-term planning and is crucial for a smooth start. If you are the business owner looking for funds from the investor, then a business proposal is mandatory. A business proposal includes various aspects related to your medicine franchise company such as the business objective, mission, vision, investment requirement, financial projections, brand name, marketing agendas, business scope, opportunities, etc.
- Company Name
A pharma company is recognized in the market through its company name. Therefore, the name of the company must be chosen with utmost care. The name must be simple yet unique, symbolic of your business and easy to remember.
- Product Selection
Almost all the top pharma franchise companies in India are characterized by a good product list. Therefore, a new pharma marketing company must select its range of pharma products carefully based on market demand & supply, trending products, etc.
- Company Logo & Promotional Material
The logo is the face of any company and so is the case with a medicine franchise company. The next step is to get the logo of the company designed and getting all the promotional material printed up. Few examples of promotional material offered by the top pharma franchise companies are visual aids, product samples, product cards/manuals, reminder cards, writing pads, banners, medical books, etc.
- Select Business Premises
The next in the process is to choose a location and premises to house your pharma office. A proper company establishment is helpful in building trust and makes business dealings easier.
- Obtain the required licenses discussed above.
- Place product orders with the pharma manufacturers. Some Indian pharma PCD companies may decide to do their own manufacturing.
- Hire pharma distributors and start product distribution and promotion.
Strategies Used by Pharma Franchise Companies to Increase their Product Reach
The PCD pharma companies in India use the PCD pharma model to achieve product promotion and distribution throughout India. The PCD model requires a pharma company to hire pharma distributors to sell, promote and distribute the company’s pharma products on its behalf in the market. Therefore, pharma distributors are integral to the success of a pharma franchise company. However, the Indian pharma PCD companies can use the additional marketing tactics and tools to increase their brand and product reach.
- Hire a Medical Representative/Marketing Executive
Plenty of top pharma franchise companies employ the services of medical representatives to spread the knowledge about their brand and product among the pharma distributors.
- Digital Marketing
The internet is a powerful tool used by many PCD pharma companies to create and spread awareness about their products and brand in the market. The digital marketing tools adopted by pharma companies to attract pharma distributors and clients include SEO, SMO, PPC, bulk email, bulk SMS, WhatsApp Marketing, etc.
- Social Media Marketing
Facebook, Twitter, Google plus, etc are some social media platforms that have created a furor in the social media world. The increasing use of these platforms has forced companies to use them to promote their products.
Pharma Franchise Companies List
Now that you are all ready to get started on your journey of becoming a pharma franchise company, you may want to join the pharma franchise companies list later at some point. Not an impossible task if you have goals clear, your budget sorted out, your products are high quality and if you are innovative.
For more information on a medicine franchise company, call +91-9876542225.