Basic Requirements for Taking a Pharma Franchise in India

Are you also thinking of starting a pharma franchise business in India? Do you want to know about the basic requirements for taking a pharma franchise?

Pharma business is one of the fastest-growing businesses in India. It has created several business opportunities for entrepreneurs and youth. The pharma franchise business is also among those opportunities. Many companies such as Vivaceutical are providing monopoly rights to individuals to promote their brand and business. If you have little knowledge and experience in the field, it can be the best business opportunity for you. To clear all your doubts regarding the requirements for taking a franchise, you must read on

What is a Pharma Franchise and How does it Work?

A pharma franchise refers to an authorization granted by a pharmaceutical company or organisation to a particular group of people or an individual to carry out some commercial activities for them. The franchise owner gets marketing and selling rights from the manufacturing company. The main aim of the owner company is to expand their business. Pharma franchise businesses work in the following ways.

• The company provides the monopoly rights on the basis of mutual terms and conditions accepted by both parties.

• The company offers its products to the pharma franchise. The franchise owner can sell, promote and market those products in the allocated location.

• There is a pre-decided share of the franchise owner in the total sale for the company.

• All the activities related to the business are done on the behalf of the business owner. So, it is very important to maintain the business morale and goodwill of the company.

• The franchise owner will run the market and promote the product through different channels such as running a marketing campaign.

Now, coming back to the topic. You must be aware of the below-discussed requirements for starting a pharma franchise before investing in it. Read on to know about them.

Essential Qualification and Experience

Some pharma companies have certain qualifications-needs to give the monopoly rights to the applicant. This qualification is necessary because the pharma business is directly related to the lives of other people. So, the franchise owner must have passed the senior secondary level exam. Along with the required qualification the owner must have at least 3-4 years of experience in pharma marketing or selling.

Registration Documents and Licensing

Documentation and licensing are very important for starting a pharma franchise business. There are some licences and registrations that are mandatory to start a franchise. The mandatory licences and documentation include a Drug marketing licence, GST registration, tax identification number, and a copy of all the documents according to the norms and regulations. Proper documentation ensures that you do not face any kind of legal obligations in the future.

Basic Investment Needed

Every business needs a flow of investment to run it smoothly and efficiently. The same is true for the pharma franchise business. Investment is a crucial and important part of the pharma business. However, every company has different investment requirements. You may start your business with a minimum investment of 10,000. Remember, you have to wait for 6-7 months to get a return on your investment. Once you establish your business well, you will surely earn a good amount of profit.

Availability of the Preferred location.

Sometimes, you have money in your hand to invest in the business but the company does not have a vacancy in your preferred location. It can affect your business plan. Therefore, it is advisable that you must keep 2-3 locations in your mind when you look for a pharma franchise. You can search the internet to know about the best locations.

Conclusion

A pharma franchise business can offer you a better opportunity. You must choose the right pharma company that has a well-established brand and goodwill. You must be careful with all the documentation and licensing to avoid any legal obligations. Also, you may have to wait for the returns as every business takes some time to get established. So, you are all set to start your pharma franchise. We hope that following the above-discussed points will help you to make a better decision.