How to Start Pharma Franchise Business – Want to start your own business? Searching for ways on initializing a set in the medical industry? Looking for how to start pharma franchise business? want to know how much investment is required to start pcd pharma company? The scenario of the Indian Pharmaceuticals Domain is one big star of future. The industry is already being ranked among the world toppers with 3rd ranking in volume and grabbing almost 20% of the International market. It was all achieved in a time period of few decades or less as the expected growth is 15.92 by 2020 which is at blooming stage.
Want to be your own boss? Want to kick start your own career? Do not know how to start pharma franchise business? Everyone wants to have a bright career and if it is you owned business, then there’s nothing you want to miss. Pharma Franchise is one such arena. Investing in this type is not only a good way of earning a return on investment and profit but has strong growth opportunities for you.
The demand for quality generics and drugs has risen with the rise in health consciousness among the masses. Pharmaceuticals domain serves the demand of population from Urban to Rural to other parts of the society. Pharma franchise form of business is a growing rapidly and has been meeting the rising demand. So if you are looking best pharma Franchise company to start pharma franchise business the Innovexia life Sciences is the best option for you.
Guide To Start A Pharma Franchise Business
Call it an economic cycle or business cycle, every industry is affected by the slow down, except the medical business! Invest in a profitable career and get yourself hooked by knowing how to start pharma franchise business. A guideline to stick and kick start to great returns!
Select And Enlist Best Pharma Company for Franchise
The First step on how to start a pharma franchise business is to look for a good firm in which you can invest your time and money. Always remember that if you are investing in a company, be double sure to avoid misleading or regrets which can be painful as there are many fraudulent companies. On the 0ther hand, the success of your business will be proportional to the success of the main pharma company you are being associated to. So, be careful! Check the company profile and research more about the form.
Points To consider while enlisting firms for you:
- The company should be certified by organizations. The important certifications are GMP, WHO and ISO 9001:2008.
- See the products list and have a wider view of the available generics and drugs as many times the company shows all the items but supply less which can be harmful in the longer run.
- To check the effectiveness of medicines, they should be approved by Drug Controller General of India (DCGI) and Food and Drug Administration (FDA) with certification from Food Safety & Standard Authority of India (FSSAI).
- Look at its balance sheet of previous years and get to know the profits and goodwill which will be helpful for a good business.
Check The Credibility
Once you have made sure that these points are being fulfilled, and then you may go through the potential of the company products to build the trust between you and your professionals under the link. On one will recommend a company which does not stand to the expectations. So, here’s what to do:
- Ask for samples of their products.
- Get them tested in the lab.
- Have a look at their marketing strategies.
- A special look at the promotional inputs as most of the companies take less care of the attractiveness of them.
Have Your Statements Cleared With Terms and Conditions
Have a written agreement other than the verbal agreement. When you have finalized everything, make sure you’re read the market agreement twice to avoid any kind of manipulation. Be sure the agreement is made on mutual discussed terms and condition in which both parties agree. If you are taking Monopoly rights it is the best way to avoid infiltration in near future. Have your working area, payment etc stated very clear to avoid manipulation in near future?
Select The Pharma Franchise Business Format You Require
Now we come to initializing the business in a real sense once applied! Not many know but this type of business has four store formats which are in existence and are making its impact everywhere. Choose from the below which suits you the best and what you want to go with:
- Standalone Pharmacy (Covering residential areas)
- Hospital Pharmacy (Covering hospital area)
- Township Pharmacy (Covering a particular housing complex or township)
- Chain Pharmacy (Covering a mall or shopping complex etc and their chain)
Optional Registration For Partnership Type
The government made it optional to opt for this registration but it is advisable to make things clear by making the share clear when it comes to profits and losses. This is preferred as compulsory by those with the Private limited company especially if you choose standalone format. Thus, the standalone format has to fill registration of LLP (Limited Liability Partnership) through IndiaFiling,com by paying an amount of Rs 8000. This will help you avoid any kind of chaos, speculations, and bankruptcy.
Compulsory Legal Registrations
Buying and selling generics and drugs involve other registration under legal terms. Thus, you need to be registered person in the following.
Income Tax Registration
Income tax is important in many terms. The government provides special concessions to them and it will help you save more which means more profits. The registration may differ from state to state which is controlled by the state government. You need to register under one of the three which are as follows.:
- VAT (Value Added Tax)
- CST ( Central Sales Tax)
- TIN (Tax Identification Number)
Pharmacy Drug License
A valid drug license is compulsory to own. Yu can obtain it by downloading it online. The two government bodies which provide the license are:
- Central Drug Standard Control Organization
- State Drug Standard Control Organization
