HOW TO START YOUR OWN PHARMA MARKETING COMPANY?

Introduction

Are you looking to start a PCD pharma franchise company in Chandigarh? If so, you have come to the right place, as in this article, you will be taken through all the things you need to know to start a pharmaceutical marketing company.

The advancements in technology and science are further driving a boom in the pharmaceutical industry, thereby increasing the number of opportunities available for you to exploit.

Therefore, if you are thinking to venture into this industry, read through this article, and you will get to learn the steps to follow to become a PCD pharma franchise.

Assess your options

You need to do thorough research on the pharmaceutical business model and evaluate your options. Consequently, you can later decide whether to venture into marketing medicines under your company’s brand name or starting a PCD pharma firm that has a manufacturing unit. Another excellent alternative is making a deal with an already established drug manufacturer.

There are numerous kinds of pharmaceutical companies to start, and each incorporates unique traits and these include;

Each of these companies, as mentioned above, needs lots of paperwork and massive investment. However, pharmaceutical franchises and pharmaceutical distributors usually need less investment hence a great alternative if you are operating on a tight budget.

Write a Business Plan For PCD Pharma Franchise

After settling on starting a PCD pharma franchise company in Chandigarh, you should now go ahead and write a business plan. Whereas creating a business plan is not a guarantee your business will be a success, it considerably improves your chances, thereby advisable.

Some of the things you need to do at this point include;

✔️ Research on Your Potential Competitors

When setting up a PCD pharma franchise, researching your potential competition is vital, as this allows you to understand their operations as well as expertise. Thus, studying their business model will enable you to have an idea of what you can improve on their operations have an edge over them.

✔️ Establish all your expenses

It is also essential to know the initial total investment that you need to raise when looking to venture into the pharmaceutical business. Furthermore, this includes knowing if activities such as trials, pharmaceutical distribution, or manufacturing will be conducted in-house. Some of the things you need to plan for include;

• Employee salaries
• Lab equipment
• Machinery
• Pharmaceutical conveyor belts
• Pharmaceutical industrial conveyors
• Furniture
• Utilities such as gas, electricity, and water
• Office supplies
• The production facility

✔️ Select the Appropriate Equipment

Like all other PCD pharma suppliers, you also need to choose suitable equipment to run your pharmaceutical company. These include packaging and manufacturing equipment, such as the conveyor belts for pharmaceuticals. With this machinery, you not only improve the operating efficiency but also enhance the safety of all your employees.

Typically, this equipment can be modified according to your specific needs to improve overall workflow as well as reduce possible manufacturing risks.

✔️ Establish Roles and Duties

To run a PCD pharma franchise, you need to hire several individuals to help you with day-to-day operations. Moreover, you should ensure the staff are knowledgeable, qualified as well as passionate, and share your vision on seeing the company become a success. Some of the crucial positions that you need for your company are;

• A chief executive officer
• An inventory manager
• A human resource manager
• A purchasing manager
• Floor managers
• A customer service team
• Accountant
• Truck drivers
• Security guards
• Janitors

The running of a company requires several people, but with a suitable group, you will be able to ease the stress often associated with starting any new company.

✔️ Carry out a SWOT Analysis

A SWOT analysis entails scrutinizing your business plan and finding out the strengths, weaknesses, opportunities as well as threats. Moreover, it would be best if you also did a SWOT analysis of either one of several of your main competitors to get an excellent overview ad comparison of the market, as well as how and where you will fit in.

✔️ Verify the License Requirements

When starting a PCD pharma franchise company in Chandigarh, you need to get the required licenses from your state and city. These requirements usually differ depending on the business you are engaging in, but in most cases, most pharmaceutical startups are classified as limited liability corporations.

✔️ Establish Your Brand

Once your PCD pharma franchise is running, you should now take the necessary steps to promote it by creating a brand. However, this is not as easy since getting products to the medical community is often characterized by lots of challenges. This is because you will be competing against big players in the industry who have already established a reputation for themselves.

Therefore, you need to invest in advertisement and market research if you are serious about wanting to be a threat to these established companies.

If you have additional funds, you can hire the services of marketing and advertising firms to help you come up with everything needed to make you a success including;

• A brand image
• A logo
• A company mission
• A marketing campaign
• A website

You should advise your company staff always to be updated on the latest medical and pharma trends. Moreover, they should also attend seminars and workshops that provide you with the opportunity to interact with other professionals in the industry and develop a mutually constructive relationship.

Conclusion

Having read through the article, you now have an idea of how to start a PCD pharma franchise company in Chandigarh.

Therefore, by carefully following these steps as mentioned above, you will be on your way towards running a successful PCD pharma franchise and get to reap from the incredible profit potential in this industry.