Starting a pharma franchise business becomes a lot easier when you know where to begin with. Here is a list of steps to follow and proceed:
Steps to follow
- Choose the best pharma company
The first step is to scout and find the best pharma company to seek a franchise. Research and focus on the following points:
- The company should practice GMP guidelines and must be ISO 9001:2008 certified.
- Check out the product lists you can choose from and their availability. Make sure that the demand-supply balance is maintained, to avoid any issues in the future.
Once you are assured of the certifications from the top regulatory bodies of India, you can proceed to seek samples of the medicines you want to sell. Check the effectiveness of the medicines supplied by seeking certifications, and documents related to the assay reports. You can also get them tested by yourself from certified labs. Seek a pharma franchise by looking at the marketing strategies done by the company. You need to make sure that the medicines are known to the market.
- Terms and conditions
You will have to sign an agreement. Check the terms and conditions mentioned in the agreement by hiring a lawyer before making any commitment. Find the pros and cons of the agreement, and try to preserve your best interest.
- Choose a business format
There are different kinds of business formats for a pharma franchise. You can either become a standalone pharmacy, or can open a chain of pharmacies on your name. It depends on the amount you want to invest and the business format you want to go with.
These are the four prime steps to follow to avail a pharma franchise, and invest in a product line of a reputed pharmaceutical company.