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
1.
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.
2.
Credibility
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.
3.
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.
4.
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.
Verdict
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