Change always comes with new challenges and responsibilities. Change is universal truth but we always run from change. Change in life, change in job, change in profession, change in habits etc. Job is also a habit which we are doing from last few years, I am in job from last six years and you will also be in job from many years. I started my entrepreneur journey two years ago but at that time i failed very badly. In other words I lost my all money and time but that was life changing movement for me.It tought me about traits, opportunities, failure and possibilities of starting own work. First and most important thing I learned from it was – don’t depend upon others to build or start any work. You should have faith and trust at your own caliber to be successful in your work and life.
Starting entrepreneur journey with partners is not a bad idea. Share of money, share of work, share of responsibilities but every partner should know his responsibility and work. His responsibilities should be unique from other partner so everyone can perform his task with loyalty and honestly. Being dependent on others will always create problem in your start-up.
Single person can’t handle everything. This tag line is applicable to both proprietor and partner ship firm. Proprietor need staff to share his work and in partnership firm, every partner should full fill his own responsibilities.
He can’t market two companies to same doctors. If one from remaining us could handle sale and promotion then results could be different. We all were so engaged in our jobs that we couldn’t find time for own work. MR friend has good links in market, he has capability to sale products but he didn’t get support from us. If we could share his work of sales and promotion between all of us uniformly and separately visit his links and relationship then we can improve results.
After some time we decided to close and again to concentrate at jobs. But that was not the end, in year 2014, I again decided to start my own venture Elzac Herbal India (Ayurvedic Franchise Company) individually. My medical representative friend starts own pharma franchise marketing. Now we are trying to launch new business for our remaining friend. After that we will not partners but we will have common goal. No one will depend at another but will help other in his need time.
Hope above article may help you at some extent if you are starting your own entrepreneur journey. For any query and suggestion mail us at email@example.com
Failure and success is a part of any business. If you didn’t find any success in your first attempt, you don’t need to over react at the situation. This is normal thing that happens to all new businesses and new comers. At that time just remember your first job, first day, first company and first doctor’s call.Definitely you will find the solution for your problem. No one become master in first standard. Like your first job it was your first attempt in your entrepreneur journey. Failures are stairs for success. Try to learn from your failures. Don’t give blame to you or any other person. Blame can’t be any solution. You should attempt fresh start but after amending all things that was reason for your failure.
Starting pharma franchise marketing first time is like joining first job. You may have good market relationship and work experience but own work has different challenges and experiences what you will feel during process. In your job you had only few responsibilities . Sale was your primary and important work but in your own marketing all works are primary and important to you. You cannot ignore even single task.
Failing will effect you most if you don’t have any other income source. If you have second source of income then failure will not affect you a lot. So you should secure your income before going in any business including pharma franchise marketing. Every one should have financial back-up for expenses & bills who want to start own business.
Most important part of discussion is that if you have good work ethics then there is very less chances of failure. But we’ll recommend you to prepare your self for all possibilities.
Get feed back from Market: Ask from doctor, distributors, chemist and other professionals about your products and company. Listen their reviews and find out mistakes and failures. Compare all reviews and search for solution and strategy which will work for you.
Test new strategy and techniques: If one way is not working then you should start go with another possible way. Not necessary what was producing result during your job, will work in your own marketing. You should test all way to promote and sell your products.
Reorganize your self and your products: In case you are not getting any response from market. Re-organize your self, try to find out reasons why you are not getting any response. Research about latest molecules and doctor’s choice. Relaunching may also be good option to start with.
Meet senior professional: Meet with professionals who are doing pharma franchise marketing from many years. Ask them about their experience and best possible way to be successful in marketing. There is chances same techniques may also work for you. Keep in contact with them. If possible listen their failure and success stories. Get inspiration from these personalities.
Talk to company regarding support and response from market: You are independently doing own marketing but that doesn’t mean pharma franchise company has no concern and responsibilities regarding your problems and difficulties. You are their customer and your business will effect their business also. Talk to them at every matter and provide feed back. Ask about more marketing, promotional, physiological support from company.
Change the company: Most difficult thing a new comer can do. You have told everyone that you recently changed your company. Changing company will also hurt your reputation but you have worked hard in full passion, used your all relationships but not received any results. Then it better to switch company instead of pulling unproductive company.
Thanks for reading…
Hope you find above article helpful to you. You can mail us at firstname.lastname@example.org for any query, problem and suggestion.
As you mentioned, you need details of office set-up cost for your marketed by pharmacy company. Head office cost depend upon many factors like number of staff, location, decoration, rent etc. Mainly two type of office set-up is generally preferred by companies. Cost also vary according to type of office you prefer.
Two type of office you can set up for your marketing company :
Office with medicine godown
Office with out godown
Office including godown: In this type, office and godown is attached. This type is very popular among all marketing companies. It is Less expensive and easily manageable type. All start up and small marketing companies use this model. In this type you require wholesale drug license for your whole premises including your office and godown. Office work and dispatch can be handled by same location.
Office excluding godown: In this type, office is located at different location and medicine godown at different location. This type is popular among big houses, they prefer to setup office at other locations and dispatch from different locations. This is good option to separate official and dispatch work. You require wholesale drug license for godown only. In this type you have to pay rent for both office and godown separately.Cost is calculated as per below formula:
Rent plus documentation cost plus decoration plus staff salary plus accessories
Above cost is for example purpose only it may vary depending upon area and city. Other than above, expenses like computer, phone, furniture, electricity bill etc. also will cost you for your office set-up.
You can calculate your head office set-up cost for any city. Now suppose, you leave decoration for future, hire only one staff other than you to handle account and calls at salary 9000/- per month, documentation cost is 5000-10000/- (one time), computer is 20000/- (one time), phone bill is 1500/- per month, rent is 10000/- per month, furniture cost is 25000/- (one time) and other expenses. From above values the starting cost will be 70500-75500/- approximate.
Hope this will be helpful for you. For further queries and suggestions, mail us at email@example.com
Every marketing person or distributor will work with maximum of 30 products only but they will always give preference to company having more and unique combinations in the list. If you are going to launch franchise company, you have to investment for at least 45-60 products. Minimum amount that is required for these products will be more than 15 lac.
A single party takes around six to 1 year in establishing company sale at regular basis. It is the time period when you can trust it will continue business with you. 5 out of 10 will stop working with company with any reason ( personal or professional ). If number of marketing persons that are associating with you are new comers in franchise marketing or they are first time launching any franchise company in their area then chances is there 8 out of 10 will close work within first year of association.
At average, if you tie up with 25 associates in a year, you will end up with 6-10 franchisees that are giving regular business to you in a financial year. And out of these 6-10 franchisees, only 3-5 parties will provide enough business to pay your bills. In first two year, you will associate with 12-20 party. After two year you will have enough income and inventory to run a company. Once company has started to earn all expenses and salary of all partners and staff, then we can assure about its future.
One more thing, franchise advertisement is expensive one process. Inquiry in pharma franchise marketing generated through print media ( like drug books, healthcare news papers etc ), online portals ( like www.pharmafranchisehelp.com, —– mart, —– mart etc ), pharmaceutical expo shows, website, adwords etc. Without advertisement and promotion, it is very difficult to get inquiries.
Quick look at cost of advertisement:
Print Media- 20000-40000/- per 3 months per book
Online Portals: 21000-30000/- per year per portal
Pharma Expo Shows: 50000-150000/- per show
Website: Site creation + Promotion = Minimum of 15000/- per year
Adwords: Depend upon pay per click rate for keyword you choose
Without proper advertisement and promotion it become difficult to get 100 inquiries per month. Out of hundred, you can expect minimum of 4-5 matured inquiries. Most of parties will also ask for your ad in print media. Ad in print media create impression at mind of franchisee and doctors.
Cut throat competition also add fuel to fire. Inquiry that you receive, you are not the single person that receive that inquiry. Distributor or marketing person will send this inquiry to more than 5 companies including you. He will compare net rate, products, range etc. He will contact all and will try to find out best possible associate. Company that will provide the satisfaction, will catch the opportunity.
Proper support to franchisee matter most but neglected by most of companies. In franchise marketing, work is totally at branded or ethical basis. It requires all promotional material that is used by big pharma companies. Give and take was the procedure at which most of franchisee were dependent but this philosophy now use by every company whether big or small. Now is the time when demand of promotional and marketing material is increasing by franchisee side. Neglecting or cost cutting doesn’t provide any benefits to any one. New strategy and regular supply will make the difference.
Shortage of products, irregular supply, no follow-up, shortage of staff, no vision etc are also very much responsible for slow or negligible growth. Franchise provide small entrepreneur to succeed in hug pharma market dominated by big cos. What direction we can give to this market will depend upon new comers in market. What type of vision and strategy they implement to make presence in market.
Conclusion: Like all other businesses, pharma franchise business is also require patience, hard work, dedication, time, knowledge, relationship, vision, strategy etc to be successful. Success is not a over night process. It comes with time as you proceed in your journey.
Before starting new thing we have lot of questions in our mind. Finding answer of these questions is always very difficult. We create lot of excuses to not start new things but these excuses can’t be solution. You have to do different to stand out from crowd. We are living in a world where everyone threatens us about new changes. Our family and friends will provide lot of examples to prove us changes always bring difficulties.
Everyone wants to live peacefully and securely, they want to spend their life with 9-5 job, a sweet family, children. They are happy with it. But person who have capacity to challenge change and has power to handle difficulties and pressure, can only change this world and make his path at own. We have lot of examples who accepted new things and provided new direction to this world.
If you are feeling pressure at your mind whether you should go with daily routine or you should try something new. So, here we are providing few questions that can be ask by own self before reaching to any conclusion.
Question 1: What is more important: Failing to achieve something after try or you didn’t try?
Question 2: What should you do: Work you like to do or work you don’t like?
Question 3: Which thing do you want to change in this world?
Question 4: What will you do: Work you believe in or work you don’t believe?
Question 5: Which type of work provides you most happiness and satisfaction?
Question 6: If life is of only single day, in which different way you do spend it?
Question 7: Are you engaging in a work, you should leave long ago?
Question 8: What is more important: Doing right work or work is in right way?
Question 9: Which is most satisfying thing you have done in your life?
Question 10: Which type of personality you have: You like to remember old things or you like to collect new and fresh memories?
Question 11: What are the recent happenings those gave you good feel?
Question 12: Who is most inspiration personality for you in this world? Do you follow him/her or not?
Question 13: Do your current job or work provide you satisfaction and growth or not?
Questions list is long enough but here we present few important questions. Try to find out the answers of these questions. These will definitely provide you some sort of inspiration to start some thing new.
In above article you will find the query similar to you and response from our side. Its good idea to think about your own business in first year of your pharmacy graduation. I also think about own work in pharma sector during my pharmacy graduation. But it requires patience, knowledge, hard work, dedication, emotional intelligence, experience, time etc to establish own business in any sector. If you are ready to do above things and will prefer learning first & stop running behind money in your early job period. Procedure to start pharma company read here: How to start pharma company
Every doctor has different choice regarding molecules. Take an example of PPI’s: Few doctors prescribe omeprazole, some prefer rabeprazole, some still believe in ranitine and so on. Products selection, you have to do after complete market research.For investment purpose, read here how much investment required to start pharma company. Regarding investment, you have to think by yourself from where you can arrange.
Hope you have find above information helpful…
Links in article is provided to give you information about particular thing. We have covered all topics in previous articles so you can read about that after visit links.
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Loan License procedure is somewhat different. For getting loan license, you first have to contact a Ayurvedic manufacturer and a application for loan license has to submit to AYUSH department. Read in detail about Loan License here
For profit calculation you just need to think how much profit margin you want to set product wise e.g. 20%, 30%, 40% etc. Also consider your expenses like office expenses, staff salary etc. Then add these all Values plus percentage of retailer, percentage of stockist etc and calculate your mrp.
4: Staff with qualificationsFor marketing and sales of ayurvedic products, you can appointment any qualification staff that can handle your purchase, sales and marketing. No required qualification staff is needed, staff with any qualification that can handle all your work is best for you. Sales is the quality of the person that can’t come with qualifications. Any one with lower qualification can do much better work than higher qualification but educated persons easily learn new things.
Permissions and approvals are taken by manufacturer. You don’t need to take any approval and permission by your self. Manufacturer will do this for you. If you want to get products in already approved combinations of manufacturer then it will take less time. You can get manufactured these combinations at your brand names in short time but if you want your unique combination then you need to take approval from AYUSH department through manufacturing company.
If you have your own formula of drug then it will be approved through Ayurvedic manufacturer in AYUSH department in approved format. Otherwise you can use combinations already approved to manufacturer for your brand names for particular indication. This will prevent your time and efforts.
8: Who can use our formula other than us?
Once manufacturer will get approval for any combination, he will eligible to manufacture these combinations for anyone for claimed indication. or you have to apply for patent by yourself if you consider your combination unique and you don’t want anyone to get manufacture it other than you. See example of product by clicking at Ayurvedic Product
9: How to earn much profit?
Profit earning depends upon you. As we mentioned before you can set profit margin as per your need but you should also consider mrp of other similar brands also. In starting mrp of products should less than from other available products. As much as you will your sale as much as you will earn from your company. Your efforts and sales/marketing strategy will be become basis of your earning.
Hope above information is useful to you…
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What is a Pharma Visual Aids?Pharma Visual aids is referred as a document which is used to promote pharmaceutical product/brand to healthcare professionals and illustrate molecule or combination present in it. It may be in form of written/Printed, film, slide, electronic, voice etc to convey written or spoken information about product/brand.
Visual Aids is defined as an item of illustrative matter as a film, slide or model, designed to supplement written or spoken information so that it can be understood more easily.
Detailing Visual aids or Literature is used as marketing tool by pharmaceutical companies from very early time. Once there was a time, when doctor’s used to be happy to see pharma companies sales representative or medical representative because they used to provide information about new molecules, drugs, new research in medical science, new discoveries etc.
Then it was easy to convince doctors to prescribe medicines. But with time companies sales representatives lost its credibility and reputation because market has been saturated with representatives. Daily more than 15 representatives visit to doctors to prescribe their drugs. Doctors started to avoid due to over-sized sale force.But still marketing with detailing visual aids and medical representative are important source of sale generation in pharmaceutical market except few otc products. What should be part of detailing aids that provide information to doctor and doesn’t appear over written and lengthy.
Below are the parts in detailing
Composition with dosage form
Detail or description or MOA or use of each active molecule
Indication or Pharmacological uses
Brand name with Tag line
Tag Line: Select your tag line properly indicating best possible use of your products.It should be simple and easily pronounceable.
Brand Name: Brand name of your product at suitable font and size. It should be highly highlighted but don’t be oversize.
Composition or Molecules with dosage form: Accurate composition of your product should be added below your brand name. For Ayurvedic products if composition is lengthy and long, you can also choose its purpose.
Picture: Picture should indicate positive effect of your product. You can use or can’t the picture but a image says more than thousand words.
Discription of molecules: Useful description about each molecules. Not lengthy, not so short. But describe use of each molecule separately. Pharmacology, pharmacokinetic, pharmacodynamics or pharmacostatics etc of molecules may be used in discription
Indication: You should use atleast 5-6 indication for your brand or composition of your brand.
Also Available: Similar products you can describe below your detailing card with brand name and composition. This will save your time to detail similar products to doctors. Below this you should add tag line also with different from above tag line.
Brand Name with Tag line: If similar product is not available, you can add brand name with new tag line at end.
How could be the latest innovation in Visual Aids?
A speaking visual aids story telling device, Video demonstration can make product more interesting in front of doctor.
In this article, we will cover following topic about Pharmacy Business:
Definition of Pharmacy
Difference between Pharmacy and Chemist Shop
Area required and premises specifications
Competent Person (Pharmacist)
Documents and Requirements
How to Start/ Procedure to start
Pharmacy and Chemist shops are last part of distribution channel and are in direct contact with customers i.e. patient and/or his caretaker. Pharmacy and Chemist shops are a profitable as well as a charitable business. In this article we will provide you almost complete information about how you can start pharmacy and retail business.
Most of us feel confusion when it comes to differentiate between Pharmacy and Chemist Shop. Both are similar in many aspects. But still have lot of difference in regards with operation and functioning. Both require presence and supervision of Pharmacist during working hours.
Pharmacy is a premises where compounding, preparation of drugs and medicines as per patient requirement is conducted along with dispensing of pre packed drugs and medicines dosage form where as chemist shop is a premises where only dispensing of pre packed drugs and medicines dosage form is conducted.
Minimum of area required for starting Chemist Shop and Pharmacy is 100 square feet. Premises should have adequate space for refrigerator, racks, pallets, sitting etc. Walls and floor should be at least cemented and concreted roof. No crack and flake should be present in premises.
Competent Person (Registered Pharmacist):
For handling daily activity in pharmacy and chemist shop, supervision of Pharmacist is must. No activities can be carried out in retail pharmacy and chemist shop without presence and supervision of a Registered Pharmacist.
A Registered Pharmacist is a person who holds a diploma, degree or doctorate in Pharmacy and his/her name is entered in the register of the state pharmacy council in which he/she is for the time being residing or carrying on his profession or business of pharmacy.
Documents and Requirements:
Application has to be submitted in prescribed form to district drug inspector or drug selling authority office. Application is submitted on application form with detailed information
Pharmacist registration certificate photo copy. If proprietor or one of partner is not registered pharmacist, appointment letter and affidavit of pharmacist will be submitted along with registration certificate copy of pharmacist
Ownership proof or in case rented premises, rent agreement with owner detail.
Purchase bill receipt photocopy of refrigerator
Partnership deed in case of partnership firm
Affidavit of proprietor or partners
Blue print/layout plan of premises in 3 copies
How to Start/ Procedure:
Most important thing to consider before starting retail for medicines is Location. Your income from chemist shop and pharmacy depends at which location your premise is present. How much doctors are present at that location, population, already existing numbers of chemist shops are few factors that should be consider before proceeding opening a pharmacy and chemist shop. Along with location your premises should fulfill minimum requirements like area require, cemented floor and walls, concrete roof etc. Second important thing is fulfilling requirement of a Pharmacist. If you are pharmacist then you don’t need any other person but if you don’t have Pharmacist Registration then you have to employee a Pharmacist as competent person to carry out Pharmacy/Chemist/Druggist Daily Activity. In short we are describing business plan for chemist shop below:
Search for Premises with required space at Prime Location.
Conduct some research and survey about general medicines, prescription habits of doctors and otc products running in that locality
Find out distributors and suppliers of medicines and other products in that locality
Make a rent agreement of premises if premise is rented
Apply for shop registration if necessary
Appoint a pharmacist if applicable
Decorate premises as per medical shop standard
Get prepared a blue print of premises
Purchase an air conditioner and refrigerator
Complete all documents
Visit to nearby Drug Control Office
Submit application for retail license for sale, purchase and exhibition of medicines manually and/or online.
After application successful submission, drug inspector or any other authorized person by government will inspect premise and check manually about authenticity of documents and premise
If Drug Authority is satisfied with all formalities. Application will be approved and drug authority will issue letter for grant of drug retail.
Total initial investment will vary according to location, area, city etc. There is requirement of shop or premises to start Pharmacy outlet or chemist shop. This shop or premises could be owned or rented. In owned shop, we can add purchase cost in investment if pharmacy is to start after purchasing shop. But starting by purchasing own premises or shop is not possible for majority of start-ups. For them renting a premises or shop is best option.
Rent and/or cost of premises can change with change of location. So add what is your own shop or premises rent. Suppose rent is 6000/- per month. Pharmacist salary also varies place to place. We are supposing it 12000/- for fresher candidate.
Now come to accessories investment. Decoration and interior expenses vary according to your need. Simple interior will cost less and high profile interior will cost high. Furniture, fitting and chair etc will cost approximate 30000/-. Refrigerator cost is approximate 9000/-. License fee and documentation may be cost approximately 6000/-. Few other hidden expenses may cost approximately 15000/-.
Above expenses are without purchasing any single medicines. These estimates could be change depend at many factors. This investment idea is for information purpose only; you can change actual value from approximate values to find actual investment you require to start.
Investment at purchase of medicines also varies according to stock you purchase in starting and cost of medicines you purchase. Most of retailer can get medicines at credit from wholesaler and distributor.
Inspection is carried out by Senior Drug Inspector/Drug Inspector or any other person appointed by state government time to time for inspecting pharmacies and chemist shops. If all facilities, documents, competent person detail and other particulars are found to be satisfactory then application file has to be processed for issuing retail drug license. Otherwise authority can return file for amendments and/or rejection.
Profit Margin in Chemist/Pharmacy/Pharma Retail Shop:
Profit margin of chemist shop varies products to products but generally 16-24% margin is provided to retailers by most of companies with scheme. At generic medicines, this margin increases to higher side. Along with allopathic medicines, A Pharmacy and Chemist Shop also deal in Ayurvedic Medicines and Food/Dietary Supplements.
FSSAI (Food Safety and Standards Authority of India) Registration:
Shop registration requirements and criteria may vary according to your area. Before starting pharmacy business, it should be recommended to confirm first for shop registration or any other registration in locality.
Important Definitions related to Chemist Shop and Pharmacy:
Drugstore word is used for such licensees who do not require the services of a qualified person.
Chemists and Druggists word is used by such licensees who employ the services of a Registered Pharmacist but who do not maintain a “Pharmacy” for compounding against prescriptions.
Pharmacy, Dispensing Chemist word is used by such licensees who employ the services of a Registered Pharmacist and maintain a “Pharmacy” for compounding against prescriptions
I am planning to open a pharmacy /medical store in a small village of gorakhpur, Uttar pradesh. I am planning to have a doctor in that pharmacy which can recommend medicine.
I am looking for a catchy name for my pharmacy / medical store according to locality which helps as booster for my pharmacy.
Please suggest some names
You can read how to select catchy name for your company? same will be applicable for your shop.
Choose a technical different name, not common names like —- medicals store,etc. Choose names which give professionalism like:
Dawa Ghar etc.
Hope above information was useful to you…
For any query and suggestion, mail us at firstname.lastname@example.org