Query:
My name is ———— and i am a pharma marketing professional.
Your blog is full of knowledge. And it is helpful for the people like me.
I want to start my own pharma franchise business.
Kindly give some important tips regarding selection of company for franchise. Which company one should select to take franchise?
Response:
Its pleasure to hear you want to start your own pharma franchise business. Selection of company for franchise marketing is most critical and important step. Your whole future depend upon your this decision. Right decision can stand your market and income but wrong decision can destroy your self independent journey. It is difficult to predict which company will be best for work and provide best possible support to you.
1. Name: Name of company should be catchy. Try to select company with unique and profession name. Easily pronounceable and remind-able. Company name is important aspect, you should consider while selecting franchise company. Company name will be your recognisation.
2. Product Range: Product range is same important as company name. Choose product range according to your need. Having 250 products list doesn’t matter to you if products in the range is not of your interest. Choose company which has product range of your interest whether having 60 products or more than 300 products.
3. Brand Names: Brand Names of the products should be easily pronounceable and remind-able as like company name. Doctors shouldn’t face any difficulty while reminding or prescribing your product. Short and technical name build strong impression.
4. Packing: While selecting franchise company, you should care about packing of products. Products packing give psychological impact in mind of Patients, Doctors and Chemists. Packing makes first impression at in front person.
5. Availability Of stock: Before start with any company, be clear about your stock availability terms. This is the major problem that is faced by most of companies. Above things can be neglected but you can’t compromise with stock unavailability. Once doctor has started to prescribe your brand, he can’t wait for you if you can’t supply product on time. You can loose your business. Clarify all things about stock availability to company and take proper assurance about regular supply.
6. Promotional Inputs: Promotional inputs are main part of your working in doctor’s chamber. Choose company which can provide you timely and regular supply of promotional inputs. Visual Aids, detailing bag, Catch covers, reminder cards, dairies, pen, key chains are few inputs that are provided by companies.
7. Monopoly Rights and Marketing Agreements: Monopoly rights are back bone of pharma franchise business. Take marketing and monopoly rights agreement on stamp paper indicating you are sole distributor and marketing person at monopoly rights for particular area. You may thing this is not necessary but in future you can face major problems like infiltration of products from other areas or change of distribution to other person by company itself. Be straight in this matter.
8. Net rates: Compare 4 to 5 companies rate having products list of your interest. After comparison if you find rate of products are higher for the company you want to select. You can negotiate to company about rates. Tell them others are purposing these rates and you are willing to work with them. If they can give these rates, you can start with them.
9. Payment Terms: Clarify all your debuts about payment terms. In start you can start with advance payment but take in written about credit terms after some time. Otherwise companies can refuse to give you credit as per conditions.
10. You can also read following articles before selecting pharma frnachise company:
Hope you will find these valuable:
- You should plan following things before further processing to avoid problems
- Will it be advisable for me that I appoint a stockist here and start working ?
- How to proceed to do business at franchise base in pharmaceutical sector ?
- Is it right to go with PCD companies?
- I have started my own pcd a few months ago. I want some advice and tips from you.
- How to take distribution of a Ayurvedic Medicine Company?
Hope this was useful to you….