Pharma is an abbreviation of pharmaceutical which means to manufacture, discover or trade medical drugs/medicines.
Nowadays, the word human has become a synonym for stress, as our expectations from ourselves have increased and so have our desires. In order to fulfil all those desires, our life has been full of stress. On top of all that, our eating habits have also made us vulnerable to being sick. Due to all these factors our body needs regular check-ups and care and in order to be fit we often need to take medicines or health supplements.
What Does Pharma Entail?
Pharmaceutical business is the most growing business in the world as medicines / medical equipment have become a basic necessity in our lives. We need to have medicines when we are ill, we need medical equipment when someone is hospitalised and pharmaceutical industries provides all those medicines and equipment.
Pharma is not limited to medicines only. All the other medical equipment such as stethoscope, stretchers, thermometers, scissors, blades, weighing machines, oxygen cylinders, medical gloves etc. are also supplied and manufactured by pharma companies.
How to Start a Pharma Franchise?
To start a pharma franchise, you need to get proper certifications like drug license number from the concerned organizations or government bodies. Without these it will be treated as an illegal business and it is also unethical to do so because medications and treatment involve human life.
It is better to have a business plan before investing huge amounts in it. A person who is willing to take a franchise must have a proper premise owned/rented and centrally located if possible. The concerned person or company should make an agreement or a contract before proceeding in order to avoid any confusion. Special arrangements should be made for refrigeration as many medicines and/or injections require freezers. Special clause should be added to dispose the expired medicines and injections so that no chances are taken on human life. Special hygiene arrangements should be made so that neither of the products get infected while in manufacturing, packing or transit process.
What Are the Considerations for a Successful Franchise?
Research about new medicines availability in the market should be done regularly so that you don’t keep the stock of medicines which are becoming out dated. As different medicines are made by different pharmaceutical companies for same illness, you have to be on your toes to promote your medicines so that medical shops or hospitals prescribe your medicines more often. Supply of medicines should be on a regular basis from the company for which you have taken franchise as customers can easily get a substitute of the same medicine by the other company.
A special team of staff can be formed so that they approach different hospitals, medical institutes and medical shops to promote and convince the authorities to use your equipment and medicines and explaining them the benefits of them. Surveys can be done in hospitals about particular medicines provided by you to know the response about your supplied medicines. If there is a possibility, give special discounts to clinics and medical shops so that medicines are prescribed.
Pharma franchise in India can be a profitable business. For a successful business, all you need is to research effectively, invest wisely and market sensibly.