The cardiac industry is seriously going through a silent crisis. Doctors are losing their faith in local distributors due to the promotion of substandard molecules and trade-only selling models. Lately, doctors have discovered that there is a BE (bioequivalence) gap found in the medicines. If cardiac medicine is not able to dissolve at ERR (exact rate required), then it’s completely useless. Here the role of a pharma franchise that offers clinical-grade molecules in their medicines plays a significant importance. So if you are planning to enter the sector, then ally with an ethical cardiac PCD pharma franchise company that offers excipient quality. Read the blog and discover how to start an ethical cardiac medicine franchise company without a flaw.
A Guide To Select The Ethical Cardiac Pcd Company In India
Selecting a cardiac PCD company is a rigorous process. Without knowing the background and completing market research, it is not preferable to select any random company as a franchisor. There are legalities involved and numerous licenses to acquire before selling your first order in the market. This is a guide that will help you to select the ethical cardiac medicine franchise company thoughtfully. Follow these simple 6 steps and you will never fail in finding the right company:
Self- Or Third-Party Research
Finding the adequate location is the foremost thing you need to consider. Find the location where you have easy access to local cardiologists, diabetologists, and multi-specialty hospitals. This will allow you to approach them easily and fulfill the demand hassle-free. Also check for the existence of local competitors. If there are competitors, then it will encourage you to stay in the game by competing on prices and selling demand-centric products. Check the road infrastructure and thoroughly go through the geographic area; it will let you analyze the timely delivery of goods and actual demand of the product in the specific territory. You can perform the market research part by yourself or hire the service of a third-party professional. Without research, never think of stepping into the business.
Selecting A Reliable Cardiac PCD Company Can Make The Difference
There are certain parameters to select the ethical cardiac medicine franchise company. The foremost part is to check if they possess the WHO-GMP and ISO certifications. These certifications are the foundational step of assurance that manufacturers are preparing the medicines and other products in alignment with international standards.
The next crucial step in selecting the cardiac PCD company is to see if they are capable of offering a wide range of products and in bulk. This will allow you to plan business scaling at a later stage.
The third point to check is if they are able to provide you monopoly rights. This will allow you to sell the most demanding product or medicine in your area without having competition from another distributor that sells the products of the same company. To ensure you get the monopoly rights, you must widen your investment plan.
The fourth part you need to check is the source of ingredients. If the franchise owner sells the product that is sourced from API (active pharmaceutical ingredients), then it’s a green flag to collaborate with them.
Invest your time in gathering legal licenses and registration processes
Now when you have selected the ethical cardiac medicine franchise company, it’s time to invest your time gathering licenses and complete the registration process. The first license you need to obtain is the WDL (wholesale drug license) by filling out forms 20B and 21B. If you are unsure of the applying process, then take the assistance of the franchise company (surely they would love to guide you).
The next step is to apply for a GST number. This is an unavoidable license, and without it you can’t survive in the business. It helps you with compliance with taxes and interstate trade. Moving further, you need to register your company as a sole proprietorship, private limited, or partnership. Once you define these formalities, then lastly apply for the FSSAI license (if required).
Investment and Infrastructure Planning: A Rigorous Move
How much you prefer to invest in the franchise option will decide how much profit you can expect in return. As a beginner, the investment of Rs 50,000 to Rs 3 lakhs is sufficient (this covers stock, licensing, and marketing expenditure). The investment may go up to Rs 5 lakh to Rs 10 lakh, depending upon the company’s market reputation and your spending capacity. Once the budget is locked, the next process is to find a suitable, accessible, and protective storage area where goods can be kept in a well-organized manner. The minimum storage requirement is 10-15 square meters.
Selecting the product portfolio and ordering initial stock
Be selective in this process. Keep your research open to identify the hot-selling products in the market. Carefully initiate your first order. Don’t jump in a hurry to order every product in one go. Always make a wise move and place the first order with less quantity. This will allow you to analyze the product credibility, and if the demand is good, then you can move ahead and place the next big order. Also check for the high-demand and quick-selling portfolios to keep the sales graph elevated.
Activate Marketing Strategy Rigorously
Now this is the final stage, where you are supposed to market the product. At the initial stage, you can choose visual aids and other marketing materials that are provided by the ethical cardiac medicine franchise company. First, hire a professional sales team of 2-3 individuals who have relevant industry experience. Train them regarding the product, and ask them to update doctors about the USPs of your product. They should avoid the common sales pitch, such as “We are the best and sell high-quality products. What makes your product unique, doctors are always keen to know that only. They want to know why they should recommend your product to the patient and what benefits the patient will acquire from it. Further, arrange a small meeting or dinner with the doctors to build a strong and professional relationship. This will help you to build your brand as a reliable and trustworthy healthcare partner.
The Bottom Line
The above step-by-step guide will allow you to select the ethical cardiac PCD pharma franchise company. Always look for the company that is established and carries relevant industry experience. Never fall into the trap of selecting a novice company; as a result, you have to suffer in regression.
If looking for a reliable and economical franchise company, then get connected with Amplec Healthcare. They are the industry leaders and have decades of experience in smooth franchise options.
Frequently Asked Questions
Why select the experienced cardiac PCD company?
When you select an experienced company, you get professional guidance and a clear pathway to scale your business at a later stage.
How to get a WDL?
You need to fill out online forms 20B and 21B to obtain a wholesale drug license. If you are not aware of how to accomplish the process, then seek guidance from the franchisor.
How long does it take to dispatch the consignment?
The delivery of consignment varies due to the size of the order, distance from the warehouse to your storage area, and list of products that you require.
What certificates need to be checked before signing the agreement?
You may have a look at WHO-GMP and ISO certificates at the initial stage.
