8 Tips That will Help You Choose the Right Pharma Franchise Company in India

The Pharma industry of India is on the brink of attaining that top status that has eluded it for so many years until now. With pharma companies rethinking their business objectives, policies and strategies, the economic changes, etc. are pushing India towards an achievable target of gaining a position in the top 10 world markets by 2020.

Failing health, increase in disposable income, an improved health care system, affordable health care are the major factors behind a rising pharmaceutical industry. At this stage, when success has become inevitable, it would be wise for individuals and businesses to forge alliances with reputable pharma companies to earn good returns. Thus, making an investment in the pharma business as a pharma distributor for a good pharma franchise company in India has become a norm that is likely to sustain.

But let us not forget the perils that could mount up if you end up with the wrong pharma franchise company. So, the big question is- how to know if you have chosen the right pharma franchise company to work with? For your convenience, we have boiled down our research to come up with 8 major factors that will help you choose the best PCD pharma company in India.

Parameters on how to Select a good Pharma Franchise Company in India

1. Brand Reputation

Start by assessing the reputation of your potential pharma franchise company. Determine how well the brand is known in the market, whether it has performed consistently well over the last few years and shows promise of sustaining its growth pattern in the coming years. Read online reviews and ratings left by the pharma franchise company’s existing and previous clients. The best pharma franchise company in India is usually involved in socio-economic welfare and conducts its business ethically.

2. PCD Pharma Company List

A PCD pharma company list is a compilation of the top 10 pharma companies in India. Thus, an easy way to choose the best PCD pharma company is by looking up the PCD pharma company list. If your target pharma company is on that list than there is no doubt that the company ranks among the top in the pharmaceutical industry.

3. Pharma Products

The best pharma franchise company in India will have a great portfolio of pharma products. Such pharma companies usually have products from all specialty segments, span major therapeutic areas through their product line and offer best quality pharma products approved by the DCGI. However, the most important thing to consider is whether the company possesses the pharma products that interest you.

4. Certifications, License, Approvals

A good pharma franchise company will be good about keeping its credentials and approvals up to date. Ensure, the pharma company has certifications from ISO, WHO, GMP, GLP or supplies products prepared in certified manufacturing facilities. Also, to conduct business legally, a pharma company must possess a wholesale drug license. Therefore, check off this box only after you have made sure the company has the necessary documents and certificates.

5. Third Party Manufacturing Pharma Companies

What many would not tell you is that a pharma franchise company that is also a third party manufacturer is considered a good pharmaceutical partner. Third Party manufacturing pharma companies themselves manufacture the products they supply thus eliminating the need for a third party for distribution and marketing.

6. Pharma Product Price List/Net Rates

Checking the net rates offered by the pharma franchise company is a good way to gauge whether the pharma franchise company is charging the right prices for its products. You could do so by comparing the pharma product price list made available by several suppliers or by sending in a query.

7. Sole Distribution Rights/Monopoly Rights for PCD

A leading pharma franchise company in India attracts distributors by providing monopoly-based pharma distribution rights in the latter’s target territory. This gives pharma franchise owners liberty to make important strategic and marketing decisions and helps reduce competition.

8. Promotional Inputs

Promotional inputs form a part of the alliance with the best PCD pharma company. A good pharma franchise company provides all necessary marketing material such as bags, pens, diaries, product samples, visual aids, etc. to help with brand promotion. Additionally, such companies do not hesitate to motivate their distributors by giving out frequent bonus, incentives on a regular basis.