The pharma franchise business is very competitive and at the same time very rewarding. Selecting a suitable derma PCD franchise to partner with requires some groundwork and developing understanding of the business. Any wrong move in selecting the correct partner and you will be stuck with sub-standard products that never go off your shelves.
Here is a check list of items that you need to tick before you zero in on a derma franchise company in India:
- Company Profile: The pharma franchise company that you pick has a reputation to protect and a brand to cherish. You must collect all necessary information about the company – like years of operations, promoters, presence and position in market, product portfolio. Get the feedback from other franchisees and trade partners, if possible, and based on this make your decision. Always check for the important documents like Drug license number, US FDA approval number, GST, PAN, Incorporation certificate, etc. to establish their bonafides.
- Product Catalog: The product catalog must be very specific and cover all possible options in the portfolio, so always check all the products they offer. Product catalog must be compared with the catalogs of other service providers to see what products we are not producing and why. If the product in question is not in much demand then it is better for you, otherwise, select the alternate provider for their superior product catalog. This will ensure that your products are never stocked for too long and there is always a continuous demand for them.
- Customer Support: You are not only a partner for the franchise owner but also a customer of their brand. The customer support related to franchise issues, say packaging, orders, deliveries, payment, account settlement and many more need to be transparent and prompt.
- Brand Presence: The franchise model is built on the premise that a brand is an intangible asset that can be transferred from one person to other. If you want to associate with a brand that has no reputation or negative reputation then, then most likely your business will doom the moment you even considered it. A strong brand is built over years with hard work and sustained values.
- Exclusive Rights: Though skin care pharma products are in demand in all geographies, more in some than in others due to environmental conditions. If your dermatology company franchise gives you exclusive and monopoly rights over your allotted territory then you will never have to face competition at least for the same brand, and you can always handle the competition from other brands with your superior product and marketing skills.
- Reputation among Trade Partners: In a franchise you are not alone, and the franchisor is there for your help and guidance. How a certain franchisor provides support for administrative, training and other matter to their franchisees is a key point to consider. Talk to existing franchisees and other trade partners and listen to their experiences. They will tell you how a company came to rescue when the going was tough, or if they were left to unattended.
- Stock Availability: The availability of the stock different pharma products need not be dependent on the limited production capacity of the business. Many products re always in high demand or have more demand due to seasonal changes. The pharma franchise must always be able to deliver you the products in as much quantity that you need at a reasonable time limit. Any delays in stock deliveries may result in loss of immediate sale as well probably permanent transition of customer to some other brand pf product.
- Packaging: The packaging of a product plays a very important role in making the first impression on physicians, dermatologists and stores. They will give more and specific attention to ingredients and literature is the packaging is easy to handle and attractive. Store and pharmacies also keep attractively packaged goods at prominent locations in their stores and customers also demand such products out of curiosity, at least in case of over the counter items. Packaging of tubes, pills, capsules, syrups, lotions, creams etc. all matter and affects the sales.
- Margins: Net rates of margins are what you are in this business for. Margin means how much you are going to save once you have made all the expenses out of your pocket and the final sale revenues have been counted. This includes you marketing, distribution, sales, employee, rental and other costs. If the retail price is not adequate to cover all such charges and promotional samples then the business is not going to grow rapidly.
- Marketing Support: The skin care manufacturer provides branded promotional material and marketing support, but the groundwork must be done you. Distribution and sales are your responsibility. The manufacturer will send medical representatives to train your staff, to meet the doctors and supervise your marketing efforts. Effective marketing with doctors and on electronic and print media are taken care of by derma PCD franchise.
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