Did you know that the pharmaceutical industry in India was valued at approximately $42 billion in 2021? India even has a 20% share in global pharma exports. However, what most people don’t know is that our country’s domestic pharma market is also growing rapidly, at 9.4% in 2018.
So, it is safe to say that the pharma industry is flourishing in India, and a lot of the country’s residents would love to be a part of it. Furthermore, you do not require a particular educational or professional background to enter this field. One can simply take a PCD pharma franchise (propaganda cum distribution) and enter the market with very low investment.
However, it is not as easy as it sounds. A lot of people rush into opening a Pharma PCD Company without gaining critical information required for the business to do well. If you find yourself in a similar situation where your profits seem stagnant, you may be making a few common mistakes. In this blog, we will look at the do’s and don’ts of scaling a PCD pharma franchise company in India. So let’s get started!
Common Mistakes Made By Pharma Franchise Businesses
Whether you took this business opportunity recently, or have been running a PCD pharma franchise for a while, it is normal to encounter problems in any business. However, identifying the mistakes can help you correct them quicker.
Not Following a Proper Operating Procedure
It is a common misconception that small businesses do not require a proper plan to operate, and while that may hold some truth, it will also hinder future growth. Every successful company has a management, so it is important to form a proper plan to progress your business. Creating a plan will ensure that your business focuses on what’s important to grow in the long term, and not just on increasing current sales.
Not Having Any Targets to Achieve
Similar to the aforementioned point, smaller PCD pharma franchise owners do not really set up targets to achieve, as they may be more focused on selling the stock. However, having targets serve more than just one purpose. It allows you to scale your business, and reach higher goals. If you lack targets, you are not working towards anything and simply getting by, which is highly likely to result in failure in the future.
Hiring Unqualified Staff
If you are just starting out as a PCD pharma franchise, you may not even require help in the beginning. However, if you decide to hire help, do not hire complete freshers with no knowledge of the industry. While most medical retail stores in India hire newbies, doing so may prove to be harmful instead of beneficial. As when something goes wrong, no one will be willing to take responsibility to fix the situation.
Not Taking Monopoly Rights
The best part of owning a PCD pharma franchise is the access to monopoly rights. These rights allow you to be the sole PCD pharma franchise in a particular area that sells products of the parent PCD pharma franchise company. You also get to decide which products will be sold in your area.
For instance, the area where you run your business may have high demand for herbal medicines. So, you can pick those products to sell, and you would be the only seller, meaning that no one could steal your customers. Vivaceutical is one of the top PCD pharma companies in India that provides monopoly rights. Get in touch with them to know more!
So, these are some mistakes to be avoided when you are trying to increase sales of a PCD pharma franchise. Now let’s look at what you should be doing in order to increase sales and grow your PCD pharma franchise company.
Tips That Help PCD Pharma Companies Grow
When trying to scale a pharma franchise company, it is important to remember what works for others may not work for you. Every PCD pharma company is unique on its own, depending on its location, product range, and more. However, the tips mentioned below are crucial for running a successful franchise company in India.
Choose Products According to Demand
In a monopoly, you have full freedom to choose whichever products will be selling in your area. So, it is important to understand and analyse the market before you decide which products to sell. Some PCD pharma company owners prefer keeping the whole product range in stock. Now this may work for some sellers, but conducting research on which products will sell better can take your business to new heights.
Focus On the Target Audience
Running a PCD pharma franchise company in India means that you need to form connections with those who can help you grow. For instance, pharma professionals often form good relations with the local doctor so that they would send their patients to purchase medicines from you.
Finding your target audience doesn’t necessarily have to be tough, and you can simply contact the parent pharma company for advice. This is also why you must work with a company that has a dedicated customer service.
As the owner of a PCD pharma franchise in India, you have access to a lot of benefits. It is important to realise which ones can work in your favour. For instance, reach out to the best PCD pharma company in India to help you with marketing affordable pharmaceutical products.
Further, the pharma franchise you work with can even help you make connections. So, if you do not know anyone in the pharma industry, you can still make a name for yourself in world class healthcare solutions.
If you wish to scale your PCD pharma franchise, it is important to take the right steps from the get go. This means choosing the right parent company to work with. Always pick one that offers you monopoly rights.
Keeping these points in mind can help you further, so make sure to implement them into your business plan.