A PCD Pharma franchise business has benefits like- low investment capital, low administrative cost, low-risk factors, large profit margin, Monopoly rights, and restrictions on suppliers. All these factors make the PCD business a very attractive business opportunity. But in spite of all these benefits, it is not easy to be successful in the PCD business. Although a lot of people try their luck in this business a very few of them actually manage to run their business smoothly and get success in the PCD Pharma franchise business.
there are many factors responsible for the success or failure of a PCD Pharma franchise business. But one of the most important things to get success in the business is the will to get success. Only those who come into this business with a strong determination to build a successful business for himself or herself would survive the cut-throat and exhaustive competition in this business. further, the article discusses what other things should be taken into consideration to get success in a PCD Pharma franchise business.
Product Selection
the first step towards a successful PCD Pharma franchise business is to select the right product. This is a very important step that will significantly affect the running of the business. to choose the right product means to choose a product that has a high demand in the market along with a considerable scope of growth. For example, Aakash syrup has a huge demand in the market but there is none or very little scope of growth in the business of cough syrups. But the products related to PCOD, PCOS, infertility, erectile dysfunction, female problems like menstruation, etc have a huge scope of growth.
After selecting the genre of the product, the next stage is the selection of which specific product. For this, you need to do a quality check for yourself. Online research alone is not sufficient to be sure of the quality. You can contact 8 to 10 companies through mail or personally and ask for their samples. Many companies give away the sample for free but even if a company charges some amount for their sample, an investment of ₹500-1000 is not much for being assured of the quality of the product. The product, its packaging, price, etc everything should be checked to select that particular product that will suit you the best.
Company Selection
Though the most important factors of the company relating to the product have already been discussed in the product selection, there are some other things that need to be kept in mind before selecting a pharma company for your PCD franchise.
The first thing to consider is the reputation of the brand in the market. The brand name plays a huge role in the sale of a product. you should focus on getting the maximum benefits from your pharma company of marketing aids from marketing solutions, advertising solutions to physician samples, and MR bags. some of these things are provided for free by the pharma company and they charged for the rest. You should negotiate in getting these market AIDS at best rates along with negotiating for the best price for your product. Other small factors are timely delivery, no manufacturing glitches, etc.
After the company and product selection, it completely depends on you take your business to the sky or watch it dying rolling on the ground. It means that hereafter, it is only your will, determination, consistency, marketing, and negotiating skills, and cost management that will take you forward. is the PCD Pharma franchise business promises a lot of progress but it also demands a lot of hard work from you.
Budgeting
The most important thing that will determine the future of your PCD business is your budgeting. you need to calculate and allocate your resources very meticulously to maximize your profits and strengthen your business. Firstly, you need to calculate your actual cost by adding transportation cost, GST, printing, refrigerator, AC charges, etc to your cost of this product. After determining your actual cost, you decide your profit percentage. For this, you need to subtract from MRP the GST (18%) and the chemist margin (approximately 20%). This will give you the PTR (Price To Retailer). If you subtract stockist margin (approximately 10%) from the PTR, it gives you the PTS (Price To Stockist). After this, you can easily determine your profit by subtracting your actual cost from PTS.
Promotions and Branding
To grow your business and get higher profits, you need to allocate some percentage of your profit to your branding. Most of the PCD Pharma franchise business owners aim to start their own company one day. In fact, it should be the goal of a PCD franchise businessman. but even if you do not want to own your own company, you need to spend some branding to run your business smoothly. It includes organizing the Pharma convention sau seminar, activities like environment campaign for blood donation campaign, etc. Although these are long term investments and would not result in an immediate profit, they will prove to be fruitful in 3 to 5 years. It is essential to do the branding of the product to sustain the business in the long run.
Promotional activities also include contacting and building relations with the leading doctors of the area to generate more prescriptions. This will not happen immediately. It will take time and required consistency but if you remain a regular visitor to the doctors, send them reminder cards and give them some goodies at times, it will happen eventually and it would be very profitable.
Some other tips to get success in the PCD Pharma business include- doing business with trusted people, ensuring the timely collection of payments, doing regular promotions, and never reduce your margin no matter what as reducing margin would be your first step towards the failure of your business.
We hope the article was useful and we wish you luck and prosperity in your business.