According to the latest reports by Forbes, pharmacy stands upright on the second position while enlisting the top twenty industrial sectors with the greatest job opportunities; the hospitalist being the first. In India, there has always been a huge gap between the demand and availability of medical services which indicates that this sector is bursting with opportunities for individuals who want to be a part of it. Closely related to the medical field is the pharmacy sector that deals in the research, production and supply of medicinal drugs and other related products.
Pharma franchise companies play a significant role in ensuring the availability of medicines in different regions.
Functions of pharma franchise companies
A franchise company can be termed as a marketing partner for a company or a government organization which has granted it authorization to carry out marketing activities in the areas assigned. With regard to the pharmacy sector, a pharma franchise company is a group authorized to perform certain marketing activities for the company. The marketing and distribution rights are given to the franchise companies on monopoly basis. They can use the brand name or the manufacturer’s name in their commercial activities.
Information for interested firms and individuals
All that you need for a good start as a franchise company for a pharmacy is great sales and marketing skills and a strong hold in market. You can start your franchise business with a small initial investment. Companies generally don’t have a fixed set of rules for franchises in terms of number of products or order size, however there are sales targets that you need to focus upon. It is up to you what strategies you follow, how much sales staff you appoint and how you meet the targets. It is your duty to establish a new brand in a market and develop healthy relationships with your prospective clients.
How much you can earn
There is absolutely no upper or lower limit on how much money you can make through this business. The more you work on your sales skills, the better results you will get. You may have a slow start but as you establish your brand and expand your markets, you can make a good amount of money for the whole staff. In addition to sales staff, you also need a finance professional to evaluate the profit percentage for your firm. Though it does not involve a very high level of mathematics, having a professional calculate your retail margin, stockiest margin and other costs involved would be good to have.
Why pharma franchise
There are many reasons that make it a good career option. In addition to the flexibility it offers, abundance of opportunities and unlimited growth are a few more reasons that urge budding entrepreneurs to try their hands on it.
You can start with constituting a sales team of individuals who are ready to take chances. Besides, choose your pharma manufacturer wisely as a lot many things depend upon who you choose to do business with.