Know the top 10 requirements for starting up a pharma franchise business in India

The structure of pharma franchise business market in India is flourishing rapidly. Hence attracting the attention of many budding and enthusiastic entrepreneurs. The pharma industry, with the huge prospect of development and maximum investment on return, wide opens new ways to a successful business. Like every business sector, the pharma industry also includes certain steps and processes. Hence a well-researched and detailed knowledge can guide your way to becoming a successful pharma franchise businessman.

1) education and experience required to start up the pharma franchise business

Although there is no such minimum qualification required to take up the first step towards your business in the pharma franchise, it is always better and includes an added advantage if you have a degree in pharmaceuticals. Additionally, the person must also be well-experienced selling, distributing and marketing the medicine in the market. Besides, you don’t need to worry, even if you don’t have such experience. Because even a fresher can mark his footsteps in the pharma industry only with the help of minimum guidance and consultant.

2) Savings required to start up the business

While starting up any business, an individual must make proper planning about the investment involved in the business. In contrary to other business modules, it becomes quite tough to get an exact idea about the amount of money required in a pharma franchise business. It is because the investment amount may vary depending upon the number of products required by your business and the company you choose. But on an average, a pharma franchise business requires an amount of nearly 3 to 4 lakhs. A trustable and reputed company will always benefit your business. generally, pharma franchise businessman does start their business with low quantity of products hence keeping the initial investment amount low.

3) License and documentation

The presence of documents and license plays an important role in the pharma industry. At first, you need to get a permit from the dedicated authority permitting you the right to sell the allowed medicines. You should also be legally allowed to apply for the same.

4) Selecting a unique name for the pharma franchise company is another step forward towards your business. As the business provides individual rights and monopoly on your registered geographical area, hence it becomes mandatory that you create a unique identity of the business.

5) Registration of drug marketing license is mandatory, as it is required to proceed forward with your business in the pharma industry. AS, Without the license, you won’t be able to sell any drug in the market.

6) You must have valid documents of the premises you are willing to do your business in. as; the ownership of the business land is required to carry forward your business peacefully.

7) The presence of proper marketing agreement with the pharma company you are willing to work with is another similar requirement for the pharma franchise business.

8) Income tax registration is another important legal step required for registration of the pharma franchise company, if you do not have it already, you must apply and get it to do a hustle free pharma franchise business in India.                                                                        

9) Company registration along with goods and services tax identification number

You need to follow up your business according to the government rules and        regulations. Hence its quite important to register your company name with the local body and get the GSTIN for your company.

10)  Availability of pharma franchise vacancy

Now when you are ready with all the required legal documents and financial ability to set up your business, one last step remains to start up your business in the particular regional area you are willing to set up your pharma franchise business in India. The pharma franchise you are willing to work with may not have a vacancy in your desired location. Thus, it’s always a better and safe option to shortlist two to three substitute locations for the business. Doing so will help you work with the same company even if it lacks vacancy in your primarily desired location.

conclusion

The above-mentioned points are a few of the most important requirements to start up a pharma franchise business. Besides, there are a few other requirements like experience required in the field, the meeting of minimum order quantity, etc. although the requirements differ from company to company, choose the company which best suits your requirements and best in the long run.