What are the requirements for taking a Pharma Franchise – Healthcare services are increasing and improving throughout the world. The result of which the pharma industry is growing tremendously along with pharma franchise business. More and more newcomers are looking forward to starting pharma franchise business in the hope of getting success. The profit margin in this business is very high but only then if you have good management and planning. There are a number of people who do not know what are the requirements of taking a pharma franchise.
At Sunwin Healthcare, we have got many queries regarding the requirement of the pharma franchise business. So, with the post ‘What are the requirements for taking a Pharma Franchise’, you will get the answer for all your questions. The pharma franchise business is at peak and this sector is expected to grow by 15% by the end of 2020. Investment in this sector is definitely a good idea for those who want to have their own business. Know about all the things that you need to get the pharma franchise business.
Pharma PCD Franchise Agreement
The pharma franchise agreement is very important in order to create the trust and faithful business between both the party. This agreement is signed between the pharma franchise company and the pharma franchise distributor. Pharma Franchise agreement is based on the mutually agreed terms & conditions. The terms and conditions are needed to be accepted by the both ends. Once the both party agreed on it only then they can start the business with each other. Make sure the agreement that you sign should provide the mutual benefits to both the parties.
Franchise agreement includes the following things:
- Stamp Paper
- Complete Address details of Company and Franchisee
- Name of Authorized Persons along with complete Residence Address
- Two witnesses are needed
- Agreement contain mutually agreed term and conditions
- Rubber Stamp of both parties are also needed
How to Choose the Right Pharma Franchise Company?
Selection of right pharma franchise company is very important for a successful business. The company in which you are going to invest your money should be reliable and should and trustworthy. The reputation of the pharma franchise company also plays an important role in the success of your business. The company in which you are going to invest should provide you the good profit margin and other support such as marketing.
Here are the essential things to the into the consideration before choosing the pharma franchise companies. Sign your agreement keeping these things in mind:
- Image and the reputation of the pharma franchise company is one important thing that cannot be ignored. By this, you can identify the market value and the success of the company.
- The companies that you have to shortlist for the franchise purpose should be certified. Certifications like, ISO, WHO, and GMP are important for the quality of the products.
- The company in which you are investing should have the good product list.
- Make sure that your company provides the quality assurance.
- Make sure that company provide the promotional tools for marketing
- Large product inventory should also take into the consideration.
Once you find all these things in a Pharma Franchise Company, you are good to go further with them. These things are essential for taking the right pharma franchise. These factors cannot be ignored and must require for the successful business.
License and Documents required for taking Pharma Franchise
For starting a pharma franchise business, there are certain documents that you will require and if you have them only then you are eligible for taking the pharma franchise. You can either apply for your own license or use the license of stockist to get the pharma franchise. It may require investment and along with this time and efforts but its always better to get your own license. License and documents required for pharma franchise business:
The tax registration is essential for starting a pharma franchise business. Value-added tax registration is important wherever the goods are purchased or sold. As this falls under the state government thus, it may vary from one state to another.
Following things are included in the tax registration:
- VAT (Value Added Tax)
- CST ( Central Sales Tax)
- TIN (Tax Identification Number)
Pharma Drug License
The another mandatory document that you need for starting pharma franchise business is the pharma drug license. Generally, the drug license is provided by the sate government. You can apply for this or you can use the license of your own stockist as well.
You can apply for pharma drug license here:
- Central Drug Standard Control Organization
- State Drug Standard Control Organization