How do I start a Pharmacy Franchise or PCD in India?
Healthcare is the biggest concern across the world. Factors like growing pollution, genetically modified foods, and lack of sanitation are the biggest cause of an increasing number of patients. Moreover, the unprecedented population growth results in a significant increase in the patient number.
These days, the popularity of the Pharmacy Franchise is growing like never before. The increasing demand for health care is helping the industry in a great manner. Many youngsters are opting for the industry as a career option. But, to start a PCD Pharma Franchise Company is complicated, especially in a country like India. Many aspiring youths are facing confusion owing to the complex process. But, believe it or not, the process is quite easy to understand, only if you have all the information in one place. Here, in this article, you will get to know every requirement to start your own PCD Pharma Franchise Company. But, before arriving at the details, let’s discuss the real difference between the PCD Pharma Franchise and a normal Pharma Franchise.
The Difference Between a PCD Pharma Franchise and Pharma Franchise
The major difference between a Pharma Franchise and its PCD counterpart is the scale, where the former is significantly larger than that of the PCD Pharma Franchise.
You need a big land to open a Pharma Franchise. In a Pharma Franchise, the sales target and order amount is generally big, at least. To start your own Pharma Franchise, you need a good amount of qualification and capital to invest. Besides, a good designation is mandatory to open a Pharma Franchise. For a respectable designation, you need experience. Therefore, to start your own venture, you must have at least ten years of experience. Apart from that, initially, one has to spend more than five lacs of money. If you have the qualification as mentioned above and required capital, you can open a Pharma Franchise.
On the other hand, the process of opening a PCD Pharma is relatively easier than a Pharma Franchise. In the beginning, you will have a small amount of initial order and low target sales. On the investment front, you have to spend a relatively lower amount. Those who are wholesalers, distributors, retailers, or medicine representatives, can apply to open a PCD Pharma Franchise.
The Qualification to Open a PCD Pharma Franchise
Experience is in demand everywhere. To open any business, people look for years of experience. But, here, to open a PCD pharma franchise, you need the least amount of experience. But, there are two crucial aspects that you need to keep in mind before applying.
- To open your PCD Pharma Franchise, you need to have at least three years of experience in the sales or marketing department in the pharma sector. The road will be significantly easier if you are working with any reputed company in the pharma industry.
- Are You a college drop out! No worry, as most of the PCD companies don’t require any kind of qualification. But the exception is there, as few companies are asking a minimum inter qualification.
The List of Documents Required to Open a Pharma Franchisee
The rules and regulations in the pharma industry are relatively strict, as they are dealing with the life of the people. Therefore, it is advisable not to commit any mistake from your side. By failing to produce these documents, you might face the negative consequences after a certain period of time. Here is a list of documents that you need to have before applying for the franchise.
- If you don’t have a GST registration number, this is the perfect time to apply for one.
- To open a pharmacy, you required to have a drug license number. Generally, it costs around 5,000 INR, but it varies from state to state.
- Tax Identification Number is a basic necessity for applying for the It will cost you around 4,500 INR.
- To open a pharma franchise, you need an FSSAI registration certificate. On the cost aspect, you have to pay 100 INR per year.
- You need to apply for a certification trademark, which is going to cost you about 4,500 INR.
Among the documents mentioned above, GST and drug licenses are extremely important. You can get these licenses from the State Drug Standard Control Organization or Central Drug Standard Control Organization. The government has laid down strict policies for acquiring these certificates. Therefore, there is no scope of mistake from your side.
Step by Step Guide for Starting a PCD Pharma Franchise
Now, you have the basic idea of how to start a PCD Pharma Franchise. Here is a step to step guide to open your pharma franchise.
Choosing a location: If you have a piece of land of your own, the investment will reduce by half. It is recommended to go for a roadside property.
Once you are done with the location aspect, it is time for choosing the company for your franchise. So, first, choose a set of 3 to 4 companies.
Speak with them and inquiry about whether they are accepting any franchise or not.
Meet those who have vacancies and finalize the deal with the best possible company.
- Before opening the franchise, obtain all the required licenses and documents, as these might be a cause of the problem in the latter period.
- Now, you can open your own PCD Pharma Franchise.
The Money Factor
The total cost of opening a franchise varies from company to company, and place to place. In some cases, you can start with as low as 10,000 INR, and it goes up to 4 lacs. But, if you add everything, you have to spend around 11 lacs INR for the project. You can also take the help of a bank loan while investing in the project. Multiple financial organizations are looking forward to investing in a profitable business like the PCD Pharma Franchise.
But always remember to carry some additional cash in your hand for smoother functioning of the organization.
or you can visit us at PharmaBizConnect or you can call us at 7388111103.