Pharma franchise is a concept in which a manufacturer provides manufactured goods to a supplier to sell the products under their brand name in a designated territory. The franchisor provides the franchisee with the marketing and selling rights in a particular area. These can also be monopoly rights.
What Makes Pharma Franchise a Revolutionary Concept?
The Indian pharmaceutical industry is one of the largest in the world and is growing at an exponential rate. Who doesn't want to be part of such a growing industry? But the biggest challenge faced by the entities was the huge investment and other regulatory compliances by the government that would act as an entry barrier in the industry. To which, the industry started a concept called pharma franchise, which removed the major 2 barriers and made entry in the pharmaceutical industry way easier.
Advantages of Pharma Franchise:
Low investment- an entity can buy franchisee rights from the franchisor at a cost of as low as 15 thousand rupees per month. With this little investment, the amount of returns are quite high.
Designated area- in the pharma franchise model, the franchisee gets a designated area for business which helps the franchisee to have a hold over the market and fight the competition.
Marketing support- the franchisor provides the franchisee with all kinds of marketing support and the marketing material. The franchisor provides the franchisee from pens and work pads to t-shirts and jackets.
Already proven products- the best part of this franchise model is that the franchisee enjoys an already established market and products that are already in demand by the customer. This helps the franchisee in building their business with an ease.
Conclusion
In This highly regulated market, the pharma franchise model is a great loop through which businesses can earn profits with minimal investments. They get to enjoy all the benefits without having to worry about government regulations or licensing, Indeed a revolutionary concept.
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