Role of franchise companies in Indian Pharma Market
Here we are going to discuss the role of pharma Franchise Company in India by 2020. Indian pharma market is covered by big pharma companies but pharma franchise companies have also a contribution in overall share. Many new startup companies also boost industry through their marketing effort and provide competition to big pharma companies. For new pharma companies, finding a new customer is not difficult but keeping with them is very difficult. Every day many pharma marketing companies are starting but many of them are unable to capture the market. One can start a pharma marketing company with low investment and 2-3 products but pharma Franchise Company require a good amount of money. Every pharma franchise company requires at least 45 to 60 products in the list to display. Franchise companies with more than 200 products are considered to be the best for business. Distributor or marketing persons will work with only some products but they will prefer a company with unique combinations of products. For starting pharma Franchise Company, one needs enough investment to launch minimum 50 to 60 products. For launching these products a minimum amount of 15 lac is required.
Pharma marketing process in franchise marketing is a slow and lengthy process because it depends on the prescription of doctors but doctors, marketer, stockists, manufacturer or retailers are not primary customers. Similarly, the time is taken by channel partners of this process also effect the whole business chain. At average, out of 25 franchisees 8 to 10 franchisees giving business regularly in a current year. Advertisement in the pharma segment is also an expensive process. Many types of print media, portals, trade shows, website promotion are used for generation of business inquiry. It is very difficult to get inquiries without the help of these tools. After proper advertisement, you will get inquiries but again you will face competition because the distributor will send an inquiry to more than 3 persons including you. So distributor will compare product range, rate, margin etc and then contact you for the best possible offer for the association.
After association franchisee needs proper support in terms of promotional material that is used by big pharma companies. Pharma franchisees are totally dependent for marketing and promotional materials. Neglecting that demand does not provide any benefit but it needs a regular supply of products. Irregular supply, shortage of pharma products, insufficient promotional material etc. can be also responsible for slow growth. Franchise marketing provides a unique opportunity to entrepreneurs to succeed in the pharma market that is dominated by a big pharma company. Which type of direction we will give to this market is dependent on the entrepreneurs in the market. Their vision and strategy help to improve their presence in the market. Success is not an immediate process; it comes with your journey. Pharma franchise business requires patience, dedication, vision, hard work and strategy to be successful.