Pharma franchise companies have the potential to capture a big share of the pharma market and earn more benefit than prescription marketing but sometimes they face failure in the market due to some common mistakes. Now we are going to discuss some type of common mistakes that should be avoided by PCD Pharma Companies for effective growth.
Future Plan: – Majority of pharma companies are working without any future plan or vision. They only plan to increase their profit and sales but without having any future vision, it is difficult to become a big player in the pharma franchise segment. Many pharma companies use vision segment only on their website. They keep increasing their product range but do not focus on expansion. It is the sitemap of growth of the company along with other companies.
Risk-taking capacity: – Nearly all PCD Pharma Companies follow the same working process as their competitors are following. Mostly all business are proprietor base and They do not want to take any type of risk and plan to do the things differently. After achieving some profit level, they play safe but the risk is necessary for the expansion and growth of any business.
Innovation: – Innovation is the best strategy for growth but many pharma franchise companies do not make any budget for innovation instead they compete for the same formulation product with different brand names.
Resources: – Some Pharma Franchise companies have limited budget and resources. Due to lack of necessary fund, they cannot expand their franchise business and without growth put their business at the setback.
Lack of proper services:- Poor logistic support, poor distribution network, weak supply chain, lack of marketing and support services make business unprofessional and become a major reason for business failure.
Customers:- Pharma Franchisees are the main customers for PCD Pharma Companies. They are business customers and require proper services. After some time of business, they find themselves with pharma company which has a motive of only profit making and this makes them dissatisfied.
Employees:- Many PCD Pharma Companies fail to provide progressive work culture to their employees instead they treat them as a work machine. They always try to take more work with them and provide high work pressure without understanding their requirement and capacity. That is the main reason for not getting loyal employees.
Updates: – Timely Updates are a must for any business. These updates provide new strategy with the time and prove time saver for any business. It is also applicable for a pharma franchise business. Many PCD Pharma Companies works with the same product range and molecules, they do not try to update their molecules and keep their focus on only profit.
These are only some of the important problems faced by many Pharma Franchise Companies in India. Good customer service is important for the growth of any business. It should be a priority for all pharma business.