Pharma Franchise is a business opportunity that helps those people who want to start their own ventures in the Pharmaceutical Sector and also want to earn handsome profits from home. The pharma industry has emerged as the biggest and most profitable business venture of the last decade. It offers great scope for entrepreneurs to build a successful business without taking any risks. In recent years, the pharma industry has been witnessing significant development because of the increasing demand for newer drugs, growing population, awareness of health care services, etc.
The current scenario of the market provides an immense opportunity for new entrants and existing players. Therefore, people are now looking forward to starting their own pharma franchise business and reaping benefits from it. However, they need to choose the right Pharma PCD Franchise opportunity that suits their requirements. One of them is Vivaceutical.
What Is A PCD?
PCD stands for Propaganda Cum Distribution System and is an effective distribution system that operates exclusively for Pharma PCD Company. This is an exclusive distribution chain that is managed by a single company only (not a consortium). All major brands like Alkem Laboratories (India), Sandoz Ltd., Ranbaxy, and Pfizer operate exclusively through PCDs. In PCD, every member of the network receives specific orders or quantities of medicines on behalf of the other members of the network. These orders or quantities are then delivered to the customer or patient directly through the depot centers.
In the PCD system, the manufacturer delivers the entire product range to the depots (distribution center) where the products are stored and dispensed. As and when the manufacturers receive the customers’ prescriptions, the products are shipped to the depots from the main factory. After the products reach the customer, they are further supplied to the other PCDs within the network. Hence in the PCD pharma franchise, there is no need to maintain any inventory or stock.
So what makes the PCD Pharma franchise different?
PCD Franchise is unique in terms of two factors:
1. High-profit margins and Low Risks
2. Flexible working pattern and better pay scale
1. High-Profit Margins And Low-Risk Factor – The profit margin in pharma franchises is higher than in any other industry. Since the whole supply chain rests on PCD Network, the risk of loss decreases significantly. In comparison to others, the risks involved are minimal and thus are not much prone to losses. Moreover, due to the nature of the industry, there is always a possibility of earning profits even during recessionary times. On the contrary, there are chances of making huge profits if the industry grows well.
2. Flexible Working Pattern And Better Pay Scale
One of the most important reasons why the majority of people take PCD franchise is the flexibility in working schedule. The majority of the PCD franchise owners work either from 9 am to 5 pm or 8 am to 7 pm. You can decide the timings according to your convenience. Moreover, in case you wish to work part-time, you can do so. Also, there is a provision of flexible leave days that lets you avail the same. The other benefit of working for pcd franchise is the better pay scale that you can get in comparison to others. Most of the franchisee earn between Rs 10,000 to Rs 20,000 per month. Moreover, there are also other allowances offered such as insurance schemes, housing allowance, medical insurance etc. So you don’t need to worry about anything.
As mentioned above, we are here to provide you with information about the pcd franchise business model. We have already told you what makes this particular model popular. Now let’s discuss how to go ahead with pcd franchise.
How To Start Your Own PCD Business?
To open a pcd pharmacy franchise it is essential to know the details of the license that you need. The first step is to check whether you are eligible to be a part of the pcd franchise network. Some states/countries restrict the participation of their residents. Check the list of countries before deciding to start your own pcd franchise.
Next thing we would suggest you to do is to visit the nearest State / Local Government department for getting the license. For each state, there are various departments that deal with licenses. They issue the licenses for different categories of industries. The license may be granted according to the requirement of the pharmacist or medicine retailer. If you meet all the eligibility criteria, you can submit your application online with proper documents and get the approval letter.
Then come up with a business plan and submit it along with your financial statements. You should have your bank account ready along with your credit card details. You can apply for pcd franchise only after receiving the approval letter from the concerned government authorities.
Now that you have the license, you can move further. First you should contact the head office of the pcd franchise firm from whom you obtained the license. You can also send your proposal to them regarding the location of your pcd store and your payment plan. After submitting your proposal you will get a preliminary quote for the franchise fee. Once you agree upon the franchise fee, they will send you the formalities regarding the signing of the agreement.
Finally, you have to sign the contract and handover the necessary documents for opening your pcd franchise business.
Benefits Of Choosing PCDs For Pharmacy Franchising
There are number of advantages of opting for pcd pharma franchise over the conventional pcd outlets. Here are few major benefits of opting for Pcd Franchise
1. Low Overhead costs & Good Profits
The cost of operating a pcd outlet is very nominal. There are no additional charges levied at the end of each month. Moreover, the other expenses include only the rent of the premises, electricity bills etc.
2. Lesser Investment & Lower Costs
If you invest around $10,000 to $15,000, then you can run a successful pcd franchise. However, the initial investment required is lesser than the conventional pcd pharmacies. Moreover, you don’t need to bear the entire cost of the pharma franchise. You can opt for the franchise option that suits your budget.
3. No Inventory Management
Since pcd franchise doesn’t require any inventories, you save a lot of time and money. It means you don’t need to stock the products. Thus, you can save a considerable amount of time and money.
4. No need to keep track of the prices
As far as pcd franchise is concerned, it works on the basis of fixed price. The customer pays the prescribed rates and gets the prescribed quantity of medicines. But if you run a regular pcd outlet then you will have to keep track of the prices. Moreover, there is a chance of undercharging the customer. So these are some of the disadvantages of owning a pcd outlet. But this disadvantage does not exist in case of pcd franchise. The pcd franchisor keeps a check on the prices. He can even change the prices as he sees fit.
5. More Flexibility
The pcd franchise allows you to open as many branches as you want. There is also a provision of opening multiple outlets even in a single branch. This enables you to expand further in the future. Whereas, in case of a normal pcd outlet, you have to stick to one place. It is better to choose pcd franchise over conventional pcd outlet.
6. No Need to Work Hard
You don’t really have to work hard to manage your pcd franchise outlet. You can easily relax while managing your business.
7. No Additional Income Tax
The tax exemption given by the government is applicable only to pcd franchises. Other forms of stores are liable to pay taxes.
8. Higher Turnover
Due to the nature of the pcd franchise, you can expect higher turnover in comparison to other conventional outlets.
9. Higher Return on Investment
While running a pcd franchise, you have to spend less on advertising and promotional activities. Moreover, the return is much higher in case of pcd franchise.
These were the major differences between the conventional PCD outlets and PCD franchises. It is evident that franchisees prefer opting for pcd franchise. This is because of its higher returns and profitability.
Thus, pcd franchise is a highly beneficial option for those people who want to build a successful business without taking any risks.