As the Indian pharma sector is poised to become a leader in the global market, this growth will be fueled by the small and medium sector. While the bigger companies have made significant headway, the main push comes from the SME sector. Not only is it a major employer, it is also an important player in the global stage.
The PCD pharma franchise is an important part of this sector. Tasked with the propaganda and distribution of the pharmaceutical products, the PCD firms have been key in creating a bigger market for Indian drugs. They are an integral and important part of the pharma sector, often acting as the essential support system for small scale companies that cannot handle marketing on their own.
As a major partner, it is also important that their selection is made carefully. The process has to be similar to identifying and appointing a key business partner. Here is how you can make this selection:
Research: Every important business decision has to start with research and this is no different. We start with researching all the PCD companies in the region or field. You can do a simple Google search or look into directories. You can also ask among peers and industry forums. Check out the company websites, their clients and other relevant details.
Know-how: The pharma sector is actually quite a wide one with generic drugs, branded drugs, medicines for chronic diseases, Ayurvedic drugs and more. The PCD pharma franchise you opt for will be an important business partner. Hence, it must have expertise in the field of your operation. It must understand the consumer behaviour, what drives it and how it can be worked to your advantages. Even if you are going for a new company, look for contenders who come well researched. This is the best indicator of a commitment towards the job.
Financial strength: As stated before, the PCD firm is your partner and their financial strength will often mirror yours. You do not war to partner with a firm only to discover later that it is neck deep in debt. You can do a little research here to find out about the company, its returns and financial position. Do not hesitate to ask them for relevant records.
Distribution network: One of the main functions of a PCD firm is distribution. Hence, it is critical to evaluate their capabilities in this regard. Find out the distribution network, its infrastructure, scope and reach. How can they help you expand the market? Or consolidate your position in the present market? You are looking for a clear business strategy and a plan of action.
Warehousing facilities: A distribution network will sooner or later need a viable warehousing facility where drugs can be stored till required. This ensures a ready supply when needed as well as providing valuable storage facilities. Many small businesses do not need sun facilities in the beginning, but all too often as they grow, their requirements also change.
If you are depending on the distribution firm’s warehousing facilities then make it clear. Ask to see the warehouse and check all details such as, the safekeeping of drugs, security presence and so on.
International capabilities: This is important for firms that want to expand in the international market. A PCD firm can be extremely valuable in this, especially for firms in the SME sector. A PCD franchise firm that claims expertise must have an international network that may include other partners, dealers and retailers. Take a stock of their entire operation, their area of expertise and the marketing tactics. You must also check out their network ambit, area of operation where they are strong. This must, of course, correspond with your own market strategy.
PR division: The other vital function for a PCD firm is the propaganda. In an overcrowded market, this could be the deciding factor. Your PCD firm must not just distribute your medicines, it must also create the market for it. So, check the marketing team in place and their experience, expertise and any past campaigns. You are looking for innovative campaigns, an understanding of the consumer and a clear strategy.
Selecting a PCD pharma franchise ids an important decision that must be taken after considering several important factors. These include their financial position, the distraction network and their ability to develop a cohesive, innovative marketing strategy.