Some time back, Franchise Pharma Companies were seen as an essentially big corporation tool. Only big companies were seen as entities that could afford franchises or even the possibility of attracting good franchise partners.
This partnership’s franchise was often seen as second fiddle, surviving because of the more prominent company’s name and patronage. But, luckily, the financial scene in India and the market have become remarkably different now.
The character of Franchise Pharma Companies is also changing. Instead of acting as the Indian proxy for significant multi-national concerns, these franchises today are becoming partners for small and medium industries.
The scenario of Franchise Pharma Companies
The reason behind this change is the changing nature of the sector itself. Today, India is emerging as a significant player in the international market, leading the global trade volume. This growth story is closely linked with the growth of the pharma SME sector.
The small industries have been driving the trade in generic drugs, a significant share in the Indian export volume. The story began when the Indian markets opened up.
Instead, what was seen as a possible threat of domination by international players became one of the best tools for Indian businesses. It brought in finances as well as research and technology to Indian firms.
The pharma companies were among the first to cash in on this benefit. They now had the know-how and the money to compete in the international market.
The need for franchises for smaller pharma companies
Expanding business: Today, the smaller companies are faced with the unique need to look for more partners to foster their growth. This includes partners in production, marketing, and distribution.
As their business expands, their requirements are also increasing, and franchises are the best way to acquire a read-made partnership. Overstretched resources: A small pharma company does not have the resources to go all by itself.
For a global or nationwide business, one needs a massive distribution network, sharp production division backed by a solid R&D. Then there is the marketing.
This is too much output for a small or medium company, and this same factor has traditionally hobbled their growth.
Franchises of pharma companies are their solution to this problem. They can get access to the resources of the partnering pharma company with a straightforward partnership. So, not only can they save their own resources, but they also get to benefit from the franchise!
Expertise
Sometimes we need franchises because we do not have multi-function expertise. For instance, your company may have the expertise in production, but you lack the edge in marketing.
By hiring a firm specializing in marketing for Franchise Pharma Companies, you get the firm’s expertise in one neat package.
Regional partners
One of the biggest problems faced by expanding businesses is the marketing edge required in the new market. While one may dominate one call, a different region, whether domestic or foreign, will have different rules.
This is especially true for pharma companies that have to deal with unique market conditions and the rules and regulations in a given market. So you have to understand the market, the buyers, the prevailing trends, and the doctors practicing in the area.
Low risks
Creating a franchise poses one of the lowest risks in the expansion. We can go into a new market with a new partner who has not only invested funds but is also keen on ensuring success.
This means that our investments are kept to the minimum while our partner works for the best possible returns on investment.
Time-saving
With broader business opportunities, smaller companies today have the chance to increase. But they seldom have the funds or resources to do this quickly.
For self-expansion, they will need to train new people, look for a place to hire, and so on. But, instead, they have access to a ready-made set-up. Even with some rudimentary training, this will take much less time.
Conclusion
Franchises are no longer just the domain of large corporations. The franchise of pharma companies now also comes under the SME sector. This has been a win-win partnership for both.
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