One of the most thriving businesses today is PCD Pharma. In Neuropsychiatric care, PCDs today play a major role in taking the right medicine to some of the most far-flung areas. There are many advantages of starting a PCD Pharma business. You can benefit from the parent company’s brand value, R&D and enjoy their overall support.
With rising cases of neuro psychiatric disorders, there is also an increasing demand for reliable medicine. This makes neuropsychiatry one of the most rapidly developing fields in medicine. It also means that this is the right time to invest in this area. But before you start a PCD Pharma in Neuropsychiatric care, you have to pick the right parent company. For this, you must keep the following factors in mind:
Range of medicines: For any Pharma business, the most important question is the range of medicines available. But before you start checking, it is also important that you carry out due research. At the very least, you must undertake a market survey of competition, availability of various drugs, demand patterns and payment ability. This is a job best done by a market research team. If you cannot find one, see if you can get access to some published research in this area. This will help you determine the medicines high in demand and what you must stock. This must be cross-checked with the parent company’s inventory list to ensure that you will have access to all high demand drugs.
Brand name: Remember, you’ll be representing the brand name. So, your name will be as good or as unreliable as the brand you represent. Even if the business is relatively unknown, pick a brand name that resonates with the industry or has some traction with doctors and other professionals. This will help you get referrals.
R&D backup: The most critical requirement for any Pharma business is R&D. This is a highly competitive industry with multiple players nationally and internationally. The success of any business is dependent on its ability to invent new drugs and treatments. Indian Pharma focuses on finding cost-effective treatment options. This is possible only with strong R&D support. This is what makes one company a better bet than another. A company that invests in R&D will always ensure that you have the best products.
Services support: There are many factors that make a successful PCD Pharma in Neuropsychiatric. Critical support comes in the form of providing quick service and propaganda support. You must evaluate what services are being offered, how it can improve your own working and whether you need it.
Training support: Many PCD businesses are start-ups that need extensive training support. This includes critical training in marketing, customer relations, inventory management and so on. Running training programs on your own can be expensive and time consuming. Many parent companies offer these programs to ensure that the ethos of the PCD company is in sync with their own and to maintain high standards of service. So, ensure that the company has such a program in place.
Market share: What kind of market access are you getting? Is it a Tier I or Tier II city? What will be the area you can reach out? You should also do a survey of the various competitors and the market share available for you. This is a critical decider for the success of your own business.
Stock availability: Make sure that the company has clear policies on inventory stocking. This is the backbone of your business. Delays in availability will affect your own standing in the market. Find out how the company handles supplies. How much notice do they need, how are deliveries arranged and how quickly can you get your supplies? You must also find out the policy regarding surplus inventory. How can you dispose of it in a responsible manner?
Monopoly rights: This is one of the critical consideration for a franchise or a PCD when picking a parent company. Are you getting monopoly rights in the market? This simply means that you are the only seller of the brand in a particular area. Large cities may have more than one vendor, since the market share is considerable. But smaller city vendors usually insist on monopoly rights to reduce competition.