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First step need to take For Starting a Pharmaceutical Company

Query: I am a veterinarian by profession. Have been going through your website from past 1 year and have planned now to give a start to my own pharma company. Please let me know what will be the first step I need to take.  Answer: First Step you need to prepare yourself for Pharmaceutical Company:  Preparation means Choose marketing type, Choose molecules want to launch, Location where you want to launch product, Choose Company, Products Name, Budget available...  Choose marketing type: As number of marketing and selling types present in pharmaceutical market. i.e. Branded Marketing , Generic Marketing , OTC Marketing, Franchise Marketing etc. You need to select any one from above.  Choose Molecule: Once you have selected which marketing type is best suitable for you then you need to select at which segment and molecules you want to work. Check out: How to choose products/service for business? Location: You can't launch your pharmaceutical company all over India or at broad area.

Close a Sale in Pharma Franchise Marketing

Chapter 7: Close a Sale

In previous chapter, we have discussed about follow-up of franchise queries. In this chapter, we will discuss about finalizing your pharma franchise distributor and close a sale.

You have made regular contact with prospect during follow-up. As we have discussed in previous chapter, there are generally four types of queries you will receive. During follow-up, some queries will convert into your distributors and some will not. That’s the part of game. You can’t convert all queries into sale.

In Pharma franchise marketing, we generally consider that parties that come through your promotion and advertisement will associate with you at your term and condition and parties to whom you approach and try to give you distribution, will try to impose their own term and conditions. So, you should try to promote your business so prospects come to you and work with you at your term and conditions.

You need to make regular follow-up with leads you receive. Prospects that shows interest require special attention. Once prospect become ready to give order and associate with you. You need to make understand complete process (agreement, licenses required, form filling etc) to prospect so they send all required documents and licenses to you. Keep this process easy so it requires less time for completing all formalities.

Every term and condition (payment, minimum order, transportation, monopoly etc) should be clear and simple. Don’t try to hide anything that cause problem later during first business transaction or in future.

Receive order from your prospect. Clear payment terms as discussed. Confirm the transportation mode. Make ordered product ready and packed, and dispatch this through desired transport. Now your prospect has become your distributor.

You need to handle all these process at your own. Follow-up with your distributor till they received material from transport. You should also take feed back from your distributor about response and adaptability of products in market. Now you have closed a sale.

At this point we have stopping our Pharma Franchise Marketing Course Discussion. But before ending this series, we will discuss important points in pharma franchise marketing .

Next: Important point in Pharma Franchise Marketing

Previous: Chapter 6: Follow-up

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