Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
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Chapter 2: Know About Pharmaceutical Company and What a Franchisee Distributor Wants?
In previous chapter, we have discussed in detail about What is Pharma Franchise? Pharma Franchise Model, Benefits, Profitability Ratio (Profit Margins) etc. Now pharma franchise marketing and concept is clear. We can forward to next step i.e. to know about pharmaceutical company; we are working.Knowing about company, we are working or giving or taking franchise is one of the most important things to clear all doubt arising during conversion with prospect. Here prospect means person who are interested in taking pharmaceutical company franchise or we are making cold calls to convince him/her to associate with us as a franchisee.
As much as we have knowledge about pharma company, its products, strengths, weaknesses, competitions etc and what a prospect wants. We can handle him/her with more confident and clarify all his doubts.
What we should know about our pharmaceutical company and Franchisee Distributors?
We know about Company name, how old it is, how much products it has, all product’s names, director’s name and likewise. But do we know some technical aspects about our company that can differentiate between associating a franchisee partner with you or not.First most important thing, we need to know, not every query we receive; don’t convert into business. But that it’s up to us how many queries we can convert into business i.e. franchisee distributors.
Finalization of a franchisee distributor is generally not dependent at company level but it’s at franchisee’s level. What type of product range he/she wants? Which specialization of doctor’s he has worked during his/her professional life. He/she is looking for products or prices. There are many more factors at which finalization of franchisee partner depends
Every franchisee query has a break through point. Some wants only products they are looking for; some are looking for rates and want to negotiates as much they can. That’s up to us how we recognize prospect’s prospective and act accordingly within company’s term & conditions and policies.
There are huge number of pharma franchise companies available. A person can easily find out a large list of companies by searching through search engines like google, bing etc. It makes it more difficult to convert a query into a franchisee. But when we understand things properly and confident about what we are offering, makes lot of difference. So, we should know as much as possible about our company and what a franchisee distributor wants.
Few things that we should know about our pharmaceutical company are:
- Complete knowledge of Company Policies like Payment terms, rates are negotiable or not, offers, rates are inclusive of gst or not, freight will be borne by which party etc
- Which type of product range company has – General, speciality (like paediatric, derma, psychiatric, antihypertensive, diabetic etc)?
- Segment in which company has strong hold and its highest selling products?
- Details about products that are in pipeline and launching soon
- Area that are covered and areas that are vacant.
- What different types of packaging available?
- Which items are unique with company that are available with very few companies?
Few things that we should know or try to know about prospect are:
- What prospect is looking for products or prices? Some franchisee distributors are need of certain products and hurry to finalize deals for procuring what they need. But some prospects have lot of offers and want to negotiates rates with companies to find out better deal.
- Professional background and experience of prospect like having pharmaceutical distribution business or medical representative or pharma sales experience or not
- When prospect is going to start business- in near future or just planning to start?
- Is prospect already working with pharma franchise companies or he/she is new in business?
- Sales turnover if prospect already associated with other pharma franchise companies
Having knowledge in sales can be game changer. So, you need to regularly update your knowledge about own pharma company, sales techniques, human psychology etc.
Throughout this course, we will learn more about pharmaceutical industry, identification of prospects, approaching technique to customers and much more.
Head on to our next chapter, which is “Know about Pharmaceutical Industry and Pharma Terminology”
Previous: Chapter 1: What is Pharma Franchise? Pharma Franchise Model, Benefits, Profitability Ratio (Profit Margins) etc
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