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How to grow your Pharma Business?

  Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember
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Know About Pharmaceutical Company and What a Franchisee Distributor Wants?

Language used in Video is Hindi

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”

Next: Chapter 3: Know About Pharmaceutical Industry and Pharma Terminology



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