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The pharmaceutical industry works hard to develop, manufacture, and bring to market new drugs and to comply with regulatory requirements to demonstrate that the drugs are safe and effective. In the current market scenario, everyone thinks twice on all aspects before starting independent business. A new approach to pharma business is franchise type of business.
Franchise is derived from an Anglo-French word means "Liberty". In the Pharmaceutical Industry, two major types of Agreement are in practice presently. One is "Pharma Franchise" and the other is "PCD Franchise". Both are having their own benefits and limitations.
Pharma Franchise is a franchise business. When a company gives permission to a person or other company to sell its products by their name. It is an authorization or permission granted by a Pharma company or an organization possessing the rights, to an individual or a group qualifying them to carry out specified commercial activities as an agent to market, sale or promote that company's products. This type of agreements gives Pharma companies a rise in their income apart from their regular income from the product.
PCD is an acronym used for Propaganda Cum Distribution. It is basically new alternative to ethical marketing and new opportunity for aspirants to start their own work. In this type of marketing pharma franchise companies sold their franchise for particular area and gives monopoly rights to sold their medicine in that area. It is a win-win situation for both Pharma Company and Franchise Holder.
Choosing a good pharma company having good potential is always good to grow. However, before commencing, one must have the clear understanding of both the concepts. If you are planing to invest in the pharma franchise business then you must be aware of the working of Franchise in the pharmaceutical industry. We will help you in understanding all about the franchise business. Please reach us with all your doubts, and we'll try to clarify most of them.