What Are The Legal License And Procedures Required For Taking Franchise of Pharma Medicines Of Any Company? – Pharma Industry is a growing one. The Government of India has been supportive enough to provide this domain the support that it needs through concessions and rules in favor. The medicines producing industry is subjected to licensing and other procedures to ensure purity and effectiveness. In this post by Medrix Pharma that is the top PCD pharma franchise company, is going to share the about the legal license and procedures required for taking franchise for pharma medicines of any company.
The business of medicines rarely sees a downfall in its demand. The pharma medicines have been serving the wellness industry as well with supplements and other requirements. Want to take pharma franchise business? Do you want to start your own pharma business? Every business needs a startup welcome by applying for all the required license and procedures. Know what are the legal license and procedures required for taking franchise for pharma medicines of any company.
List Of License Required To Take Before Taking A Franchise From Any Company
Licenses are an important part of the pharmaceuticals business. The industry is responsible for delivering medicines to the masses globally. Thus, full security and regulations have been enforced to check the effectiveness of these drugs by the government. On the other hand, being in a business also makes compulsory to have license by your side. The following license will be required by you while taking franchise:
- Drug License Number (Issued by District Drug Inspector Officer)
- Private Limited Company registration (In case of partnership)
- Tax Identification Number (TIN) ( Issues by District Sale Tax Department)
The above licenses are mandatory to own in the pharmaceuticals business. These can be applied at the court and by submission of fees and successfully being approved by the court, you can get the license.
List Of Copy Of Documents Required To Be Submitted To The Franchise Company
The following documents will be needed while applying for drug license and franchise in any reputed Pharma Company.
- Rent Agreement or Ownership Proof.
- Application form 19 for grant or renewal of a license to sell, stock, exhibit or offer for sale, or distribute drugs other than those specified in Schedule X.
- Address Proof (in case of partnership, address proof of your partners)
- Date Of Birth Certificate.
- Affidavit of EP (Experienced Person) or Competent Person. ( Sales Record will also work)
- Purchase Bill Of Refrigerator With Complete Address.
- Qualification Certificate (Minimum 12th from a recognized board or SSC level).
Procedure to Be Followed After Attaining The License and Documents For Pharma Franchise Business
Know the procedure for taking franchise for pharma medicines in any company. Once you have attained the above license and documents that you will be needed. You can appoint a stockist or distributor for quick startup. You need to go through the following steps.
- Make an online and offline research work on companies and demand of medicines in your zone or locality. Use search engines like Google, Yahoo, Bing etc for it. Know the demands and scope of particular medicines which will be beneficial.
- Build a list of reputed Pharma Company for the franchise. Contact them and known about the company procedure as terms and conditions differ from company to company. choose the best fitted out of them.
- Ask for the vacancy in the places that your need. It is good if you get in the desired place but it is advisable to have two to three options in case of no vacancy.
- Place your order according to your need. Go for minimal order quantity. Many people make a grave mistake of ordering in bulk when you do not need too much., start from minimal and then increase or decrease as per the demand.
- Make sure you read all the terms and conditions before signing the deal. Settle all the claims before winding up. Hidden T&C can affect the business relationship which is why make sure you read every point.
- Check the monopoly rights also.
- Submit the documents and payment as discussed before as per mutual discussion.
- On receiving your first order, make sure you receive your promotional inputs if you have not opted out on these.
Pharma franchise is a good business deal if you are a fresher to the business world. It will help in expansion as well as earn the good return on investment. Medrix Pharma is a reputed Pharma Company which can help you. We are an ISO 9001:2008 certified company with won GMP and WHO certified units. I hope the article was of good use to you.