What are some of the basic starting means to set up a pharmaceutical franchise in the Philippines?
- Contact and inquire with the Philippine Pharma Procurement, Inc.
- Set a business foundation for the right franchising package deal.
- Start with the branch type and service venue.
The franchising world is a tricky terrain to navigate your way through, especially if you’re new and completely unaware of all the intricacies that go into setting up an outlet of sorts. However, if you do have your heart set on getting your slice of a franchise in the Philippines, then you’re in for a wonderful journey if you play your cards right and make only the most infallibly strategic decisions.
Medicine is an essential commodity of everyday life. The need for medical care is never going to take shape in the form of a trend, the basic preservation of human life is something that will never go “out of fashion”. Regardless of whatever preconceived notions you have on pharmacies that deal in generics, there’s a lot of truth beneath all the myths. These generic pharmacies can and are certainly great business platforms.
If you’re aiming at going for franchising a Philippine generic drugstore but don’t know where to or even how to get started with this brilliant business venture, here are some of the key initial ways of franchising.
Consulting with the Philippine Pharma Procurement, Inc.
First things first, if you plan to set up a pharmaceutical franchise, it would be a wise to consult with the Philippine Pharma Procurement, Inc. (PPPI) first.
The PPPI is a government operated corporation (GOCC) that is designated to facilitate all importing and oversee all pharmaceuticals that are distributed in the market and the many drugstore branches across the nation.
They are in charge of general pricing for products in relation to standard business formalities aligned with Philippine laws. Before seeking out on a franchise option or possibly setting up your own, set up a meeting with the PPPI to have a better grasp of all that would go into your business project.
Picking the Right Package Deal
If you have decided that you want to choose a trusted brand for franchising, the next step is to actually segregate through the many pharmaceutical outlet companies for the one that carries the most optimal range of internal affairs for your project.
The keyword here is investment. It should be clear in your head how much you’re willing to put out in accordance with your visionary plan to set up a branch. These drugstore chains offer different package deals for the size and scope of your planned branch. It’s up to you which would be best in unison with other preliminary factors.
There are varying requirements for the different drugstore brands in the Philippines. However, the basic requirements simply include an intent letter, a proposal for location, the filled out franchise form, and a complete resume.
Solo or Express/Tandem or In-Store
Finally, if you plan to start with location, the solo or express outlets are typically those set close to a market, hospital, or within a mall. On the other hand, tandem or in-store branches typically are within an infrastructure establishment such as department stores, convenience stores, cosmetic stores, etc.
A universal requirement that you need to be mindful of in relation to location standards is that all drugstores regardless of the brand need to be operated over the counter with trained and registered pharmacists.
A final note in relation to these is that your head office should always provide for overseeing of your outlet, prioritized communication lines with the head office, and constant business consultancy.
Key Takeaway
With these basic starting points for beginning a pharmaceutical venture and if you’ve got your head set on purchasing a franchise here in the Philippines, then don’t hesitate any further and start with one of these beginning stages in setting up a generic drugstore here in the Philippines!