Essential Documents Required for a Pharma Franchise License in India

The pharma franchise came to India due to the need for safe pharma products that are made with quality in mind. The pharma franchise business’s motive is to keep products safe from harmful additives, prioritizing health. The Pharma Franchise is successful in India for its high-quality and safe medicinal products. People need to do some formalities to establish a reputable pharma business. This includes the procedure of submitting important documents for your verification. In this blog, all the information for the documents required for a pharma franchise is listed below to help you out.

After you’re sure about all the needed documents in detail, establishing a pharma franchise wouldn’t be that hard. For legal regulations and laws, keeping these documents in hand is important.

Table of Contents

The Rise of Pharma Franchise

The pharmaceutical industry is rapidly growing in the country, with the rise of pharma franchise businesses. You don’t have to invest a lot in this business, but the returns will be satisfactory enough for you to like them. Wondering how much investment is needed in these businesses? Here’s all the information you need to know about the investment:

The investment in this kind of franchise can cost between Rs 50,000 and lakh.
Some emergency funds are also important for sudden situations of stock demand rising.
In that case, restocking will be needed if the demand for stock is less than the supply. That said, a secondary investment is required for this situation.

The Most Required Documents for a Pharma Franchise in India

Starting a Pharma Franchise business in India can be lengthy if you don’t know all the required documents. Don’t worry, after opening this blog, this problem will be solved. Just keep the below-listed documents ready before establishing a business of this kind in the country.

1. Drug License

A drug license is super important if you want to start a legal pharmaceutical business in India. This permit is issued by the State Drugs Control Organization for the business of health products in the country. The Central Drugs Standard Control Organization can also issue this license.

2. Trademark Registration

If you want legal protection for your trademark to show it’s original and not a copy of any other company, you need this. This is also used against any accusation of misuse of the company’s logo or name. This document is required to make sure your company’s name or logo is unique and original.

3. GST Registration

To protect your pharma business from legal problems in the future, keep a GST registration document ready. You can also use a Good Sales Tax document to avoid any future legal issues. This GST document becomes even more needed if someone has a turnover of Rs 20 lakh or more annually. Also, keep the document handy if you are involved in the supply of goods and services which is interstate.

4. FSSAI Registration

Any business involved in nutraceuticals or food supplements must have this document. For this, you’ll need to register with the Food Safety and Standards Authority of India (FSSAI) to avoid future issues in your pharma business.

5. Rent Agreement or Property Documents

This is an important document for people starting a pharma business on rented land or space. If this is your case, then keep a rent agreement document in hand safer work. If this is not the case for you, then some property documents would do to verify your place of business.

6. PAN Card

A PAN card is required for legal tax filing and transactions. This document is one of the most required documents to start a pharma franchise, so keep it ready.

7. Identity and Address Proof

An identity proof is needed for identity verification before starting a pharma business, so keep it ready. This identity proof can be your Aadhaar card or passport to keep everything safe and legal.

8. Bank Account Details

For legal transactions, your correct bank account details are needed during the procedure. Be sure to avoid mistakes in filling this out, as that can cause trouble later.

9. NOC from the Manufacturer

To avoid trouble, keep a robust partnership between two individuals. This is to be between you as the owner, and the parent Pharma manufacturing company. This no objection certificate helps a lot a business owners in the future.

10. Price and Product List

A list of the products with their prices that you plan to sell must be submitted for legal reasons.

Conclusion

Always keep in mind that the documents required for starting a pharma franchise business in India may differ from state to state. Although these documents are most commonly wanted, check for any additional ones for your state. To do this, consult with a legal expert in your state for all the required documents, and avoid missing any

Frequently Asked Questions About Essential Documents Required for a Pharma Franchise License in India

Ques- How much money will be spent on the investment for this business?

Answer- For a pharma franchise, it can cost from Rs 50,000 to lakhs for investment.

Ques- Until when is the drug license valid in India?

Answer- A drug is valid for at least 5 years in India.

Ques- Am I eligible to open a pharmacy business?

Answer- If you have a qualification approved under section 14 of the Pharmacy Act, then yes. Also, yes, if you are registered as a pharmacist in some other state.