THE GENERICS PHARMACY stemmed from its mother company, registered in 1949. In 1959, when a group of Filipino entrepreneurs took over, the company began importing and wholesaling pharmaceutical products.
In 1989, with the prices of medical and pharmaceutical products soaring, the company decided to sell generic drugs primarily to government hospitals to help less privileged Filipinos avail affordable quality medicines.
Heeding the call for cheaper medicine, the company stepped up its distribution by opening its retail arm in 2001. In 2007, THE GENERICS PHARMACY tapped Francorp, the world leader in franchising, to engineer its franchise development and growth. The goal is to make affordable generic medicine more available to a greater number of the population at the soonest possible time. It thus became the first generics retail pharmacy to franchise in the Philippines.
How to Franchise The Generics Pharmacy:
The total investment for TGP franchise is about Php600,000.00 to Php800,000.00 per outlet (depending on your preferred size).
- This includes the franchise fee and the total support system you will need to successfully run your franchise.
Franchise is available in two formats:
- SOLO OR EXPRESS – a new pharmacy located near markets, hospitals, big drugstores, or inside malls
- TANDEM OR IN-STORE – a pharmacy located within or inside a medical clinic or hospital, or inside existing stores like convenience stores, supermarkets, groceries, department stores, and cosmetic stores
The Generics Pharmacy Franchise Package Includes:
- The right to use our trademark, name and logo
- Start-Up and Pre-opening assistance
- Site evaluation assistance
- Architectural/Store design and construction assistance
- Franchise operations manual
- Extensive training on pharmacy retailing, business management/operations and customer service
- Guidance and education on generic drugs
- Provides uniform
- Regular advertising support
- Marketing and Promotion assistance
Franchise Term: three (3) years, renewable to 2 additional 3-year terms for a total of 9 years.
Royalty Fee: 1% of gross sales for continuing support services.
Advertising Fee: All stores are required to pay 1% of the gross sales as advertising fee. This is paid on or before the 15th of the succeeding month.
The ideal locations for a stand alone or in-store unit is a minimum of 15 square meters, depending on the format. Ideally, it must be near these strategic points:
- hospitals and medical clinics
- big drugstore chains
- public markets
- supermarkets and groceries
- malls and department stores
- cosmetics stores
- convenience stores
- bookstores
- health food stores
As our franchisee, you will be entitled to continuing support to help you run and maintain your outlet’s performance at optimum level. This covers:
- Regular monitoring of your outlet
- Direct and Open-line communication with franchisor
- Ongoing business consulting and guidance
- Refresher trainings on new products, services, promotions or retail innovations
- National and local store marketing support and guidance
Contact Details of The Generics Pharmacy:
The Generics Pharmacy Franchising Corporation
Km.14 West Service Road, Cul de Sac corner Edison Street
Sun Valley, Paranaque City, Philippines
Phone: (632) 821-1111 local 411
Email: [email protected]
Website: www.tgp.com.ph/franchise/
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Basics of Franchising The Generics Pharmacy
Franchising benefits
Franchisees gain access to a proven business model, established brand reputation, and ongoing support from The Generics Pharmacy, reducing the risks associated with starting a new business. They benefit from collective advertising and marketing efforts conducted by the franchisor, which can result in increased customer traffic and sales. Franchisees also have the opportunity to tap into the training and operational resources provided by the franchisor, enhancing their chances of success and profitability. Below are just a few pointers why franchising The Generics Pharmacy is beneficial for the inverstors:
High success rate due to its business model rather than starting from scratch.
Franchising The Generics Pharmacy offers the advantage of tapping into an established reputation and customer base, which can significantly reduce the time and effort required to build brand recognition. Additionally, franchisors typically provide comprehensive training, ongoing support, and proven business models, mitigating many of the risks associated with starting a new venture.
Franchisees benefit from economies of scale in purchasing, marketing, and operational support, which can lead to cost efficiencies and improved profitability.
Overall, franchising offers a structured pathway to entrepreneurship with a higher likelihood of success compared to launching a new brand independently.
The Generics Pharmacy is a recognized brand or trademark that can bring you success.
Success is achievable for franchising recognized brands like The Generics Pharmacy due to their established reputation, which can attract customers more readily and build trust faster than starting a new brand. Franchisees benefit from proven business models, operational support, and marketing strategies provided by The Generics Pharmacy, reducing the risks associated with independent entrepreneurship.
Additionally, being part of a well-known brand network offers access to economies of scale, collective marketing efforts, and a support system among fellow franchisees, enhancing the likelihood of success.
Availing financing from various sectors is highly likely due to a good brand reputation.
Financing is often more readily available when franchising a reputable brand due to several factors. Banks and lenders are typically more willing to provide loans to franchisees of established brands because they have a proven track record of success and lower risk compared to new, unproven businesses.
Additionally, franchisors may have relationships with financial institutions or offer financing options themselves, making it easier for franchisees to secure funding. The recognizable brand name and business model of The Generics Pharmacy also provide a level of security for lenders, increasing the likelihood of loan approval and favorable terms for franchisees.
Formula for success that a franchisor may provide.
Low-cost supplies and efficient supply chain management contribute to higher profit margins for franchisees by reducing the cost of goods sold. Effective marketing increases brand visibility and customer traffic, leading to increased sales and revenue. A prime location maximizes foot traffic and accessibility, further enhancing the franchisee's revenue potential and profitability.
5 things to consider when franchising The Generics Pharmacy
1 Make sure that you really want to own this franchise and this will best fit your venture among other offered business opportunities.
2 Be certain that you can work harmoniously with The Generics Pharmacy franchise and it is within your interest. A visit to one of the franchise store will help you be more aware of operation and proceedings.
3 Carefully study the Terms and Condition, Franchise Agreement, and what are included in franchising The Generics Pharmacy.
4 Check if The Generics Pharmacy franchise will be compatible with the rules and regulation, as well as existing laws on chosen location.
5 Best location is one key aspect to have a successful The Generics Pharmacy franchise. Study the environment and see if your business suits the surroundings.
Successful frachising 101
Becoming a successful The Generics Pharmacy franchisee requires a combination of strategic planning, dedication, and hard work. Here are some steps you can take to increase your chances of success:
Research
Start by researching various franchise opportunities to find one that aligns with your interests, skills, and financial resources. Look for franchises with a proven track record of success, strong brand recognition, and a supportive franchisor.
Understand the Franchise Agreement
Carefully review the franchise agreement, including all terms, fees, and obligations. Make sure you fully understand the expectations and requirements of being a franchisee.
Financial Planning
Evaluate your financial situation and determine how much capital you have available for investment. Consider not only the initial franchise fee but also ongoing expenses such as royalties, marketing fees, and operational costs.
Training and Support
Choose a franchise that offers comprehensive training and ongoing support to franchisees. Take advantage of all training programs provided by the franchisor to learn the ins and outs of the business.
Location Selection
If the franchise involves a physical location, carefully choose the location for your business. Consider factors such as foot traffic, demographics, competition, and lease terms.
Follow the System
One of the benefits of franchising is that you're buying into a proven business model. Follow the franchisor's system and guidelines closely to increase your chances of success.
Provide Excellent Customer Service
Focus on providing excellent customer service to build a loyal customer base. Happy customers are more likely to return and recommend your business to others.
Marketing and Promotion
Take advantage of the marketing support provided by the franchisor, but also be proactive in promoting your business locally. Utilize social media, local advertising, and community events to attract customers.
Manage Finances Wisely
Keep track of your finances closely and manage expenses efficiently. Monitor your cash flow, budget carefully, and seek professional advice if needed.
Adapt and Innovate
Be willing to adapt to changing market conditions and customer preferences. Look for opportunities to innovate and differentiate your business from competitors.
Network with Other Franchisees
Connect with other franchisees within the same system or industry to share insights, experiences, and best practices. Networking with fellow franchisees can provide valuable support and advice.
Stay Committed
Building a successful franchise takes time and effort. Stay committed to your business, remain focused on your goals, and be prepared to overcome challenges along the way.
By following these methods and staying dedicated to your business, you can increase your chances of becoming a successful The Generics Pharmacy franchisee.