Top 15 Best PCD Pharma Franchise Companies in India

Best PCD Pharma Company in India
  • Sep,24, 2026

Choosing a PCD pharma partner involves more than looking at a “Top 10” or “Top 15” list. A prospective franchise partner should compare the company’s product portfolio, manufacturing and quality information, territory terms, documentation, supply capability, promotional support, and commercial conditions.

India’s pharmaceutical sector recorded total annual turnover of ₹4,71,898 crore in FY2024–25, according to the Department of Pharmaceuticals’ Annual Report 2025–26. The same report describes India as the world’s third-largest pharmaceutical producer by volume and 11th-largest by value.


Top 15 PCD Pharma Franchise Companies in India – Quick Comparison


Company Location Publicly stated PCD offering Published portfolio/focus


Company

Location

Publicly stated PCD offering

Published portfolio/focus

Mint Life Sciences

Panchkula, Haryana

PCD Pharma Franchise

Tablets, capsules, injectables, syrups, dry syrups, external liquids, creams, nutraceuticals, APIs, and more

Biotic Healthcare

Panchkula, Haryana

Monopoly-based PCD

1,200+ products on current homepage; general, derma, gynae, paediatric and other divisions

Vibcare Pharma

Panchkula, Haryana

Monopoly-based PCD

1,500+ products, 11+ divisions

Arlak Biotech

Zirakpur, Punjab

PCD / pharma franchise

2,500+ products, 16 divisions

Ambit Biomedix

Ahmedabad, Gujarat

PCD Pharma Franchise

400+ products; derma, gynae, orthopaedic, paediatric, gastro and other ranges

Orange Biotech

Ambala, Haryana

PCD franchise/distribution

Tablets, capsules, suspensions, syrups, injections and oral drops

Servocare Lifesciences

Panchkula, Haryana

PCD Pharma Franchise

General, derma, cardiac-diabetic, neuro-psychiatry, Ayurvedic and ophthalmic divisions

Biopolis Lifesciences

Panchkula, Haryana

PCD franchise

General-range PCD products

Meltic Healthcare

Ambala, Haryana

PCD Pharma Franchise

Tablets, capsules, syrups, injections, and other formulations

Chemross Lifesciences

Chandigarh

PCD Pharma Franchise

850+ products listed on its current PCD page; tablets, capsules, syrups, injectables, topicals, and herbal/Ayurvedic products

Kabir Lifesciences

Mohali, Punjab

PCD Pharma Franchise

625+ products displayed; tablets, capsules, injections, dry/liquid syrups and other dosage forms

Lifevision Healthcare

Chandigarh

PCD Pharma Franchise

1,000+ products stated; cardiac, diabetic, derma, paediatric, gynae, neuro and other segments

Alna Biotech

Panchkula, Haryana

PCD Pharma Franchise

3,000+ products stated; tablets, capsules, injectables, syrups, drops, Ayurvedic preparations and supplements

Arovent Healthcare

Greater Noida, Uttar Pradesh

PCD Pharma Franchise

General, cardiac, paediatric, neuro, gastro, derma and ophthalmic segments

Curasia Medilabs

Ambala, Haryana

PCD Pharma Franchise

General, neurological, paediatric, nutritional and other healthcare products

The figures in the table are company-published figures or current website information, not independently audited market rankings. Portfolio sizes can change, so buyers should request the latest product catalogue before signing an agreement.

What Is a PCD Pharma Franchise?


PCD is commonly expanded in the Indian pharmaceutical industry as Propaganda Cum Distribution. In this model, a pharmaceutical company authorises an individual, distributor, or business partner to market and distribute its products within an agreed geographical territory. The precise rights, products, pricing, and responsibilities depend on the commercial agreement.

A simple way to understand the model is:

Pharma company → Franchise partner → Local market → Pharmacies / healthcare channels

The pharmaceutical company may provide products and, depending on its business model, promotional material, product information, logistics support, and territory rights. The franchise partner generally handles local business development, distribution, and market activities according to the agreement.


How Does a PCD Pharma Franchise Work?

A typical arrangement can involve:

1. Territory selection

The partner identifies an available district, city, or other permitted territory.

2. Product selection

Products are selected according to the territory, therapeutic requirements, and commercial terms.

3. Documentation and agreement

The parties establish the relevant commercial and territorial terms.

4. Initial purchase

The franchise partner orders the selected products.

5. Market development

The partner promotes and distributes the products within the agreed business structure.

6. Reordering

Future orders depend on actual demand, stock requirements, and the commercial relationship.

Company websites such as Mint Life Sciences, Vibcare, Biotic Healthcare, and Kabir Lifesciences describe territory-based PCD models along these lines.


Why Is the PCD Pharma Franchise Business Being Discussed in 2026?

India’s pharmaceutical industry provides a substantial domestic and export market. The Department of Pharmaceuticals reports FY2024–25 pharmaceutical turnover of ₹4,71,898 crore, while IBEF reports India’s domestic pharmaceutical market at approximately US$60 billion in FY26, with a projection of approximately US$130 billion by 2030.

The government’s pharmaceutical PLI programme also shows continued investment in domestic manufacturing. The Department of Pharmaceuticals reports that, as of September 2025, more than 350 manufacturing units had been established under the scheme, including 28 greenfield projects, while cumulative sales under the programme had reached ₹3,16,797 crore through September 2025.

This does not mean every PCD franchise will be profitable. A franchise partner still needs to consider local demand, pricing, competition, inventory, supply reliability, territory rights, working capital, and compliance.


1. Mint Life Sciences

Location: Panchkula, Haryana


Mint Life Sciences is the first company in this 2026 list because it combines several publicly documented business areas relevant to a prospective PCD partner. Its official website identifies the company as headquartered in Panchkula and states that it has more than four decades of experience supporting the pharmaceutical sector. It also publicly offers PCD Pharma Franchise and third-party pharmaceutical manufacturing services.

Its official information lists multiple dosage forms, including tablets, hard and soft gelatin capsules, injectables, oral liquids, syrups, suspensions, and dry syrups. It also lists external liquids, ointments, creams, nutraceuticals, APIs, cosmetics, and other healthcare products.

Mint states that it holds ISO 9001:2015 certification and that its production facilities comply with WHO-GMP standards. Its PCD material also describes a territory-based monopoly model and marketing/product support. These are company-published claims, so prospective partners should request the relevant current documents and agreement terms directly.


Official website: Mint Life Sciences


2. Biotic Healthcare


Location: Panchkula, Haryana


Biotic Healthcare’s current website identifies it as a WHO-GMP certified pharmaceutical company offering a monopoly-based PCD pharma franchise model. Its current homepage states 1,200+ products, while other pages on the same domain use larger portfolio figures; therefore, a buyer should request the latest catalogue rather than relying on a single website count.

The company lists dosage forms such as tablets, capsules, injectables, syrups, dry syrups, and topical products. Its current divisions include areas such as dermatology, women’s health, Ayurveda, general care, and paediatrics.


Its PCD page says it provides monopoly product-distribution rights and has dedicated marketing, finance, billing, logistics, and customer-care functions for franchise partners.


3. Vibcare Pharma


Location: Panchkula, Haryana


Vibcare Pharma’s current PCD page states that the company was founded in 2015, while the group’s pharmaceutical roots are traced by the company to 1970. It describes itself as a WHO-GMP and ISO 9001:2015 certified PCD pharma franchise company.

The same page states that Vibcare has 1,500+ products across 11+ divisions and 3,000+ franchise partners. It also lists monopoly rights, marketing support, training, account management, and order-processing support among its franchise offerings.

Its listed therapeutic portfolio includes cardiac-diabetic, dermatology, Ayurvedic, and other ranges.


4. Arlak Biotech


Location: Zirakpur, Punjab


Arlak Biotech’s official website states that it markets 2,500+ brands/products across 16 divisions and describes itself as a WHO-GMP certified pharmaceutical marketing company. The site lists multiple dosage forms and therapeutic areas and describes PCD franchise opportunities.

Its published franchise support includes promotional materials such as visual aids, reminder cards, visiting cards, and product information. It also states that its products are quality-tested through its quality-control processes.

Because Arlak also operates multiple divisions and related pharma brands, readers should identify the specific division, product range, and agreement applicable to the franchise they are considering.


5. Ambit Biomedix


Location: Ahmedabad, Gujarat


Ambit Biomedix’s official website says it has 400+ pharma products spanning several categories, including dermatology, gynaecology, orthopaedics, paediatrics, herbal, gastro, antibacterial, and anti-cold products.

The company identifies itself as an ISO 9001:2008 certified company and says its products are manufactured according to WHO-GMP standards. Its franchise-support material includes visual aids, product literature, visiting cards, MR bags, order books, prescription pads and product glossaries.

Ambit’s FAQ also says franchise applicants may need drug-licence and GST-related documentation and describes its own commercial starting requirement of ₹50,000. That amount is a company-specific commercial condition, not an industry-wide PCD investment requirement.


6. Orange Biotech


Location: Ambala, Haryana


Orange Biotech’s company profile describes its business as supplying pharmaceutical tablets, capsules, suspensions, syrups, injections, and oral drops. It also describes support for PCD marketing through visual advertisements, visiting cards, catch covers, and reminder cards.

The company’s published profile states that it began in 2011 and distributes pharmaceutical medicines in India and several international markets on a PCD franchise basis.

For prospective partners, useful points to verify are the specific available territory, current product list, applicable licensing documents, pricing, and current supply terms.


7. Servocare Lifesciences


Location: Panchkula, Haryana


Servocare Lifesciences publishes a dedicated PCD Pharma Franchise page and states that its products are manufactured in WHO- and GMP-certified facilities.

Its published divisions include Cosmederma for derma, Cardivista for cardiac-diabetic products, Somacare for neuro-psychiatry, Navayur Herbals, Oregon Healthcare for general products, and Visionaire for ophthalmic products.

The company’s product categories also include general/ortho, anti-infective, derma, dental, neurology, liver, gastro-intestinal, paediatric, respiratory, urology, and supplement categories.


8. Biopolis Lifesciences


Location: Panchkula, Haryana


Biopolis Lifesciences states that it offers a general-range PCD company model and a monopoly-based PCD pharma franchise opportunity. Its official pages also state certifications including ISO 9001:2015, WHO-GMP, HACCP, and HALAL for its operations/products.

Its franchise material says the company has separate departments for research, manufacturing, supply, and marketing, and that it provides pharmaceutical products across a general range.

For a franchise applicant, the important next step is to obtain the current product catalogue, territory availability, and relevant quality documentation for the products being considered.


9. Meltic Healthcare


Location: Ambala, Haryana

Meltic Healthcare’s official website describes it as an ISO 9001:2015 certified PCD pharma franchise company based in Ambala. It says the company is involved in trading, manufacturing, and supplying general and other pharmaceutical products.

The company’s current website lists tablets, capsules, syrups, and injections among its product forms and describes its PCD franchise and third-party services.

Its current contact information identifies Ambala as its corporate location and also lists a Gujarat office.


10. Chemross Lifesciences


Location: Chandigarh


Chemross Lifesciences has a dedicated PCD Pharma Franchise page. Its current page states that it has 850+ products, including tablets, capsules, syrups, suspensions, injectables, and topical formulations, as well as herbal and Ayurvedic products.

The company says it is ISO 9001:2015 certified and follows WHO-GMP standards. Its PCD pages also describe monopoly rights, marketing support, promotional tools, and supply support.

Another Chemross page currently states a smaller product figure, so prospective partners should request its latest product catalogue and confirm the current range before making a commercial decision.


11. Kabir Lifesciences


Location: Mohali, Punjab


Kabir Lifesciences states that it was established in 1999 and offers PCD franchise, manufacturing, supply, and export services. Its current website displays 625+ products and lists dosage forms including capsules, tablets, injections, dry syrups, liquid injections, and dry powder injections.

Its PCD page describes products manufactured under WHO/GMP standards and mentions marketing support, promotional tools, stock availability, and territory-based monopoly rights.

The company also publishes PCD-related educational content in 2026, including material on franchise selection, products, documents, and monopoly rights.


12. Lifevision Healthcare


Location: Chandigarh


Lifevision Healthcare’s PCD platform states that it offers PCD franchise opportunities across a broad range of therapeutic segments, including cardiac, diabetic, Ayurvedic, ophthalmic, general, orthopaedic, paediatric, neuro, derma, and gynae products.

Its site states that it has more than 1,000 products and provides promotional materials such as reminder cards, business cards, diaries, calendars, visual aids, and MR bags to PCD partners.

The website also describes monopoly rights and says products are manufactured in GMP-certified facilities. These are company-published claims that should be verified against current documentation and the franchise agreement.


13. Alna Biotech


Location: Panchkula, Haryana


Alna Biotech’s current website states that the Alna Group has 30+ brands and a healthcare portfolio of 3,000+ products. It lists tablets, capsules/softgels, injectables, ointments, lotions, syrups, dry syrups, suspensions, eye/ear/nasal drops, Ayurvedic preparations, and supplements.

Its website also identifies manufacturing facilities in the Alipur-Barwala area of Panchkula and provides a dedicated PCD Pharma Franchise link.

The company’s PCD franchise information also describes monopoly distribution opportunities, although the exact territory and product rights should be confirmed in writing before an agreement.


14. Arovent Healthcare


Location: Greater Noida, Uttar Pradesh


Arovent Healthcare currently publishes PCD franchise information covering multiple therapeutic areas, including general medicine, cardiac and anti-hypertensive, paediatrics, neurology, gastroenterology, dermatology and ophthalmology.

Its franchise material describes territory-based monopoly rights, promotional support and products supplied through GMP-compliant manufacturing arrangements.

There is some variation between currently published product-count figures on its pages—for example, one section states 100+ products while another describes a 500+ portfolio—so requesting a current catalogue is particularly important here.

Website: Arovent Healthcare


15. Curasia Medilabs


Location: Ambala, Haryana


Curasia Medilabs has a dedicated PCD Pharma Franchise page that describes its business as a PCD franchise provider covering general and neurological healthcare products, along with syrups, suspensions, injections, nutritional supplements, and children’s medicines.

According to the corporation, allocated regions and marketing/business assistance are part of its PCD concept. Additionally, an investment range of ₹50,000 to ₹2,000,000 is listed on its current page for its own franchise offering. This should not be interpreted as a general investment need for the Indian PCD business, but rather as a company-published commercial range.

Paperwork, including a PAN, GST registration, medical license, and other business paperwork, is listed on the company’s page. However, the specific legal requirements vary depending on the activity’s nature and relevant regulations.


How to Select the Best PCD Pharma Company in India?

Searching for the best PCD pharma company in India can quickly lead to dozens of promotional lists. A more practical approach is to compare companies against the same set of questions.


1. Check the Product Portfolio

Don’t choose a company only because it claims to have hundreds or thousands of products.

Check whether its actual product list matches your market:

  • General medicines
  • Cardiac and diabetic
  • Derma
  • Gynaecology
  • Paediatrics
  • Orthopaedics
  • Neuro-psychiatry
  • Gastroenterology
  • Ophthalmology
  • Nutraceuticals
  • Ayurvedic products

A larger catalogue is not automatically more useful if the products do not match local demand.


2. Verify Quality and Manufacturing Information


Look at the actual certification and manufacturing documentation instead of relying solely on phrases such as “international quality.”

For example, Mint states ISO 9001:2015 and WHO-GMP-compliant facilities; Vibcare states ISO 9001:2015 and WHO-GMP; Biotic and several other companies also publish WHO-GMP and ISO information.

Ask for the current relevant certificates and determine which manufacturing facility or vendor they apply to.


3. Understand Monopoly Rights


“Monopoly rights” generally means that the company agrees to protect a specified territory or products from competing partners within its own network.

The important question is not simply:


Does the company offer monopoly rights?

It is:

What exactly is protected, where, for which products, and for how long?

Get these details in writing.


4. Compare the Commercial Terms


Ask for:

Product price → MRP → PTR/PTS where applicable → MOQ → transport → taxes → promotional costs → payment terms

Don’t compare companies using a single advertised percentage of “profit margin.” Actual business economics depend on product pricing, sales volume, expenses, inventory movement, and territory demand.


5. Check Supply Reliability


A product portfolio has little practical value when the required products are repeatedly unavailable.

Ask about:

  • current stock
  • production lead times
  • dispatch process
  • expiry policy
  • damaged-goods policy
  • replacement policy
  • transportation arrangements


How Much Investment Is Required for a PCD Pharma Franchise in India?


There is no single investment figure applicable to every PCD pharma franchise.

Published company requirements vary considerably. For example, Ambit Biomedix currently states a ₹50,000 business-start requirement, while Curasia Medilabs publishes a ₹50,000–₹2,00,000 investment range for its own offering.

Investment can depend on:

Territory + product selection + MOQ + opening stock + promotional material + transportation + working capital + business documentation

Therefore, an article should not claim that every Indian PCD franchise can be started with a fixed amount.


Is PCD Pharma a High-Profit Business?


A PCD franchise can have attractive commercial economics, but profit is not guaranteed.

The actual result can depend on:

  • purchase price
  • selling price
  • local demand
  • doctor/pharmacy relationships
  • competing brands
  • inventory turnover
  • stock availability
  • territory size
  • promotional expenses
  • working capital
  • credit cycles


Some company websites advertise specific margins, but these should be treated as company-specific claims rather than national industry averages. For example, Biotic Healthcare currently publishes a 20–50% or higher margin statement on one of its pages.


A better calculation is:

Gross trading margin − operating expenses − logistics − credit losses − inventory/expiry costs = actual business return


Do You Need a Drug Licence for a PCD Pharma Business?


The applicable licence depends on what the business is doing and which products are involved.

The Drugs and Cosmetics Rules provide for wholesale licences, including Form 20B for specified drugs and Form 21B for drugs covered under the relevant Schedule C/C(1) categories. The rules also specify conditions relating to premises, storage, and competent persons.

Therefore, a prospective franchise partner should not simply copy a document checklist from a marketing website. The applicable licensing authority should confirm the requirements for the actual business activity and product categories.


GST registration is a separate tax matter governed by GST law; the GST portal states that registration becomes effective when the person becomes liable for registration, while voluntary registration is also possible.


What Are Monopoly Rights in a PCD Pharma Franchise?


Monopoly rights refer to agreed territorial or product exclusivity within the pharmaceutical company’s franchise network.

For example, a company may agree not to appoint another franchise partner for certain products in a particular district. But “monopoly” can mean different things between companies.


Before signing, confirm:

Territory → Products → Duration → Exceptions → Internal competition policy → Renewal terms


A website statement that says “monopoly available” is not a substitute for the written agreement.


PCD Pharma vs Third-Party Manufacturing: What Is the Difference?

These two models are related to pharmaceuticals but are not the same.

PCD Pharma Franchise

The focus is on marketing and distribution rights for pharmaceutical products in a defined territory.

Third-Party Manufacturing

The focus is on having another manufacturing organisation manufacture products for a business under an agreed manufacturing arrangement.

Mint Life Sciences, for example, publicly offers both PCD Pharma Franchise and third-party/contract manufacturing, demonstrating that the two services can exist within the same organisation while serving different commercial purposes.


Future Outlook of the PCD Pharma Franchise Business in India: 2026–2030

The wider pharmaceutical industry has several developments that are relevant when assessing the future business environment.


India’s Domestic Market Is Expanding

IBEF currently reports a domestic pharmaceutical market of approximately US$60 billion in FY26 and a projection of approximately US$130 billion by 2030.

This is an industry-level market projection, not a prediction of the revenue of a specific PCD franchise partner.


Domestic Manufacturing Capacity Is Expanding

The Department of Pharmaceuticals reports that more than 350 manufacturing units had been established under the pharmaceutical PLI scheme by September 2025, including 28 greenfield projects. It also reports cumulative sales of ₹3,16,797 crore under the scheme through September 2025.


Product Diversification Is Continuing

The same government report shows PLI-supported production spanning vaccines, biopharmaceuticals, complex generics, patented/near-patent-expiry products, bulk drugs, anti-cancer products, anti-diabetic products, anti-infectives, cardiovascular products and other categories.

For PCD businesses, this reinforces the importance of having a product portfolio that is relevant to the actual therapeutic requirements of the target territory.


Digital and Technology Adoption

IBEF reports government and industry initiatives involving biopharma development, manufacturing policy, and increasing use of AI in pharmaceutical R&D during 2026.

For a PCD partner, the practical implication is that company selection is increasingly about more than brochures and product lists. Digital ordering, product information, responsive communication, documentation, and supply visibility can also influence the day-to-day business relationship.


Is There Really One “Best PCD Pharma Company in India”?

There is no official government ranking that identifies a single nationwide Best PCD Pharma Company in India.

This is important because online rankings use different methodologies. Some lists include dedicated PCD companies, while others mix PCD-focused organisations with large pharmaceutical corporations. Ambit Biomedix’s current list, for example, includes companies such as Cipla, Mankind, Sun Pharma, Zydus, Alkem, Torrent, and Intas alongside PCD-focused companies.


A more useful approach is to ask:


Which company has the product range, territory availability, quality documentation, supply capability, pricing, and support structure that fit my business requirements?


That turns a vague “best company” search into a measurable business comparison.


Frequently Asked Questions About PCD Pharma Franchise


1. What is a PCD pharma franchise?

A PCD pharma franchise is a business arrangement in which a pharmaceutical company authorises a partner to market and distribute its products within an agreed territory. The exact territory, products, promotional support, and commercial conditions depend on the agreement.


2. What does PCD stand for in pharmaceuticals?

PCD is commonly expanded as Propaganda Cum Distribution in the Indian pharmaceutical industry. It generally refers to a model in which a company grants marketing and distribution rights to a franchise partner for an agreed market or territory.


3. Which is the best PCD pharma company in India?

There is no government-certified national ranking that officially identifies one company as the best. Different companies and industry websites use different criteria. A practical comparison should consider product portfolio, quality documentation, territory terms, supply, pricing, MOQ, support, and regulatory requirements.


4. How does a PCD pharma franchise work?

The pharmaceutical company supplies products and grants agreed marketing/distribution rights to a partner. The partner develops the local market and distributes the products according to the commercial and territorial agreement. Many PCD models also include promotional materials and business support.


5. How much investment is required for a PCD pharma franchise?

There is no universal investment requirement. Company-specific published amounts vary. Ambit Biomedix states ₹50,000 as a starting business requirement, while Curasia Medilabs currently publishes a ₹50,000–₹2,00,000 range for its own offering. The actual amount can change with products, MOQ, territory, and commercial terms.


6. Do I need a drug licence for a PCD pharma business?

The applicable licence depends on the products and the nature of the activity. The Drugs and Cosmetics Rules provide wholesale licence forms, including 20B and 21B, for specified categories. The rules also include conditions relating to premises, storage, and competent personnel.


7. What are monopoly rights in a PCD pharma franchise?

Monopoly rights generally mean territorial or product exclusivity within a company’s franchise network. The exact protection depends on the agreement, so the partner should confirm the district/state, products covered, duration, and exceptions in writing.

Companies such as Mint Life Sciences, Vibcare, Biotic Healthcare, and Kabir Lifesciences publicly describe territory-based monopoly arrangements.


8. Is PCD pharma the same as third-party manufacturing?

No. PCD pharma primarily concerns marketing and distribution rights, while third-party manufacturing concerns having a separate manufacturer produce pharmaceutical products under an agreed manufacturing arrangement. A company may offer both services, but the commercial purpose is different.


9. How do I verify a PCD pharma company’s quality credentials?

Start by asking for the current certificates and identifying the manufacturing facility to which they apply. Then check whether the products you intend to distribute are manufactured under the stated standards. Do not assume that an ISO or WHO-GMP statement on a marketing page automatically verifies every product or every manufacturing location.


Mint, Vibcare, Biotic, Ambit and several other companies publicly publish quality information on their websites.


10. How do I choose the right PCD pharma product range?

Start with your target territory and the healthcare segments you intend to serve. Then compare the company’s actual catalogue, product availability, pricing, dosage forms, and therapeutic coverage.


For example, current company portfolios cover segments such as cardiac-diabetic, derma, paediatric, gynae, neuro, gastro and general medicine, but each company has a different mix.


How to Evaluate a PCD Pharma Company in 2026


The search for the Best PCD Pharma Company in India should not end with a ranking published on a blog. India’s pharmaceutical sector is expanding, domestic manufacturing capacity is receiving policy support, and IBEF projects the domestic pharma market to rise from approximately US$60 billion in FY26 to US$130 billion by 2030.

For a franchise partner, the more useful question is whether a particular company can meet the requirements of the intended territory: relevant products, verifiable quality information, dependable supply, workable pricing, clear territory rights, appropriate documentation, and practical business support.

Mint Life Sciences is one company that can be examined against those criteria. The official information currently states that the company is headquartered in Panchkula and has over forty years of experience in the industry. It offers a PCD franchise with multiple dosage forms, holds ISO 9001:2015 certification, and operates production facilities that comply with WHO-GMP standards. The same verification process should be applied to each company on the shortlist before finalizing any franchise agreements.