In response to increasing market competition, the franchise business model has become a common operational strategy in the rapidly developing chain pharmacy industry. Franchising would enable pharmacy businesses to gain a competitive advantage as societal aging progresses. However, the relationship between franchise headquarters and franchisees must be developed to improve the relationship value of the operation management within the franchise chain and to promote higher relationship quality between franchisees and franchise headquarters. If the relationship between the two parties is strengthened, the franchisee will be able to enhance self-management; this will further strengthen the close cooperative relationship between the two. In this study, Taiwanese chain pharmacies were selected as the research targets. The results revealed that stable relationship management can strengthen the cooperative relationship between franchise headquarters and franchisees and maximize the value of the relationship. JEL classification numbers: L10. Keywords: Franchisee, Retail Pharmacy Industry, Relationship Governance, Relationship Quality, Relationship Value.