HOW TO START A PHARMACEUTICAL COMPANY – Pharma Business

Are you looking for setting up your own pharma business in the pharmaceuticals, this is the best time to start. Indian pharma industry is the leading market for the volume and the value as per various Economic Survey reports issued time to time. India is providing the need of 20% for the global exports of generic drugs. No doubt it is a big value. No doubt, Indian domestic pharma industry has proved its worth in the international market as well.

Pharma Industry business model is quite wide in scope, you can start from any segment and can grow up rapidly. It involves setup of manufacturing lines, getting affiliation with chemists , stockists and other healthcare practitioners for association. Any business startup needs right knowledge, resources, proper setup of documents, legality and right business partners / associates. The below is a set of tools that can help you in starting your own pharmaceutical company with least hindrances :

 

1. Do thorough Research in your segment

You must make a thorough study of the current market , what is the demand pattern, which will be most selling products etc. Make a note of the competitors and study them thoroughly including their business strategy, target regions , sales and promotional strategies, scope of your penetration. Try to identify the products / services that is missing in the supply chain and make a plan how you can contribute to that. Make a business map of the locations that you would be targeting for the franchise business. Study the successful models in the existing pharmaceutical market and try to mimic them.

 

2. Make a fool-proof business plan

A business plan is a thoroughly make guide-map to the success of your business, it will remove all the doubts and make your vision more clear. You business plan should include details about your company, products and services you will be offering, your unique selling points, your service locations. It will also include the mission & Vision as well as milestones and targets that you are planning to achieve out of the business. This ensures the organisation has a clear vision and synergy.

 

3. Regulations and Registrations

You must get your company registered as the first step. For this you might need various license and approvals from Drug Department, this helps them judge and maintain the quality standards of the pharmaceutical industry. Please keep in mind there are different licences for drug manufacturer and stockists. You should have clarity of vision about which is the appropriate licence that you need to have. Also you should get GST registration for your firm. You must contact health authorities and apply for registration process. Also you should have your trademark registration for your unique brand identity.

 

4. Production Details

Pharma company may establish their own manufacturing units or look for a network of vendors for getting their drugs / medicines manufactured. The concept of Third party manufacturing also known as contract manufacturing is quite trending these days through which one gets its medicines manufactured through third party vendors with his own brand name on products. All the products weather new drug or a branded ones must go through a sequence of clinical trials and pass various tests to get approval with the Central Drugs Standard Control Organization.

 

5. Marketing and Distribution

You have to setup your marketing and distribution network with various chemists and pharmacist to distribute your products to the final ends. The product name should be easy to remember and packing should be attractive as well. One will also need help of set of promotional items to assist pharma representatives and medical practitioners in order to bid competitors.

 

6. Join hands with right people

Any business needs good people as part of team so that it can expand. One needs to hire experiences persons who are capable enough to handle day to day operations of various departments.  One needs help from all the different skillsets be it at research level or at management levels, even sometimes we need a good lawyers besides accountants, engineers and analysts.  We also have to form a good sales team to take care of various promotional events , also a good network of distribution professionals to supervise.  We needs mentors at different levels who can pass on the company vision to the employees to make them proceed ahead in correct direction.

 

7. Investment in the business

You must have good capital to meet various initial expenses as well as operational expenses. Also you should have surplus money to handle any unexpected hikes. There can be various expenses that needs to be taken into consideration like licensing cost, doctors reimbursements and other monthly expenses. Sometimes the money will remain locked in the cycle till it returns the revenue back to you.  You may need good financial backups like bank loans to meet the unexpected.

There are pharmaceutical companies that can help you in this also as they have good network with various financial organisations.

 

Hope this makes you enough prepared to start your own pharma business, for more detailed information feel free to submit enquiry and our team will personally guide you in each and every process.

Enquire Now

Calculate Total:
11+12 =


Your IP : 46.249.204.25