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How to grow your Pharma Business?

  Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember
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21 steps involved in start Pharmaceutical Marketing Company.

For starting Pharmaceutical marketing company, you need to fulfill requirements and licensing. Pharmaceutical sector is regulated under Drug and Cosmetic Act & Rules, 1940. From manufacturing to retailing, every step is regulated under Act. You will need to take license for indulging in any kind of business in pharmaceutical sector.

Now come to point. For starting pharmaceutical marketing company, you have to fulfill following licensed requirements.
To know in detail about documents and procedure by particular license, you can click at above links.

Other than licenses, you may require many character sticks and traits to start pharmaceutical marketing company. You have to prepare yourself mentally and financially to start pharmaceutical marketing company. Here we are providing useful things that are required for starting pharmaceutical marketing company:
  • Either you or your partner or your employee should have adequate experience in pharmaceutical sector.
  • You should have either a part time income source or adequate fund for your personnel and family expenses till your company starts to generate income.
  • You should have proper business plan, adequate knowledge of territory, molecule selection knowledge etc.
  • Be patience during your start-up journey. It takes a long time, six month, a year, two year or more to become successful in any business depend at your experience, circumstances and market exposure.

Steps involve in starting Pharmaceutical marketing Company:


  1. Take Experience or hire any experienced person in pharmaceutical sector.
  2. Prepare a Business plan.
  3. Choose a Company Name.
  4. Prepare a list of molecule and choose brand names for selected molecules.
  5. Go for trademark registration if you wish to.
  6. Arrange Investment (Own saving, bank loan, investor, borrow etc)
  7. Search for space for office and license (Owned or rented)
  8. Apply for company registration if you want to register a company
  9. Apply for wholesale drug license number
  10. Apply for Goods and Service Tax identification number
  11. Apply for FSSAI registration/license if required
  12. Search for a Pharmaceutical manufacturer for Third party manufacturing/ Contract Manufacturing/ loan Licensing
  13. Discuss and send them quotation. (Send to at least 4-5 manufacturer)
  14. Take quotation of selected molecules and Minimum batch size
  15. Finalize your manufacturing vendor.
  16. Go for artwork and printing material design & procurement for your products. Packaging material can be procured either by yourself or by manufacturer.
  17. Make an agreement with pharmaceutical manufacturer.
  18. Proceed as per mutual agreed term and conditions i.e. payment deposits, deliver time etc.
  19. Manufacturing process
  20. Receive your goods after completion of manufacturing process
  21. Start selling of your products


Other important Steps:
  • Designing of Logo, company product cards, literature, leaf behind cards and other promotion materials
  • Building of website and creation of social media presence
  • Recruitment of sales team and other staff if required
  • Execution of marketing strategy and promotion of company and its product

Qualification Required to Start Pharmaceutical Marketing Company:
  • Either you or your partner or you authorized employee should possess EP certificate or registered Pharmacist certificate to open pharmaceutical marketing company


How to Sell?

 You can sell pharmaceutical products by following means:
Important Links:
 
Hope above information is helpful to you...


Related: Top start-up and Business Ideas in pharmaceutical industry
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