A career as a medical representative can be a great choice for many people. There are many advantages to this career, including the potential to earn a good income and the opportunity to work in a variety of settings. Of course, like any career, there are also some downsides to being a medical representative. For example, you may find yourself working long hours or traveling frequently. Overall, though, a career as a medical representative can be a good choice for many people. If you're interested in this field, be sure to research it thoroughly to make sure it's the right fit for you.
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.
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:
Steps involve in starting Pharmaceutical marketing Company:
Other important Steps:
How to Sell?
You can sell pharmaceutical products by following means:
Hope above information is helpful to you...
Related: Top start-up and Business Ideas in pharmaceutical industry
Now come to point. For starting pharmaceutical marketing company, you have to fulfill following licensed requirements.
- Constitution of proprietorship firm/ Partnership firm or Register a Company
- Wholesale Drug License number
- Goods and Service Tax identification Number
- Trademark Registration (Optional)
- FSSAI registration/License (If dealing in food supplements also)
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:
- Take Experience or hire any experienced person in pharmaceutical sector.
- Prepare a Business plan.
- Choose a Company Name.
- Prepare a list of molecule and choose brand names for selected molecules.
- Go for trademark registration if you wish to.
- Arrange Investment (Own saving, bank loan, investor, borrow etc)
- Search for space for office and license (Owned or rented)
- Apply for company registration if you want to register a company
- Apply for wholesale drug license number
- Apply for Goods and Service Tax identification number
- Apply for FSSAI registration/license if required
- Search for a Pharmaceutical manufacturer for Third party manufacturing/ Contract Manufacturing/ loan Licensing
- Discuss and send them quotation. (Send to at least 4-5 manufacturer)
- Take quotation of selected molecules and Minimum batch size
- Finalize your manufacturing vendor.
- Go for artwork and printing material design & procurement for your products. Packaging material can be procured either by yourself or by manufacturer.
- Make an agreement with pharmaceutical manufacturer.
- Proceed as per mutual agreed term and conditions i.e. payment deposits, deliver time etc.
- Manufacturing process
- Receive your goods after completion of manufacturing process
- 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:
- Prescription Marketing
- Generic Marketing
- OTC Marketing
- Pharma Franchise Marketing
- Institutional/Hospital Sale
- Export
Important Links:
Related: Top start-up and Business Ideas in pharmaceutical industry
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