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First step need to take For Starting a Pharmaceutical Company

Query: I am a veterinarian by profession. Have been going through your website from past 1 year and have planned now to give a start to my own pharma company. Please let me know what will be the first step I need to take.  Answer: First Step you need to prepare yourself for Pharmaceutical Company:  Preparation means Choose marketing type, Choose molecules want to launch, Location where you want to launch product, Choose Company, Products Name, Budget available...  Choose marketing type: As number of marketing and selling types present in pharmaceutical market. i.e. Branded Marketing , Generic Marketing , OTC Marketing, Franchise Marketing etc. You need to select any one from above.  Choose Molecule: Once you have selected which marketing type is best suitable for you then you need to select at which segment and molecules you want to work. Check out: How to choose products/service for business? Location: You can't launch your pharmaceutical company all over India or at broad area.

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...

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