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What is Pharma Franchise Model? A blog about how franchising works in pharma.

In this article I will tell you about the Pharma Franchise Model and how it is different from other franchise models. Along with Pharma Franchise, I will drop you some basic knowledge about the entire franchise model. Franchise marketing meaning varies from industry to industry. A franchise is a model of distribution and represents the most common business structure that enables the franchisor to capture recurring business from their franchisees. The franchisees are then able to earn profits from the same set of rules, systems and standardized products sold by other franchises across the country. In today's world of marketing, franchising has emerged as a lucrative option for new ventures as it simplifies and streamline the process of starting a business. With so much advanced equipment, efficient manpower, trained professionals etc., many entrepreneurs find it financially rewarding to take up a franchise business. What is Franchising? Franchising is a business strategy that involv
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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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