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How To Be Successful In Pharmaceutical Business?

  Hi Guys I am Ajay Kamboj and today we will talk that if you want to be successful in pharmaceutical business or ayurvedic business or nutraceuticals business then what you have to do for that. How you can be successful we will talk about the same in this post Actually, whenever anyone asks me if they want to be successful in pharma business. Whether it is marketing, manufacturing, trading, distribution then how can they can be successful. Then I have a simple answer, for everyone, they to make their own network. They do not understand that and they feel I am talking about network marketing. I do not mean here with network marketing, networking exists in every business and for the success of any business networking is very important How much good idea you have? How much unique idea you have? You are coming with a product that is not available with anyone but till you will not have a good network Unless you know how you will deliver your product to your customer, who is its end user

Branded medicines

Branded medicines are the medicines which has given a name for advertising purpose by a company. When a pharmaceutical company develops/researches a medicine molecule which is safe and effective for human use, pharmaceutical company is granted by exclusive rights so no other manufacturer can produce it for certain period of time which is known as patent.

Innovator Pharma Company gives a brand name for advertising purpose to this researched molecule which is different from its International Nonproprietary Name (INN) or generic name.

Branded medicine is referred to the medicines which are sold by its innovator by giving it a brand name. Example of certain branded medicines: Augmentin (co-amoxiclav) , Glucophage (Metformin), lopressor (metoprolol), Prilosec (Omeprazole) etc. In case of Augmentin (Co-amoxiclav), Augmentin is a brand name whereas Co-amoxiclav is its INN or generic name. Likewise for other examples quoted above.

After expiry of patent, other companies can also apply for approvals for manufacturing of this molecule. When other pharmaceutical companies start manufacturing of this molecule with a brand name or generic name then these companies’ products come under generic medicines.

Definition of Branded medicines varies country to country. For example, in USA, only one brand could be available for a particular molecule. Other companies can launch that molecule with generic names only after expiration of patent.

But in India, along with patent brand, other pharmaceutical companies are allowed to sell that molecule by giving it a brand name after expiration of patent or through compulsory licensing. Hence number of brands is available in Indian market for a particular molecule. These brands are given a term i.e. Branded Generics. Branded Generics are also sold with a brand name and almost same price as of its original brand. These are not generics but branded versions of generics.

Read: Difference between branded medicine and generic medicines

There are also one another term use for classifying medicine is Pseudo generic medicines. It is not the original patent product but same replica of the original by the Innovator Company with same ingredients but with other brand name or generic name to discourage competitor pharmaceutical companies from entering into market of that molecule.

Hope above information is helpful to you...
For any query and suggestion, mail us at pharmafranchiseehelp@gmail.com

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