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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.

Generic Drugs Marketing

Generic Drugs are the drugs which are sold with only international non proprietary name (INN) or common name. When a pharmaceutical company develop a new molecule, pharmaceutical company is granted by exclusive right of that molecule for certain period of time known as patent. After expiry of that patent, other pharmaceutical manufacturers are also allowed to manufacture that molecule. Products other than innovator’s brand are known as Generic Drugs.

Marketing of generic medicines vary market to market. In USA, only one brand name product is allowed for any molecule, other products of that molecule can only be sold with its international non proprietary name (INN) or common name or generic name. But in India, a molecule could have number of brand names and every manufacturer can sell their products by fixing a brand name. These generic medicines with brand name are also known as Branded Generics.

Marketing and promotion of generally same in all regulated markets but vary in unregulated markets. In regulated markets where sale of drugs without registered medical practitioner’s prescription is not allowed, Medical practitioners play an important role while preparing a marketing strategy for your generic medicine manufacturing company.

Hospital pharmacies are main source for sale of generic medicines in regulated market. General pharmacy stores also contribute to sell of generic medicines but not at such extent. Tie-up or contract with doctors/hospital is one of the good ways to boost generic medicine sale. A distribution channel is required to make availability of generic medicines at hospital pharmacies and chemist shop and convince medical practitioners to prescribe your products at prescription.

In unregulated market, drugs are also sold out without prescription of medical practitioner. In these markets difference between generic medicines and branded medicines are created on the basis of whether it is prescribed by RMP or not. If it is prescribed by RMP then it is branded medicine otherwise it is generic medicine if it is dispensed by pharmacy or chemists without prescription of RMP.

In unregulated market, hospitals/doctors are not the key players. Key players are pharmacy and chemist shops which are responsible for sale of medicine. It creates huge price competition among companies or distributors but this price competition is not beneficial for patients, only limited to pharmacy and chemists.

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

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