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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 medicines

Generic medicine is the medicine which contains same active pharmaceutical ingredient that is present in original branded medicine protected by patent. Generic medicines are allowed to sale after the expiry of patent of original branded medicine.

Generic medicines have same dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. A generic version of branded medicine has same active pharmaceutical ingredient but may have slightly indifferent inactive ingredients which may change look (shape or colour) of generic medicine from its branded medicine but does not change the effectiveness and safety of medicine.

Read: Difference between branded medicine and generic medicines

In order to enter a Generic medicine into pharmaceutical market, it must be bioequivalent to the branded medicine. Generic medicine should have similar bioavailability as of branded medicine. Bioavailability is the rate and extent of absorption of active ingredients or active metabolites from a product into the systemic circulation.

Marketing of generic medicines could vary country to country. For example, In USA, all generic medicines are marketed with generic name only. Generic medicine manufacturers are not allowed to fix brand names for their generic medicine. Only one brand is available and that belong to innovator.

In India, there is difference in marketing of generic medicines. In India, generic medicine manufacturers are allowed to fix a brand for their generic medicine. Hence number of brand names is available for a particular molecule throughout country. These generic medicines having brand names are known as Branded Generics. Branded generics are also sold in same way as of its original brand and at almost same price.

Pseudo Generic Medicines: Pseudo generic medicine term used for the generic medicine when exact replica of original is manufactured by pharmaceutical company having patent of molecule. It is manufactured with same active ingredient and same inactive ingredients at exact manufacturing condition.

These pseudo generic medicines are marketed by pharmaceutical company to discourage competitor pharmaceutical companies to enter 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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