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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.

Institutional Sales in Pharmaceutical Industry (B2B)

A pharmaceutical product is marketed and sells through many ways like prescription sale (branded medicines, generic medicine), franchise medicine supply, OTC drugs marketing and supply to hospitals, pharmacy chains, online pharmacies etc. In prescription, generic, franchise, OTC etc, pharmaceutical companies have to build a distribution channel for selling medicines.

But big institutions and integrated delivery networks (IDNs) likes corporate hospitals, big hospitals, medical colleges, government hospitals, pharmacy chain’s governing bodies, online pharmacies hub etc purchase medicines at bulk quantity. They don’t want to indulge into distribution channel to share profit of margin among other members of distribution channel. They procure medicines and other pharmaceutical products through offering tenders, tie-up directly with pharmaceutical companies, big distributors etc. This helps them to procure medicines and other pharmaceutical products at lowest price as possible and maintaining maximum profit with them.

When a pharmaceutical companies or its authorized agents supply or contract to supply medicines directly to any hospital, medical college, corporate organisations, centralized institutions like group practices, integrated delivery networks (IDNs) etc are known as Institutional Sale.

As pharmaceutical industry is changing, Number of corporate, multi speciality hospitals and centralized institutions are becoming more common while small hospitals and independent practice by a doctor is becoming less prevalent. This is creating a huge scope in institutional sales for pharmaceutical companies.

Pharmaceutical companies maintain a separate institutional sales force to handle corporate hospitals and institutes, tenders, government hospital supply etc. Institutional sales team is responsible for handling and covering all major Institution and marketing, direct handling of major hospitals and corporate hospitals, Responsibilities for tender Sales and relationship management with tender committee etc. Institutional sales could also be termed as Business 2 Business (B2B) marketing type.

In pharmaceutical institutional sale, individual physicians or persons are not decision makers but decision making is decided by multiple stakeholders or by a formulary administrator. This makes it different from ordinary marketing types in pharmaceutical sector. In some cases, the decision about which drugs are included in a formulary is made by committee, which may be made up of physicians, pharmacists, nurse practitioners, and others. Decisions are based on clinical evidence, expert opinions, and cost-benefit studies.

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

Read Related: Medicine wholesale business profit margin

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