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Queries on starting Pharma Marketing company

Query: Sir, we are 4 friends willing to start a Pharma marketing company . We initially planned a budget of total 4 Lakh. We chosen 5 tablet items and 3 IV products which run on regular basis.  Following of the queries I wanted to share- 1) Is 4 Lakh budget is sufficient for initiating this project?(8 items). 2) How do we introduce general IV products into Private hospitals and nursing homes? 3) How long it will take a time to run this business smoothly and grow? Response: 1) Is 4 Lakh budget is sufficient for initiating this project?(8 items). Best way to know about this is that, you can take rates of your proposed products from manufacturers and calculate your costing. You would have better idea about your budget then. 2) How do we introduce general IV products into Pvt hospitals and nursing homes? We hope you have experience and knowledge in those molecules. You just conduct a market survey about prices at what these products are sold in market and you can sell those at what rates t
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Compounding of Drugs

Definition:

Compounding means the preparation, mixing, assembling, packing or labeling of a drug or device
  • As the result of a practitioner’s prescription drug order (or) initiative based on the practitioner/patient/pharmacist relationship in the course of professional practice, or
  • For the purpose of, or as an incident to research, manufacturing, teaching, clinical trial or chemical analysis including drug analysis and not for sale or dispensing.
Note: Compounding also includes the preparation of drugs or devices in anticipation of prescription, observed prescribing patterns

Compounding, dispensing and labeling of required drug products should ensure that
  • The drug product matches the prescription.
  • The drug product has not expired.
  • The drug product is appropriately compounded (if necessary), packed and labeled appropriately.
  • The accuracy of dispensing is checked by Registered Pharmacist.
  • Proper documentation is made.

No person other than a Registered Pharmacist shall compound, prepare, mix, dispense or supply of any medicine on the prescription of a Registered Medical Practitioner.
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