How to Start Pharmaceutical Business

Execute your business strategy Effectively (Step 11 of our how to set-up new business guide) Till this step, you have completed all theoretical, documentation and licensing work. You have business name, a business plan, finance, licenses and registrations, product/service to be launched etc. Now the time is to execute your business strategy at good way. This is the step where we have actually reached at business starting point. Steps before this will be wasted if you fail to execute this step and coming steps has no use for you. Execution of business strategy is not writing down or planning, it’s a practical implementation of what have written at your business plan, what you have thought about how you will conduct your business, how you will reach to your proposed customers, what will be your key highlights etc. Business is like a House. Market research is like at which location or area is good for you. Your business plan is the designing part of your proposed infrastructure

Recruit Staff/Employee (Step 10 of our how to set-up new business guide) Some small businesses are started without any employee or staff by individual or partners and some feels to hire staff at initial level. You may not or you may require to hire employee/staff depend at your nature of business, marketing type, expansion scale etc. Suppose if you are starting a manufacturing unit in pharmaceutical, ayurvedic, cosmetic or any other regulated sector, you may require to recruit technical staff having essential qualifications and experience if you or your partner don’t fulfill the criteria of technical persons. Likewise in case of wholesale/retail license in pharmaceutical sector, you may require to recruit technical person to applying for license. In case of some businesses, no requirement of technical persons in any form of business i.e. manufacturing, wholesale, retail or service sector. In that businesses including above other than technical persons, an employee may be rec

Name a Product and Service  (Step 9 of our How to set-up new business guide)   Choosing a name for your products and services is same as we have discussed in our step 5 i.e. Choose unique name for your business. A Business is like tree and its products/services are like fruits of that tree. We sell that fruits and make money to nourish that tree and earn own living hood. Naming product/services is giving a name to tree’s fruits. In case of product name selection, you may consider following character sticks before deciding your products/services name: Is it satisfying your product/service identity needs? Is it unique from other available name in same segment? How many alphabets it has? Is it easily remember able and pronounceable? Is it has any silent alphabet? Is it related to your business? Is it technical and professional in nature? What’s name is more important to you: Business Name or Product’s Brand Name. That depends upon your marketing strategy concentration, your

Product/Service Selection for Business/Start-up (Step 8 of our how to set-up new business guide) Product selection is one of the most crucial steps that can create difference in failure and success of any business. Here when we refer Product here then it is for both products and services. At one end, good product selection can establish a business and at other end, poor product selection can ruin all investment, time and efforts done to establish a business.  Before selection of any product, you need to analysis few important aspects like: Is there demand for the product at the price you are going to sell it? Is it possible for you to make profit from that product/service for running your business? Is the market size of products/services enough so you can advertise, sell and deliver the product at a reasonable price? In this article, we will try to figure out, how we can select products or services for our Business. No one can suggest or predict which product is best

Pharmaceutical industry is an evergreen industry and one of the most profitable industries in world. Pharmaceutical and healthcare sector is regulated in almost every country through certain laws and regulations. In India, it is also regulated through drug and cosmetic act & rules. For starting businesses related to pharmaceutical industry, we need to compile with rules and regulations and take licenses & registration as applicable at business we are going to conduct. In this article, we are going to discuss about major pharmaceutical business and businesses that support that pharmaceutical industry, licensed required for conducting that business and how can you conduct business. Businesses Covered Under here is: Pharmaceutical Marketing Company Pharmaceutical Manufacturing Company Pharmaceutical Wholesale/Distribution Business Pharmaceutical Retail Business i.e Pharmacy/Chemist/E-pharmacy Pharma Franchise Business Pharmaceutical Raw Material Trading Busines

Registrations and Licenses (Step 7 of our how to set-up new business guide) Here we have come to seventh step of our how to set-up new business guide i.e. Registrations and Licenses. Based upon requirement of your business, you need to take license or do business registration. We have researched and prepared list of licenses and registrations required to start a business in our step 1 and 2 i.e. market research and business plan respectively. In this step, we will take these registrations and licenses. Registrations and licenses are dependent of industry; you are going to set-up your business. Some industries fall under regulated category and licenses, and in some industry, there is no requirement of any type of business specific registrations and licenses. Some local and commercial licenses may be compulsory for all industries covered by territory laws and regulations. For starting a business in India, there is requirement of commercial license i.e. Goods and Service Tax i

Trademark Registration (Step 6 of our how to set-up new business guide) You have chosen a unique and best name for your business. Now it’s time to protect it for being used by others and keep your business name secure. For protecting your name for being used by others, you need to apply for trademark registration. It is strongly recommended for businesses and individuals to register your trademarks for your business name (trade name) as well as products/services name but if it is not possible to register all products/services name, you should at least go for trademark registration of your business name. Other than this, if you don’t go for trademark registration, being the first to use a name automatically confers certain rights of that name for the region that you are using trademark but protection is very limited. What is Trademark? Trademark is a unique symbol or word(s) that is used by a business/individual or its products/services (as trade name or products/services n

How to Name your business (Step 5 of Our How to set-up New Business Guide) Name is the identity for any individual. Same is applicable for businesses. Name is identity for any business. There may be thousands of companies for a single product but name differentiates everyone from others. Having a unique business name is essential for you setting up your business so it may differentiate you from others in your industry and give you a unique identity along with brand image. Experts have different opinions while putting a new name for business. Some experts advice that name doesn’t matter, it’s like a clear slate. Whatever image you give it, it becomes. Some expert’s advices that name should be profession so it should give information about your business. So you need to decide by own which type of name you want to fix for your business because any name can become brand if you have good marketing strategy. While you are setting up a new business, you need a unique name that doesn’t res

Step 4: Finding a premises for Business Other Steps: Check out :  Sixteen Easy Steps to Set-up New Business Step 1:  Market Research Step 2:  Business Plan Step 3:  Arrange Finance for Business Step 5:  Name your business Step 6:  Trademark Registration Step 7:  Registrations and Licenses Step 8 :  Product Selection for Business/Start-up Step 9:  Name a Product and Service Step 10:  Recruit Staff/Employee Step 11:  Execute your business strategy Effectively Step 12:  Promotion and Marketing of Business Step 13:  Supply Chain: Set-up a Distribution Channel Step 14:  Recruit Sales Staff  Step 15:  Start taking Orders Step 16 :  Closing the sale (Supply Goods/services and collect payment)

Step 3: Arrange Finance for Business Other Steps: Check out :  Sixteen Easy Steps to Set-up New Business Step 1:  Market Research Step 2:  Business Plan Step 4:  Finding a premises for Business Step 5:  Name your business Step 6:  Trademark Registration Step 7:  Registrations and Licenses Step 8 :  Product Selection for Business/Start-up Step 9:  Name a Product and Service Step 10:  Recruit Staff/Employee Step 11:  Execute your business strategy Effectively Step 12:  Promotion and Marketing of Business Step 13:  Supply Chain: Set-up a Distribution Channel Step 14:  Recruit Sales Staff  Step 15:  Start taking Orders Step 16 :  Closing the sale (Supply Goods/services and collect payment)

What is Business Plan? How to Prepare ?. (Step 2 of Our How to Set-up New Business Guide) Overview: Having only a great Idea is not enough for starting any type of business. You need to have a road map i.e. business plan for your idea to convert it into a successful business. Once you have completed your market research as we discussed in our last video, now second step is to write a business plan based upon your market research for setting up a new business. What is Business Plan? A business plan is a roadmap and live written document of your business’s future which outlines a plan for your short term goals and long term goal. It outlines the step by step procedure while developing your business. Purpose of Business Plan: A Good business plan answers the questions about your business set-up Why you want to do it? What you want to do in it? How you want to do it? Character sticks of Business Plan: A Business Plan should be Short, simple , Understandable a