Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember
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 Business
- Pharmaceutical Raw Material (API/Bulk drug) Manufacturing Business
- Food and Dietary Supplements Marketing Company
- Food and Dietary Supplements Manufacturing Company
- Cosmetic Marketing Company
- Cosmetic Manufacturing Company
- Pharmaceutical Printing Material Suppliers and Manufacturers
- Machinery and Equipment manufacturer and supplier
- Consultancy Business
- Blog/Informational Website/App
- Bottle and Cap manufacturer and supplier
- Surgical products manufacturing company
- Surgical and Medical Devices Distribution Business
- Medical Devices manufacturing company
1. Pharmaceutical Marketing/Distribution Company:
Pharmaceutical marketing company is one of the most profitable businesses in pharmaceutical sector and requires less investment as compared to manufacturing business. It is easy to set-up and requires less legal formalities…Licenses and Legal Formalities:
- Business Registration or Company Registration
- Wholesale Drug License
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- Pcd/Franchise Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
2. Pharmaceutical Manufacturing Unit:
Pharmaceutical manufacturing business refers here to manufacturing of pharmaceutical finished goods. We require to set-up a manufacturing unit as per WHO norms and Schedule M of drug & cosmetic act.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Manufacturing Drug License
- Wholesale Drug License
- Goods and Service Tax Identification Number
How to Sell?
- Direct Marketing (Marketing type mentioned for marketing/Distribution company)
- Third Party/Contract Manufacturing
- Loan License Manufacturing
3. Wholesaler/Distributor/Stockiest:
Pharmaceutical distributors are the agents who are engaged into sale of drugs to pharmacies, retailers, hospitals, and dispensaries, medical, research & educational institutions or any other agencies.Licenses and Legal Formalities:
- Wholesale Drug License Number
- Goods and Service Tax Identification Number
- Shop Registration (if Applicable)
How to Sell?
- Supply to Retailers/Pharmacies/Chemists/Druggists/E-pharmacies
- Institutional Sales (Supply to clinics/hospitals, tenders etc)
4. Pharmacy/Chemist/Druggist and E- Pharmacies:
Pharmacy/chemist/druggist and E-pharmacies are fall under retailers in supply chain. They work as to dispense drugs to patients or their caretaker.Licenses and Legal Formalities:
- Retail Drug License
- Goods and Service Tax Identification Number (If applicable)
- Shop Registration (if Applicable)
How to Sell?
- Dispense to Patients against Prescription of Registered Medical Practitioner
- OTC and non-prescription Products sale
5. Pharma Franchise Marketing and PCD Distribution:
Pharma Franchise is type of distribution in which franchisee works as distributor as well as marketing/promotional person for pharmaceutical company.Licenses and Legal Formalities:
- Wholesale Drug License and GST number; or
- Appoint a Wholesaler or Distributor having wholesale drug license and GST number
How to Sell?
- Prescription Marketing
- Generic Marketing
- Pcd/Franchise Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
6. Pharmaceutical Raw Material Trader
Raw material in pharmaceutical sector includes active pharmaceutical ingredients (api), excipients like binding agent, bulking agents, stabilizers, preservatives etc. Agents who deals in distribution and supply of raw material is refered as pharmaceutical raw material traders.Licenses and Legal Formalities:
- Wholesale Bulk Drug License Number
- Goods and Service Tax Identification Number
- Shop Registration (if Applicable)
How to Sell?
- Supply to Pharmaceutical Manufacturers
- Institutional Sales
7. Pharmaceutical Raw Material Manufacturing:
These companies/firms deal in manufacturing of raw material for pharmaceutical finished goods manufacturing unit.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Bulk Drug Manufacturing License Number
- Goods and Service Tax Identification Number
How to Sell?
- Supply to Pharmaceutical Manufacturers
- Raw Material Suppliers
- Institutional Sales
8. Food and Dietary Supplements (Nutraceutical) marketing Company:
Food and dietary supplements are the important part of a pharmaceutical company’s product list. About 30-40% products that are in a pharmaceutical company’s product list come under food and dietary supplement category. Starting a food and dietary supplement company individually without pharmaceutical products is a great idea without any much educational qualification and licenses as FSSAI registration/license require simple criteria.Licenses and Legal Formalities:
- Business registration or Company Registration
- FSSAI Registration/License
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- Pcd/Franchise Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
9. Food and Dietary Supplements (Nutraceutical) manufacturing Company:
Manufacturing of food and dietary supplements is a great idea. It is less complicated and easy to start business type as compare to pharmaceutical manufacturing business. Profit margin in food supplement market is more than pharmaceutical products.Licenses and Legal Formalities:
- Business Registration or Company Registration
- FSSAI License
- Goods and Service Tax Identification Number
How to Sell?
- Direct Marketing (Marketing type mentioned for marketing/Distribution company)
- Third Party/Contract Manufacturing
10. Cosmetic Marketing/Distribution Company:
A major portion of cosmetic products is also used in pharmaceutical industry as derma products. Cosmetic sector is also connected to pharmaceutical industry as license for cosmetic manufacturing unit is provided by state drug licensing authority. But for sale of cosmetic products, no license is required.Licenses and Legal Formalities:
- Business registration or Company Registration
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- Pcd/Franchise Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
11. Cosmetic Manufacturing Company
Manufacturing of cosmetic products is also a good profitable business as you can work for FMCG sector as well as pharmaceutical industry. This provides a vast number of products to start with.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Cosmetic Manufacturing License
- Goods and Service Tax Identification Number
How to Sell?
- Direct Marketing (Marketing type mentioned for marketing/Distribution company)
- Third Party/Contract Manufacturing
12. Printing and Packaging Material Manufacturer and Supplier
Printing and packaging material suppliers and manufacturers provide packaging materials like box, foil, label etc for pharmaceutical manufacturing. They also indulge into printing and supplying of promotional and marketing materials like visual aids, literatures, product cards, reminder cards etc.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Goods and Service Tax Identification Number
How to Sell?
- Supply Packaging material to Manufacturing Company
- Promotional Material for all manufacturing and marketing Companies
13. Machinery/Equipment Manufacturer and Supplier
Machinery and equipment manufacturers and suppliers provide machineries for pharmaceutical plants and laboratory equipment. Pharmaceutical manufacturing unit requires machinery and laboratory equipment at regular basis. New plant set-up requires almost every machinery and equipment.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Goods and Service Tax Identification Number
How to Sell?
- Supply Machinery and Equipment to Manufacturing Companies
14. Consultancy and Legal Service Firm/company
Consultancy services have great scope in healthcare sector. Based upon your experience, exposure and knowledge in department of pharmaceutical industry, you can start providing consultancy services. You can consult regarding set-up new business or manufacturing plant, regulatory affair, developing new formulation and much more.Licenses and Legal Formalities:
- Business Registration
- Goods and Service Tax Identification Number
- Legal Qualification (If required)
How to Sell?
- Plant or/and New Company Set-up
- Legal matter Consultancy
- Placement and Man Power Provider
- Marketing, advertisement and regulatory Support etc
15. Blogging and/or Industry Informational Website/App
Sharing your experience, knowledge and latest news of industry can also be done through writing blogs, making videos and/or creating a website or app.Licenses and Legal Formalities:
- Domain Name and Website/App
- Updated and Information Contents
- Industry Knowledge and Experience
How to Sell?
- Write information articles, Videos, designs and/or News
- Share through Social media, Website, Blog
- Earn through Adsense or other online advertising tools like Sell E-Books, Affiliated Marketing, subscriptions, paid services etc
16. Pet/Glass Bottle, Cap Manufacturer and Supplier
Bottle and Caps are one of the necessary products for pharmaceutical industry. Starting a bottle and cap manufacturing company and supply to pharmaceutical manufacturer can be a great business idea.Licenses and Legal Formalities:
- Any Legal Requirement for setting-up these industry
- Goods and Service Tax Identification Number
How to Sell?
- Supply bottle and caps to Manufacturing Companies
17. Surgical products manufacturing business
Surgical products are important component in healthcare sector. Surgical manufacturing can be started by taking surgical manufacturing license from licensing authority.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Surgical Manufacturing License
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
- Third Party manufacturing/ Contract Manufacturing
18. Distribution of surgical products and medical devices
Like wholesale/distribution business in pharmaceutical sector, distribution of surgical and medical devices is conducted.Licenses and Legal Formalities:
- Wholesale Drug License
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
19. Medical device manufacturing
Medical devices are things which are used or intended for the diagnosis, treatment, mitigation, cure, monitoring or prevention of disease, physical or mental condition, or abnormal physical or mental states or symptoms etc. There is lot of demand of medical devices in industry. Starting medical device manufacturing business is good option to start with.Licenses and Legal Formalities:
- Business Registration or Company Registration
- Manufacturing License for medical devices
- Goods and Service Tax Identification Number
How to Sell?
- Institutional Sales (Hospitals, Tenders etc)
- Third Party/Contract Manufacturing
- Export
Useful Links:
Detailed Links related to below mentioned licenses and legal formalities and how to sell:Licenses and Legal Formalities:
- Business Registration or Company Registration
- Manufacturing Drug License
- Wholesale Drug License
- Retail Drug License
- Goods and Service Tax Identification Number
How to Sell?
- Prescription Marketing
- Generic Marketing
- Pharma Franchise Marketing
- OTC Marketing
- Institutional Sales (Hospitals, Tenders etc)
- Export
- Third Party/Contract Manufacturing
- Loan License Manufacturing
Hope above information is helpful to you… For any query and suggestion, mail us at pharmafranchiseehelp@gmail.com
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