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The Complex Factors that Influence Drug Prices

Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
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When to recruit Staff/Employee for your new business?

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 recruited for following reasons:
  • You require supporting staff for running and expanding your business
  • To acquire particular skill that you don’t have like marketing/accounting skill or new technology
  • You are launching business at big level and you need staff/employee to handle different departments of business
Based upon your business status and need, you may recruit staff/employee or not. A good employee is an asset whereas a bad employee is a liability. So you need to be careful to recruit staff/employee for your new business because you don’t have unlimited resources like a establish business and minor mistakes can harm your business.

Different types of employee/staff you can recruit:
  • Full time
  • Part Time
  • Temporary
The types of employee you hire also depend at your business need. Full time employee will work fulltime and as per your requirement but they cost more. If you require technical persons for taking any sort of license then they will be full time employee. Other than this some positions are there in business that can also be only handled by full time employee like reception, customer relationship manager etc.
For some positions, you may work with part time employee only at small level. You accounts and ledger can be handled by a part time accountant at small level. After expansion, you can hire full time accountant. There is also many more works that you can accomplish by hiring part time employees.
Temporary employees are those who are recruited by temporary basis like for 2 months or 3 months etc. A business recruits temporary employees to help out during busy periods or high work load.
Process of Recruitment:
You should advertise or provide job vacancy with some important information relating to the job (job title, pay package, location, job description, how to apply-either by CV or application form)
You can recruit a staff/employee by following ways:
  • Through Job placement agencies or websites: You can find staff/employee through job placement agencies. They charge some sort of fee from either employee or employer after successful recruitment.
  • Job Advertisement: You can advertise your business recruitment advertisement at local/national newspapers, notice boards, recruitments fairs etc.
  • Personnel Recommendation: You may hire your staff through any family/friend recommendation or through your personnel contacts/links.

Other Steps:

लेबल:

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