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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.

How many product should be in Pharma Franchise Company?

Question: I am from ----- healthcare, I always read your blog about pharma world and it’s amazing, it also gives me so help. Now, sir, I have query related to pcd franchise business. I want to start own pcd franchise company so I want to know, how much minimum product should be required to launch and what the investment needed in this project?
I already have drug licence, trademark, GST number and all legal aspect and I have also experience in pharma world but I have query related to product range and investment.

Answer: How many number of product’s you need to start a pharma franchise company is difficult to say. Some pharma companies start their franchise distribution because with less than ten products and some pharma companies start with more than 100 products.
Whether person or distributors will take your pharma company’s franchise or not, depend at their need. If you have product range that they have requirement then they will take franchise of your pharma company irrespective of number of products available at your product’s list.
Generally a pharmaceutical franchise company having minimum of sixty products is considered as average. But with these sixty product’s range, a pharma company can fulfill demand of common running products.
Number of product that should be in a pharma franchise company also depends at specialty or product division. Some specialty and division requires less number of products, and some requires good number of products to compete with competitors.
But at starting level, you should start with products as number as you can easily procure or launch without much difficulty and advertise your company to find franchise partners for your pharma company.
You don’t need to much care about number of products in your product list but try to make your promotion strategy as strong that you reach to maximum number of distributors/franchisee so you can find franchisee partners that are interested in products available at you and could associate with you. Gradually you can increase products to attract more clients.
Investment will depend at selection of products and their cost. Products you are launching is of high cost or low will affect your investment.

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