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
Question:
I am working in MNC last 24 years I want to start my own pharma marketing company on ethical prescription base company. My friends ready to invest around 30 lakhs including me. Please give me information step wise what to do. How to do &how many days it will take to start promoting products. I would like to start promoting first stage with 5 to 6 products only i.e. 1. ferrous ascorbate, folic acid with zinc combination tabs form and 2. Calcium with vitamin d3 brand. 3. Multi-vitamin tabs & syrup. 4th brand cefpodoxime 100/200/tabs and dry syrup. 5. brand telmisartan combination....6 brand one cough preparation. If everything goes well one tablet form of methyl cobalamin and b1, b6, b12. combination. Please give information
Answer:
For starting pharmaceutical marketing company, you need to have following things:
1. Business Registration – Firm Registration or Company Registration (Voluntary)
2. Wholesale Drug License
3. Goods and Service Tax Identification Number (GST)
4. FSSAI License (Because you have some food supplements also in your product list)
5. Trademark Registration (Voluntary)
Check stepwise procedure for starting pharmaceutical marketing company here
How to do?
How many days it will take to start promoting products?
After receiving goods, you should start promoting your products to doctors. It takes time depend at your experience and effort. Generally, a new start-up requires three to four years to establish itself if you work hard and consistently.
This whole process generally takes 30 to 90 days. Wholesale drug license and GST number generally takes 15 to 25 days. A manufacturer will take 35 to 45 days for manufacturing of products. Printing and procurement of promotional material you can arrange in between this period, so you can start promoting your products to Doctors just after receiving your goods.
Answer:
For starting pharmaceutical marketing company, you need to have following things:
1. Business Registration – Firm Registration or Company Registration (Voluntary)
2. Wholesale Drug License
3. Goods and Service Tax Identification Number (GST)
4. FSSAI License (Because you have some food supplements also in your product list)
5. Trademark Registration (Voluntary)
Check stepwise procedure for starting pharmaceutical marketing company here
How to do?
- First choose name for your pharmaceutical marketing company
- Choose Brand names for your above-mentioned products
- Apply for wholesale drug license and gst number.
- Search for third party and contract manufacturing company
- Finalize all terms and conditions and designing of products.
- Take an estimate time from manufacturer for delivery of products.
- Prepare promotional and marketing material i.e. visual aids, reminder cards, product card, leaf behind catch covers etc.
- Start promoting products to doctors after receiving of your products from manufacturer because you can’t take risk of taking order and not fulfilling that at time. Once you are unable to deliver order at time, you may lose that client for life time.
- Mean while you can start promotion at drug books and other available ways like online before receiving material. You should have strong online presence so Doctors get good impression of your pharmaceutical company.
How many days it will take to start promoting products?
After receiving goods, you should start promoting your products to doctors. It takes time depend at your experience and effort. Generally, a new start-up requires three to four years to establish itself if you work hard and consistently.
This whole process generally takes 30 to 90 days. Wholesale drug license and GST number generally takes 15 to 25 days. A manufacturer will take 35 to 45 days for manufacturing of products. Printing and procurement of promotional material you can arrange in between this period, so you can start promoting your products to Doctors just after receiving your goods.
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