How to Start Pharmaceutical Business

What is Prescription? Prescription means a written or electronic direction from a Registered Medical Practitioner or other properly licensed practitioners such as Dentist, Veterinarian, etc. to a Pharmacist to compound and dispense a specific type and quantity of preparation or prefabricated drug to a patient. Types of Prescription :  Generally we can categorize prescriptions in three types Prescription for Extemporaneous preparations. Prescription for Official preparations. Prescription for Patent preparations Contents of the Prescription :  A Prescription contains generally following contents: Prescribers office information – [Name, qualification, address & Regn. No.] Patient information – [Name & address, Age, Sex, Ref. No.] Date Rx Symbol or superscription Medication prescribed or inscription Dispensing directions to Pharmacist (or) subscription Directions for patient [to be placed on label Refill, special labeling and /or other instructions Prescriber’s signatur...

Pharmacy Practitioner: A "Pharmacy Practitioner” means an individual (Community Pharmacist/ Hospital Pharmacist/ Clinical Pharmacist/ Drug information Pharmacist) currently licensed, registered or otherwise authorized under the Act to counsel or otherwise and administer drugs in the course of professional practice.  Types of Pharmacy Practitioners: Community Pharmacist: A “Community pharmacist” means an individual currently registered and who works according to legal and ethical guidelines to ensure the correct and safe supply of medical products to the general public. They are involved in maintaining and improving people's health by providing advice and information as well as supplying prescription medicines.  Hospital Pharmacist: A “Hospital Pharmacist” means an individual currently registered and who works in a hospital pharmacy service, primarily within the public / private sector. They are responsible for ensuring the safe, appropriate and cost-effective use of medicines....

What we should do after B. Pharmacy or our pharmacy education? Job or business!  That is one of the most asked question by students passing their degree. My suggestion is that you should start with job whether you are capable for starting business or not just after your degree. Because pharmaceutical market is vast ocean and there are lot of things to learn. What we have learn during our education is just basic concepts. These are helpful only to understand technical terminology when we enter into pharmaceutical industry . Other than understanding basic terminology, there is no use of that education in pharmaceutical business world. Look around yourself, how many persons you meet that are from pharmaceutical background and they are in pharma business. Very few persons will be there. Most of persons whether they are distributors, manufacturing company’s owners, marketers or retailers, from the non-pharma background. So, for starting a pharma business , your pharma degree is n...

Query: I want to start medical store business in pharmaceutical sector . Please sir suggest, how to choose location for starting a medical store? Response: You need to look after few factors before choosing location for your medical store. First thing, you can consider that how many hospitals and dispensaries are present in that area. Also you need to check out prescription come out from hospital or dispensary for medicine dispensing or internal medical store is available and no prescription come out outside for dispensing. Second thing, if any hospital or dispensary is not available then you can consider population of that area. If there are good population then there is good chances, there will be good sale of Over the counter (OTC) drugs and other general medicines.   If any from above condition is fulfilled then you need to check how many medical stores already present in that area. If there is no or very less number of medical stores present then it is good place to star...

Query: I have a query that if we are developing a product that contains some api (Active pharmaceutical ingredients) . Now if we are making this product in Pharmaceutical firm, so do we have to show only Manufacturing drug license number on packaging? or we have to create our own drug license number (For marketed by) on packaging. Please suggest... Response: Your question is somewhat unclear to us but we are considering, you want to get manufactured a pharmaceutical product having some active ingredients in it from a pharmaceutical manufacturing company as marketed by your company name . In that case at packaging, there will be a manufacturing license number of pharmaceutical manufacturer will be printed along with manufactured by name and complete address. Your company marketed by company name and address will also present at packing. For being a pharmaceutical company  on marketed basis, you need to have a wholesale drug license. But your company's wholesale drug license number...

Query: Looking to enter into pharma distribution Segment and Manufacturing So can you please guide us to start as a distribution As I am seeking some guidance such as there will be any platform where the distributor will meet manufactures etc or Like exhibition or websites which you might know Response: You have to find out distributors by advertising and promoting your business as we do. We also find for distributors for our Ayurvedic Herbal start-up by promoting it through Google Ads, Facebook Ads, by writing blogs, SEO and different different ways. There are also many exhibitions but above mentioned way are much more effective for finding distributors There is process to find out distributors, not any website Process means... First you need to start your pharma company You can start either a pharmaceutical marketing or pharmaceutical manufacturing company Make a website and social media portal pages and profiles Make a Digital marketing strategy Google is one of the main source wh...

Investment required to start a pharmaceutical marketing company is not fixed. That are depend at many factors like: Rent or property rates of premises where you are going to take license or set-up as corporate office Licenses and Documents Cost at your area Product’s Molecule and composition selected by you for launching into market Number of products you want to launch Staff, Office accessories and infrastructure Cost Scale at which you want to work Marketing, travelling and promotional expenses etc. Terms like Pharmaceutical Marketing Company, trading company, distribution company, marketed by company, third party manufactured by company are used Synonymously. So, don’t be confused between these terms. Before proceeding further, check out documents and licenses required to start a pharmaceutical marketing company General Legal Formalities: Business Registration – Firm Registration or Company Registration Wholesale Drug License Goods and Service Tax Identification Number (GST) FSSAI...