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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.

What should I choose after B pharmacy? Should I open own business or continue with the job?

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 not enough.

For starting and in other sense, running a successful pharma business, you require to have practical knowledge of pharmaceutical sector and that can come from experience in pharmaceutical industry. And for gaining experience, job is one of the most relevant option. One of the most interesting fact about job is that you even get paid for learning at initial level.

Some persons argue we will learn things from only doing so we should start business and then we will learn with time. There are some basic fundamentals of business that require time to learn. Lest there should be more loss in this learning process. So be careful.

It’s good to learn from process but not at cost of your career and business. So, its good to learn and doing good work during job could be foundation of a new entrepreneurship.

Hope this information is helpful to you…

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