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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 to Choose Location for Medical Store?

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 start a medical store.

If there are good number of medical store present then you need to consider whether there is scope for any new medical store or not. Is it so that already existing medical stores are struggling with sale and there is no scope for any new business entity in that space.

By considering above factors, you can choose location for your new medical store.

Hope above information is helpful to you...

Check related article: How to search premises for business?

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