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
Query:
Sir, we are 4 friends willing to start a Pharma marketing company.We initially planned a budget of total 4 Lakh.
We chosen 5 tablet items and 3 IV products which run on regular basis.
Following of the queries I wanted to share-
1) Is 4 Lakh budget is sufficient for initiating this project?(8 items).
2) How do we introduce general IV products into Private hospitals and nursing homes?
3) How long it will take a time to run this business smoothly and grow?
Response:
1) Is 4 Lakh budget is sufficient for initiating this project?(8 items).
Best way to know about this is that, you can take rates of your proposed products from manufacturers and calculate your costing. You would have better idea about your budget then.
2) How do we introduce general IV products into Pvt hospitals and nursing homes?
We hope you have experience and knowledge in those molecules. You just conduct a market survey about prices at what these products are sold in market and you can sell those at what rates to become competitive and consumption in each hospital and market your products accordingly.
3) How long will it take to run this business smoothly and grow?
It takes nearly 3 to 5 years to establish a business.
Hope above information is helpful to you...
For any query and suggestion, mail us at pharmafranchiseehelp@gmail.com
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