- Billie Hopkins
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If you have considered starting a business in pharmaceuticals, there’s no time like now to begin. The Indian pharmaceuticals market is the third largest in terms of volume and thirteenth largest in terms of value, as per a report by Equity Master. India is the largest provider of generic drugs globally, with the Indian generics accounting for 20 per cent of global exports in terms of volume. Now that’s a huge number. Not to mention, Indian homegrown pharmaceutical firms have established dominance and distinction in a once prominently multinational niche.
A business model for a pharmaceutical company is usually quite diverse in scope. From establishing competent production lines to affiliating with an accomplished league of medical practitioners to associating with a selection of chemists and stockists, the logistics spread is wide and uneven. Starting any business is a challenge and you need to have the right resources, the right documents and the right people assisting you. So, here are a few helpful tips that can get you started on your journey to building a flourishing pharmaceutical company:
Research your playing ground
Before you start any business, let alone a pharmaceutical one, you need to study the current market and what it holds. Know your competitors well because they are the ones you will be competing against on a day-to-day basis. Find out what it is that you can contribute to the market that isn’t in existence yet. Which location would be ideal to establish your factory? If the time comes to franchise, jot down the different places that would serve your business better. Study the big players and what it is that they are doing right.
Make a hard-hitting business plan
A business plan will not only help others get a clear idea of your business but also give you a clear roadmap. Make a step-by-step plan, chalking out how you intend to take the company ahead. Start with what your company is all about, what you are going to deal with, what will you manufacture or sell, where you are going to be located, who your competitors are, what makes you different from the rest, what will you look to achieve, your mission and vision, your company’s goals etc.
Regulations and Registration
Getting your company registered should be put high up on your list of things-to-do. You will require license or registration from the Drug Department that ensures quality standards for the industry. Keep in mind that different types of licenses are issued by the drug department for the manufacture of drugs/cosmetics. So find out which ones you will need to apply for. You also need to apply for GST (Goods and Services Tax) identification number. All pharmaceutical ventures must comply with both, the Factory Acts regulation and the Current Good Manufacturing Practice regulations. Approval from various health authorities form part of the registration process, and may vary from state to state. One must also secure a trademark registration from the Department of Industrial Policy and Promotion, as this …