The progress in technology and science are further driving growth in the pharmaceutical industry. Along with that, the requirements and demands of the people for pharma products are also increasing and almost never-ending. Although there is a higher demand, it is still quite tough and challenging to start a pharma company due to various reasons like lack of knowledge, financial investments, etc. If you have some experience in the field of medicine, then starting off a pharma company will not be quite tough, and success will be most probable.
After selecting an option, you need to make a business plan. Whereas creating a business plan is not a guarantee your business will be a success, you can set your business up in a smart way to better your chances of success.
Some of the things you need to do at this point include:
Put together all the investment required for a PCD pharma franchise, it includes market research, inventory, branding, insurance, licenses and permits expense, equipment, and machines employee salaries, travel expenses, Etc.
Next step is to look for ways to fund your business, such as those companies which have loan facilities, your saving or debt from banks or financial institutions.
As per standards, rules, and guidelines, your company should be registered. You also need to determine the company is a private limited, one person private limited or Limited Liability Partnership, etc. Apart from that, you require a license number for the wholesale trading of goods.
If you need some third-party manufacturers, then you should sign a contract with them. It will be fine if you hire a consultant as he has good experience in the pharma field and can perform all the formalities without any hindrance.
A drug license number is required for every company to start distribution or marketing in India. Since a pharmaceutical company includes the selling and manufacturing of medicinal goods and products, you will require a drug license that will be authorized to allow you to go forward with the process. You need to follow the rules set by the drug administration for getting the drug license number.
GST is essential in India for doing any kind of business/trading. No business can perform without getting GST registration. GST number is compulsory for turnover above 40 lakhs or inter-state supply of goods. If you have above 40 lakhs turnover or have stockists or distributors in other states, you have to apply for Goods and Service Tax number. If you don’t fall under these terms then you can skip taking GST number.
Having read through the article, you now have an idea of how to start a Pharma company in India. The process involves the above steps. You need to organize all these steps. If you want more information contact the Best Pharma Company in India.