How to set up a Pharmaceutical company?
For every ambitious pharmacy professional setting up a Pharmaceutical company is a dream project to them. Most of them haven’t start own pharmaceutical venture due to lack of knowledge and courage to start their pharmaceutical firm. If you have experience in the niche there is nothing better than this. In the backdrop of encouragement given by the Government of India to start-up businesses, it becomes relatively easy. Here we will try to help you to start your own pharmaceutical company. The two basic types of pharmaceutical companies are Pharmaceutical Manufacturing Company & Pharmaceutical Marketing Company. Based upon their marketing, sale and work basis irrespective of marketing and/or manufacturing type the company can fall under any categories of
- Speciality company e.g. Derma, ophthalmic, cardiac etc
- Export or Import
According to Experts, primarily there are five steps to start any pharmaceutical company.
Out of the five steps, the first three are mandatory to start.
- Company Registration (in case of proprietorship you can skip this process)
- Wholesale Drug License Obtain Drug License Number
- Generate Goods and Service Tax Number
- Get the trademark registered
- FSSAI Registration (In case of selling Food and Dietary Supplements also)
- Well furnished Premises (Cemented floor and concrete roof, walls, etc)
- Competent Person i.e. Pharmacist or Experience Person
- Administration and Office Accessories
- Electricity and Water Supply
- Freeze and Air conditioner (optional)
Procedure and Sequence to proceed
- Write a Business Plan and find a Company Name
- Brand Names and Choice of molecules
- Design of Company Logo and Printing/Promotional Material
- Fix the infrastructure (place, premises and building) for setup
- Fund generation (own, loan, investment etc)
- Company Registration
- Trade Mark Registration (Optional)
- Wholesale Drug License (For both Marketing and Manufacturing Company)
- Manufacturing License (For Manufacturing Company)
- Goods and Service Tax Identification Number (GSTIN)
- FSSAI License (If required)
- Search for Vendors (For marketing Companies, Third Party/Contract Manufacturers or Loan license manufacturers. For Manufacturing Companies, Packing material suppliers, raw material & bulk drug suppliers and other requirements fulfillers)
- Finalize Packaging and Packing, Design Material for medicines boxes, label, foils etc
- Start manufacturing in the case of a manufacturing company
- Place order to a manufacturer on basis of third-party manufacturing/ contract manufacturing/ Loan Licensing in case of a marketing company. When the products are ready to sell, initiate marketing and promoting products.
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Important Steps in starting Pharmaceutical Company
Indulging in an established company/firm to gain experience in the pharmaceutical sector by serving them as an employee will give you some idea. Otherwise, opt for training according to your need if don’t have experience in the pharmaceutical sector. Location of Business is to be done prudently while searching for building/premises for office, licenses and stock. It may be rented or owned but there should be adequate space as per government norm. Get ready with the list of all molecule and combinations you want to manufacture and/or marketing. Be sure that your brand/molecule doesn’t duplicate any other company working in Market. You should try your best to choose a unique name for your firm though it may be tricky. Make sure you appoint Technical and competent staff who will take care the needful.
Healthcare and pharmaceutical sectors are showing a good growth, and starting pharmaceutical company could be a good choice as it seems that the future is bright. The process involves various steps. You need to gather resources and data from recognized and valid sources. The Internet makes the task much easier. Therefore, the early you start the business, the better it is.