Third Party Manufacturing in Pharma?
Third-party is not a new concept, all companies get manufactured their products from other companies and Pharma companies are no exception to this practice. The Third party pharma manufacturing concept is highly acceptable in the pharmaceutical Industry these days.
The Pharma Third Party Manufacturing as the name suggests is a process in which a company gets manufactured its products from other party.
There is an agreement signed between the company and the manufacturing company and the manufacturing company manufactures the products as per the contract so the third party manufacturing Pharma process is also called contract manufacturing. This contract can be for one time, for a specified period or it may be a lifetime contract.
Third-party manufacturing process:
Prepare a list of products:
The Pharma company must be clear about the products it wishes to get manufactured. So, the first pen down the number of items or quantity you wish to get manufactured. It will eliminate further confusion related to quantity.
Search a good Third Party Manufacturing Pharma Company:
Once you finalize your products list, now find a right and suitable third party pharma manufacturer. Contact him via email or call and let him know your requirements. Meet with discuss things related to price quotation, securities, the minimum quantity they make, timely delivery, mode of payment and things related to packaging, labeling, etc and get done a written agreement before you proceed for payment.
Decide composition and place an order:
Finalize the composition of products and quantity place your order to the selected manufacturer. Pay the advance and wait for the order completed.
Finalize other details:
Once you place your order complete document and other details with your manufacturer. Check the brand name, labeling, color, design and packaging details. Also, ensure the company name, address on carton & foil.
Documents need to be submitted:
Now, submit the necessary documents with your manufacturer like :
- Company Name
- Company profile
- Owner’s identity card like Aadhar Card & PAN Card
- Manufacturing agreement
- Drug License No
- TIN Registration and Sales Tax
- Non-resemblance certificate
Once your products get manufactured, the manufacturer will send you a quotation having details of products and pending payment amount to be deposited. After clearance of the pending payment amount, your goods will be dispatched. Finally, after signing and submission of dispatch documents, you will receive your products.
Why Pharma companies get manufactured their products from TPM?
- It saves time, energy, money, and resources of the Pharma company.
- Its quite expensive affair to manage own production house, maintenance of machinery, employing specialists, supervision, wages distribution. It’s like managing another company parallel with the current Pharma company.
- The Pharma company take the backseat and concentrate on its core business once the manufacturing contract is done.
- The Pharma company get quality products
- The third-party manufacturers are experts and specialists in their business.
3rd party manufacturing is a profitable venture for both the Pharma companies as well as for the manufacturing company. The Pharma company gets to relax and focus on its core business after getting a contract done with the third party manufactures and the third party manufacturer gets the contract for long term business. It’s a mutual deal in which both parties benefited.
Solace Biotech Limited has a newly launched Ayurveda Manufacturing Unit maintained as per WHO guidelines to do quality manufacturing of Ayurveda products in third party manufacturing. The Unit is started with the manufacturing of herbal cosmetics. If you are interested for third party manufacturing of allopathic as well as Ayurveda products, you can submit your details here also through inquiry form available at the top to receive the product list or costing along with the minimum batch size.
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