How to open a Pharma company??
The process to Start Pharmaceutical marketing company is not as complex as people usually thinks. You just need pharma knowledge and the documents to start a pharma franchise company.
The first step is Pharma marketing company registration and after that you apply for Drug License number. In short the basic documents you would required is Drug License Number and GST Number. After getting these documents you can start your own pharma franchise company.
You would be proud to know that the Indian pharmaceutical market is the third largest in terms of volume per year as per a report by Equity Master, a leading equity research initiative. India leads to 20% total volume in the generic market which is a huge amount.
In franchise business pharma marketing is a very broad term in terms of wide range of products that are spread worldwide. how to start Pharmaceutical Marketing Company? the first and foremost important step for every pharma professional is to decide which segment you want to cover such as generic medicines, Over The Counter (OTC) products, Ethical marketing etc.
To start a pharma marketing company the basic question that comes to the individual’s mind is given below:
FIVE IMPORTANT TIPS YOU MUST KNOW BEFORE STARTING A PHARMA FRANCHISE COMPANY:
- Market Research : Before starting any business it is important to study the current market which includes the best location, products, know your customers and market. It is easy to start and gain profits in a pharma franchise company when we have done a proper market research.
- Hard Hitting Business Plan: A business plan not only helps us to start a pharma business but will provide a roadmap on which it will be easier to chalk the plans. It includes various decisions about location, customers, product line, competitors etc.
- Regulations and Registration: Getting your pharma franchise company registered includes a lot of things to do. You require registration from Drug Department which ensures quality standard of the organization. You also need to apply for Goods & Service Tax (GST) for the same.
- Marketing and Distribution: It is necessary to market your products effectively whether it is to the chemists, doctors or to the end customer.
- Customer Satisfaction: There is no business that can flourish without its customers. So a proper marketing team of professionals should be there who can especially work on that.
STEPS WHICH HELPS IN STARTING A PHARMA FRANCHISE COMPANY
- Make a suitable business plan
- Select a company name and logo
- Apply for drug license registration
- Apply for Goods and Service Tax ( GST ) Registration
- Finalize your premises for business
- Arrange required funds
- Finalize the top pharma company whose franchise you want to take
- Decide your plan and associate with the pharma company
- Appoint a team of individuals
- Finalize marketing tactics and give final touch to the market
On the completion of the above points , now you have your own pharma franchise company ,your own market and you have one plan to give wings to your dream. So, it’s the time take charge and grab the market opportunities and touch the skies of success in the pharmacy marketing company.
If you enjoyed this post and want more, please share this blog.