Third Party Manufacturing Pharma

What is Third Party Manufacturing Pharma?

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
Delivery: 

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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start Pharmaceutical Marketing Company

How to Start Pharmaceutical Marketing Company?

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:

  1. 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.
  2. 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.
  3. 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.
  4. Marketing and Distribution: It is necessary to market your products effectively whether it is to the chemists, doctors or to the end customer.
  5. 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.

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