Get Third Party Manufacturing in Pharma
When we talk about Third party manufacturing in pharma, Solace Biotech Limited is a well-established and recognized name in the pharmaceutical industry all over India. We are dealing with effective pharmaceutical drugs with attractive packing and superior active pharmaceutical ingredients.
Solace Biotech Limited is an ISO and GMP certified integrated health care company whose aim is to produce qualitative medicines in India for more than 20 years. Some of the most common goals for the company are the improvement in the health of the people and production of the best ever quality medicines in allopathic and ayurvedic products.
What is Pharma Third Party Manufacturing?
Pharma Third Party Manufacturing or Pharma contract manufacturing is referred to as outsourcing of pharmaceutical drugs that is to get the products manufactured from other manufacturing units with their own brand name. We are dealing with effective third party manufacturing of tablets, capsules, soft gelatins, injectables, dry syrups, suspension, protein powders, etc.
As per the Market Analysis report by Grand View Research, the global pharmaceutical contract manufacturing and research services market size was valued at USD 200.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030. Cost-saving and time-saving benefits associated with the implementation of outsourcing are responsible for driving the market.
Not only that, but recently we introduced third party manufacturing in Ayurveda products also. One term is very common in Solace Biotech Limited that is quality assurance, a keyword from which we never like to compromise. In the current scenario, third party manufacturing or contract manufacturing is a very common strategy for pharmaceutical companies.
Even many PCD pharma franchise companies who have their own manufacturing plants are sourcing some of the medicinal drugs through a third party. Many multinational companies are also following the same concept.
Benefits of Third Party Manufacturing in Pharma:
Third party manufacturing in pharma or contract manufacturing provides a number of benefits in the pharmaceutical industry. Several benefits of the same are as explained below:
1. BETTER PRODUCTS: In pharma third party manufacturing an individual can opt for better products according to their expectations. A reliable company such as Solace Biotech Limited provides the best qualitative product with unique packing to its customers.
2. BUSINESS EXPANSION: Third party manufacturing helps an individual in expanding the business without investing enormous money in it. It helps in increasing the profit of the pharma individual.
3. COST EFFECTIVE MANUFACTURING: Third party manufacturing works on a contract basis so the entire process of the same can save a lot of cost of production and management of the stock.
4. PROFESSIONAL EXPERTISE: Solace Biotech Limited provides services from professionals who are experts in their fields thus providing improved quality which can surely help the person in increasing sales
5. INCREASES EFFICIENCY: Third party manufacturing pharma helps in increasing productivity by investing in a few products at a wide level. It increases the production efficiency without making much effort, just by selecting the best third party manufacturing company.
How Can I Start Third Party Manufacturing in Pharma?
1. MAKE A LIST OF DESIRED PRODUCTS: The first and foremost step is to make a list of desired products. After that make a list of potential manufacturers through referrals, online research, etc. Then send them emails or call them and request rates, minimum quantity, delivery schedule etc.
2. FINALIZE YOUR ORDER QUANTITY AND COMPOSITION OF PRODUCT: The next step is to finalize the order quantity of the selected products. Generally, the minimum order quantity is as follows: Tablets/ Capsules: 500 boxes Injections: 5000 Units Syrup – 5000 Bottles
3. PLACE THE ORDER: After finalizing the product composition and order quantities, place a purchase order to the selected third-party manufacturing company. After confirmation, the partial advance amount should be deposited to the company to initiate the process of manufacturing.
4. FINALIZE ARTWORK: While finalizing the artwork with the third party manufacturing company, it is important to check the points listed below: Your Brand Name both on carton & foil is correct Label details such as composition and manufacturing details Designing & color combination is perfect Marketed by company name, logo & address on carton & foil is correct
5. SUBMISSION OF REQUIRED DOCUMENTS: After the approval of the artwork submit the required documents such as: Drug License GST number
6. PRODUCTS DELIVERY: After finalization, a third party manufacturer will send you a quotation mentioning the details of the product and the remaining amount which has to be deposited.
After manufacturing, the product the third party manufacturing pharma companies will dispatch the product through the preferred transporter after clearance of all the accounts.
Why do pharma companies outsource manufacturing?
Pharma companies generally outsourcing their products for third party manufacturing with the aim of reducing their expense structure. It also saves the time of the pharma companies as they are able to focus 100% on the marketing of their products.
What is the difference between contract manufacturing and third party manufacturing?
The major difference is of time boundation. Actually there is no time boundation of supplying the goods in third party manufacturing but in Contract manufacturing the manufacturer has to deliver the material in a pre mentioned time schedule. Big and medium sized companies generally work on the basis of Contract manufacturing and small companies on third party manufacturing concept.
What is pharma Loan License?
In simple words Loan license is given to a company by the manufacturer after a lot of required documentations. Under Loan license, the company will get its products manufacture in their brand names having their name only under “manufactured by” and “Marketed by” address. The licensed companies themselves supply the raw material to the manufacturers and rest job work is done by the loan license company.
Third party manufacturing in pharma is a growing sector in the pharmaceutical industry. There are many multinational pharma franchise companies also who are manufacturing some of their brands the third parties. Therefore it is important to know all the facts and figures of third party manufacturing in the pharmaceutical industry.
If you are interested in third party manufacturing pharma companies for Contract manufacturing with Quality products and timely delivery then you are at the right place. Submit your details through the Enquiry form or contact us now telephonically. Our team will contact you and provide you with all the details.
Contact us for Third Party Manufacturing:-
Whatsapp/Call:- 9355955555, 9215036777
Email:- [email protected]