How to Start Pharma Business in India – The pharmaceutical industry is a vast and growing business that provides the best medical goods and healthcare services. The pharma industry helps the country grow globally and economically. The country holds an important position in the global ranking of the pharmaceutical industry. Thus, investing in the pharma business is worthwhile. Pharma businesses are one the most booming business in India right now. The government of India has made major policies to help entrepreneurs to establish their pharma businesses with ease.
The business is turning out to be one of the most profitable businesses in recent times. So, if the person has done their homework correctly there’s nothing that can stop him from having a successful business. Pharma business includes providing many services such as medical devices, medicines, surgical goods, different types of drugs, and many others. The business also includes other important aspects such as manufacturing, distributing, marketing, retailing, etc. Let’s begin this guide and let’s know How to Start Pharma Business in India.
Business Types in Pharma
There are different types of sub-categories in the pharma industry, to keep in mind when one wants to associate with the pharma business. The following points are some essential key points for types of pharmaceutical business in India.
- Pharma Manufacturing
- Pharma Distributor
- Pharma Marketing
- Pharma Retail
- Surgical Goods
- Medical Devices
- Dietary Supplements
Steps to Follow On How to Start a Pharma Business
In today’s scenario, the pharmaceutical industry is one of the vastly-growing industries in the country. With the help of enough research, a pharma business is one of the best and leading ways to earn money. The pharmaceutical company includes many types of sub-coordinates to join in a business with. People now a day have a variety of options to choose from if they do not have enough finance to start an independent business venture.
In India, pharmaceutical majorly deals in exports of intermediates, drug formulation, bulk drugs, biological products, and surgical products. As result, this business can be proved as a profitable one if research work is done. The following steps are one must follow one has to follow to start a pharma business in India.
- MARKET RESEARCH – Before coming into the pharma business it is very important to know the current market values. Knowledge can be easily gained from the amount of research you are willing to do on your product. Some of the important points to keep in mind while doing research are current market scenarios, market requirements, and business competitors. One of the most stand-out things to make your business unique is providing the industry with some niche that others can’t. The research includes factors like location, industry setup, etc. And if you have done your homework correctly, you are one step closer to having a successful business.
- BUSINESS PLAN – Before doing anything it is the first step to have a plan first. You can’t win the game without having any idea of how to play the game. In this scenario, the game plan is a business plan. The plan can include steps like; company profile, dealing of the company, manufacturing unit or marketing unit, etc. The plan gives a blueprint of the long-term goal and vision of the company to help the business succeed.
- LICENSE – To start a pharma business, getting a license is the most important thing required. Without a license, there will be no pharma business. Some certain licenses and registrations are required to get a pharma license. Some of the required documents are;
- Whole Sale Drug License
- Goods and Services Tax Registration
- Company or firm Registration
- Trademark Registration
- FSSAI Registration
- INVESTMENT – To open a pharmaceutical company a large amount of investment is required. You have to invest a large amount of money for the execution of the plans you made for the company. There are three different types of investment one can do to operate the execution part such as;
- Fixed Capital Investment
- Capital Investment
- Inventory Investment
- TYPES OF PHARMA COMPANY – Now before any major steps one must decide what kind of Pharma Company they are interested in. There are two types of pharma companies;
- Production and Manufacturing Company – These are the kind of companies that take care of the manufacturing and the production of the products. Companies like Lupin Pharma, Intas, Glen mark, etc
- Marketing Company – These kinds of companies provide the products to the customer and do the branding and marketing of the product. Companies like Cipla and Mankind.