Starting a pharmaceutical company is not an easy task. It requires a lot of money, time, and effort. Moreover, the competition in this industry is fierce, with companies trying to outdo each other with new products and services.
The Indian pharmaceutical industry has been growing at a rapid pace, with the total revenue of the industry expected to reach US$ 33 billion by 2020.
However, many factors determine the success of a company, which includes the company's structure, product portfolio, and marketing strategy.
The first step to starting a pharmaceutical company is to find the right industry.
Pharmaceutical companies are in the healthcare industry and need to have a product that will help people.
The best industries for pharmaceutical companies are:-
Once you decide which industry you want to go for, do thorough research about the following:-
The key to success in a pharmaceutical company is having strong market research.
Thus, gather information on the trends in the industry, what consumers want, and how they want it delivered.
Also, study competitors to find out what they are doing well and where they are falling short.
The more data collected, the better prepared for success your new company will be.
The next step to starting your own pharmaceutical company is to find the right people to work with you.
You will need an experienced team that can help you get all the necessary licenses, permits, and other legal requirements in order.
For this purpose, we are here at StartEazy, to help you get all the legal registrations and licenses you need to start a pharmaceutical company.
Get in touch with our experts by filling out the form on your right.
Before you start your business, register your company with the Registrar of Companies (ROC).
You can register your pharmaceutical company as:
Company Registration Online is necessary for a number of reasons, such as taxation, liability, and legitimacy.
The process of registering a company in India is simple but can be time-consuming.
Here are the steps:
To avoid any mistakes and delays in the filling, get in touch with an expert and let him do the process on your behalf.
Things to do before registering your Pharmaceutical Company
In order to start a pharmaceutical company, you will need to:-
DCGI (Drug Controller General of India)
The DCGI has different types of licenses for pharmaceutical companies like manufacturing, wholesale, retail and export.
For example, a manufacturing pharma company needs to have a manufacturing license for its operations.
CDSCO (Central Drugs Standard Control Organization)
The CDSCO regulates all aspects of drug regulation, including manufacturing, importation, distribution and sale.
In order to start a pharmaceutical company in India, you need to register with CDSCO first.
They will then issue a license for the company which will be valid for 5 years.
The license is valid only if it is renewed within this period of time.
FDA (Food and Drug Administration)
A company needs to have a license from FDA before they start their business and begin manufacturing drugs.
It will help them in gaining credibility and trust among customers. As a result, it will lead to more sales.
There are a few things to consider when deciding where to start a pharmaceutical company.
The area required will differ depending on the types of your business.
The minimum area required to set up a pharmaceutical company is 800 sq ft to 1500 sq ft.
However, it may vary depending on the scale of your production.
Before setting up the production unit, make sure the product is approved by the Indian regulatory authorities before it can be manufactured and sold.
Moreover, you must have qualified professionals for designing and manufacturing medicines under their guidance.
Also, you need to purchase equipment for manufacturing medicines and setting up the laboratory to check all the medicines, medical devices or medical supplies before distributing them to the market.
The pharmaceutical industry is one of the most profitable industries in the world. On the other hand, it is also one of the most competitive industries in the world.
Marketing and distribution are the two most important aspects of any business.
Thus, pharmaceutical companies need to take marketing and distribution into consideration to become successful.
There are many ways in which a company can market its product, but one of the most effective ways is through promotional campaigns.
Marketing campaigns can be executed through various channels such as print media, television, the internet or even social media.
Moreover, these campaigns are not just about advertising a product, they also include educating the customers about the benefits of that particular product.