To launch a business, you need in-depth study and market research. First, you should gather the information about market potential and demand. Then you should investigate the level of competition.
Once you are convinced about the success of the business, now it comes the turn of planning and execution.
Experts say that an entrepreneur who proceeds methodically gets a sure success.
Are you thinking about starting a PCD pharma company because it is a lucrative and high-profit business? Well, you are thinking in the right direction.
The pharma industry in India is growing at a terrific speed. As the government puts immense interest in elevating medical facilities in India, it is a wise decision to start a pharma company.
However, one shouldn’t forget that the process of starting this business is complex and lengthy. Hence, prepare for it well to avoid surprises.
Here is a step-by-step guide that can help in launching the pharma business.
Important milestones when you get ready to launch PCD Pharma business
- You should be prepared with a list of combinations and molecules after doing a comparative study
- Choose a name that represents the nature of the business. Don’t pick a name that resembles the name of an existing company. You may get into the copyright issues.
- The name should be short and meaningful.
- Do you have own premises or you need a rented one? Take a place that is spacious and convenient.
- Read the norms about building and establishment before you finalize it. Make sure about the compliance.
- You are supposed to appoint a registered pharmacist if none of the partners is a pharmacist.
- Complete all documentation and formalities.
- Manufactures, distributors, and all other vendors should be finalized in the beginning only.
- Apply for the business license.
- Finish all agreements and contracts.
- You should finalize the packaging material, design and logo before you launch the business.
- Discuss the payment terms with the business associates and complete payment formalities.
What are the important documents needed?
- You need the Drug License Number or DL No
- GST registration papers
- Company registration papers
- Trademark registration papers
- FSSAI Registration
The steps mentioned here are indicative and general. There could be a variation in your case. Therefore, it is important to consult experts if there is any doubt.
If you launch the business with thorough preparation, then the chances of failure are minimal.
Also Read
How to Kick-Start a PCD Pharma Company in India?
How Much Investment is Need to Establish PCD Pharma Company?
