What is Pharma Company Registration Procedure in India?
Do you aspire to launch a pharma company?
If yes, then first you should be clear whether it is a pharma manufacturing company or pharma marketing company?
You launch any business in the field of medicines, drugs or pharma; it is mandatory to undergo the registration process.
The government of India is keen to promote business ventures. Hence, the procedure for acquiring company registration has been made quite simple.
You need to keep the mandatory requirements in mind. Here are five critical things that you must not forget.
- Drug license number
- Wholesale drug license number for selling, purchasing and maintaining stocks if you are a manufacturing company
- GST Number which is a mandatory business requirement today. It is impossible to run a business without it
- Registration for partnership company or private limited company
- Trademark registration
Approval from the drug department
For the molecule or combination of the molecule, you need to take endorsement from the drug department. You can manufacture products after that only.
The generic name approval is given to the manufacturing company.
For a marketing company, there is no need to take molecule manufacturing permission from drug department. In this case, the company from which you get the products will seek approval. You get the products on a third-party contract basis or loan licensing or contract manufacturing basis.
The process explained in easy steps
- Prepare a business plan first: You need proper business premises. Space should be as per the norms laid by the authorities. Choose a brand name and company name. Finalize the logo for your company.
- Register the company: Under the company act, you are supposed to register your company. Get wholesale license number. You can do it on your own. Alternatively, you can hire a consultant.
- Get the drug license number:Meet a local drug inspector and drug selling authority to get complete details of it. Get the process details and act accordingly.
- Appoint a registered pharmacist: As per rules, you must have one partner who is a pharmacist, or an equivalent person registered under local authority. If none of the partners fulfill the requirement, then you must hire a person to manage the things on your behalf.
- Collect necessary documents: You need to submit some documents such as affidavits, the blueprint of the infrastructure, ownership or rent agreement, electricity bill and so on. You must gather the necessary information from authorities.
It is the procedure explained in detail to launch a pharma company.