How to Start a Generic Pharmaceutical Company in India?
Want to earn money by launching a generic pharmaceutical company in India? Well, it is indeed a great decision.
Since it is a specialized process, you must find out experienced people who know the process thoroughly. You must prepare for it beforehand.
Formulate a detailed business plan. Read the norms laid by the government authorities about it.
The pharma sector has done remarkably well in the past few decades, and it seems that the upward rally will continue further.
It is the best time to step into this exciting business.
With the simplified procedures and the policies made flexible by the government, launching a generic pharma company no longer remains a complex task.
The steps to launch a business
Here is the list of activities you need to perform.
- The first thing is to decide a brand name. Then you need a company logo and company name. It must be unique.
- Get your company registered. You need to apply for FSSAI Registration and trademark.
Though it is possible to do it personally, you can hire a consultant if paper formalities give you goosebumps.
Get GST Number
You should get GST number for the business as it becomes the mandatory thing in India. The process of registering for GST is easy. Several consultants are there to help you.
Get the DLN or Drug License Number
You are supposed to meet the local drug inspector. Find out who is the approving authority.
One of the partners in the company should have a degree in pharmacy from a recognized institute. If it is not there, then you need to appoint someone who is a registered pharmacist. He will be the authorized person on behalf of your company.
Gather all required documents and fill in the application form. The list is lengthy, and you will need efforts to collect everything. Therefore, start the process timely. You will need:
- Blueprint of the premises
- Rent agreement or lease document or ownership details for the company premises
- Partnership deed
- Appointment letter of the registered pharmacist if none of the directors is a degree holder
- Pollution control certificate
- Electrical connection details
Make sure you keep at least two copies of each document before submitting. Check everything well so that the application gets approved in a single go.
These are general guidelines. You can refer to several official websites to know the process in detail. If you hire a consultant, then it becomes quite easy.