How to Start a Pharmaceutical Sales Company?
Several ideas are there to reap the benefits of the incredible boom in the pharmaceutical business in India. People start manufacturing companies or take PCD franchise or start a pharmaceutical sales company.
Since the pharma sector is doing exceptionally good, you can get the benefit of the upward rally.
Also, the government is also encouraging new businesses. Hence, the procedures have also made flexible.
Experts say that it is the best time to enter the niche. The investment required is not extensive. The level of competition is not cutthroat.
Hence, a pharmaceutical sales company can do wonders if it follows the appropriate business strategy
The process is lengthy but not daunting
If you are not comfortable with the procedures and policies, then you can hire a consultant.
The Internet has made the things quite simple. You can get the details from official websites. By putting some efforts, you can save the fees paid to a consultant.
All the information is available in a few clicks. It is a five-step process to launch a pharmaceutical sales company.
1.You must register the company.
2. Apply for the GST number. It is the essential requirement.
3. Get the Drug License Number
4. Apply for FSSAI registration
5. Apply for trademark registration
Experts say that registering the company, applying for GST number and getting Drug License number are mandatory requirements.
Write down a detailed business plan
Before you start anything else, make a comprehensive business plan. You need a good premise for the office.
You can buy a property or take it on a lease or rent it; it is your choice. The only prerequisite is that it should be according to the norms issued by the authorities.
The space required to launch the company depends on the size of the business.
How will you arrange the funds? Are you going to borrow money or invest your personal money? Experts do not recommend the latter.
Hire a high-potential team
Without a salesforce, a pharmaceutical sales company can’t run the show. You need an enthusiastic and aggressive team that can take your business up to new heights.
According to the experts, more than products the success depends on the caliber of your salespeople. They must reach the right audience and convince about the products.
Good penetration and smart sales strategies can do wonders. You can recover the investment quite fast and attain the break-even point soon.
Also Read: What are the Various Types of Pharmaceutical Companies in India?