Starting a pharmaceutical manufacturing company in India is not like starting a bakery business, because it’s not just hard, it is also risky. And it is going to be risky for a long time because of the strict laws and regulations that govern this industry. In this article, we will look at some of how you can start your own company and make it successful.
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Setting up a business is tricky, especially when you are dealing with a venture as complicated as this one. If you are serious about starting your own pharmaceutical company in India, there are some things that you need to keep in mind. The first thing is the right location for the business. It should be easy to reach, but not too close to competitors. We will take a closer look at these points in the succeeding paragraphs of this article.
Is India a good place to start a pharmaceutical company?
In India, there are many pharmaceutical companies currently operating. There are numerous reasons for the popularity of this industry in the country. For example, India has a strong base of qualified scientists and experts who can help with the development of new drugs. Moreover, it is much cheaper to start a pharmaceutical business in India than in any other place in the world. Since there are so many opportunities you can start different kinds of businesses like taking up apollo pharmacy franchise, if you are not particularly interested in investing in setting up the medicine manufacturing infrastructure. Check out Khatabook to know all about the franchising model of business. The government offers several incentives to make such a venture successful
Get knowledge of the industry:
It is important to know about the industry before starting a business. This can be done by attending conferences, seminars, workshops, reading books and journals on the subject and visiting other manufacturing plants. You can also talk to people in similar businesses or experts in the field for further information.
Take care of legal formalities:
You need to take care of legal formalities like getting an MSME registration number, registering with the customs department, getting an FCRA registration certificate and so on. Your business should comply with the various rules set by different agencies like the labour department, central excise, income tax department and so on.
Select the right business model
Once you have the necessary licenses and permits, you need to figure out what kind of business model will work for your pharmaceutical company. You need to decide whether you want to start a retail pharmacy an institutional facility or both. You also need to decide which products you want to sell, keeping in mind that only certain medicines are permitted in retail pharmacies while others are sold only in hospitals
Get The Funding Right:
Make sure that you have all the funds ready before you start manufacturing any medicines or drugs. You will need these funds for procuring machinery, raw material, building infrastructure,
Stay export-oriented
The most important thing to keep in mind while starting a pharma company in India is that it should be export-oriented. This means that you should be producing drugs that would be useful to people not only in your country but also abroad. This can be done by developing drugs that treat diseases prevalent in other countries as well.