Best Tips for Student Starting a Pharmacy Business
You have multiple career choices when you pass out from the pharma school.
The degree in pharmacy can give you a lucrative job in a pharma company where you can achieve great heights by hard work and dedication. At the same time, you may decide to become an employer instead of the employee by launching a pharma company of your own.
Which path you choose depends on your personal preference and circumstances. Both are equally exciting, challenging and rewarding.
If you are a student and want to start up a pharma company, then read the blog up to the end. You will get an insight on how to proceed for it.
- Collect the necessary documents
You are supposed to follow a procedure to launch a pharma company. The first step is to collect the documents that are necessary for the process. Here is a list of documents:
- Drug License Number or DL NO
- GST Registration
- Trademark registration
- Registration of the company
- FSSAI Registration if applicable
Experts say that the drug license number is mandatory for running a wholesale business and maintaining the stock. You need to manage sales and purchase registers and the right to exhibit and distribute drugs.
For all these activities you are supposed to issue drug license number. Go to the office of local drug controller or drug inspector.
To get Tax Identification Number (TIN), you need to meet the tax authorities.
- Go step by step
The formalities for launching a pharma business are almost similar in all the states in India. They vary a little bit. You are supposed to meet the authorities and get their confirmation for starting the business. The important steps are:
- Get adequate training to start a pharma company.
- Make a detailed business plan.
- Choose an appropriate location of the business.
- Search the building and premises. Make proper arrangements for keeping the raw material and finished stock. You may rent it or buy the property. Make sure space is sufficient.
- Read the norms laid by the government about safety. The premises should adhere to the same.
- Arrange finance source. You may put the personal money into the business or lend from bankers.
- Make a list of molecules and combinations you want to launch
It requires a thorough research. The names should match other existing product. It should not be in the existing set. You are supposed to appoint registered experienced pharmacist.
These steps are representative and not all-inclusive. You should hire a consultant to ensure that the process is flawless.
Rx Biotech is a leading PCD pharma company for the pharma products and Franchise Marketing. One of the best pharma franchise companies in India offering monopoly rights to pharma companies in India with top medical promotional schemes.
Also Read :
How do I Start a Pharma Franchise or PCD?
What is the Scope of PCD Pharma Franchise Business in India?