Starting up any business requires a lot of thinking and research. One cannot start anything with just an idea of what he needs to do. In India, there is law and order. When starting anything, there is also a concern for investors. So, it is better to plan everything before setting up. Therefore, if you are interested in medicines and have a proper degree, you can start a pharma company. Hence, if you want to know how to start a pharma company.
Also you can start your startup in stealth mode. Here are your answers.
Different types of Pharma company
Research and Development
Steps Required to start a Pharma Company
Every pharmacy student has a dream to be the owner of a pharma company but lacks in some field. So, I have got the answers to How to start a pharma company.
These fields can be either knowledge or experience required for it. Setting up a firm requires determination and courage. Nowadays, many policies are being introduced by the government to uplift startups.
Registering the company
Firstly, one needs to decide the type of unit. After that, get the company registered under the Companies Act 1965. If there is a partnership, it is to be registered under the Limited Liability Partnerships.
MSME registration is preferable as it helps in getting several benefits. You can now register your business quickly by company registration.
You need to get a bank challan with the manager’s signature.
Also, the list of employees and their consent is necessary for full-time employment.
For building a structure, a layout plan is important.
This layout plan should be approved by a government officer.
If the person is a building owner, then one requires the land papers, but in the case of rent, one must possess lease documents.
There should be a complete file containing the equipment details and their bills.
There should be details of the authorized partnerships. Before proceeding, one must possess NOC from the pollution control board.
As pharmaceuticals deal with drugs, they need to have a clearance certificate from the drug controller general.
Starting a pharma company is always a high investment project. However, new government policies help the owner in getting the subsidy.
Nevertheless, if the company succeeds, the outcome will be in multiples.
There is an immense investment in pharma companies. These are Land, Building, Air-conditioning, Finishing, Machine cost, Electric supply cost, Water, Licensing.
But these conditions must meet the requirement of WHO: GMP.
There are many requirements for one to qualify to own a pharma firm. One can become a pharmacist but must get himself register under the state pharmacy council.
The person should hold a degree or diploma in pharmacy. One cannot simply open his shop or company after graduation. Nevertheless, after getting experience of one and a half years at a wholesale drug firm, the person gets eligible.
This person must get himself register as EP at the drug office, and his salary should be in the form of a cheque as a bank statement is a must. However, these are not only the requirements.
The person must have four years of experience as a salesman in a firm after completion of graduation.
Healthcare won’t ever go out of fashion because new technology innovations carrying to the market daily. It seems an interesting career option to persuade, and there will be wonders in the future.
Therefore, now as you know how to start a pharma company, go ahead with proper planning and investment with perfect guidance, one can achieve sky.
This is where you need to focus and maintain your patience to get the best out of it, otherwise all the required things may get lost if you do not take care of all the necessary details.
And always be kind to those which are in need as people who are in nursing and pharma sector has the best knowledge of medicines and available treatment of any bodily situation
Try to enhance your knowledge in this sector and the only way to grow is to get experience by serving the people with your business and work.
Also read more about pharma company registration in Mumbai which you can easily apply here.