Most of the time, every pharmaceutical professional wants to become an owner or start his own pharmaceutical company. However, due to a lack of knowledge, confidence, or funds, this dream remains unfulfilled. Nevertheless, if you have some generic experience in this area, here are some ways to help you start your pharmaceutical business in India.
Need for a Generic Pharmaceutical Company in India
The future of the medical industry is promising. As with the growing population, the need for healthcare and medicines also increases tremendously. However, if you decide to start a generic pharmaceutical company, then you should start implementing this idea as soon as possible.
Steps to Start a Generic Pharmaceutical Company in India
It is not easy to start or maintain any business. But here are some of the simple steps to incorporate in your plan to help you start a pharmaceutical unit.
1. Business Strategy
Before launching a pharmaceutical unit, you need to develop an original and innovative brand name, company name, and logo. Then choose a good location for your office. Ensure this space is large enough. Finally, make sure that you have a supporting financial background available to aid your business.
2. Company Registration
Now that you have decided on the initial details of the company, you need to register the company. Then you need to apply for a trademark and FSSAI Registration. If you register for a new business, you will also require a digital signature certificate and director identification number.
[Also Read: Tips on Naming Your New Pharma Company ]
3. Allotment of Drug License Number
In order to assign the drug registration number, you need to know who the local pharmaceutical inspector is and then submit the necessary documentation for the application process. The inspector will inform you about the procedure and guidelines. For example, a registered pharmacist must be one of the partners in the company.
It will take a fair amount of time for you to acquire all the required documents and submit them as per the mentioned guidelines. Some of these documents include blueprints of the premises, rental or ownership details, pollution control certification, power and resources details, and so on. Ensure you check your documents twice before submitting them to reduce the error and time consumption factor.
4. GST Registration
As the government recently introduced the concept of GST to our country, almost every company is required to have its own GST registration number. The process to apply for a GST registration number is simple and easy but is online. If you are uncomfortable with this, you can always talk to visit a consultant to help you in this process. There are many GST rules and regulations implemented. Hence before going forward with any registration, please gather information on the respective subject from experts.
It is not easy to set up a generic pharmaceutical company in India, but knowing these steps can help you plan your strategy wisely and efficiently. Make sure you apply for all the necessary documents correctly. Consult with experts before starting any business.
[Don’t forget to check: Tips to Start a Wholesale Pharmacy ]