Today, the pharmaceutical industry is emerging as one of the fastest growing sectors in the global market. Pharmaceutical industries though hit by recession in yr 2009, some companies even produced blockbuster drugs generating more than $1 billion a year. These companies are even taking patent rights to prevent the production of their block buster drugs.As an entrepreneur, you can compete with the present Pharma Companies or can manufacture own new formulas. But to achieve this objective, you have to follow certain steps before starting a Pharma Company.
Step1: “Raising Funds”
First try to raise funds by approaching different financial institutions by showing an effective business plan, that outlines the place; goals; mission & vision statements; objectives; production, marketing and sales planning.
Step2: “Hiring Research experts & Scientists”
You have to search and hire researchers and scientists to join your organization and for making it a leading Pharmaceutical Company in the future.
Step3: “Build up your manufacturing unit”
Start establishing the R&D Unit,once you receive funds from the Financial Institutions.Discuss with your partners on availing world class lab equipment.Hire Technical Experts to manage the daily operational activities in the Lab so that a report is presented to you time to time.
Step4: “Taking licenses and permits”
Apply for permits and licenses in state scientific regulatory agencies for your scientists and employees to work under bio-hazardous machinery. Assign a Legal Adviser to consult on company’s trademarking and other legal process.
Step5: “Recruitment"Recruit internal and external staff, Sales Team, distribution channels to work on everything from production, marketing and finally reaching to the customers.One can also outsource their Marketing department to third party agencies.
Step6: “Inaugurating the Pharmaceutical Company”
The Inauguration should be done with a big bang by inviting leading industrialists,local politicians, employees, etc
Start manufacturing innovative & patented drugs.Encourage and motivate your employees by conducting workshops, seminars ,Training,medical journals, etc…
Shriyans Management Consultants P Ltd team has been assisting start-ups in setting up a business by providing marketing services,mentoring,tips to raise capital,internet marketing.
