How to start a generic pharmaceutical company in India – An ambitious pharma professional always wants to end up having his or her own pharmaceutical company. It is their dream to start project own pharmaceutical company as soon as they can. Most of the pharma professionals could not make it possible because of a lack of knowledge and courage and sometimes due to a lack of money. If you have some experience in the generic medicine field in the beginning then you can possibly give a kick start to your business. But, before that, you should know how much does it cost to start a pharmaceutical company in India or how to start a generic pharmaceutical company in India?
Besides, we all know how well the pharmaceutical sector in India is expanding. Indian pharmaceutical sector has gained an important and reputed position in the global pharmaceutical market. India has become the biggest supplier or exporter of generic medicines all over the world. So at this point in time, it would be highly beneficial to invest in the generic pharmaceutical business. If you are planning to start a generic pharma company franchise or your own generic pharmaceutical company in India then it would be great to have a look at this given article. Here we are going to discuss how to start a generic pharmaceutical company in India in general terms. Hope you will find the information reliable.
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Follow Few Simple Steps to Start a Generic Pharmaceutical Company in India
Starting your own pharmaceutical firm could be a wise decision for a career as the healthcare and pharma sectors are showing good growth. The future in this particular market seems quite bright. However, if you are really planning to start a generic pharmaceutical company in India then it would be better to start as early as it can be. There are some simple steps you need to follow to complete the pharma company registration procedure. People who are planning to start a generic pharmaceutical company should definitely read the following pointers.
Make a Business Plan
To start a generic pharmaceutical company you need to compose a detailed business plan. A business plan includes plenty of things such as:
- Choose good premises for your office that contain enough space that specifies the norms issued by govt.
- A unique and meaningful brand name for your company or brands. The brand name should not match with any existing entity so it needs deep research before.
- Available with financial background which is the most important practice for starting any business.
Register Company under Company Act
It is you are starting a PCD franchise business then you may need several important things such as drug license no, GST (goods & services tax) registration, trademark registration, and FSSAI registration. But if you are registering a new business you will also require the discussed registration but there are four major steps that are:
- Acquiring Digital Signature Certificate (DSC)
- Acquiring Director Identification no (DIN)
- Get a new user registration or fill out an eForm
- Incorporation of the company
Acquire Drug License No.
Hence, this business includes selling and manufacturing medicines and pharmaceutical drugs, so this business requires a drug license to run. If you run a company without a registered drug license no. then it can be a punishable offense. To get the complete details about the process of how to obtain the drug license number, you should meet the local drug inspector and drug selling authority.
Get the GST Number
GST is the recent introduction in our country that is needed while doing any business. A generic pharma business needs GST no. within three months if the turnover exceeds 2.5 Million. But, here turnover is not only the reason for GST though. There are many more facets of GST rules & regulations. It would be better if you gathered services and knowledge from the experts.
Few Further things that one would require to start a generic pharmaceutical company
- Get the trademark registered
- Get FSSAI registration
If you want to set up a pharma business then these would be the steps to follow. We hope that we have given the most relevant information regarding how to start a generic pharmaceutical company in India. For further details or to sort any query related to the same you can refer to our official website.