If you sleep to this dream of starting your own pharma distribution company, then you are closer than ever to making this dream a reality!!!
First of all, Indian pharma industry is a soaring segment. With an ever-increasing and pressing demand for better health aid, this sector is showing a rocketing growth.
Secondly, India dons the crown of ‘phama hub of the world’. This means most pharmaceutical manufacturing companies are based in India.
Just to give you a snap at the glorious Phatma status of India, here are a few quick facts:
- India is the largest provider of generic drugs globally.
- Indian Phama industry caters to 50 per cent of global demand for vaccines.
- India supplies over 80 per cent of the antiretroviral drugs used globally to combat AIDS.
The best thing is, one need not set up a huge unit to begin this amazing journey!
5 things to consider before the plunge
- Are you skilled in the niche? If you have the skills, the battle is won; rest all are just formalities.
- Will you be able to bear all the expenses and cost? Do you need a partner?
- Have you fixated your goal, mission and vision?
- Put the plan on paper.
- Do you have a premise and proper storage to start your business?
Starting your own pharma company
Starting a business might feel like a daunting task. But once understood well, everything starts falling in place.
Here are 5 steps to starting your own Pharma Distribution Company
- Legal requirements
For your distribution business, a license is a must. It should be issued from the CDSCO (Central Drug Standard Control Organization) or any equivalent state control body.
The requirements to applying a license is that –- You should have a degree or diploma in pharmacy from a recognized institute.
- You must have at least one years’ experience in dealing with drugs.
- Documentation
- GST is mandatory for launching the distribution business.
- DSC (Digital Signature Certificate)
- DIN (Director Identification Number). If it’s in partnership then both partners should get their DIN.
- PAN (Permanent Account Number) Card
- Identity Proof (Electronic ID / Aadhar Card / Passport / Driving License)
- Passport Size Photo
- Address Proof (Bank Statement / Mobile Bill / Telephone)
- Rent Agreement (Notarised: For rented property) or Ownership proof
- Latest Electricity Bill
- Memorandum Of Association or/and Article Of Association
- Get your company registered
Registering your company is a mandate as per the norms and guidelines. You need a wholesale drug license number.
If you are entangled in the process of it, then reach out to a professional consultant. A professional consultant has the best knowledge and experience that you need.
Also, many great services come at an affordable cost.
- Investment
Starting a business brings in the bulky investment. So, whether it is a partner you want to have or a loan that you want to take, getting your budget clear is most important.
The tip is –
“Try to save money. Cut down any extra costs like furnishing, commodity, hiring etc. Also, consider the expenses on essential parts like documentation, premises etc.” - Networking
Networking is the key to distribution. Network with the pharmacists, doctors, hospitals, healthcare, companies and everyone who is connected to the pharma world. One way to go about networking is marketing.
Conclusion
Starting a pharma distribution company from scratch is definitely a drill. There are a lot of things to consider, from the right legalities and documentation to the right infrastructure to storage, there are a lot of things you need to see in details.
One way to make things easy is holding the umbrella of SurgimedCart.
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- SurgimedCart helps you with a recognized brand value.
- It assists you with the legalities and formalities.
- You get a pre-weaved network of retailers, doctors and companies.
- You get exclusive access to rare specialty medicines.
- You become a part of the bigger picture in a pharma revolution!
