How to Start a Pharmaceutical Marketing Company in India? – Of late, India has emerged as a hot spot for pharmaceutical companies. This rise has made India 3^rd largest market globally in terms of volume and the 13^th largest in terms of value. The Indian market is thriving with pharmaceutical hubs, making it the largest exporter of generic drugs, accounting for 20% of the total global export. Many indigenous Pharmaceutical companies have established a prominent place in the market and are giving competition to various Multinational Pharma giants.

This boom is also providing ample opportunities for investors for ushering in new pharmaceutical companies and banking billions with less capital investment. Usually, there has been a misconception that a particular brand manufactures as well as markets the same product. It is a misnomer and far away from reality. Pharma companies can usually take up both roles, manufacturer, and distributor but it entails huge capital and manpower investment. To stave off this predicament, pharmaceutical marketing companies have emerged as a rising trend. These companies outsource the production to a third party and focus on the marketing and sales of a product. These companies henceforth, hold the owner of a brand and take all the decisions regarding its marketing and distribution.

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Steps to Start a Pharmaceutical Marketing Company in India

Although, this business model sound more lucrative, setting it up most often ends up confusing the investor. Through this guide, we will step by step simplify the whole process of setting up a successful pharmaceutical marketing company in India.

Networking is the key – The cynosure of any pharmaceutical marketing company is picking up the right manufacturers for their chosen product. Any investor should give a lot of thought before collaborating with any manufacturer as it will have a direct impact on their market image. The manufacturers certified by WHO-GMP should be shortlisted for the selection. Many factors like cost of quality should be rigorously analyzed. Only the best among all the options should be selected for collaboration.
Be thorough with the planning – Before jumping onto any decision, mindfully study the market trend and narrow down your target area. The market potential of any product plays a huge role in a company’s success. Your planning will make you prepared and stand out among your competitors. Studying how the already successful big brands operate in the market gives fruitful insights while planning the prospective business model.
Going through the registration and regulations – Getting your company registered should be up above on the list. The first step is to acquire a license and registration from the respective State drug control department. The next, step is to apply for the GST identification number from the concerned authority. Lastly, secure a trademark registration and ensure all the necessary licenses are acquired.
Enter the market – This part makes a crucial step in the journey and can be the game changer. Begin, by partnering with renowned chemists and pharmacists around the locality. Make sure the product leaves a good impression on them as pharmacists are the one who bridges the gap between you and the customers. Appoint a well-trained sales executive, as it saves you the training cost. A sales executive is the linchpin of a business venture and also the face of the product, therefore they should be wisely selected.
Having an impeccable team – A well-trained and experienced team can do wonders for any business venture. For the smooth functioning of any pharmaceutical marketing company, it requires a team of:

Stockist
Medical Representative
Super distributor
Distributor
Franchise

7. Monitoring sales and executives – A business venture is always susceptible to fraud hence, a company’s owner should be mindful of all the malpractices being committed under his nose. To ward off any chance of fraud or embezzlement, organize routine audits and be aware of all the happenings going on in the company.

Keep incentives for the employees bringing large profits for the company and encourage the company’s success as a common goal.

Conclusion

The cutthroat market of pharmaceutical companies looks for the survival of the fittest. To ensure your success, be clear with your agenda and work to stand out among your competitors. With sheer handwork and perseverance, in no time you can establish a successful pharmaceutical marketing company in India. All it needs is patience, authenticity, and quality-oriented products.