Pharmaceutical industry research, develops and manufactures thousands of drugs and medicines for various diseases. Pharmaceutical companies are divided into three primary categories; mainline, research and development (R&D) and generic. While looking at the list of cutting-edge businesses of present and future, pharmaceutical industry surprisingly tops the list and indeed a real profit generating venture. If you’re enthusiastic and having expertise in the field, it’s better to start your own company and here’s how!
Steps to establishment
Find an investment firm that specifically loan funds to pharmaceutical setup. The sponsor might be reluctant to provide funds especially if yours is entirely new without any previous experience. Draft a well-conceived business plan with clear strategies and a certain goal; present it to the venture capitalists for the funds.
Be sure the plan includes goals, a mission statement, competitive and strategic investigation, working plan, laboratory design scheme and a detailed list of supplies and equipment mandatory for business start-up.
- Recruit personnel having exceptional scientific skills who’ll become a strong foundation for your business in the long-run. Be certain that the scientists whom you’ve recruited fits the job requirement and capable to pump accomplishments and discoveries to a new level. The biographical data must be convincing to lenders as well as clients without whom your business won’t grow ultimately.
- As soon as funding comes to a successful conclusion, rent a headquarter building or begin construction from scratch. Work closely with industry veterans to compile supply and equipment list. Hire an expert laboratory manager who’s capable of supervising routine lab operations and maintenance. Distribute tasks among the staff such as to compile technical reports and statistical analysis along with managing technicians to get the work done in the right manner.
- Apply for and furnish proper licenses and permits essential to secure a proper space for your pharmaceutical company. Your staff must be certified whereas machinery and equipment should meet industry standards. Ensure they pass bio-hazard monitoring by federal and state scientific regulations.
- Next step is to hire administrative staff. Assemble a marketing communications team to oversee promotional literature and brand names for the medicines to boost sales reputation. The description must be concise and well-defined to familiarise doctors, pharmacists, clients and customers alike. Also allot a point person to manage proprietary trademarking process for the company.
- For every business be it pharmaceutical or any other, there has to be a vision and an ability to perceive where the company would be after a particular time. Move along the latest trends that change radically with new discoveries and medicinal technologies. Attend workshops, read medical journals, enrol in medical classes and seek growth opportunities to avoid stagnation and be competitive.
While these steps are essential for pharmaceutical business setup, it’s important to look at the different categories as mentioned. Take a look below!
Types of pharmaceutical industries
These firms manage global operations while having internationally acclaimed research and development laboratories, huge manufacturing plants. Take Novartis or Pfizer for instance as these are large and well established.
- Research & development
Small-scale companies whose drugs mightn’t have been approved for market availability however, these continue to focus on research. Research and development organisations may also be subcontractors of mainline for additional support.
There’re various drugs in the market that no longer have patent protection. It’s these generic pharmaceutical companies to bring back the medicines back into market for less expensive cost. The strategy is only practiced after the patent has been expired.
The above information highlights the importance of pharmaceutical business along with the start-up procedure and common types.
Credit: Dubai Science park – dsp.ae