Today there is no person in the world who does not need medicine. This means that every person in the world needs medicine. Medicine is life saving, so it has no price. Every person is happy to pay the price of the medicine which is determined by the company. Anyway, in today’s time, due to increasing industrialization and increasing population, every person suffers from some disease or the other due to environmental pollution. Apart from this, today’s hectic lifestyle and irregular eating habits have made many serious diseases a part of human life.
Today there is no age limit for any serious disease. In earlier times, many serious diseases like cancer, heart disease, TB, blood pressure, diabetic, asthma, thyroid were fixed at a certain age. Today’s eating habits and lifestyle have eliminated that. There are so many pharma companies in India, check and analyse their business with the top list of pharma companies in India. Today even a three-year-old child gets cancer. Sometimes, there are reports of serious diseases in children of one year or less. In view of such news, the business of pharmaceutical manufacturing is the best and most profitable business.
Take advantage of government schemes
The Government of India is encouraging entrepreneurs in various ways by running programs like Atmanirbhar Bharat and Make in India. To start a business, an online process has been started to eliminate the hassle and corruption for licensing etc. Entrepreneurs should take advantage of this and establish new enterprises. Along with this, the Government of India is also encouraging the business of generic medicines. The Prime Minister himself has taken the initiative and urged doctors to prescribe generic medicines to patients. Therefore, for entrepreneurs who are thinking of starting a pharmaceutical company, this is a very good idea for them. This business has immense potential in India and there is no limit to profit.
The demand for medical equipment has increased after COVID
Since 2019, the whole world is in the grip of the coronavirus epidemic. It is about to be two years and this epidemic is scaring mankind by showing its new forms day by day. Even after pushing millions of people to untimely death, this epidemic is not taking the name of stopping. Due to the outbreak of this epidemic, the demand for pharmaceutical companies making medicines and equipment has increased very rapidly. There is a shortage of medicines and equipment used in the epidemic of COVID-19 all over the world. Even this demand is not being met. There is a fierce competition in the market for medicines. At such a time, this is a golden opportunity to start a pharmaceutical company. To start a pharmaceutical company, the business should be started by following the necessary government rules and laws. For this, license and permission have to be taken from the government.
What is most important for this business?
Before starting a pharmaceutical company, the businessman should have a diploma or degree in B Pharma i.e. pharmacy to start a chemical business. If this degree or diploma is not there, then the businessman cannot start this company. However, the alternative is that the businessman should associate an experienced pharmacist with his business i.e. keep him on salary and can use his certificate to establish the business. Along with this, the businessman should also have good experience in the pharmacy i.e. business of medicines. If he does not have experience, then he should take training or experience from any institute.
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It is important to do research about salt in the market
Before starting a company, it should be considered what kind of medicines or equipment will be produced in the company. Regarding this, the businessman should do research in the medicine market of his business area regarding the formula of the medicine i.e. salt available with him. If the medicine with your formula has good demand in the market and its supply is less or not there. Only then should you think about the production of that medicine. Make a project report
When you have made up your mind to start a pharmaceutical company, you will have to make its project report. In this project report, you should mention in detail everything from the place to the land, the methods of drug production and sale, funds, etc. Apart from this, to establish the company, the laws and conditions of opening a pharmaceutical company of the Government of India and the state government in which the company is to be opened should be followed. You will need the company’s project report to get a drug license. Therefore, all the small and big things should be mentioned in detail in the company’s project report. On the basis of this, you can also get loans, subsidies and other types of benefits from the government.
Strict warning to businessmen
Pharmaceutical manufacturing means that after buying raw material, medicines, pharmaceutical products and medical equipment have to be prepared and packed and sold in the market. For this, it is necessary to acquire basic information about the pharmaceutical sector before starting a pharmaceutical manufacturing unit. Starting a pharmaceutical company without such knowledge can be very risky. Without the knowledge of the pharmaceutical sector, a business started with a huge capital may fail. This can lead to huge losses. A businessman should be cautious about this.
Start your business like this
First of all, it is very difficult to find land and buildings for the company. After finding such a building, it has to be prepared as per GMP standards. Also, the necessary conditions of the Central and State Governments regarding the company’s building have to be followed. There should be adequate space according to many departments in the company premises. Such as:-
- Store required to keep raw materials
- Space required to complete the manufacturing process
- Space to install machines etc.
- Space for quality control section
- Space for office
- Space to store waste goods
It is also necessary to create different sections for various types of medicines in this building, such as:-
1. 30 square meters of space is required for external use of medicines like creams, ointments etc.
2. 30 square meters of space is required for liquid dosage i.e. liquid medicines like syrup, suspension etc.
3. 120 square meters of space will be required to install machines etc. for solid dosage medicines like tablets, capsules, powder. 60 square meters are required for the tablet section because arrangements for coated and uncoated tablets will be made there. Apart from this, 30 square meters are required for the production of capsules and 30 square meters for powder production.