Businesses today grow by working on what they do the best and outsource the rest. Third-Party Manufacturing is must in present business scenario. It allows companies to focus on core competencies, Third Party Manufacturers offer several advantages which includes lower costs, flexibility, expertise access and less capital.
Here are some examples of how businesses can use Pharma Third Party Manufacturing for achieving success and satisfied clients, setting the required working model and developing a delivering organisation.
PLAN OF ACTION
Generally, our plan of action before finalising products for outsourcing is Cost associated and Certifications manufacturer got like WHO, GMP, GLP however there is a lot to consider.
STARTING A COMPANY
Launching a pharma marketing company should be done after comprehensive planning in terms of Company name, Business model, experience, product range, manufacturer selection, the trademark of brands, registration of company name & logo, GST number and drug license.
COST TO MAINTAIN PRODUCT PORTFOLIO
A cost is associated in the form of finish goods inventory and packing material inventory. When we manufacture our products based on third party manufacturing, the manufacturer takes an order of minimum 50,000 tablets or capsules because smaller batches cost more and not economically viable to both manufacturer and marketing company.
With an increase in the product range, the cost of maintaining the product portfolio also increases. This is an important aspect of pharma third party manufacturing which should be kept in mind.
ESTABLISHING A WAREHOUSE, GST NUMBER, DRUG LICENSE
For invoicing and storing products it’s mandatory to have a warehouse with drug license and GST number for taxation purpose. Without any of these three, you may get your products manufactured but cannot be invoiced. Drug license is a permission granted by the Drug Licensing authority under Drugs and Cosmetic Act, 1940 of a state. For obtaining drug licensing you may visit your state drug licensing authority and ask them for procedure and documents required,
We suggest to kick start a new company with products which does not belong to any speciality division can be started in January. Diseases in India normally on the peak during July and August, infections starts to increase from Holi and goes down by Deepawali. Starting a business in January will company time to settle down and promote its products, by the time season is at its peak.
For third party manufacturing, this winter season is conducive as there is less demand for medicine hence the manufacturer has time to invest in your products.
PLANNING FOR SALE
BRAND NAME SELECTION AND TRADEMARK REGISTRATION
PERIOD FOR ENTIRE PROCESS
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