The pharmaceutical industry is flourishing at this time and investing in it can yield high profits. Many people have been seeking business opportunities in this. There are many segments in which you can deal like gynecology, dermatology, ophthalmology and various others. Thus, you get a huge variety to choose from. People want affordable and high quality medications , which includes a limited cost for manufacturers.
When starting any business, some investment is needed. Nowadays, as there are many third party manufacturing companies and even PCD pharma franchises, the cost for starting the pharma business gets lowered. By associating with a company like Meditreat , you don’t have to spend your precious time and money on research and marketing. Thus, if you are looking to start a pharmaceutical company in India with a small budget, then read this blog till the end. Also, if you want to come along with a company like Meditreat, then you can reach out at: meditreatdrkp@gmail.com || +91 98168-57058.
How to Start Pharma Company in India With Small budget ?
Starting a pharma company in India can be a profitable venture. But, there is a significant cost associated to it which depends on the scale of operations, business model, and location. Here is a list of things which you should keep in mind.
Choosing The Right Business Model
Choosing the right business model will help you in saving a lot of costs associated in starting a pharmaceutical business. Basically, there are 3 kinds of business model in pharma industry:
- Third Party Manufacturing: Third party manufacturing is a very popular business plan in today’s era. It includes outsourcing your products from the manufacturer and selling it under your own brand name.
- Pharma distribution: In this, you get products from other manufacturers and sell it under their brand name.For example, purchasing a manufacturer’s product in bulk and selling them to a retailer.
- B2B or B2C: Online platforms are a right choice at this time as by making your website and by following certain marketing strategies , you can easily expand your business. It is your choice whether you want to sell your pharma products B2B(Business to Business) or B2C(Business to Consumer).
Legal Formalities
In India, there are a few legal formalities which re needed to be completed before starting a pharma company such as,
- Company Registration Fees: Company registration is the initial step for starting your pharma company, there are many options in which you can register the company such as LLP, partnership, Pvt Ltd or sole proprietorship. But, if you have a small budget, then sole proprietorship or partnership will be the most suitable for you.
- Trademark: It is generally done for brand protection. But if you have a small budget now, then you can do it later.
- GST Registration: A GST registration is mandatory, and won’t cost you much.
- Drug License: You need to have a drug license or partner with a company that has valid drug licenses. If you are dealing with nutraceuticals, you should have an FSSAI license.
All these legal formalities will cost you approximately 20,000 to 35000.
Associating with a Right Pharma Company
By associating with a right pharma company, you can earn huge profits as these companies just need a minimal investment from your side. For many years, Meditreat has been the ultimate choice of people exploring business in the pharma sector. We offer various benefits such as,
- Diverse Product Portfolio
- Marketing Support
- Timely Delivery of the products
- Promotional Materials
- Clinically tested products
Thus, you don’t have to worry about spending a lot of money on these things. From licensing to even promoting your products, Meditreat has it all.
Selecting the Niche
It is very important to select the right niche to get an estimated cost. Some of the segments in which you can deal are nutraceuticals, pediatric, diabetic, cardiac, gynaec, and many more. Companies like Meditreat have excelled in various segments and aim to provide budget-friendly deals to all.
Infrastructure Setup
Location plays a crucial role in starting a pharma franchise. You should always choose a location that has a proper supply chain and skilled labor so that you don’t have to struggle with the delivery of the products. Also, choosing cities like Baddi, Chandigarh, and Delhi can help you grow.
Conclusion
We hope that now you have an approximate idea of how much starting a pharma company will cost. Meditreat is an ISO-GMP-certified company that will help you achieve heights in no time. With us, you can easily expand your footprints across various countries. We are passionate about building new products every day to revolutionize the pharmaceutical industry. By coming along with us, you can avail various customisations, from formulations to packagings. So, if you are interested in partnering with us, don’t delay, reach out to us today!
