Before making any important decision about starting an own business, there are a few things that you should always see. As every business has a risk factor involved with it, it is best considered to research and then take further steps accordingly.
Especially a wholesale pharma business requires a good amount of knowledge of the industry. In this article, you will get to know about some of the most important factors necessary to start a wholesale pharma business.
1 Tips For Wholesale Business in India
a) If you are planning to get into the wholesale pharma business, associating yourself with a good company is important. Selecting the right PCD pharma franchise is a crucial part of the process. Check the policies and criteria that companies have to avoid any future misunderstanding.
b) List your product online: You should make your products list on B2B and B2C portals like IndiaMART, PharmaHopers and etc. This will help you to increase brand awareness amongst your target audience.
c) Appoint doctors: You should have good contacts with some of the local medical representatives and doctors to make your connection change even stronger.
d) Research well: You should make all the required research about the current market and economic condition. This will help you to learn a few additional things about pharma business. This will, in turn, help you to take better decisions for your business.
2 The legal procedure required for obtaining Drug License and GST Registration
For becoming a wholesale pharma businessman, you should have these two licenses. You need to apply for them if you are not having them. Drug license under form no. 19 from Central Drugs Standard Control Organization or State Drug Standard Control Organization is compulsory.
3 Investment Requirement for starting a wholesale pharma business
This business requires an investment of around 70 to 80 lakhs. You will also require staff to help you handle the business. Not to forget the monthly expenses like electricity, rents, and commissions. So, keep all the future incurring expenses in mind before making any investment decision.
Making the right decisions is very important for every business. Therefore, always go through the research process before you enter into any business. This will make you more confident and knowledgeable about the field that you are planning to enter. I hope this article helped you to know about some of the most important tips before starting a wholesale pharma business. In case of any doubt, do feel free to contact us through the comment section below. Thanks!