Setting up your pharmaceutical company can be an excellent choice, especially for individuals who possess experience and knowledge in this niche. Currently, the pharmaceutical and healthcare industries including pharma PCD companies are witnessing major growth. There’s no doubt that the future of this sector is pretty bright.
That being said, individuals who are planning to establish a pharmaceutical company must get started right away. This is no longer an era when starting your pharma company is a tough task. Here are the five essential things you need to complete the process of registration.
- Register Your Pharma Company
- Get a Unique Drug License Number
- Complete the GST Registration
- Register your Trademark
- Get FSSAI Registration
Among these five crucial steps, the first three are quite compulsory for beginners to get started with the pharma PCD companies. Let’s see how you can complete these steps.
Prepare your Business Plan
Training, knowledge, and experience are some of the key components of a pharma company. Before getting into this business, you must acquire the proper training to get familiar with different drugs, medicines, pills, injections, and other pharma products.
The current regulations passed by the Indian government makes it compulsory for every Pharma company owner to own or rent a sufficient space. Once you have found the location and premises for your company; it is time to choose a company name, brand name, and logo for your business. Make sure that your name is unique and doesn’t match any existing company’s name. Your company won’t be registered if the logo or name you have selected resembles any existing Pharma Company.
Get Your Company Registered Under the Company Act
To get your company registered under the company Act, you need a wholesale drug license. Instead of attempting to follow the guidelines on our own, it is better to get a professional’s advice and get your company registered easily.
Get the Drug License Number
In order to obtain a thorough drug license number details, you must contact the drug selling authority in your region. Note that there are certain guidelines you need to comply with before getting a drug license number. Basically, a partner should be registered under the local Pharma authorities or he must be a certified Pharmacist. If neither of the partners meets the above condition, then you need to hire a certified Pharmacist to get eligible for a drug license number. Once you have hired the pharmacist, the next step is to submit the essential documents such as the affidavit, partnership deed, ownership details (or rent agreement), electricity bills, and the list goes on.
Get your GST Number
Any company with a turnover of 2.5 million or more must register for the GST (goods and service tax) account. This new regulation by the Indian government is mandatory for all Indian pharma PCD companies.
Make sure that turnover is not the only factor that determines the requirement of the GST number. It is better to contact an experienced pharmacist or an agent to know the detailed requirements of GST.