India has prospered tremendously in the past three decades. After globalization and open policies, the pace of growth has accelerated. All sectors have performed, but the pharma sector has performed brilliantly.
No wonder there has been a surge in the number of pcd pharma companies in the past two decades. Even today, the sector is performing impressively.
If you are a budding entrepreneur who wants to take advantage of the winning rally, then it is essential to know about the procedure to start a pharma company with a low budget.
It is important to check the measures for controlling the budget. You want maximum productivity and profitability. These parameters are crucial in the greatly competitive market.
Pharma business is a profitable business if one manages it well and keeps the costs under control. But before that, it is important to gather information about the process and procedure of a pharma company.
How much does it cost to Start a Pharmaceutical company?
Money is a crucial aspect today. To launch the new pharma company, you should gather information about the investment needs.
Before launching a business, you should know the prerequisites. Certification is the first need. After that, you should acquire the drug license number and company registration.
Approximately 15000 to 20000 rupees you should keep reserved for it. The figures are approximate. You should check the relevant sources for the exact number.
To get FSSAI registration and GST number, you should keep aside 10000 rupees approximately. The cost of acquiring GST is variable.
Launching a business requires recurring investment. It is to keep the business running. Financial planning is thus crucial.
Other important cost centers are infrastructure maintenance costs, power, and other facilities, legal and statutory costs, human resources cost, and tax and other liabilities are important elements of it.
Minimum Investment to Start a Pharma Marketing Company
If you are looking forward launching a pharma marketing company, then the amount needed will be less. It is because you save on the infrastructure cost in this case. You need a marketing and promotion budget.
Some small expenses such as working bags, visual and online advertisement, etc. will be needed. Experts say that one should keep one to one and a half lac rupees for it.
One should not forget that there are many statutory and regulatory obligations of launching a pharma company. It also involves some costs.
Minimum Investment to Start a Pharma Manufacturing Company
As the first step of for launching a pharma manufacturing company in India, you should get the necessary licenses and approvals. The top expenses are GST number, FSSAI registration, drug license, and licensing cost.
A pharma manufacturing unit can be either owned or outsourced.
As far as the cost of launching a pharma manufacturing company is concerned, it comes out to be 7 Lac to 15 Lac. However, these are ballpark figures. You can find the exact cost by asking some experts. It depends on the complexity and size of the business.
Hope this blog will help in deciding the cost of a pharma company.