How to become a PHARMA-PRENEUR?

An Apple a day does not keep the doctor away... I slightly disagree to it cause sometimes you need Medication as well!

The pharmaceutical business is a lucrative option in India, that you don’t want to miss. Indian pharmaceutical industry ranks at the 3rd place globally in terms of volume, quality, and range of medicines. The ‘Pharma Vision 2020’ by the Department of Pharmaceuticals, Government of India is determined to make India a hub for major drug discovery in the world. Considering the low cost of producing medicines in India, we enjoy a competitive edge globally. This article talks about how can you register your Pharmaceutical Business in India.

Licenses Required for Pharmaceutical Business 

You can consider opening a manufacturing firm to a distribution chain or set up a shop selling generic medicines to customers, here are some things you would require: -

1. Company/ Firm/ Incorporation Registration – Register your business as Company (under different categories Private limited, One-person company or Limited Liability Partnership, etc.) as per MCA.
2. Drug License number (D.L. No.) – A Drug license is a permission of the respective State or Central Authority for starting a manufacturing / retailing/ wholesale/ distribution of pharmaceuticals. To start a pharmacy business in India, a drug license issued under the Drugs and Cosmetics Act, 1940 is to be obtained
3. Goods and Service Tax ( GST ) Registration – If your turnover is over 40 lakhs or you are stockiest or vendors to supply medicine you need to apply for a GST License.
4. Trade Mark registration - is an essential aspect to prevent the use of your intellectual property i.e. company name, the brand name by any other individual or company. You should apply for trademark registration for your company name and major brand names as per your requirement.
5. FSSAI registration- A pharmacy business owners must obtain a food license under FSSAI for dealing in drugs and consumer medicines.

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