Sales are the backbone for any business and sales professionals are components of the backbone. Sales are not only one of the highest paying profession in world but also having huge number of business opportunities. Same is applicable for pharmaceutical sales professionals.
Pharmaceutical sales professionals include Medical representatives, Area Sales Managers, Regional Sales Managers, and Zonal Sales Managers etc. These are the key persons that are generating revenue for pharmaceutical companies. They have ground market knowledge better than any other person in industry. Understanding of market and industry creates lot of business opportunities for sales professionals.
In this article, we are going to discuss business opportunities available for pharma sales professionals that they can start easily based upon their experience. Here we are going to discuss why, how and licenses required to start. These are as follow
Pharmaceutical Distribution Business:
Pharmaceutical distribution business is one of best option for sales professionals.
Why Distribution:
Pharma sales professionals have good relationships with pharmacists, pharmacies, hospitals and doctors. They have been built a strong network of professionals and have complete knowledge of distribution channel. Along with relationships in field, they also have links with other company’s sales professionals. This gives them chances for any new distribution opportunities with MNC and other pharmaceutical companies arising in their territory or desired area.
If a sales professional is thinking of starting a business in pharmaceutical sector then distribution business will be one of the best one.
Licenses and registrations required:
- Shop & establishment act registration
- Wholesale Drug License
- Goods and Service Tax Number
- FSSAI registration (For food and dietary supplements sale)
How to start?
If you have decided to start pharmaceutical distribution business then you need first to complete licenses and registration part. After completing this step, use your contacts and networks to take distribution of pharmaceutical company/s, you prefer. Being a sales professional, you have good idea, how you can take distribution of your desired pharmaceutical company. Check out in detail: How to start Pharmaceutical Wholesale Distribution Business?
Own Pharma Marketing Company:
Start marketing of own brand name pharma products by opening own marketing company.
Why pharma marketing company?:
Sales professionals promote company’s products to doctor and convince them to prescribe their products to the patients. Same they need to do in own pharma marketing company. They can launch their own brand name products and promote these products to doctors and start their new business.
License and Registration required:
- Company Registration
- Wholesale Drug License
- Goods and Service Tax Number
- FSSAI registration
- Trademark registration
How to start?
- Choose company name
- Select products you want to launch
- Choose name for your products
- Complete licenses and registrations
- Contact pharma third party manufacturing or Contract manufacturing company
- Place order
- Finalize design and packaging material process
- Wait for manufacturing process completion
- Mean while finalize visual aids, product card, leaf behind cards, reminder cards printing
- Receive the products and start distributing & marketing
- Check out in detail: How to start Pharmaceutical Marketing Company?
Pharma Franchise Distribution:
Own pharma marketing company requires some sort of investment but pharma franchise distribution requires very less investment.
Why Pharma Franchise? :
You want to start own marketing business and don’t have much investment then you can start with taking franchise of any pharmaceutical company. With minimum investment and ready to use products, minimal time in launching is few factors that attract toward pharma franchise distribution. Along with goods, you also get promotional material like visual aids, bag, reminder etc to start promotion and marketing. Work in own pharma marketing company and franchise distribution is similar. Both have own advantage and disadvantages. Similarly in pharma franchise distribution, you have to promote and promote products to doctors so they prescribe these to their patients.
Licenses and Registrations:
Either you can complete licenses or registrations at your end or you can appoint stockiest having these licenses and registrations.
- Shop & establishment act registration
- Wholesale Drug License
- Goods and Service Tax Number
- FSSAI registration (For food and dietary supplements sale)
How to start?
- Choose for pharma franchise companies through own links or google or any other means
- Contact them and ask for product/price list
- Finalize company as per your requirements
- Arrange licenses and registrations or appoint stockiest
- Place order and receive goods
- Start marketing and selling of medicines
- Check out in detail: How to start pharma franchise business?
Sales Consultancy and training:
You have experience in pharmaceutical sales. You can utilize your skill and knowledge by providing sales consultancy or training to pharmaceutical companies’ sales staff and earn handsome income.
Why sales consultancy and training? :
Consultancy business is one of the most paying professions without transaction of any physical product. Consultancy and training business doesn’t require any physical product. This type of business requires even a single penny. Your knowledge, skill and expertise is enough to start own business. Many small pharmaceutical companies hire part time trainers and consultants for their sales staff training and motivation. Even big pharmaceutical companies invite motivation speakers, coaches, trainer from outside for their sales team counselling, training and motivation.
Licenses and Registration:
You will not require taking any license and registration for starting consultancy and training. But depend at your business type or set-up, you may take:
- Shop & Establishment Act registration or Company Regitration
- GST number
How to start?
- Develop your skill at a level to teach or train others
- Contact pharmaceutical companies for training sessions or start own training & consultancy sessions through social media like youtube, istagram, facebook etc and build your authority in industry so companies directly contact you for consultancy and training
- Check in detail: How to start pharma consultancy business?
Conclusion:
You can start easily from these businesses i.e. Pharmaceutical Distribution Business, Own Pharma Marketing Company, Pharma Franchise Distribution & Sales Consultancy and Training etc if you have sales experience in pharmaceutical sector.
Hope above information is useful to you….