Query:
I am interested to start pharmaceutical company in Tamilnadu. I need suggestion and ideas, we are two members which is better pvt ltd or partner firm? and one more doubt what is the different between pharmaceuticals, health-care, laboratories, drugs, pharma, life science?
Response:
In case of two partners, we will recommend private limited company option will be best option for you. It will have two major advantage:
- Equal liabilities
- Better company reputation
In reality, We also confuse regarding difference between these when it comes to company name. Like some companies add suffix pharmaceuticals, some use laboratories, few mention drugs, pharma, life sciences etc. Companies don’t use any logic while fixing suffix. They consider only which suffix will be best suited to their company name.
In general terms:
Suffix – Pharmaceuticals is term used for companies who are involved in manufacturing, sale, purchase and marketing of pharmaceutical related products, medicines, drugs, raw materials etc. Pharma is short term for word pharmaceuticals.
Suffix – Health-care is term used for companies who are involved in manufacturing, sales, purchase and marketing of all health related products whether related to medicines or not.
Suffix – Laboratories is term used for companies who are involved in manufacturing, sales, purchase and marketing of lab related products or involved in testing, r&d, research or related services or work. Lab is a short form of Laboratory.
Suffix – Drugs is term used for companies who are involved in manufacturing, sales, purchase and marketing of drugs and medicines.
Suffix – Life Sciences is term used for companies who are involved in manufacturing, sales, purchase and marketing of biological products and/or life related products etc.
other than these few suffix used are Biosciences, biotechnics, biogenesis, generic, biotech etc.
But you don’t need to confuse from these words. In practical approach very few companies use suffix properly otherwise most of companies work and services don’t justify with its suffix title.
Hope above information was useful to you….
Pharmaceutical companies will p ay an important role in the digital revolution of healthcare. But to capture this opportunities will require identifying the right initiatives.