How to choose product for new pharmaceutical company?

Query:

I want to start my own pharma marketing company and I want to start it in minimum amount but I am very much confused about product selection means initially what product would good to manufactured. Currently I am working in Neuropsychetric division of reputed Indian company. and I am MBA in pharma.

Response:

Read here: How to Start pharmaceutical company?

For most of start-ups, Investment is big issue in pharmaceutical market. You can start your own pharmaceutical marketing company by getting manufactured one, two or three products. You don’t need to go with big product list. Product selection is most important prospect of starting company. In your products selection, we couldn’t provide you any help because we don’t know what product you can sell in market. No one can know better than you which product is best for you. We are providing few tips. These may be helpful to you:

Market Research:

Market research is best option to find out low competitive product. Your known doctors, distributors, chemists can give you idea which could be best option for you. Collect data and study what is better for you. Don’t rush to start own company, Take time. Use all your connections and relationship. Understand market’s need and look for currently running & latest molecules those creating good market demand.

Already Selling products:

Products you are already selling could be good option to start. But there may be chances, doctors refuse to prescribe these products for you. Look for other competitors of same products and ask to chemist about sale of all companies. If doctor prescribe this product of more than 2 companies and one or more company is not big one. Then you could think to start with it. If doctor prefer only big pharma for this combination then there may be little bit less chances.

Check your budget:

Prepare your idea about how much money you can invest initially. According to your budget, prepare a list of products, you have strong hold. Then calculate investment per product. If you have investment concern, start with low cost products.

Old links and Old territory:

You can also think to start with products, you were selling in last company or last head quarter etc. If you are thinking to start own company as part time basis, it could be best option to launch it at old connections. If you want to launch after leaving job, just concentrate at most selling and new molecules of your segment.

Market Trend:

Not just in fashion industry, all industries run by market trend. Same is applicable in pharmaceutical market. New and latest molecules capture market easily as compare to old molecules. It becomes easier for new company to convert sales lead from doctor with latest and trending molecules. They have to face less competition also.

Some personnel experience we want to share related to product selection here. When we started our own Ayurvedic Company then we launched three products in starting i.e. Liver tonic, Uterine Tonic and Alkalizer Tonic. These were most selling products of our pharmaceutical company for which we are working. After launching we felt, we had mistaken in product selection. Then we conducted research and launched new product ayurvedic pain oil and capsule. It is now our most selling product. We had dumped first three products and doesn’t get good market response. But with next products, we get good response. Another product was flop. But next one was hit.

Reason of failing first three products was not, there was no demand in market. But there was many reasons. We are indicating few here for your knowledge:

• Packing 
• Not conducting market research and customer’s need 
• Assumption 
• Unaware about currently Trending Product 

It is difficult to predict which product will get response from market. But market research is must before launching any products. Don’t compromise with packing also. Start with full confident and with full efforts.

Hope above information was useful to you…

For any suggestion and query, mail us at pharmafranchiseehelp@gmail.com