Query:
I gone through your blog “www.pharmafranchisehelp.com“. I have plans to start own pharma marketing company and I don’t have any prior experience in any business and my qualification is MHRM in Industrial Relations and Human Resources Management. Currently I am working as a software consultant.
First I want jump in to from my current job to pharma marketing company so I would like to know – Is this business will go with below 1 lakh? Why I am asking like this because I don’t want burn my hands. If so then what are best 10 products? and how to know those products will go fast in current market? If you provide your contact number so I can reach you.
Response:
We are not demotivating you but from our point of view, without any prior experience in pharma sale and marketing, it is not easy to set-up pharma marketing company. Marketing and sale type in pharma marketing is very much different from other products sales and marketing.
In Pharma marketing and sales, Doctor is the final authority. There is few types of marketing from which you can start. Read complete description about type of Pharma marketing.
If you want to read what are the advantage and draw backs of each marketing type. Read:What are the drawbacks/advantages of generic/ethical/pcd/Franchise marketing ?
You can start from below one lakh investment but you should have good market hold. You should have good number of doctors those can prescribe for you. In that case, its become some what easy for person to start company from 2-3 products and increase it gradually. As you mentioned, you don’t have any experience in pharma marketing or sale, it become difficult to start with below 1 lac. If you want to now budget for starting pharma marketing company read here
As we mentioned above, doctors have key role in pharmaceutical market, product selection also depend upon doctor’s product choice. Which product will run in market is depend at what doctor prefer to prescribe. Take example of antibiotics, some doctors like to prescribe cefixime, few likes cefpodoxime, few prefer combinations of antibiotics, few will like ofloxacin or levofloxacin or any other antibiotic or combination. Same in case of PPI’s, some doctor prescribe rabeprazole, some likes omeprazole, some still like ranitidine, different doctor prefer different molecule for particular disease.
Product selection and whether this will move fast or not in market differ depend at location and territory and doctor to doctor. You should conduct market research for area, you want to launch your company. Only after market research, you can find best selling pharma products in that area. If you want to launch pharmaceutical marketing company at franchise basis, then select your products at basis of what you distributors sell in good quantity. Read What is Pharma Franchise and how does it work?
We will recommend you to conduct proper market research and then start your journey in pharma market. When I first started as medical representative, the first thing that was been teach to me that in your first visit, you have to talk to chemist and tried to find out molecules which are prescribed by doctor so, you can promote only that molecule to this product and can find quick response.
In Indian Pharmaceutical market it is difficult to predict top 10 most selling pharma products unlike USA and Developed countries market. But you can idea get of most selling brands or molecules through searching at google or read our article top most selling pharma products in Indian Market.
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Mail us at pharmafranchiseehelp@gmail.com for query and suggestions.