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Myths about Branded-Generic Medicines

2020-06-05T08:24:15.548Z

The medication of Branded-Generic drugs is created to be same as of already existing and marketed patent drugs be it in dosage form, safety, strength, route of administration, quality, performance characteristics, effectiveness and intended use of the drug. Branded-Generic drug makers certainly bring competition to the drug market because of their low-priced drugs. But still, some patients prefer using patented ones instead of Branded-Generic ones. Let’s look at the myths our population has in their minds regarding Branded-Generic medicines.

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Myth 1: Many of you must have had this question quite a few times in your mind despite Branded-Generic drugs being cheaper assure you same quality and effectiveness as of patent drug how?
The fact behind this is Branded-Generic drugs are cheaper as compared to patent drugs because in that case, the manufacturers did not have to spend on the expenses of developing and marketing a new drug. Whenever a company introduces a new drug into the market, the company has already spent a substantial amount of money on research, development, marketing and promotion of the drug. All that the Branded-Generic drug manufacturers have to do is a basic level of marketing of the new Branded-Generic drug. A patent is henceforth granted to the firm that developed that very particular drug which further gives the company an exclusive right to sell the drug as long as the patent is in effect.

Myth 2: Branded-Generic drugs compromise on quality standards in the production phase.
It’s not true. The fact is the production of all Branded-Generic drugs follow the same quality standards for making, testing and packaging of drugs as the patented manufacturers do. In fact, sometimes, many Branded-Generic drugs are produced in the exact same factory where the patent drugs were produced following the same measures and standards as the patented drugs had gone through.

Myth 3: Branded-Generic Drug makers sell their products at slashed prices.
The reason why Branded-Generic drug makers can sell their product at lower prices is that their drugs do not compromise in terms of quality with patent drugs. Branded-Generic drug sellers sell at a lower price because they do not have to recover anything like their initial investment in research and development, clinical trials nor do they have to spend millions on tv commercials and marketing campaigns as the patented drug producers typically do. All they have done is spent an amount on the basic level of marketing of the newly launched drug. The Branded-Generic drug manufacturers can thus pass these cost savings on to their patients.

Myth 4: Branded-Generic drugs are not as effective as patent drugs.
It’s not true. Branded-Generic drugs have to prove bioequivalency with the patent drug showing that the drug works in the same manner in the human body as a patent drug does. Sometimes, Branded-Generic versions of the drug have different colors, flavors, or combinations of inactive ingredients than the original medications but don’t need to worry they have the same medicinal effects as patented ones.

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As the expense of healthcare services keeps on taking off over the rate of inflation, Branded-Generics are an uncommon source of healthcare savings. As the above rundown shows, there’s no distinction in the adequacy or quality manufacturing standards among Branded-Generics and patented drugs. Surely, they are both frequently created in precisely the same generation plant under the very same conditions. While you may not feel any distinction in your body, you can unquestionably feel it in your pocket.

Are Generic Drugs Safe and effective as branded Drugs?

2020-05-14T03:47:11.073Z

Quality of generic drugs seems to be of major concern for many people nowadays and many of them tend to have a myth in their minds that generic drugs compromise on their quality standards in the production phase and therefore are less effective and safe and also cost less. But there lies a fact behind this myth i.e generic drugs use the same ingredients as their brand name counterparts and hence are prone to have similar pharmacological effects as their brand name counterparts.

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Generic Drugs are quality assured

The medication of generic drugs is created to be the same as brand name drugs in terms of dosage form, route of administration, performance characteristics, quality standards, effectiveness, and intended use. To ensure the parameters like safety, quality, and effectiveness, the generic drugs are meant to go through a rigorous analysis process including the review of scientific information about the generic drug’s ingredients and performance characteristics. Moreover, India’s Central Drugs Standard Control Organization requires that a generic drug production unit meets the same standards as that of the brand name drug manufacturing unit.

Generic Drugs have same Medicinal Effects

Adhering to the rules laid out by CDSCO for the generic drug manufacturing unit, it is not allowed that generic drugs possess the same colors, flavors, or combinations of inactive ingredients as that of brand name drugs. In accordance with the Trademark laws, generic drugs should not look exactly like their brand-name medication, but the active ingredients ought to be the same while manufacturing both the drugs fortifying that both have the same medicinal properties and effects. In fact, according to estimates, 50% of generic drug production is done by the brand name drug companies within their production units.

Generic Drugs prove bioequivalence and also Cost Low
Generic Drugs often cost 30-50% less than brand name drugs because they do not have to spend much on advertising costs and other expenditures that incur when a drug is introduced. Hence, this is the major reason why generic drugs cost less and are not less effective because of their low cost. Generic Drugs have to go through certain test and prove bioequivalence with the patent drug exhibiting that the drug works in the same manner in the human body as a patent drug does. This means that chemically they need to exhibit the same medicinal effects with minute variations.

Generic Drugs are manufactured under the same conditions as brand name drugs
Generic drugs tend to be an uncommon source of healthcare savings amidst the sky-high healthcare services costs. The manufacturers make sure that all the generic Drugs are produced with the same quality standards and under the same conditions just as brand name drugs.

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Taking into account the above rundown, we’ve come up with some informative conclusions that generic drugs possess no distinction as compared to brand name drugs in terms of quality standards, production phase being low in cost. These drugs have the same medicinal properties and are as safe as their brand name counterparts.

STEPS TO START A PCD PHARMA COMPANY IN INDIA

2020-04-21T08:01:50.445Z

The scope of the Pharma industry in India is immense and this industry is a hub of opportunities for those looking out for new avenues of investments. India’s pharmaceutical exports stood at US$ 17.27 billion in FY18 and are expected to grow by 30% to reach US$ 20 billion by the year 2020. Hence investing in the Pharma

Industry in India can be a profitable venture. But taking up any venture calls for the whole set of legal formalities to comply with and investment.

Similarly, starting a PCD Pharma Company in India calls for compliance with a lot of rules and regulations and terms. Let’s take a glance at the step by step procedure of setting up a PCD pharma company

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A business plan is a blueprint that will guide your business from the very initial stage through the establishment and eventually business growth. It is a must for all new ventures. The type of your business plan would depend upon your finance requirement. If you want to seek financial help from banks or financial institutions then go for Traditional business plan. In this plan and if not, then a simple one-page business plan for you would suffice.

Plan your Finances

No company can be established without finance. So, knowing an estimated cost of establishment and the source to fund your business is very important.

Put together all the expenses that you would need to make in a spreadsheet (include property buying or leasing cost, licenses and permits, equipment and machines, infrastructure and building premise, market research, inventory, branding, insurance). Also add to it the working capital that you would need for running the business for at least a year (eg marketing and advertising, employee salaries, travel expenses, etc). Adding all these expenses would make you arrive at the figure of the initial investment required.

Next step is to look for Ways to Fund your business, it could be through your own equity or debt from banks or financial institutions.

Business structure

In the case of above 2 partners and below 50 partners, a company can be registered under private limited company or limited liability company and for the single proprietor, one can go for a one-person company.

Decide a good Business Name

The business name plays a vital role in all aspects and is a silent ambassador of your company. Decide Brand names of all products and make sure that these don’t resemble any other brand already existing in the market

Documentation, Licensing & Certification

Commencing a Pharmaceuticals Company in India needs licensing and approvals from various different authorities. Most of them are a one-time investment which may last a lifetime, while some may require renewal after a certain time period.

Drug License Number: Drug license number is necessary for every company to start distribution or marketing in India.

Company Registration: In case of above 2 partners and below 50 partners, a company can be registered under private limited company or limited liability company and for the single proprietor, one can go for a one-person company.

Food Safety & Standard Authority of India (FSSAI): Annual registration required.

Trade Mark: Trade Mark registration is necessary to safeguard one’s intellectual property. Trademark registration can be obtained for a business name, brand name, logo, tagline or caption, etc.

GSTIN: Pharmaceuticals and medical supplies in India are taxed at four separate rates of Nil, 5%, 12%, and 18%.

Set up your Business location

Including your office and a warehouse for storage. Ensure that all the premises that you select should have adequate space and are established as per Govt. norms.

Products selection and development

One can start a pharmaceutical company by getting manufactured one, two or three products. One doesn’t need to go with a big product list. Product selection is an utmost important prospect. Do proper research and prepare a list of all the molecules and combinations, you wish to launch in the market. Understand the market’s need and look for currently running & latest molecules those creating good market demand.

Finalize third-party manufacturers

Send quotation for minimum batch size and minimum possible rates to as many third-party manufacturers as possible (as it helps you crack the best deal). Select the best manufacturer who can assure you timely and quality services. Third party or contract manufacturers, manufacture products for you in their factories and save you from the hassle of running a whole manufacturing unit.

Place Your order with the selected Manufacturer

and make sure to send affidavit (specifying that the brand name of the product belongs to you and you will be totally responsible for any brand name or trademark conflict and manufacturer will not responsible for any conflict in future with respect to brand name or trademark). Manufacturers also ask for a scanned copy of your drug license number and GST number.

Make agreements/contract with them

specifying the agreed terms and conditions and the other details about the deal.

Start Building your Team

Make sure that you hire experienced people. Appoint only registered pharmacists and carefully select the whole sellers or super-distribution companies who would push your product in the market in the best manner. You would also need MR to visit and promote your products to doctors.

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Promotion and Marketing

of the products and brand name can really turn around the sale game and make a company earn huge profits.

Design a good logo for your brand and choose it wisely as a logo says a lot about a brand silently.
Packaging and Labelling do more than just protecting and storing a product. They play a vital role in promoting and developing the image of a brand in a market.

Prepare visual ads, product cards, and promotional materials.
Design a good website and run ads on the internet.

Are Generic Drugs Safe and effective as branded Drugs?

2020-03-25T00:56:46.995Z

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Generic Drugs are quality assured
The medication of generic drugs is created to be the same as brand name drugs in terms of dosage form, route of administration, performance characteristics, quality standards, effectiveness, and intended use. To ensure the parameters like safety, quality, and effectiveness, the generic drugs are meant to go through a rigorous analysis process including the review of scientific information about the generic drug’s ingredients and performance characteristics. Moreover, India’s Central Drugs Standard Control Organization requires that a generic drug production unit meets the same standards as that of the brand name drug manufacturing unit.

Generic Drugs have same Medicinal Effects
Adhering to the rules laid out by CDSCO for the generic drug manufacturing unit, it is not allowed that generic drugs possess the same colors, flavors, or combinations of inactive ingredients as that of brand name drugs. In accordance with the Trademark laws, generic drugs should not look exactly like their brand-name medication, but the active ingredients ought to be the same while manufacturing both the drugs fortifying that both have the same medicinal properties and effects. In fact, according to estimates, 50% of generic drug production is done by the brand name drug companies within their production units.

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What are the prerequisites of starting a PCD Pharma Franchise Company in India

2020-02-12T12:19:37.075Z

Starting a business has become a lot easier in today’s scenario but yet it becomes unsustainable when the product doesn’t work or just because of some internal issues. Due to this, business people think twice before getting into big business ventures. Franchising although has become a lot more popular these days due to its low-risk factor, in terms of products as well as investment. In these times where the Pharma industry has grown rampantly, with approximately more than $ 1 trillion capital worth of market, it’s no wonder that it had to jump on the franchise field as well. To strengthen the marketing strategy and the sales of their products Pharma Companies have now started to provide multiple business opportunities to individuals as well as businesses through Franchise business. Now let us talk about how you can get into this trending business that is creating a lot of hype worldwide.

Concept of PCD Pharma Franchise:

PCD which means Propaganda Cum Distribution is a brand-new concept used specifically by the Pharma companies. Through this marketing concept, individuals and businesses are granted authorization by the pharmaceutical companies in India. These individuals get direct access to the proprietary knowledge, products, trademarks, monopoly rights and are also liable for mutually agreed terms and conditions between the two parties. This concept is a refined version of the Pharma Franchise that used to prevail previously. But although PCD is for small scale business, this is the only difference the previous and new concept.

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But what are the prerequisites so that you are on the safer side at all times?
Monopoly Right Vacancy & Expansion:

Because you are starting a franchise business, it is immensely important that you get a vacant place at the desired location where resources you need are accessible and where there is a huge demand for the products. This plays a big role as you also have to forecast the expansion you can make in the near future. And always have your monopoly rights in a written agreement with clear terms and conditions agreed by both parties. This monopoly right will save you from the competition and also escalate your growth in a massive way.

Qualification & Experience Needed:

To get into PCD Pharma Franchise business in India is not a big deal because you don’t require to be a professional pharmacist Although you do need some years of experience in selling and promoting of pharmaceutical drugs. Check to mark the list below and you are good to go with this requirement.

At Least 2-3 years of experience in selling and marketing of pharma products
There is no minimum qualification for this business, although a bachelor’s degree would be great for the business.

Investment Needed to start a PCD Franchise business:

In any Business, investment plays a major role in starting and running the business on a regular basis. Even if you are thinking of starting a PCD franchise, it does have an investment requirement. Because PCD is the miniature form of Pharma franchise, you don’t have to worry about huge investments. You can start from as low as Rs.10,000 to as high as Rs.3-4 Lakhs according to your affordability. This makes PCD franchise business much affordable for many pharma entrepreneurs and we can say that this is one business model with the least risk factor. Although we advise you to keep at least Rs.1 lac in your bank as an emergency fund so that your business can bear those shocks and as well pay its bills regularly.

Registration Documents Required for PCD Franchise Business:

Documentation and registration is a process you shouldn’t miss out while you are dreaming of building your business. Pharma companies and the government is quite strict in this case because millions of lives will be affected by your business. So, you shouldn’t play with the health and lives of the people, it might put you in big trouble. So, to become a certified dealer and get approval to do business with the top Pharma companies, you must have the following requirement of registrations and documentation:

Drug License Number.
Pharmacist registered under State Pharmacy Council
GST Registration
Private Limited Company Registration, if required.
PAN Number.
TIN Number (Tax Identification Number)

How to find the Best PCD Pharma Franchise in India?

After knowing everything about PCD pharma franchise business, now you feel like you are ready to start the business right away. But wait, because you are left with one deciding factor which depicts the success of your business. You won’t get the success you dreamt of if you stand by the wrong Pharma company. You must be critical while selecting and choosing the company, whose products you want to promote and sell. Here are some tips you can use while you go through different Pharma Companies:

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First of all, your research needs to be strong. So, search for the Pharma companies on the internet as well as do physical research on the ground by asking people who are aware of this business or who have done it for a while.

Once you have different companies in your hand, start learning about them. Look at their registrations and documentation as well as. See if they are ISO certified or not and all other things which make a company legit.

Then see what is it that they are offering you, the benefits you will get and also other rewards and perks you get if you start their franchise.

One of the most important things you must look out for is monopoly rights. You should only start a PCD pharma franchise business if the pharma company provides you monopoly rights. This will let you capture the market around your allotted zone and you will not face competition
.
See if the company can meet the demand when the order comes because sometimes it’s shown just on the catalog and this will delay your delivery.

Watch out for quality issues because it can have a major impact on your business.
See if they have GMP certified units, and are self-owned.
Their drugs list must meet the DCGI drug list.
Quick delivery assistance is a must.
Must have genuine quotation prices.

Conclusion

It is forecasted that the Indian Pharma Industry will reach a mark of US$ 55 Billion by 2020. An industry which didn’t get affected a bit with the introduction of GST (Goods & Services Tax) is one hell of an industry. Pharmaceutical drugs never go out of demand and they are here to stay till the next apocalypse. With undying demand and industry which serves straight to the masses, getting into Pharma Business wouldn’t be a bad choice for starters. To deal with PCD Pharma franchise company in India and start your own business in our perspective is a great way of earning good money with less of an investment.

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2020-02-05T10:33:24.614Z

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Tips to Choose the Best PCD Pharma Franchise Business

2020-01-17T11:24:54.818Z

With an ever growing industry and never-ending demand of products, Pharmaceutical industry has become one of the most profitable fields of business ever in India. Entrepreneurs are closely analyzing the escalating growth and some are even trying their hands on it.

Pharma franchise & PCD franchise which are some of the latest marketing tools adopted by the Pharma industry have been well received by young entrepreneurs. It provides them with an opportunity to leverage the well-established brand power of the Pharma companies and also accumulate wealth in the process.

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Especially PCD franchise business, which is an innovative franchising opportunity for entrepreneurs who have a low budget for investments. Due to exponential development happening in the medical sector around India and high fragmentation of the market, even small businesses are empowered to compete and survive in the cut-throat competitive market.

So, If you are an entrepreneur and want to start a PCD Pharma Franchise business in India then you must give this article a read. We have laid down some helpful tips with which you can choose the best PCD Pharma Franchise Company for your own business.

1.Check Company Profile:
Profile of the company must be of your first priority when selecting a PCD Pharma franchise company. You need to check if it has been approved by big agencies or not. Also, its documentation and certifications are something you shouldn’t miss out on.

Some of the important documents and certifications that you must look out for in PCD Pharma franchise are :

Drug Licence number (D.L. No.)
GST(Goods & Services Tax)
Tax identification number (TIN)
Company Registration
Trade Mark registration
GMP Registration
Also see if they have some good awards & certifications for quality, productivity & fair business practices. So, do thorough research on the company first and get to know their background.

2. Analyze the product catalog:
Product range and also its quality is an important factor which can decide your success in this type of business. A pharma company with an extensive range of products with attractive packaging and labeling would be of greater advantage to you.

You just can’t take this part lightly as your major ROI will depend on it. With a larger range of product, you can serve a larger audience of customers. So, make sure the pharma company has at least 700-1000 different types of products.

Also, make an effort to visit the company and check the culture and also the products that they have to offer.

3. Investigate their Customer Support:
Due to the exponential growth of the Pharma industry in India, there are a ton of them in the market. So, make sure you select the one which has a long term vision and a greater purpose. You must investigate the kind of customer service these companies are providing.

Look out for any complaints or grievances shown by the franchise because a lot of issues may pop up while you conduct others business. You may not get the stock on time or there may be a shortage of availability. So, make sure you keep this in mind.

Ask if you get timely service and also if you get a dedicated account manager to handle all your transactions.

If the pharma company provides you high-quality service then you can further do the same with your customers. Right?

4. Research about the Brand Presence:
The goodwill and reputation of any company are crucial to determine its longevity and market value. This same principle you must apply while selecting a PCD Pharma franchise Company. This creates trust and reliability from your customers and increases your conversions and sales.

While selecting a Pharma company, analyze their social proof. They must have a great presence in the advertising networks, their marketing systems must be strong and also the kind of response they get from the general public

You can make out their presence by looking at the amount of value they have brought in the lives of people through their products.

5. Look for Experience:
An experienced pharma company in its specific industry will undoubtedly provide you with better products and services. Selling medicines and managing a business empire are two totally different things.

Everyone can sell the medicinal drugs but all do not have the expertise to manage the company and create a rock-solid system of the business. So, expertise only comes with experience and you must not ignore this factor as well.

Even medical practitioners advise the same and they don’t like to shift from one brand to another. If one works well, they use it until an issue comes up. So, an experienced Pharma company would be a better choice for your business.

6. Clarify the Terms & Conditions:
To be on the safer side of everything, read all the documents regarding the terms, conditions, and policies of the Pharma company. First, check the payment terms and also clarify it with them. Ask them about how you are going to pay for the investments, at what intervals and also the amount you will pay.

The second important thing is your monopoly right. This lets you be the sole distributor around the proximity of your selected area of business. This lets you enjoy the monopoly and doesn’t affect you with competition from others.

Both the payment terms and monopoly rights must be in legal written form so that you don’t face any issue in the future. Read the policies properly and get these documents from the company. Then you are good to go.

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Conclusion:
This article must have given you much more clarity on this topic. A PCD Pharma Franchise company lets you escape the corporate world and helps you become an entrepreneur. This has become quite popular around the world and recently it is picking up its speed in India as well.

If you make the right decisions followed by a strong strategy, you will surely find greater success in this business model. Don’t make a mistake and choose the right company for your business.