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Some common terms for Pharma Professionals

Some common terms for Pharma Professionals

Pharmaceutical is one of the largest business sector of this glob. We cannot imagine disease free life without drugs and medicine. There are number of employees, channel partners, wholesalers, retailers, Pharma Franchise Companie and professionals are working to make pharma as one of the most active segment in this world. There are number of peoples and pharma professionals still unaware with some of the most famous pharma terms. So we are trying to include some of the most asking questions in this article.

Drug License- It is one type of authorization certificate issued by drug authority of India for conducting particular business such as stocking, distributing, test, import, export and many other businesses as per Drug Rules & Acts 1945.

Drug License Number- To maintain all records of various firms and PCD Pharma Companies, every drug license has a unique number. This is known as drug license number.

Requirement for Pharma distribution business- Firstly we need retail drug license for starting business of pharma wholesaling and distribution. Another thing to consider is wide distribution channel required for distributing our pharma products at targeted location.

Requirement for Pharma retail business- Retail drug license and pharmacy registration is must for starting pharma retail business. Location also plays important role deciding benefit in this business. Registration is must for starting pharma retail business.

Requirement for Pharma marketing company- For starting pharma marketing company, following licenses are required:

  • Drug License Number
  • FSSAI registration (If applicable)
  • GST Number
  • Company registration certificate
  • Trade mark registration of company name

Requirement for Pharma manufacturing company- For starting pharma manufacturing company, we need following documents

  • Drug manufacturing license
  • Wholesale drug license
  • Tax number / GST
  • Registration of company
  • Company trade name registration

Pharmaceutical Trading- Buying and selling of pharma products and medicines are known as pharma trading. You should have drug license and documentation as per government regulations for pharma trading. Retailers, chemist, distributors etc. are known as pharma traders. They must possess drug license number for the business of pharma trading.

Pharma Purchase and Sale- The term pharma purchase is refer as purchasing of pharma products and medicines from authorized pharma manufacturer or trader. Similarly selling of pharma medicines and raw materials to pharma trader or pharma manufacturing companies is known as pharma sale.

Margin calculation- In pharma business, we need to calculate different rates and margins for wholesaler, chemist and stockist. We will get products on manufacturing or net rate base and we need to calculate price and expenses for other channel partners. Formula used for this calculation is MRP*100/ (100+Percentage).

Types of marketing Following types of pharma marketing are used in pharma segments. It is given as below

  • Brand Marketing
  • OTC product marketing
  • Contract manufacturing
  • Generic product marketing
  • Pharma Franchise marketing

Pharma Franchise- Professionals or pharma companies who work with PCD Pharma Companies on franchise basis known as Pharma Franchise Company. In franchise model, PCD Companies provide authorization to pharma franchises to use their products, brand name, logo, promotional tools and services for the distribution, marketing, and supply of medicines in given area or location.