How to start Medicine Marketing business?

How to start Medicine Marketing business?

How to start Medicine Marketing business?

Friends, today we will talk about Pharmaceutical Business.

Medicine Marketing Business in Hindi The size of the Indian pharmaceutical market is around 20 Billion Dollars i.e. 1 lakh 32 thousand crores and it is expected to grow at 20% CAGR in next 5 years. This means that the Indian Medicine market is so large that it has the ability to absorb thousands of youth as a business person.

As entrepreneurs, this market share can be made in many ways. For example:

By starting his own pharmaceutical company
By opening a drugstore
Become a stockist or wholesaler
Start by diagnositic lab
By starting a hospital or clinic
By doing drug marketing
And so on
How to start Medicine Marketing business?

What does medicine marketing mean?
When you go to a doctor for treatment, some of the medical representatives (MR) who tie several times are also seen waiting for the doctor. MRs from a pharma company, such as Ranbaxy, Cipla, etc. Is an employee of and meets the doctor about his company's medicines. And make these available at chemist shops.

On understanding the doctor prescribes their medicines to the patient and finally the patient demands them at the claim shop and in this way these medicines are sold.

So, basically in the work of medicine marketing, you have to promote your selected medicines in the market so that they can get more and more sales. And the work of promoting is done by meeting the primary doctors and convincing them to prescribe those medicines.
Generally MR working in medicine marketing is done by pharmaceutical companies, but you can also do this without becoming an employee of any company. Let's know how?

There are two ways of marketing drugs:

First: you register a company and do marketing of medicines under it. In this method, you can either manufacture medicines yourself or buy medicines from pharmaceutical companies and do marketing in your company name.

Example: Mankind Pharma is primarily a medicine marketing company. They seldom make medicines, mostly they manufacture from someone else and market the medicine in their own name. If you buy a strip of medicine of this company, it will be written on it - Marketed by - Mankind Pharma but there will be someone else's name in Manufactured by.

How to start Medicine Marketing business?

Second: You market the product of another company without forming a company.

The second way is a little straight forward and if you do not have much potential in the pharmaceutical industry, then this is the recommended way to start. Let us know about this in detail:

Steps in Starting Medicine Marketing Business without Registering a Company (Hindi)
Steps to start a drug marketing business without registering a company:

Step 1: Understand the drug market of your city:

Drug marketing is not so easy. If you do not have experience in the pharma industry and you start this work then there is very less chance of success. Therefore, it is better that you understand this work and overall market of medicine before investing your time and money in this work. For this you can also work as a Medical Representative in any pharma company. (For MR work you should be preferably science graduate, salary can be 15-30 thousand + incentives. It is a must to read English and you can speak even better)

How to start Medicine Marketing business?

By visiting the market, you will find out what kind of medicines sell more and which medicines you can make a part of your marketing portfolio by meeting with doctors and chemists.

So do not start this work in a hurry, only after understanding things, join hands in it.

Step 2: Select the medicines to be marketed:

In the beginning, you should choose 4-5 medicines and just market them. If you start marketing a lot of medicines at once, then it will be difficult to manage, so start small.

In this step, you should also decide which manufacturer or from which manufacturers you will order these medicines.

Step 4: Manage the money:

To start this work you will have to bear many expenses:

Bulk Drug Manufacturing From Manufacturing Company
Doctors prescribe your medicine to entertain them (this is also a big expense)
Giving free samples
Taking diary, leaflets, gifts etc. for distribution
Travel cast
Salary, if you are employed
Office expense, if you open an office. Most people start this work from home.
If you keep a rough estimate, you should have Rs 3-4 lakh for all these works.

Step 3: Build a team

If you can add some experienced person with you as a partner or employee then it would be good. However, it will also depend on your budget. Most people start off alone and recruit a few MRs once work increases. If you want to work alone then you ignore this step.

Step 4: Place the medicine order

Have to understand a little here. No person can ask for such medicine from a company to do business. You have to make a stockist or wholesaler for this work, and since you are doing this work as an individual, you have to contact a stockist or wholesaler of the manufacturer of the medicine you are seeking.

Let's take an example:

If you are working as an individual in Lucknow and you have to purchase medicine from XYZ medicine manufacturer based in Himachal Pradesh (HP) then you have to do these things:

The stockist of XYZ will have to find out and talk and explain his requirements.
Place your order by contacting XYZ and deposit money in return
XYZ will ship to stockist
You will collect goods from stockists
Stockists will have to pay VAT on your goods, so they will charge you VAT + some more money to provide this facility.

Suppose the goods you ordered from XYZ was for 100 rupees but if MRP of that entire consignment was added up then it was 1000 rupees, then you have to pay about 10% of MRP to the stockist, ie 100 rupees.

How to start Medicine Marketing business?

This is because the stockist has to pay 5% of MRP to the government as Vat (tax) and he wants some benefit of his own, so approximately you have to pay 10%.

How to start Medicine Marketing business?

Do not be surprised if you are surprised by the MRP of Rs. 100 for goods of Rs. 100, as the margin in the pharmaceutical business is very high. For instance, a tablet of branded energy supplements is made from Rs 1 to 2 and is sold for Rs 9-10. :)

How to start Medicine Marketing business?

Step 5: Start marketing these drugs now

After getting the medicine, you have to do the marketing work i.e. get the doctors to prescribe your medicine to the people. For this, you have to use some marketing tools -

Prepare a folder related to your medicines
Keep medicine leaflets
Keep free samples
Keep reminder card
Reminder card: On this card, a request to write your medicine to patients is written. Make sure to use this card, you cannot meet the doctor every day, but if you make sure that these cards are present at the doctor's desk, your chances of prescribing your medicine are increased.

How to start Medicine Marketing business?

How much can be earned from this business?
Since it depends on many things, no specific number can be given, but if you talk thickly, then if you take 1 lakh goods from the manufacturer and it is completely sold, then you earn 60-70 thousand. Might be possible.

How to start Medicine Marketing business?

how ?

Suppose you ordered a medicine that the manufacture gave you @ per strip = Rs. 10

The MRP written on that strip is: Rs. 70

How to start Medicine Marketing business?

Trade Rate = Rs. 56 (It is usually 20% less than MRP, at the same rate you give the medicine to the chemist)

The wholesaler through which you ordered the medicine will have to be given to him = Rs. 7 (10% of MRP)

Will have to spend on Doctor * = Rs. 24.5 (35% of MRP)

Other expense: Rs. 7 (10% of MRP)

Now let's see where the money came from and where it went:

Money came: Rs. 56 The price at which we gave the medicine to the chemist

Money went: Rs 10 to the manufacturer, Rs 7 to Hollesler, Rs 24.5 to the doctor, the remaining expenses are Rs 7, ie total (10 + 7 + 24.5 + 7 = 48.5)

That is PROFIT = 56-48.5 = 7.5 rupees.

It means you took a medicine leaf for Rs 10 and earned Rs 7.5 on it.

How to start Medicine Marketing business?

Meaning if you take 1 lakh of goods and sell it completely, you can earn 75 thousand rupees on it.

Note: This is just an example, this cannot be generalized. Profit in reality can be less than this and more, it depends on what kind of medicines you are selling, in what volume and what is the margin.

How to start Medicine Marketing business?

Some other important points:

  • Do not run after the very big doctors initially, work on small doctors located at some distance from the city.
  • This is a credit business, you do not get money as soon as you deliver the goods. Therefore, keep the work of writing and education very firm. At what date, how much merchandise was given and how much money has been collected, they should all be accounted for correctly.
  • Be patient to succeed. The doctor who makes you wait for hours in the beginning will later get millions Business can also provide.
  • Interpersonal skills are very important in this work, so if you lack in them, then improve yourself. (Read this article on Personality Development)
  • Provide good and timely service to your stakeholders (doctors, chemists, etc.).
  • In this way, you will just have to pay income tax on the income earned by working, while if you do this work by forming a company, you will have to pay many more taxes and many records will also have to be maintained.
How to start Medicine Marketing business?

How to start Medicine Marketing business?

How to start Medicine Marketing business?
How to start Medicine Marketing business? How to start Medicine Marketing business? Reviewed by Shubham Jadhav on January 05, 2020 Rating: 5

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