The drug industry is one of the richest investments on earth. With the number of diseases that are difficult to cure, crave for anti-aging, passion for cosmetic surgery and lots more, there is no country in the world that doesn’t have a strong pharmaceutical industry. Africa is a fertile ground for pharmaceutical investments.
How do you start up a pharmaceutical business in Africa?
Do a Thorough Research
Getting into a pharmaceutical industry requires you making a whole lot of research about the business. It doesn’t matter if you are a pharmacist or a smart business person. There are things you should know about this business. Making the necessary research enables you to know the pros and cons. This will help you consider if you really want to get involved in the business.
The Human Resource Departments
In the issue of profit and loss, scouting through the Internet and also making enquiries from other pharmaceutical companies about the price of a particular product reduces your chances of making a loss in the business. To succeed, get the basic information about the various products sales.
The Kind of Pharmacy
Getting into the business requires you to make a decision on how to establish it. Firstly, you can decide to start and develop your own company. Secondly, you can decide to buy from an already existing pharmacy company or from individuals who are willing to sell off their companies. In the latter case, you don’t have to struggle to make a name for yourself.
You can decide whether you want to run an online pharmaceutical store or a direct purchase service. The decision you make enables you to know the kind of relationship you would have with your customers. It will also help you to find a suitable location to run the business.
Making Professional Connections
After you must have decided on a particular type of business service you want to run, you would need a professional to determine the space and suitable location to run your business. And for those who choose the online business, the services of a website developer is needed so as to help build an active website to run your business.
The Pharmaceutical Companies
In order not to get confused, it is advisable to be in a business agreement with one wholesale company, where you would like to purchase your products at an affordable rate.
A Business Plan
You need a business plan to ensure that you do things rightly without running at a loss. The plan will determine the amount of capital to start the business like salaries of employees, utility bills, website hosting,etc. The plan will contain your scale of preference, the type of service you would want to render and the kind of drugs you would want to sell.
This business demands a huge amount of money! The licensing, clearance to start the business and stocking your business don’t come cheap. You are definitely going to break the bank before you can get that dream pharmaceutical business or shop.