1. Have the funding.
A pharmaceutical business requires millions of dollars to set up. Investors should be petitioned for the funds, and in order to convince them, you should come up with a viable business plan.
2. Get proper licenses and permits.
These are required for drug production and distribution. Investigate your state’s specific regulations.
3. Protect yourself with a patent.
If you are producing new drugs, you need a patent to protect your investment in R&D.
4. Have a premises in mind.
Any business involved in manufacturing needs a set base. This could be either rented, built or bought.
5. Get the right equipment and furniture.
The basic equipment needed will comprise of; RMG, FBD, a blender, shifters, 2 multi mills, a blister packing machine, 2 tablet compression machines and a pan coater (if the tablet will be coated).
6. Hire a qualified staff.
They should have very high credentials based on their position in research, development, testing and manufacturing of the drugs.
7. Have a consistent and feasible marketing plan.
Research the available market and potential competitors, and adopt strategies that reach and mobilize your base.