A Brief Guide to Third Party Manufacturing for Pharma Company Owners
Very few people know the term third party manufacturing. But if you want to join pharmaceutical industry or rather intend to open your own pharma franchise company In India, you must be well acquainted with it. 3rd party manufacturing pharmaceuticals or contract manufacturing refers to the process of outsourcing pharma products from other production units with your company’s brand name on them. In today’s date, this is a very famous concept, especially among marketing companies and now pharma companies are also executing this strategy and getting their products from other manufacturing units. This turns out to be very profitable for companies. So if you are also interested, here are some easy ways to do this.
List your required products and ask for rates
Make a list of products that you need and have demand in the market. Now find one of the most trusted third party medicine manufacturers to run your pharma business smoothly. Get in touch with them through email or phone. Ask for their rates for the required products including production cost, minimum quantity to be delivered and product security and quality, etc.
Select composition and finalize quantity
Next, you need to check the formulation and the quantity of products that you want to be manufactured. Before making your order, ask about the minimum order quantity and amount for all tablets, capsules, syrups, injections, etc.
Making the order
Once you are done with the selection of composition and quantity, place an order to your chosen third party manufacturer. Now ask the manufacturer to confirm your order. After the order is finalized, you may be required to pay an advance amount initially.
Settle with artwork
Artwork such as your brand name, logo on the carton and foil as well as composition and manufacturing details of the products must be finalized right after finalizing the order.
Submit documents
In this deal, you will be required to submit a few documents for company profile. Drug license, directorate’s documents like Pan or Aadhar Card, TIN or Sales Tax registration certificates, manufacturing agreement with the company and Non-resemblance certificates are some other documents that will also be required.
Get delivery
Once the products are manufactured, you will be notified by your manufacturer the product details and rest of the amount that needs to be deposited. Once you submit all the documents and clear the amount, the products will be dispatched through the transporter to your delivery address.
