Are you a qualified pharmacist looking for a new business venture? Many pharmacists go on to become successful entrepreneurs in this field by setting up their own pharmaceutical companies.
Being a pharmacist is a highly regarded job in the UK, with plenty of prospects. Statistics show that there are around 69,000 employed and self-employed pharmacists in the UK with numbers showcasing an upward trend since 2010. There are plenty of avenues to explore, including drug development or even pharmaceutical sales. Here’s how you can get started.
Business plan development
The first step involves forming a viable business plan. Your plan should be underpinned by financial projections and realistic forecasting. You may need to consider securing suitable premises for your business while factoring in considerations like pharmacy insurance, which can give you added peace of mind. This way, you could benefit from protection against unexpected issues or third-party claims. This business planning stage is also where market research and competitive analysis can be invaluable.
Market research and niche identification
Market analysis will be fundamental to the success of your business. You need to identify gaps and determine which USPs will make you stand out. While the pharmaceutical industry may appear vast, there will be niches you can tap into – and focusing on a particular location may help you with this. You might look into certain niches, such as drug formulation, or set your sights on healthcare solutions.
Regulatory compliance
Ensuring that you comply with industry regulations is crucial. This will involve looking into licenses and permits. Regulatory bodies such as the General Pharmaceutical Council exist to help maintain standards across the industry. Take the time to understand what is required for your business to remain compliant.
Funding and capital
Assess whether you need to fund your venture with additional capital, which might involve applying for a grant or securing funding from investors. This might be needed to cover operational costs, the manufacturing stages or the development stages, for example. Otherwise, some entrepreneurs may use personal savings or loans.
Research and development
This sector demands extensive research and development. Embrace this by tapping into pharmaceutical innovation and help your offering stand out. This will typically involve collaborating with scientists or creating partnerships. You may also decide to invest in drug development or another field you’re interested in.
Manufacturing and distribution
The supply chain and general operations will need to be planned carefully. Consider the manufacturing premises and equipment, as well as the location. These decisions will feed into the smooth running of your distribution channels. Staying on top of regulatory compliance is essential and your decisions should consider these.
Marketing and sales strategies
Sales and marketing are a huge part of creating a successful pharmaceutical business. Your initial market research should help you identify key USPs and selling points, as well as establish a target audience. Then, it’s a case of deciding how to approach this audience, whether done through B2B or B2C marketing methods using anything from email to social media.
