Before we begin with the steps involved in the Third Party Pharma Manufacturing, let’s first understand the concept. This is basically outsourcing pharmaceutical products. This means, the pharma products will be manufactured in someone’s facility but will be marketed under your own brand name. This is one very popular strategy and has encouraged the pharma industry to get into it.
Now you must be thinking, what are the benefits. Why are pharma companies and other multinational companies looking for third party manufacturing? The benefits are:
- Uniform product quality
- Easy business expansion
- Business opportunity for pharma companies and manufacturing companies
- Rich professional experience
- Higher efficiency
- Profitability paradigm
- Cost-effective manufacturing
After knowing the benefits, it becomes important to know how exactly the entire process of Third Party Pharma Manufacturing is done. Let’s read ahead to know the process:
STEP - 1: List Of Required Products And Request For Rates
Firstly, pen down all the products that you required to be manufactured. List all the potential manufacturers. You can take the help of referrals, social media, or online research. Drop an email to all the manufacturers and ask for quotations in return. Their quotation will include the cost of the product, securities, delivery schedule (minimum quantity), etc.
STEP - 2: Finalize Your Order Quantity
After receiving the quotations, finalize the one that suits your requirement and budget. Thereafter, finalize the order quantity and state all your requirements. For example, write the products along with the minimum quality you require by you.
STEP - 3: Place The Order
After product composition and finalizing order quantities, all you need to do is place a purchase order with the manufacturer. Request for confirmation from the manufacturer, regarding your product requirement. Thereafter, the manufacturer will ask for the partial advance amount deposit, so that they can be assured of your requirement and thereafter start the production process.
STEP - 4: Finalize Artwork
By the time the product is in process, you can go through with the branding and packaging. This is termed artwork. The points to be checked upon are as mentioned below:
- Your Brand Name on foil and carton
- Packing details, manufacturing details, composition, etc.
- Design and color combination
- Marketing company name, address, logo, etc. on foil and carton
STEP - 5: Submit Required Documents
Do not delay in submitting the required documents to the manufacturing company. For the records they will be requiring the below mentioned documents from your end:
- Company profile
- Identity card of the Director (PAN Card, Aadhar Card)
- All relevant drug licenses
- Certificates of Sales Tax/TIN Registration
- Manufacturing Agreement
- Certificate for Non-resemblance
STEP - 6: Products Delivery
After the product is manufactured, it is very important for the finished good to be delivered to the marketing company well in time. Before that, do not miss to make the final payment as this could be one of the reasons for the delay in delivery. After the clearance of the accounts and submission of essential documents, the products will be dispatched.
Being a leading Third Party Manufacturing Company in India, we, Noreva Biotech, have listed tips that will help you. So, with Third Party Pharma Manufacturing, you have your final products with you. So, what are you waiting for? Enjoy selling!
