The business of manufacturing generic medications is a potentially lucrative one. It is also a business that gives you an opportunity to serve humanity – by providing low cost medications to people who wouldn’t otherwise have been able to afford the ‘original’ patented brands. Now there are 5 things you need to have, when venturing into this business of manufacturing generic medications. We will now proceed to look at those things.
- The medication formulas: all medications are manufactured following certain formulas. These formulas dictate the ingredients to be used in the manufacture of the drugs, and in what proportions. You need to make a decision on the specific generic medications you will be manufacturing. Then you need to undertake the necessary research, to get the formulas for all those drugs.
- The necessary licenses: before starting to manufacture drugs, you need to have certain licenses. These licenses are not easy to obtain. But if you meet all the requirements, and you have all the necessary connections, you can eventually get them. You just need to be a bit tenacious.
- Equipment: you need to have certain machines, before embarking on the manufacture of generic medications. Having made decisions on the generic medications you are to manufacture, you need to come up with a list of all the machines you will require. Then you need to buy (or lease) such machines, before embarking on the venture.
- Suitable premises: you need to have special premises, to be able to manufacture medications. The manufacture of medications is not like other manufacturing ventures. It requires special premises, in special locations. But if you have adequate capital, it shouldn’t be too hard for you to get suitable premises.
- Skilled manpower: you need to have a good workforce, with pharmacists, pharmaceutical technologists and other support staff, before starting to manufacture generic medications. There are many people with the right qualifications, looking for work in these sorts of fields. Therefore, as long as you are offering decent terms, you shouldn’t have too much of a problem getting the people you need.