How to Start a Pharmaceutical Business in Nigeria | Pharmacy Company.
In a world where health issues are diverse and multi-faceted, the importance of establishing pharmaceutical companies cannot be over-emphasized.
This need is even more obvious in developing countries like Nigeria where quality and affordable pharmaceutical products and services available to a bulk of the masses are comparatively limited compared to developed nations.
The demand for quality and affordable pharmaceutical products and services is high in Nigeria. This means the business opportunities and feasible profits to be made are endless.
Now the next question on your mind is most likely, “So, how do I start a pharmaceutical company in Nigeria?” This is what this article would address in details.
Steps to Start-up a Pharmaceutical Company in Nigeria.
There are several steps to start-up a pharmaceutical comapny in Nigeria but we would be listing the main steps below.
The first step to starting a pharmaceutical company in Nigeria is due registration with the authorized organizations.
The Pharmaceutical Council of Nigeria (PCN) is the organization charged with the administration of pharmaceutical-related issues in Nigeria. Due registration is of utmost importance since production without prior registration renders your products illegal. You can begin your online registration process online here: www.pcn.gov.ng/online_registration.php
Next, you have to register with the Corporate Affairs Commission (CAC). It is important to register your business with the CAC to legitimize it. You can start the online registration of your business here: www.cac.gov.ng
2. SELECTING THE LOCATION OF YOUR COMPANY.
So many things are factored in when choosing a pharmaceutical company in Nigeria.
i. Accessibility: Your pharmaceutical company should be located in an area with accessible road networks to convey products , clients and staff into and out of your company.
ii. Good electricity supply: Locating your company in an area with good power supply helps cut production and storage costs because pharmaceutical products need electricity when being produced and to store the products at optimum temperature.
iii. Proximity of raw materials: Pharmaceutical production companies should be situated close to the sources of their raw materials to cut production cost and, hence, be available at competitive prices.
iv. Good waste disposal options: The waste products from pharmaceutical productions could be unfriendly to the environment. Waste products have to be properly disposed of in ways which wouldn’t harm the environment.
It is not surprising that pharmaceutical companies are situated in areas where effluents and other wastes disposed of without harming the domestic population.
It is also important to note that the PCN must be consulted in all of these and must grant approval before making the next step.
3. AVAILABILITY OF START-UP FUNDS OR CAPITAL.
From the registration processes with the CAC and PCN to the site survey, purchasing raw materials and the labour costs all cost money. There are so many ways of sourcing for funds even when you don’t have the capital.
There considerate loan schemes which can aid with that as long as you meet the terms and conditions of the financial institutions offering them.
The capital you need will be determined by the size of the pharmaceutical company you intend to start. This can be know when a well-plotted business plan is in place.
4. BE CERTAIN OF YOUR SOURCE.
Whether you intend to be a pharmaceutical production company or a partner distribution company , you have to ensure the source of the raw materials or pharmaceutical productions are of industry standard. You also have to be certain your source or source can match your demand and be reliable.
5. EMPLOY QUALITY LABOUR.
Staff employed to run your pharmaceutical company in Nigeria must be qualified and with acceptable work ethics. The presence or lack of qualified staff with good work ethics would determine the prospects of your business in the long run, the quality of your pharmaceutical products regardless.
When all the above steps have been followed, the next step is getting publicity for your products and company.
There are so many ways of doing this but a good public relations (PR) team must be in place as the contact point for your company, clients, potential clients and the general public.
The PR team must listen and attend to the complaints of customers and clients dutifully. When the customers are properly attended to, they in turn giving good publicity to your company and products.
If you have any more questions about starting a pharmaceutical company in Nigeria, ask us by reaching out. We would sure give you timely replies. Remember to check out our other articles too and share with your friends and acquaintances.
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