How to Start a Pharmaceutical Business in Nigeria
If you are searching for ‘How to Start a Pharmaceutical Business in Nigeria’ then you are at the right place. In a world where health issues are diverse and multi-faceted, the importance of establishing pharmaceutical companies cannot be over-emphasized. Read on.
Pharmaceutical Business in Nigeria
The need for medical attention is 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?”
Let’s discuss it.
Steps to Start up a Pharmaceutical Business in Nigeria.
There are several steps to start up a pharmaceutical company in Nigeria but we will be listing the main steps below.
1. Register Your Company
The first step to starting a pharmaceutical company in Nigeria is registration with 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 a 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 costs 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 that wouldn’t harm the environment.
It is not surprising that pharmaceutical companies are situated in areas where effluents and other wastes are 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 labor costs all cost money. There are so many ways of sourcing funds even when you don’t have the capital.
There are considerate loan schemes that 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 known 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, and the quality of your pharmaceutical products regardless.
6. Publicity
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 give 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 will surely give you timely replies. Remember to check out our other articles too and share with your friends and acquaintances.
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CSN Team
