Some Key Points to Identify the Best 3rd Party Pharma Manufacturing Company

Best 3rd Party Pharma Manufacturing Company:- The pharmaceutical business in India has seen a surge in the past decade. Due to the favorable economic conditions and policies, many institutions have been looking for partners in India. These partners can either be PCD franchises or 3rd party manufacturing. So, if you are looking to start a business in the pharmaceutical field, this is the right time.

We often come across some valid questions on selecting the right business stream. The prospects are at times in a dilemma on whether to be a PCD franchise or 3rd party manufacturer. In any case, you will be setting up a business and therefore, it is necessary to understand the difference between the two.

PCD Franchise Against 3rd Party Manufacturing

PCD stands for propaganda-cum-distribution and the model adheres to franchise dealership. In this model, the PCD pharma company aligns its franchise partner to use their trademark and sell their products across the defined region or geography. Additionally, they also provide the distributor rights and monopoly on the business. Furthermore, the PCD franchise needs to invest in the promotion and marketing activities of the goods

On the other hand, the third-party manufacturer provides the medications to the pharma company with its brand name. So, if you own a pharma company and you want to manufacture an ointment with a particular brand name, you can connect with a freelance manufacturer who can do it for you. In this case, you will have the right to sell, distribute, and promote. The 3rd-party manufacturer will only produce and supply goods to you. For example, Starvid Healthcare is one such manufacturer in Haryana. And they manufacture ointments, gels, shots, drops, injectables, etc.

Selecting From the Options

Now, you know the basic difference between PCD franchise and 3rd party manufacturing. But we know it still doesn’t solve your dilemma. So, let us give you some insight into the available options. PCD franchise has seen a growth of around 10% and is expected to grow to 16% by 2024. 3rd party manufacturing, on the other hand, has seen a growth of 25% during a few years. Some of the advantages that the 3rd party manufacturing has over the PCD business model are:

• Not limited to geography. Thus, worldwide earning potential with good profitability.
• The business scale is huge. Thus, there will be a significant reduction in investment over time. But in PCD franchises, the investment may increase based on the demand-supply, and marketing activities
• Selecting the best 3rd party pharma manufacturing company in India helps you to have control over R&D and produce medicines or pharma goods at a reduced price. It also ensures the supply of reliable goods.
• You can appoint a PCD franchise partner to further expand your business through your registered trademark and brands.

Three key points to identify the best 3rd party pharma manufacturing company in India

If you are ready to invest in the 3rd party manufacturing, you must look out for the following three key points. If the company has all of these, you can go and negotiate the business terms of producing the supplying the goods under your brand name.

• Production of high-quality products and reliable supply or delivery time.
• Cost-effectiveness but no compromise in the production quality or processes.
• Adequate and proper certificates like WHO GMP, ISO 9001:2015, etc.

You can further look into these key points to understand what is required from the best 3rd party pharma manufacturing company in India by Starvid Healthcare.