Veterinary drugs development is popular market across India or worldwide. The overall profits from drugs are expected in billions or more. This is the reason number of biomedical Companies are increasing almost every year and they are earning good profits from the business. The biggest ways how to earn profits with drugs is reliability and affordability. Only reliable drugs are 100 percent safe in use and they are more preferred by consumers when they are affordable.
1. Misconception - Drug approval process is simple
Reality - The process for getting approval for veterinary drugs is not simple and it takes often years in getting popular in market.
2. Misconception - Drug manufacturing process is cheap
Reality - The process for manufacturing veterinary drug is not simple but it has to pass through several manufacturing stages before final product is delivered to clients.
3. Misconception – FDA regulates all veterinary drugs India
People usually assume that most of the veterinary drugs are approved or regulated by FDA but this is not true as USDA team is responsible for distributing all veterinary drugs like vaccine, immune modulators or other similar products.
How to get started?
First of all, you need to check target markets and development trends for drugs. This is your responsibility to use latest tools and technologies only otherwise it will not get approved by FDA or USDA team. Manufacturing is not just limited to product preparation but it has to be followed with right packaging, product labeling, product storage etc.
Now think deeply on different market strategies and timeline for regulating drugs into target areas. For this purpose you should understand economics and design marketing strategy accordingly. Also construct financial justifications that will raise your overall confidence and avoids serious mistakes too. Only right market strategy can assure attractive ROI as required.