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Last Updated on: June 13, 2022 by Joseph Muriithi
This Sample Business Plan For Distribution of Over The Counter Prescription Drugs if for a business dealing in distribution of over the counter (OTC) prescription drugs located in ###. The company is looking forward to distributing these drugs to national and regional distributors of pharmaceuticals & OTC products, grocery chains, convenient store chains and Dollar store chains that retail prescription drugs over the counter. The company selectively imports prescription drugs from India to ensure top quality medication are distributed to the end consumer at any given time.
This Sample Business Plan For Distribution of Over The Counter Prescription Drugs has been prepared to lay down the strategic and implementation plan based on management, marketing, and business model that comprises ITP pharmaceutical company. Furthermore, this business plan will also allocate usage of start-up funds amounting to $400,000. This amount is self-financed by the business owner by equity infusion to the business.
The company is looking forward to distributing these drugs to national and regional distributors of pharmaceuticals & OTC products, grocery chains, convenient store chains and Dollar store chains that retail prescription drugs over the counter.
The company is regulated and controlled by the USFDA. The regulatory approval time lines depends on a number of factors like product, dosage form, drug strength, no of existing manufacturers, product demand, product growth and product supply gap that ITP will adhere to.
Intellectual properties rights
Some of the products that will be launched in the 2nd phase of the business model will be having exclusive drug release patterns and to secure them the company will file the proper product release patterns and conform to the regulatory bodies.
This Sample Business Plan For Distribution of Over The Counter Prescription Drugs is for a company will distribute OTC medication sourced from India, a country known for their highest quality of prescription drugs production. These prescription drugs will be distributed to retail stores for convenience to the end consumer, these are;
- Distribution Companies in USA
- Distribution Companies in Middle East and Africa
- Grocery Chains in US
- C Store Chains in US
- Dollar Store Chains in US
The main pharmaceutical produces that ITP pharmaceutical will be dealing with incudes;
- OTC pharmaceutical products
- Prescription drugs
- Health care accessories (bandages, ointments)
Over-the-Counter medicines are pharmaceuticals that are available for sale to the general public without requiring a prescription. The term “over-the-counter” generally refers to pharmaceuticals, which can be bought across any counter (i.e. not exclusively through a registered pharmacy).
Market analysis, revenue generation
A new report by Vision gain predicts that the Over-the-Counter Pharmaceuticals market will reach $127.0bn in 2016. Vision gain is a business information provider. With ITP taping into this industry, the company will be assured of continued growth within its reach as the industry grows continuously. The graph below represents predicted growth by vision gain from 2016 to 2026. The graph shows continuous growth in the industry thus forming a strong market potential from ITP pharmaceuticals.
Our target customers are national and regional distributors of pharmaceuticals & OTC products, grocery chains, convenient store chains and Dollar store chains, they have vast distribution networks with regular buying customers to whom these buyers always look offer savings on their existing buying products which is only possible if they introduce new companies that offer existing products at discounted prices with innovative drug release patterns and dosage forms.
The health care industry is transforming very fast with many individuals seeking self-medication rather than visiting health care sectors. This has led to an increase in demand for over the counter prescription drugs. Furthermore, information has been made on the internet that helps individual persons prescribed themselves the right medication without the assistance of a professional.
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