A third-party manufacturer for Venezuela helps a small pharma company reduce workload, time, R&D, and investment expenses. However, a dilemma arises when one begins to research the perfect fit for its needs.
Essentially you must consider various factors before partnering with a third-party manufacturer for Venezuela. Additionally, some myths come when choosing an Indian pharma contract manufacturer for Venezuela that we will clarify.
If you’re wondering about contract manufacturing for Venezuela, refer to this blog to get a detailed understanding.
Myths Around Third-Party Manufacturing
Before discussing anything you should focus on while finding the right contract manufacturer for Venezuela, it’s crucial to get your head around the myths surrounding this topic.
Like any other selection process, numerous myths hurdles our final judgment. Here are some of the misconceptions that you should avoid at all costs.
Partnering with the pharma company with the lowest quote
A lower quote doesn’t mean that you are getting the best. There comes a time when there are hidden charges which are revealed at a later stage of the pharma manufacturing process. To avoid this, you must clear all the terms and conditions before entering the manufacturing contract.
Further, a lower quote can even serve as a question mark on a third-party manufacturer’s competency.
It’s a bad idea to partner with your competitor’s Contract Manufacturer.
The prospect of a competitor utilizing the same CM as yours could be off-putting, particularly if you pride yourself on having a unique pharma manufacturing process. However, on the other hand, your ultimate output is the culmination of numerous procedures. Even if you’re utilizing the same pharmaceutical contract manufacturers for Venezuela, you can differentiate yourself and add value. So do not undervalue a Contract Manufacturer just because they’re making for your competitor.
Tier 1 contract manufacturer is the best.
Partnering with a tier 1 contract manufacturer for Venezuela is not always the perfect choice. Tier 1 is probably a tag that financial markets utilize to classify organizations based on their size. This in no way should be your essential criteria to select a partner.
It would help if you have a pharma manufacturer that fits your company’s requirements and product type even if it is not the ‘tier-1.’ Additionally, you should assess them on their criteria: corporate culture, technology, philosophy, customer reviews, and business model.
The product pitch says it all
No, it just doesn’t. Sometimes contract manufacturers tend to harbour incredible in-house marketing and designing teams.
Result: Product pitch that’s every bit worthy of being carried away. However, don’t be blind to your decision at this point. No matter what the product pitch, you need to do your homework before finally adopting the contract manufacturing. Even with a fantastic product pitch, the Contract Manufacturer could still have flaws in the manufacturing process.
How to choose the best third-party manufacturing companies for Venezuela?
Following are some criteria that will help you while choosing the best third-party manufacturing companies for Venezuela:
Equipment and assets of the company
An entire survey of the third-party company’s technology and equipment will give you the necessary pointers of their efficacy. They should have the latest and most efficient technological equipment to cater to your needs and deliver market-ready, competitive pharma products. Further, some pharma manufacturing companies will even source the essential tools for your project if required. Just ensure you have a clear picture.
Ensure your potential partner follows required quality and regulatory standards. A pharma company adhering to regulations and norms established by the country will always prevent you from manufacturing delays. Hence, it is better to be vigilant about the third party’s compliance standards.
Listing the specialties of the prospects
Along with shortlisting the potential third-party partners for Venezuela, maintain a list of their capabilities too. This will help you get a clear snapshot of what they will be able to provide you. In addition, when you list down the specialties, you also get a deeper understanding of your need, which you may not understand until you know their existence.
In the end, it will act as an ultimate checklist for you to choose the ideal partner for your business model.
Strength of personnel
It is the workforce that will achieve your pharma manufacturing goals. In addition, the presence of highly-skilled employees always reduces the time spent in hiring and training new ones. This makes it important to analyse the third-party company’s personnel and their ability to execute your planned manufacturing strategy.
Expertise doesn’t always relate to the number of years your potential partner has been in the market. Instead, the breadth of their offerings and successful implementations determines their expertise. Therefore, mapping those achievements with your goals should align to make an ideal match.
This isn’t as critical as it may sound. The final assembly location of your product should ideally be in your vicinity to reduce logistics costs. However, this factor can’t be the end all be all for choosing a partner, but it is better to determine whether their location suits you or not.
Joinhub Pharma – Your Potential Third-Party Manufacturing Partner for Venezuela
If you’re looking for a trusted third-party manufacturer for Venezuela for your business JoinHub Pharma can help. We are the leading contract manufacturer for Venezuela, Iraq, Libya, South Africa, Latin America, and many more countries.
We help you reduce all the stress and burden of the pharma manufacturing process.
Our 6 Simple Steps of Third-Party Manufacturing for Venezuela
- Choose Pharma Products and Prices:
Select the products you want to manufacture with your own brand names—Shortlist of probable suppliers – forwarding, online, etc. Send an email/call for a quotation, including Production expenses, Product Cost, securities, and minimum delivery schedule quantities.
- Composition and Finalizing Order Quantity:
The chosen order quantity of the product should be finalized. After the order amount, the composition as specified by the pharma manufacturer should keep in mind minimum order quantities.
- Purchase order Increase:
You must get an order from the selected manufacturer after completing the composition and order quantities for contract manufacturing. The third-party manufacturer for Venezuela should also be asked to double-check your items. A partial advance to start the process must be deposited after confirmation.
- Designing & Packaging:
You must fulfill all the steps for registration requested by the manufacturer once you have applied. Your design work should be finalized as quickly as feasible. Key checkpoints when the artwork is completed: Check the brand’s name on board & foil, Packaging, Composition, Details of manufacture, Design & colour, Marketing By firm name, logo & address on board & foil.
- Submission of Documents:
Director of Company Profile (Aadhar Card and Pan Card), Authorized Resolution Signing Card for Processing Drug Registrations Tax / TIN Registration, Certificates Manufacturing Agreement, and Non-Commonwealth Certificate.
- Finally, Get the Goods Delivery:
After manufacturing the medicines, a quotation will be received indicating the product production details and the balance to be placed. After submitting documentation & clearing accounts, the products will subsequently be dispatched by your selected carrier.
Want to know more about JoinHub Pharma’s Third-party pharma manufacturing process or want to partner with us?
Reach out to our pharma experts today!