3 answers
1
Question
Asked
481 views
How hard is is to start a business?
I would love to be a veterinarian one day and start my own business that lets me make medicines for domesticated pets. #Animals #Business #Medicine #vet #veterinary-medicine #veterinarian
Login to comment
3 answers
Updated
Hassan’s Answer
You'd need lots of money and the right licenses to start a business that makes medicines. This would be a huge challenge since medicines are heavily regulated and very large companies own the market. I'd compare it to starting a new car company. It'd be a real challenge to compete with Ford and GM.
So maybe focus on doing research to discover new drugs and then sell those to an existing drug maker. https://ahi.org/approval-and-regulation-of-animal-medicines/#:~:text=A%202015%20study%20of%20the,new%20pharmaceutical%20product%20for%20livestock. says it takes 6.5 years and $22.5mil to bring a new drug to market. https://www.fda.gov/animal-veterinary/animal-health-literacy/idea-marketplace-journey-animal-drug-through-approval-process outlines the approval process.
Also, to develop medicines, you may want to focus more on pharmaceutical sciences, pharmacy, biology, and chemistry rather than becoming a vet.
So maybe focus on doing research to discover new drugs and then sell those to an existing drug maker. https://ahi.org/approval-and-regulation-of-animal-medicines/#:~:text=A%202015%20study%20of%20the,new%20pharmaceutical%20product%20for%20livestock. says it takes 6.5 years and $22.5mil to bring a new drug to market. https://www.fda.gov/animal-veterinary/animal-health-literacy/idea-marketplace-journey-animal-drug-through-approval-process outlines the approval process.
Also, to develop medicines, you may want to focus more on pharmaceutical sciences, pharmacy, biology, and chemistry rather than becoming a vet.
I am really grateful you took the time to answer this question.
lisa
Updated
Anthony’s Answer
Start with this, what’s a problem that needs to be solved.
Create your business model.
You need to have access to capital/funding from investors.
You need to know got to sell and market.
You need a well rounded team to carry your business forward.
Have a strong network of professionals to reach out to and make things happen.
Create your business model.
You need to have access to capital/funding from investors.
You need to know got to sell and market.
You need a well rounded team to carry your business forward.
Have a strong network of professionals to reach out to and make things happen.
Updated
Vamsi’s Answer
Echoing Hassan's answer that drug manufacturing is highly regulated and difficult business to start. But it is not impossible! I would also recommend that you pick up internship/job in pet pharmaceutical companies and learn the trade and professional network which will enable you to start the business.