Pharmacy Expansion Tactics
Many pharmacies lack the insight needed to make informed decisions about growth and achieving maximum profitability. For example, they may consider expanding their product range without understanding local doctors' prescribing habits, consumption patterns for generics or related brands, and the flow of customers throughout the day.
Without this crucial data, strategies may fall short and fail to deliver results. Without proactive growth plans informed by changing customer preferences and ongoing innovation, pharmacies risk stagnant sales and potential irrelevance.
With our expertise and thorough research in community pharmacy growth, we specialize in tailoring strategies to suit the specific needs of your pharmacy. These strategies encompass engaging with customers and the community, ensuring continuous visibility to both customers and partners, giving you a competitive edge.
At Netfame, we provide detailed data analysis and evaluate the financial implications of different strategies. We also forecast future outcomes to estimate when growth initiatives will yield results. Armed with this information, we collaborate to develop the most effective and economical growth strategy. Additionally, we have connections with potential investors interested in the pharmaceutical sector who may be interested in funding your business growth for mutual benefit.
Contact us for an initial consultation so we can gain a deeper understanding of your current needs and tailor our services accordingly.
Pharmacy Tax Adherence
Many pharmacies today are striving to optimize their operations, cut costs, expand their brand presence in emerging markets, and adapt to changes in the broader healthcare landscape to achieve maximum profitability and growth. In this context, maintaining a high level of tax compliance is crucial to support these proactive endeavors.
We've witnessed successful pharmacies shutter their operations due to asset liquidation, frozen accounts, or third-party agency notices issued on their debtors to recover tax liabilities. The heightened tax scrutiny, including audits by the Uganda Revenue Authority (URA) and assessments of unpaid taxes, underscores the importance of adhering to tax obligations.
Compliance with tax requirements is mandated by law for pharmacies seeking to engage in business with the government and private companies, which often require confirmation of tax compliance from the URA before trade engagement.
In today's business landscape, it's increasingly challenging to operate effectively without proper attention to tax management and compliance. Non-compliance can result in missed business opportunities that could fuel growth for pharmaceutical companies.
Fortunately, achieving tax compliance is relatively inexpensive and proactive tax management pays dividends. Despite associated costs, it's more financially prudent for pharmaceutical companies to ensure compliance than to face punitive interest and penalties on unpaid taxes, whether unintentional or deliberate.
Maintaining thorough records of expenses is good practice for accurately assessing business profitability. Moreover, pharmaceutical companies can legally mitigate tax liabilities through prudent planning and negotiating mutually agreeable payment plans with the URA in cases of genuine financial hardship.
Engaging openly with the URA helps taxpayers understand their rights and safeguards against unscrupulous individuals seeking to exploit their situation.
Reach out to us and our specialist partners, and we'll serve as your trusted advisors, safeguarding your business from the detrimental costs of non-compliance. By embracing tax literacy, you'll not only protect your business but also enjoy the rights and benefits that come with compliance.
Pharmaceutical Registration & Importation
Numerous manufacturers seek to enter Uganda's profitable pharmaceutical market, encompassing both herbal and conventional medicines. However, many are unfamiliar with the requisite procedures and prerequisites for market authorization. Consequently, they face exclusion from this lucrative space, with some experiencing product confiscation, arrests, and fines, particularly local herbal manufacturers, despite their products possessing pharmacological activity and being tradable with proper registration.
To register drugs in Uganda, comprehensive documentation in the mandated Complete Technical Document (CTD) format must be submitted to the National Drug Authority, along with other specified requirements. This process necessitates technical support, which our team can provide.
For locally processed herbal products, distinct requirements apply, including assessment of phytochemical properties, microbiological content, appropriate packaging, and technical elements.
With over 17,520 hours of experience collaborating with pharmaceutical enterprises on product assessment and notification per NDA guidelines, Netfame offers end-to-end assistance in the arduous process of registering your product line in Uganda. We specialize in notifying all categories of medicines, including local herbal medicines, at the National Drug Authority, as well as supporting compliance with regulatory requirements for registering imported medicines and pharmaceutical supplies.
Although drug registration is a time-consuming process, typically spanning 6 months to over a year, your patience is vital as we work diligently to expedite the registration process leveraging our experience and familiarity with the procedures.
Contact us to discuss how we can best address your drug registration requirements.
