According to The Statistics Portal, the pharmaceutical market revenue worldwide reached more than a staggering one trillion U.S. dollars for the first time in history last 2014. Have you ever wondered how much the revenues have gone up considering pharmaceutical companies are being erected in every nook and cranny?
The U.S. alone takes 45 percent of the global pharmaceutical market. And even in underprivileged countries, there are small-scale pharmacies serving its inhabitants. The pharmaceutical industry, regardless of its scale, distributes vitamins, antibiotics, analgesics, and all the other drugs you can think of. Some of which are administered through intramuscular and intravenous injections. This is why disposable syringes are becoming a lucrative business idea.
Although glass syringes that were made of durable Pyrex were once considered a pharmaceutical paraphernalia staple, disposable syringes are proven to be safer and more feasible in terms of convenience, durability, and budget. So if you want to start your year with a bang.
Here are seven effective tips to start a disposable syringe manufacturing business in 2019
Take Baby Steps
Setting up your own manufacturing business from scratch is not an easy feat. First of all, it’s very important to research everything you need, minor and major suppliers, people in the same business, competitors, and the whole nine yards. When setting up a disposable syringe manufacturing business, some experts advise to consider extensive manual labor for some procedures and renting the necessary equipment instead of buying everything altogether.
Establish Your Infrastructure
Determine the size of your disposable syringe manufacturing unit and everything will go from there like the factory area. If you’re planning on building an averaged-size facility, 1,000 square feet for the built-up area should suffice. Next is the amount of power you need. According to Madison Gas and Electric Company, manufacturing facilities consume about 95 kWh on average. Lastly, you would need about a thousand liter of water per day to get your facility going.
Secure Capital Investment
There is no such thing as building a cheap disposable syringe manufacturing business. This type of business, no matter how lucrative, would undeniably need an extensive amount of initial and working capital. Considering the wholesale materials, labor, equipment, building construction, and whatnot – you’re going to be looking at a whopping $200,000 as the overall capital. Around $125,000 as your starting capital and roughly $60,000 as your working capital.
Determine the Production Type
In total, there are about seven syringe sizes out there – 1ml, 2ml, 3ml, 5ml, 10ml, 20ml, and 60ml. The most commonly used sizes in small-scale pharmaceutical industries are 2ml and 5ml. You might want to include this in your feasibility study at the initial planning phase. And although you might not have a huge demand for disposable syringes in your area or the nearby areas, you can market this worldwide. Knowing which sizes you want to manufacture will also determine the materials and equipment you need to purchase.
Find High-Quality Materials and Machinery
Disposable syringes are made of polypropylene. But you also need to purchase other raw materials such as ethylene oxide, needles, printing ink, rubber gaskets, packing paper, and boxes. Look for suppliers which give you the best value for your money. Don’t settle for subpar materials because your business reputation will solely depend on the products you sell.
Some equipment you need to get you started are barrel molding machine, the nozzle plate, and cap-making machine, piston making machine, sterilization plant, scrap grinding machine, water pump, welding machine, air compressor, weighing scale, and more.
Get the Best Manpower
Get the cream de la cream in the industry. Put your job ads in several job listings. Don’t settle for the first mediocre person but be open to several options. The last thing you need is inept employees in your factory. The number of people will depend on the size of your facility though. An average syringe manufacturing business will need around six skilled workers, 10 to 15 unskilled workers, a supervisor, an accountant, a marketing expert, and security personnel.
Get Permits and Legal Documents Sorted Out
It’s very important to run this type of business smoothly right from the start by procuring the proper permits and documents to avoid cessation from government authorities. This should be on top of your list.
Now that you’re equipped with the ways on how to start your own disposable syringes manufacturing business, all you have to do next is to be patient. As with any other business, it takes time to reap profits.
Author Bio: Anthony Blair, driven by the passion for blogging, writes about health, beauty, fashion, food, travel and more. He loves to spend his time travelling. He also blogs at KemperMedical, one of the leading national and global distributor of premium medical products including radiation protection products and radiology/ medical imaging supplies.