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Beginner’s Guide on Starting a Specialist Drug Business in Singapore

Starting a Specialist Drug Business in SingaporeIf your core principle in starting a drug specialist business in Singapore is the delivery of safe and highly complex medication that the nation needs, then you’re on the right path. After all, it shows that you prioritize patient care management and support to ensure continuous treatment.

 

What is a Specialist Drug Business?

A drug specialist business offers patients coordinated and high-cost specialty medications used to treat complex conditions. It involves drug information research, evaluating different methodologies, and formulary management. They also provide information services to clients, pharmacies, hospitals, and drug centers about new research and findings of a specific medication.

This type of business follows specific standards in the practice of drug information to conform to its role in the healthcare community. It requires extensive skills in researching medications, testing equipment, and understanding pharmaceutical concepts. It consists of pharmacists with formalized training that exceeds the clinical credibility attained in pharmacy schools.

While you’re gearing up and preparing for the standards in the medical field, it would be best to seek assistance from a corporate service provider to ensure your compliance with the administrative nature of incorporating companies in SG. That way, you could focus on your profession and start right away.

 

Specialist Drug Business Registration Process in SG

You need to register your firm with the Accounting and Corporate Regulatory Authority (ACRA). Doing so builds trust among suppliers, employees, and prospective clients since it verifies your business information. It also allows you to participate in government tenders while giving you access to governmental funding.

You must choose a business structure while registering. Among the entities that ACRA allows are sole proprietorship, partnership, and limited liability partnerships. It is based on your capital, the number of owners, and liabilities. If you’re not sure which type of entity to proclaim, contact our company incorporation services to assist you with this.

You will also need to provide the identification details of the people who will lead the company operations. Hence you are required to process the following:

  • Approved Company Name
  • Brief Description of Business Activities
  • Shareholders
  • Directors
  • Company Secretary
  • Registered Physical Address
  • Memorandum and Articles of Association (MAA)

After registration, you will receive a business profile along with your Unique Entity Number (UEN). Note that failure to register your business may cost you $10,000 or imprisonment for up to two years. If you wish to know more, you may refer to our detailed guide to company registration in SG.

 

Licenses and Permits Needed in Starting a Specialist Drug Business in Singapore

As per the provisions in the Health Products Act, Specialists Accreditation Board (SAB), and Health Sciences Authority, drug companies in Singapore must comply with a number of regulations. Failure to obtain the licenses needed in starting a specialist drug in Singapore would lead to fines or expulsion. Here are the following.

  • Pharmacy License – following the application requirements set by the Health Products Act
  • Specialist Accreditation issued by the SAB
  • Registration requirements under the Singapore Medical Council (SMC)

Compliance with the Misuse of Drugs Regulations Reg 1 (MDR) and Misuse of Drugs Act Chap 185 (MDA) is mandatory for specialist drug businesses planning to handle controlled drugs in Singapore. At the same time, drug companies may be suspended or revoked their license if they made an offense in any of the following subsidiary legislations:

  • Medicines Act
  • Misuse of Drugs Act
  • Pharmacists Registration Act
  • Poisons Act

Technically, the above requirements would serve as a go signal in starting a specialist drug business operation. It also certifies that you are eligible to practice one’s profession. At the same time, accreditation documents would establish a good reputation that is beneficial in working with other professionals. Hence, it should be issued and secured by the concerned organizations.

Are you still having questions about incorporating your company? Our team of experts in company formation could assist you with more information about starting a drug specialist business in Singapore. Feel free to contact 3E accounting, and we’re ready to provide you with all your business needs.

Starting a Specialist Drug Business in Singapore