If you want to be successful in running a business as a therapeutic goods manufacturer like LAVIDA Pharmaceuticals, then there are a few things you will need to think about before you dive head-fire into this kind of industry. Failing to take proper precautions could mean disaster for you, not just in terms of lost profits and bankruptcy, but in terms of legal scrutiny and potential criminal prosecution.
This is not the kind of career path or business enterprise you want to pursue lightly, and there are going to be dire consequences if and when you make a mistake. This is why it is absolutely essential to make sure you are the right kind of person for this undertaking.
The following will closely explore some of the traits and considerations you need to reflect on before you start your journey to become a therapeutic goods manufacturer.
Do you understand what TGA compliance means?
In order to be like Lavida Pharmaceuticals, a reliable therapeutic goods manufacturer, you need to comply with the standards set out by the TGA (therapeutic goods administration), which is a government body that regulates the industry you are about to dive into. Without understanding or meeting compliance with this government body, you will not very last long in this industry and may (as mentioned in our introduction), risk criminal prosecution if and when something disastrous occurs due to your negligence.
The entire point of the TGA and its regulatory codes is to control the therapeutic goods manufacturers and ensure that issues like tampering and/or contamination in the production of consumer drugs is minimised or eliminated entirely. TGA codes help to stop a crisis in its infancy and prevent dangerous products being distributed to the public where they could cause serious harm and potentially death (especially in vulnerable demographics like the elderly who are also more likely to purchase these products in the first place).
It’s essential that all therapeutic goods manufacturers follow these guidelines in order to ensure the public is protected to the maximum extent. The presence of these rules also legitimise your business when there is clear evidence you are abiding by them, earning you trust with stakeholders including (and most importantly) your customers.
Do you have a mind for business?
Of course, in order to have success in this industry you will also need to have a good mind for business – and it would be incredibly beneficial if you already had experience running a similar kind of enterprise. Not just Lavida Pharmaceuticals can succeed as a therapeutic goods manufacturer, as it is a type of business that is very different from many others and requires you to have a keen eye for detail as well as strong leadership capabilities.
It might be a good idea for you to study on some guides about how to start a business like this and how to recruit/interview staff that you will need to support you. It is also perfectly possible for you to invest in this enterprise but hire someone else to head-up management, although his course of action will mean less overall profit going into your pocket.
However, if you don’t have good management as a therapeutic goods manufacturer then things will undoubtedly go wrong and nobody will make any money at all. Don’t take the risk of trying to run this kind of company if you have no idea what you are doing.
Do you have a vision to help people?
To be an ethical therapeutic goods manufacturer, it’s important that you have a sincere desire to be a part of an industry that delivers help to people. Failing this, you will likely encounter problems that you don’t care enough about to solve adequately.