Choosing a business sector
If you have decided to set up business in Italy, it is important to choose your business sector appropriately according to your budget and expectations. Starting business in in the foreign country can be an overwhelming process, but with the right decisions it can provide you lots of opportunities as well as good profit.
Opening a pharmaceutical company
One of the options of setting up business in Italy is to open a pharmaceutical company. The country is an important pharmaceutical manufacturer and many national and multinational pharmaceutical companies work in this field to produce medicines and pharmaceutical products. In recent years the Italian pharmaceutical industry has shown a trend for development and more foreign investors open this kind of companies in Italy.
Important international pharmaceutical producers have also opened branches or subsidiaries in Italy. The country does not have its own large multinational companies in this business field, so the market is dominated by large international companies and smaller Italian companies.
Italian pharmaceutical industry
The pharmaceutical industry in Italy produces medicines and medical devices that are either distributed nationally or exported to other countries. Italian pharmaceutical products are usually exported to countries like Belgium, Germany, the United Kingdom, Switzerland and USA.
Medicines manufactured in Italy include oral medicines, injection medicines, ophthalmic and ontological products, creams, sprays and gels. The manufacturers need to observe special rules and regulations for packaging which varies according to type of product.
Pharmaceutical companies in Italy need to be registered and incorporated at the relevant tax authorities. Pharmaceutical products are also subject to VAT in the country. The Italian Medicines Agency deals with issues regarding the production and manufacturing of pharmaceutical products. The agency observes the European laws for medical products registration and it is responsible for the registration of any medicinal products in Italy.
There are two methods of registration – a national procedure and a community procedure. The first one allows the firm to obtain a marketing authorization only within Italy’s territory and the second one allows for recognition of the product to one or more EU states.