Pharmacy Store Business – The Pharmacy store is an evergreen business that operates throughout the year no matter the season. Pharmacy store means a shop where many types of medicines related to health are sold. These are pharmacy shops where medicines are sold in retail. People keep getting sick in every season, in such a situation, people go to the doctor and the doctor prescribes the medicine, which were all go to the Pharmacy shop to take.
Currently the virus Disease spread in everywhere, there has been a huge crowd at the hospital and Pharmacy store. since virus Disease has created a ruckus all around, people have only one support and that is the medicine and Pharmacy store. Many people would have lost their lives if there were no Pharmacy stores in today’s time.
Looking at all these things, if the business of the Pharmacy store is opened, it can be a very profitable business. Further The additional business opportunity of the Pharmacy supply store is perfect for those who are chemists or have many years of experience as pharmacists. As a start-up, you can buy a franchise from established brands or start your own from scratch.
Here in this Article today, we are going to give you complete information about How To Start a Profitable Pharmacy Store Business.
Table of Contents
Step By Step Guide For Pharmacy Store Business
Learn the Pharmacy Store Business
If you want to open your own Pharmacy store then there are 2 ways to open a Pharmacy store. The first way is that if you want to open a Pharmacy store on a very large scale, then you can also appoint a Pharmacist, who can run your Pharmacy store. And other one a smaller scale, in which the industry wants to do so by investing less capital, if the entrepreneur wants to open a Pharmacy store on his own, then he needs to do B Pharma or D Pharma. you can start a Pharmacy shop business only if you have done any of these courses. If you have not done this course yet and you want to open a pharmacy shop, then you should take any of the following 3 courses.
1. D Pharma (Diploma in pharmacy)
Those who have passed Intermediate examination from Biology and who have 50% marks in Inter can do D Pharma course. This is a 3-year course.
2.Bachelor of Pharmacy
Intermediate must have a minimum of 50% marks in order to take a pharma course. Also must be from Inter Bio. The duration of this course is 4 years.After completing the course, it is necessary to undergo training for 6 months from a government or private hospital.
3. M Pharma (Master of Pharmacy)
This is a two-year course and to get admission in m pharma, a student must pass B Pharma with 50% marks. After doing M Pharma one gets a lot of knowledge about medicine.
After, When a person’s pharmacy course is completed, one has to be registered with the Pharmacy Council of the state to become a registered pharmacist. For this, the candidate has to provide some other documents in addition to the educational documents which are verified, this application can also be done online by the candidate.
Write a Business Plan
Create a detailed plan for your Pharmacy store business. Decide which Pharmacytion you want to keep. What other services do you offer your customers, Calculate the fixed costs and working capital. Decide on the total initial budget and expected earnings. There are many types of pharmacies in nowadays, but the most prevalent are only 4 types.Hospital Pharmacy,Township Pharmacy,Chain Pharmacy, Stand Alone Pharmacy.
Investment for Pharmacy Store Business
- Those who are new, who do not know anything about it, their first question is how much investment is needed to start a Pharmacy shop.
- So let we tell you that at least 2 lakh rupees will be required to start a Pharmacy store
- only then you will be able to keep different types of medicines in your store
- if you want to open a bigger shop, then you will get about 5 to 7 lakhs Money will be required.
Place to open a Pharmacy Store
Location selection is an important factor in any Pharmacy store business. It is preferred to choose a location with a high population density, don’t choose a commercial area.
If we talk about the Area Required For Pharmacy Store, then at least 100 to 150 squire feet of space will be required for the retail drug dealer. Further Pharmacy store must be equipped with a refrigerator and air conditioner. This is emphasized because labeling specifications require certain drugs like vaccines, Sera, Insulin Injections to be stored in the refrigerator.
License and Register Your Business
Getting a drug license is the most important step for pharmacy business.
- In India And this license is issued by the Central and State Level Drugs Standard Control Organization.
- There are two types of licenses issued.
- Retail drug license and Wholesale drug license.
- Retail drug License is issued to pharmaceutical retailers and Wholesale drug License to wholesalers.
- And this license is issued in Those who have obtained a degree or diploma in Pharmacy from a recognized institute.
- In most countries, you will need a number of licenses and permits to open and operate a Pharmacy store.
- Talk to local government authorities or take advice from experts and obtain the necessary permits.
Where to Buy Medicine
After opening the Pharmacy store, the entrepreneur has this problem where to buy the medicine, You have two ways to buy the medicine here, the first is that you can contact the drug manufacturers directly and they will get the medicine. Can buy but the biggest thing here is that for this you will need to invest a lot because companies at small level refuse to give medicines.
The second way is that you can contact the big wholesalers supplying in your nearby city. These people deal in small-scale Pharmacy shops and here you also get all kinds of medicines.
Pharmacy Shop Business Profit
By this way, very good income can be earned from the Pharmacy shop because the number of patients is increasing day by day. Usually two types of medicines are sold at Pharmacy stores, one is generic medicines and the other is ethical medicines. Generic medicines have a profit margin of about 40 to 50 percent, while ethical margins of different pharmaceutical companies vary from company to company. Millions of rupees a month can be earned in this business. There is no exact figure of Pharmacy store business profit margin. It depends on you how you deal.
Promote Your Pharmacy Store Business
You can begin the advertising through giving some local newspaper advertisements. You can consider a few value-added services like an internet order system and shipping on the client’s doorsteps.To increase the sales of medicines, contact all the nearby doctors, you can tell them to send the medicines that they write to your Pharmacy shop, in return you can commission them. Different doctors prescribe different types of medicines, which makes the customer upset. Many times, many Pharmacy shops have to find medicines, so you try do it keep all kinds of medicines in your store and a little publicity. When people come to know that every type of medicine is available at your store, then people will come to your own Pharmacy shop.