Ayurveda is an alternative and traditional form of medicine system. It is believed that Ayurveda is the oldest and the most common healing method for any health issue. Ayurveda, in basic terms, means, 'The Science of Life. Ayurveda says that the health of our body depends on the balance between our mind, body and spirit. Ayurveda focuses on promoting good health rather than fighting diseases. When this balance is interrupted, people get sick. The causes of such interruption in the balance are stress, seasonal changes, injuries and emotions. Today, a large percentage of the population uses ayurvedic medicines exclusively or combined with modern medicines.
Since people are shifting toward ayurvedic medicines, starting an ayurvedic medical store is one of the most profitable businesses. Ayurvedic medicines have fewer side effects and have 100% safe ingredients. The ayurvedic industry is also gaining global opportunities, so many people are thinking of making a career in this field. The importance of ayurvedic medicines has never faded with time. So if you want to start your ayurvedic store, read the complete article to learn about its details.
Did you know?
Ayurveda came into existence 3000 years ago and is heavily practised in India, where 80% of people use it.
How to Get a Licence for an Ayurvedic Medical Shop
Points to Keep in Mind for Opening an Ayurvedic Medical Store
1. Understand Categories
Firstly, you must understand that there are four categories of ayurvedic medical stores in which you can register. The categories are as follows -
• Township Pharmacy - It is open to the town's local people.
• Hospital Pharmacy - It is open for the patients in hospitals.
• Chain Medical Pharmacy - It collaborates with a particular brand name across various parts of the country.
• Standalone Medical Pharmacy - This pharmacy is located in metro cities.
2. Make a Proper Business Plan
You must understand your target audience and analyse such a population. It would help if you kept in mind the needs of your target audience. It would be best if you researched the present and future of the business of ayurvedic pharmacy. These points will help you to have a better reach in the market. You can also opt to purchase a franchise to establish your ayurvedic business more easily.
Also Read: Learn All About Patanjali Franchise
3. Decide the Location of Your Store
It is very important to decide on a perfect location for your ayurvedic medical store. Choosing the correct location for your store will help you make more profits. You must search if any ayurvedic medical stores near me can act like your competitor and avoid setting up your ayurvedic business in that location. You must also keep in mind that your shop must have visibility in the market.
4. Establish Good Relations with Local Manufacturers and Wholesalers
It would help if you researched well about the business opportunities that your ayurvedic business can offer you in the future. For this purpose, you must contact the local suppliers and manufacturers for understanding its future scope and take their advice. You can also collaborate with a clinic or doctor to improve the chances of your business doing well.
5. Choose a Suitable Store Area
You must choose the area of your store as per the kind of store you want to open. If you wish to start an ayurvedic medical store, then a storage capacity of 10 sq. meters will be required. But if you want to start a combined wholesale and retail business, you may require a larger space. You must also decide the assets required for your business, such as drawers, refrigerators, etc.
6. Choose the Source of Your Investment
Money is the most important thing to set up an ayurvedic medical store. Understand your business needs and the amount of money you require to set up your business. It will help you understand your financial needs and approach to a loan.
7. Registration of an Ayurveda Store
You must also decide the kind of firm that you want to open. There are three categories of firms that you can opt for - sole proprietorship, private limited company and partnership company. It is not mandatory to register a partnership firm, but a private limited company must be registered. But, to avoid legal disputes among the partners, it is advised to register the partnership firm too. There are no such business requirements for setting up a sole proprietorship business. You must also register yourself under the Value Added Tax system.
Also Read: Pharmacy Store Franchise - Steps To Follow While Setting Up A Medical Store Franchise
Investment In an Ayurvedic Medical Store
You can invest in multiple ways to start your own ayurvedic medical shop. If you wish to become a seller of ayurvedic medicines and products, you can open an ayurvedic medical store at a low cost by investing ₹3 to ₹6 lakhs. You can invest an additional amount of ₹1 lakh for the inferiors. If you want to become a wholesaler of ayurvedic medicines, you need to invest more than ₹12 to 15 lakhs to generate higher profits. After making such an investment, you can earn profits at a margin of 30-40%.
Licences Required for Opening an Ayurvedic Medical Store
A huge list of permits and licences for setting up an ayurvedic medical business. The Central Drugs Standard Control Organization and State Drugs Standard Control Organization issue the drug licences in India. It would be best to register yourself as a business person and take a GST registration. You must be ready with all your documents to get your work done without inconvenience. Taking the licence for an ayurvedic medical store helps you get permission from the government to deal with ayurvedic drugs.
Two ways for obtaining the licence
1. Retail Drug Licence - This licence is granted to sell small quantities of medicines directly to consumers.
2. Wholesale Drug Licence - This licence is granted to the wholesalers of the drugs.
Documents Required to Start an Ayurvedic Medical Business
1. You must have a letter that specifies your application's purpose and signature.
2. You must fill out the application form prescribed on form no. 24-D.
3. You must also have a fee challan.
4. If you have set up your business in a rental area, you must also have a rental agreement with a declaration letter from the building owner.
5. You also require an affidavit from the registered pharmacist.
6. You also require the sole proprietorship or a partnership deed.
7. Passport size photographs of the pharmacist.
8. Other mandatory documents that may be required later on.
Rules and Regulations for Opening an Ayurvedic Medical Shop
1. You must have a degree in Pharma. You can opt for pharmacy after your class 12th science.
2. Selling Unani and Herbal Cosmetic products doesn't require a licence.
3. You must have a fire extension in medical.
4. You must have a cold storage area to store the medicines.
5. Your ayurvedic medical store must be completely systematic to open 24x7.
6. You must have a drug licence to start allopathy medicines.
7. Your paperwork must be original.
Courses required to Open an Ayurvedic Medical Shop
1. D.Pharma: It is a two-year course for Diploma in Pharmacy.
2. B.Pharma - It is a three-year Bachelors in Pharmacy.
3. M.Pharma - It is a two-year course for a Master's in Pharmacy, which is to be pursued after B.Pharma.
Conclusion
Ayurvedic medicines and herbal products are getting more popular among people. People are concerned about the side effects that may be caused by using chemical products. For this reason, they shift towards ayurvedic medicines. The cosmetic industry has also turned towards the ayurvedic industry and claims that 90% of its products have natural ingredients. Due to the demand for ayurvedic products, setting up an ayurvedic business is very beneficial. Ayurveda focuses on individuals as every person is different from the other. It believes that every person requires different treatment, and everyone cannot get the same medicine. After reading the complete article, we hope that you must have understood all the requirements for setting up an ayurvedic medical store.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.
