India is one of the fastest-growing economies in the world and is expected to continue to grow at a rapid pace. As a result, the demand for healthcare services is expected to increase. The pharmaceutical industry is one of the most important sectors of the Indian economy and is expected to grow at a compound annual growth rate. The Indian government has taken various initiatives to promote the growth of the pharmaceutical industry. The government has also eased the process of setting up a new pharmacy business in India. In this article, we will provide you with a step-by-step guide on how to start a pharmacy shop in India.
Did you know? The first pharmacy practice or profession in India dates back to Scotch M. Bathgate's establishment of a store in Kolkata in 1811. This was likely the start of Indian pharmacy practice.
Starting a Pharmacy Shop in India
When starting a pharmacy shop in India, it is important to obtain the necessary licenses and permits from the local authorities. The shop should also be registered with the Pharmacy Council of India and should follow the guidelines laid down by them. The pharmacy shop should have a qualified pharmacist who is responsible for dispensing medications and providing advice to customers. The shop should also have a stock of essential medicines and should be able to provide 24-hour emergency services. To attract customers, the pharmacy shop should offer discounts and free home delivery services. It is also important to have good customer service so that customers can easily get their queries resolved.
Key Takeaways:
- Before starting a pharmacy shop in India, it is important to obtain a drug license from the state drug control authority.
- The premises of the pharmacy should be registered with the local municipal authority and should comply with all the necessary fire safety and other regulations.
- It is also important to have a qualified pharmacist to manage the shop.
- The pharmacy should stock a wide range of medicines, both allopathic and ayurvedic, and should also have a good stock of over-the-counter drugs.
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Eligibility Conditions to Start a Pharmacy Shop in India
To start a pharmacy business in India, the following conditions must be met:
1. The applicant must be a registered pharmacist with the Pharmacy Council of India.
2. A minimum of two years of experience working in a pharmacy are required of the applicant.
3. Starting a pharmacy or medical store requires a minimum space of 10 square metres.
4. The local authority must issue the applicant with a licence.
5. The applicant must have a minimum investment of ₹2 lakhs.
6. They must have suitable premises for the pharmacy.
7. The premises must be approved by the Pharmacy Council of India.
8. The candidate must possess the required tools and materials for the pharmacy.
Things to Consider While Starting a Pharmacy Business in India
There are a few things to keep in mind while starting a pharmacy shop in India:
1. It is important to obtain the appropriate licenses from the relevant authorities before starting a pharmacy shop.
2. The pharmacy shop should be in a convenient and easily accessible location.
3. An adequate stock of medicines should be maintained to meet the requirements of customers.
4. The pharmacy shop should be staffed by trained and experienced staff.
5. Proper records should be maintained of all transactions taking place at the pharmacy shop.
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Step-By-Step Guide to Start a Pharmacy Shop in India
1. Research the pharmacy industry in India. Become familiar with the laws and regulations governing pharmacies in India.
2. Choose a business structure for your pharmacy shop. You will need to register your pharmacy business with the relevant authorities.
3. Before you start a pharmacy shop in India, it is important to obtain a license from the Central Licensing Authority.
4. Once you have obtained the license, you will need to register your pharmacy business with the Registrar of Companies.
5. After your business is registered, you will need to obtain a drug license from the Drug Controller General of India.
6. Find a suitable location for your pharmacy shop. Make sure the premises follow all the legal requirements.
7. Fit out the premises with the necessary fixtures and fittings.
8. Stock your pharmacy shop with the necessary medicines and other products.
9. Promote your pharmacy shop to attract customers.
10. Provide excellent customer service to encourage repeat business.
The Benefits of Starting a Pharmacy Business in India
There are many benefits of starting a pharmacy shop in India. Some of these benefits include:
- The Indian market for pharmaceuticals is growing rapidly, due to the increasing population and the growing middle class. This provides a fantastic opportunity for pharmacy shop owners to tap into this growing market.
- The Indian government is supportive of the development of the pharmaceutical industry and has put in place various policies and initiatives to promote its growth. This provides a good environment for pharmacy shop owners to operate in.
- India has a large pool of highly skilled and qualified personnel, which makes it easy to find staff for a pharmacy shop. -The cost of setting up and operating a pharmacy shop in India is low, compared to other countries.
- There is a growing demand for quality pharmaceutical products and services in India, due to the increasing awareness of health and fitness among the population. This provides a good opportunity for pharmacy shop owners to provide quality products and services to their customers.
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The Risks of Starting a Pharmacy Business in India
The risks of starting a pharmacy shop in India are numerous and varied. Some of the most prominent risks of starting a business in pharmacy in India are as follows-
- Not being able to obtain a license to operate
- The possibility of failing to locate a suitable place,
- Inability to obtain necessary supplies,
- Failing to attract and retain customers,
- Lagging to compete with established pharmacies.
- Cost of setting up the shop, the cost of inventory, the cost of hiring staff,
- Not being able to generate enough revenue to cover all costs
Tips for Starting a Pharmacy Shop in India
Are you looking to start a pharmacy shop in India? Here are some tips to help you get started.
1. Decide on the type of pharmacy shop you want to start. There are many diverse types of pharmacy shops, so it is important to choose the one that best suits your needs.
2. Find a suitable location. The location of your pharmacy shop will be one of the most crucial factors in its success. Make sure to choose a location that is convenient for your customers.
3. Get the necessary licenses and permits. Before you can start operating your pharmacy shop, you will need to obtain the necessary licenses and permits from the government.
4. Find a good supplier. A good supplier is essential for any business, but it is especially important for a pharmacy shop. Make sure to find a supplier who can provide you with the products you need at a reasonable price.
5. Promote your business. Once you have everything set up, it is time to start promoting your pharmacy shop. There are many ways to promote your business, so make sure to choose the ones that best suit your needs.
Following these tips will help you get started on the right foot when starting a pharmacy shop in India.
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Conclusion
The Indian economy greatly benefits from the medical store industry. Due to the medical store industry's slightly greater profit margin and immunity to easily fluctuating business cycles, it is particularly advantageous in nature. It costs at least ₹3 to ₹4 lakh rupees to open a medical store in the suburbs. While it will cost you easily ₹7-8 lakh rupees to open the same in a large metropolis.
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