So thinking about “How to open a medical store”? Let me tell you this, the pharmacy business is an evergreen business in India that is not affected by economic cycles or even in pandemic situation. So, if one has minimal capital investment and space, the pharmacy store is ideal for many businessmen across India. It will be easy if you are having experience in medical store and Hospital as a Pharmacist.
Q. Who can start a medical shop?
Ans- Anyone who has a Pharmacy Licence is eligible to open a medical store. For becoming a qualified pharmacist you need to acquire a Diploma in pharmacy (D.Pharm) or degree of B. Pharm or M. Pharm.
Q. Is chemist shop a profitable business?
Ans- Any chemist business or medical store is profitable just like the pharmacy business. Most prescribed drug-related businesses are incurring good profits in the market. Even OTC (over-the-counter) drugs or patent medicine store is decently profitable.
Q. How much is needed to open a medical store?
Ans- To open a medical store in the suburbs a minimum of 3 to 4 lakh rupees is needed. While to open the same in a metropolitan city would easily cost you around 7-8 lakh rupees. You could either be a wholesaler or a specific hoarder. Small businesses can easily apply to avail business loan for medical store.
Q. What are the requirements to open a medical shop?
Ans- To open a medical store you will need the following-
- Rental Agreement/Ownership Proof
- Premises proof ranging at least 10 square meters
- If clubbed into retail then a minimum of 15 square meters is required
Q. What is the procedure to open a medical store?
Ans- Below are some of the mandatory things needed before thinking
about how to open a medical store in India-
- Ownership proof of premises
- Business constitution and registration proof
- Affidavit of non-conviction of proprietor or partners or directors under the Drug and Cosmetics Act of 1940.
- Registered pharmacist affidavit
- Equally competent full time working employees affidavit
Q. Is Cold storage facility required in medical store?
Ans- Yes Most importantly, the store must have a refrigerator on the premises.
This is because, according to the labeling specifications of certain drugs like vaccines, Sera, Insulin Injections, etc., are required to be stored in the refrigerator.
Q. Is Digital system required in medical store for billing?
Do not stick to the old and inefficient method of operating a pharmacy. Do business the smarter way! Managing like billing, inventory, bookkeeping single-handedly or with a bunch of people is challenging and can result in a lot of manual work without the use of technology.
Q. How much profit does a medical store make?
Ans- Any retail medical store profit will range from 5% to 30% every month. Different products will incur different types of margins like-
- OTC (over-the-counter) medicines
- Branded Prescription products
- Generic Medicines
- Trapped Products
- Brand-specific discounted items
Q. Can Doctor run a pharmacy?
Ans- No, doctors aren’t officially allowed to run a pharmacy shop based on Medical ethics. Any of the Drug License for the hospital is allotted in the name of a Pharmacist and not the Doctor or even the Hospitals owner!
Q. How many years is a Diploma in Pharmacy?
Ans- Diploma in Pharmacy is a 2 years full-time course. It consists of the following subjects-
- Human Physiology
- Therapeutic Compounds & drugs in use
- Their pharmacology & formulations
- Basics on drug store management
- Pharma Jurisprudence
Q. Is a pharmacist a medical professional?
Ans- Pharmacists, in general, are extremely trained health professionals who specialise in a comprehensive spectrum of services like-
- Conducting Health And Wellness Testing
- Managing Chronic Diseases
- Performing Medication Management
- Administering Immunizations
Q. Can I open a medical store after D Pharma?
Ans- The official requirement to open a medical store in India is becoming a registered pharmacist. So after the completion of your D.Pharm, you have to register yourself at your state pharmacy council and obtain official certification that’ll take around 45 days after the registration process, and then you can start a medical shop.
Firstly, avoid renting/owning the shop where there are already Multiple medical stores to avoid unnecessary competition and if required try to search Rural areas to set up your business.
It will be better if you can always network with a doctor/Hospital so that you can tie-up with them.
Before set up your own medical store it will be better to gain some experience by working in any medical store or Hospital or under any doctors
For betterment you can refer the CIMS Drug books or 1 mg.com or Netmeds to know the name of drugs, their substitutes, dosage, indication and uses etc. You can use the APP or can download the same and can read to gain some better knowledge.
Use SMS alert system i.e automatically patient can get the SMS to refill their medicines and record the patients history in your data bank and if required you can think for Home delivery of medicines at doorstep.