The pharmacy business is one of the most profitable businesses in India. Even during the pandemic situation, pharmacies were immune to the economic conditions of the country. People all over the world rely on medicines to fight away diseases, and this is one of the sole reasons for the rising demand for medical stores in our country. After understanding the number of profits generated from this business, the only question that arises here is how to open a medical store? To simplify the process, we have curated a list of a few important steps:
Decide the type of Medical store
In India, there are four types of pharmacy businesses that rule the market. Being a booming business, the competition also increases manifold. Hence, to start a profitable business in Tamilnadu, you need to have a proper business strategy in place. Before you get started you need to decide the type of medical store you are going to invest in. Hospital medical stores, Standalone medical stores, Chain pharmacies, township medical stores, or stores in govt premises are some options you have.
Business Registration
To find an answer to your question- how to open a medical store? You would have to understand the two important parameters- Business & Tax Registration. The majority of pharmacy businesses in India are stand-alone pharmacies operating in the unorganized sector of the country. These pharmacies in India are usually set up under a partnership, however, you can also start it as an LLP or private limited company by obtaining an LLP registration. You can file for an LLP registration through IndiaFilings.com for just Rs. 8000. The benefit of setting up a stand-alone pharmacy in LLP would ensure that your business is transferable and scalable.
Pharmacy License
Obtaining a pharmacy business license is important for starting a pharmacy business. The central drugs standard control organization and state drugs standard control organization are two important institutions for the issue of drug licenses in India. Generally, two types of licenses are issued for operating a pharmacy business. One is a Retail Drug License, required for opening and running a general chemist shop and the other is a Wholesale Drug License required for persons or agencies engaged in wholesale of drugs and medicines. Anybody looking forward to starting the best profitable business in Tamilnadu can obtain a license from a state drugs control organization.
Requirements of obtaining a Drug License
The following are the requirements for obtaining a drugs license in India:
- Area: The minimum area of 10 sq meters is important to start a pharmacy outlet, and a minimum of 15 sq meters is required for a pharmacy that combines retail and wholesale.
- Storage Facility: The store must contain a storage facility such as a refrigerator & air conditioner.
- Staff: The sale of a drug shall be made in presence of a registered pharmacist or a competent person who is a graduate with 1-year experience dealing drugs.
So, This was all about how to open a medical store. Building a profitable business is not a piece of cake and requires a good amount of background knowledge, which you can obtain from this article.