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. So, if one has minimal capital investment and space, the pharmacy store is ideal for many businessmen across India. You can either go for a stand-alone medical store or a pharmacy franchise like Apollo pharmacy franchise, Netmeds franchise, etc which is expensive compared to your own medical store. Now, we will discuss how to get pharmacy license in india?
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Requirements to get the license for your stand-alone pharmacy shop or a medical store (and make a profitable medical store investment!):
Firstly, are you a B Pharm / M Pharm?
If not, you might have to find a pharmacist willing to lend you his/her name against goodwill payment for registration purposes.
This is because you’ll need qualifications proof of a minimum of one Pharmacist (either owner or an Employee) to obtain a Pharmacy License for your medical store.
You’ll need a rental agreement or/and Ownership proof of premises with a minimum area of 10 square meters to start a medical shop business or pharmacy business or wholesale business.
In case, the pharmacy store combines retail and wholesale, a minimum of 15 square meters is required.
Again, your basic need will be a shop (rental or own) if you are targeting a local area. Just make sure you do your maths for a shop (buy/rent) + inventory to be bought initially. The rent for a place can be as small as Rs 10,000 to Rs 10 lac depending upon the city, location and size of your medical store.
In any case, this competent person can either be:
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.
Do not stick to the old and inefficient method of operating a pharmacy. Do business the smarter way! Managing business accounting 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.
Accounting App like Vyapar to help you run your pharmacy shop, manage inventory and ease up accounting stuff. Most of the businessmen out there use it to ease up their life.
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The documents required for starting a pharmacy store varies from state to state. However, the following is a suggestive list of documents required for obtaining a drug license in India according to the new rules for medical store.
- Pharmacy License application form in the prescribed format.
- Covering Letter with the intent of the application signed with the name and designation of the applicant.
- Challan of fee deposited for obtaining drug licenses.
- Declaration form in the format prescribed.
- Key plan(Blueprint) for the premises.
- Site plan (Blueprint) for the premises.
- The basis of possession of the premises.
- Identity proof and photos of owner/partners of a medical store.
- Proof of ownership of the premises, if rented
- Proof of constitution of the company(Incorporation Certificate / MOA / AOA / Partnership Deed)
- Affidavit of non-conviction of proprietor/partners/directors under the Drugs and Cosmetics Act, 1940
- Affidavit of a registered pharmacist or competent person working full time
- Appointment letter of registered pharmacist/competent person, if the employed person.
These documents decide your eligibility for a medical store license. After completing all requirements, one has to visit the drug inspector office and has to file the application for granting medical store and drug store. This is the procedure for obtaining a drug license for the medical store.
# Types of Pharmacy Business
There are many different types of pharmacy and other places where a trained pharmacist can work. There are various other specializations in the field of the pharmacy business. Each of these is covered in more detail below:-
1. Community pharmacy: Also known as a retail pharmacy, community pharmacy is the most well-known type of pharmacy. It follows that most traditionally known as pharmacists or chemist shops. A community pharmacist usually works in a store that gives the community access to the medicines they need, as well as advises them to promote the safe and effective use of the medicines provided.
2. Hospital pharmacy: A hospital pharmacy is a place where medicines are administered in a hospital, medical clinic, or nursing home. Hospital pharmacies provide both inpatient and outpatient services. For in-patient services, you will work closely with other medical professionals such as doctors, nurses, and pharmacists to ensure accurate delivery of medications. For outpatient services, you will find yourself advising patients about their medications. It’s vital that patients understand when and how often they should take their medications, as well as dosage levels and instructions about proper medication because patient lives depend on it.
3. Clinical pharmacy: Clinical pharmacy exists in many settings, including hospitals, nursing homes, and other medical centers. Clinical pharmacy aims to ensure optimal use of drugs for best results through drug information and monitoring and provision of drug safety and efficacy. They can predict drug interactions and therefore prevent many adverse reactions to the drug.
4. Industrial pharmacy: Industrial pharmacy comprises the pharmaceutical industry and includes research, production, packaging, quality control, marketing and sales of pharmaceutical goods. An industrial pharmacist may work as a representative of a specialized pharmaceutical company to advocate the use of its products, as well as inform physicians about their functions and benefits.
5. Compounding pharmacy: A compound pharmacy involves the production and preparation of drugs in new forms. This may involve fixing the powder tablet to a solution. For some patients, one-size-to-no-fit-when it comes to medications. Some people require medicines that are tailored to specific needs. Formulating these customized drugs is a practice known as the compound. As a pharmacy technician, you will assist a pharmacist in preparing these medicines. It can involve changing the strength, altering the delivery form, adding flavor, or removing an ingredient – just to name a few possibilities.
6. Consulting pharmacy: Consulting Pharmacy is a relatively new branch of pharmacy, born in 1990. It focuses on the theoretical review of medicines rather than on the delivery of drugs. Consultant pharmacists often work in nursing homes or visit patients in-home to provide their services, so that they can use drugs most effectively.
7. Regulatory pharmacy: Regulatory pharmacy also known as a government pharmacy, the regulatory pharmacy is responsible for enacting regulations and legislation for the safe use of the drug to promote positive health outcomes. This includes pharmacists working on public health and regulatory health boards, such as the Food and Drug Administration in the United States.
8. Homecare pharmacy: Home care pharmacy mainly involves injection preparation and delivery to critically ill patients in the home environment. It is also sometimes referred to as an infusion pharmacy, as only the injected drugs are dispensed, not the drug administered in other forms such as oral or topical. They may predominate in one or another area of the disease, such as nutritional support, chemotherapy, mental illness or infection for oncology.
9. Retail pharmacy: Pharmacists in pharmacy stores are the most common and visible places of employment for pharmacy technicians. Many grocery stores also have pharmacies nowadays. Working in a retail pharmacy means working on a retail lifestyle, which includes working on evenings and weekends. Retail work involves significant customer service contact, so you need to be a real person. In addition to helping pharmacists prepare prescriptions, you can expect to be asked questions about over-the-counter medications, vitamins, and supplements. Retail pharmacies are found in every region of the country and in big cities and small towns.
10. Mail order pharmacy: An increasing number of patients are choosing prescriptions filled through mail-order pharmacies. While working in this environment, you have little contact with patients or normal people. Your job will mainly be to prepare prescriptions for shipment. When working for a company serving patients through mail order delivery, you can expect a fairly predictable schedule with regular shifts. Unlike retail, you probably won’t have to work in a “surprise” shift when the next worker is sick.
# Top 7 Pharmacy Franchise Business Opportunities in India
The medical industry in India is growing rapidly. Also, it is an evergreen industry. Although you can open your own medical store, starting a franchise is a better option for beginners. Actually, many brands are available in the market for many products. Therefore, for a first-generation entrepreneur, building a product line properly is extremely difficult. On the other hand, if you start out as a franchise partner of an established brand, you don’t have to think too much.
Currently, the health industry is doing very well in India. An increasing number of multi-specialty hospitals, polyclinics, corporate welfare programs, and medical tourism are also fueling the market. Here, List of the best Pharmacy Franchise Opportunities in India:-
1. Apollo Pharmacy: Indeed, Apollo Pharmacy is a part of Apollo Hospitals – Asia’s largest healthcare group. Apollo has emerged as Asia’s leading integrated healthcare provider. Additionally, it has a strong presence in the healthcare ecosystem, which includes hospitals, pharmacists, primary care, and clinical clinics.
Investment Cost – 5 to 10 Lakh Rupees
2. Sanjivani Pharmacies: Sanjivani is supported by NB Marketing Private Limited. It offers allopathic and homeopathic. Apart from this, it also provides Ayurvedic medicines. The company supplies OTC, surgical and general daily use products. Sanjivani Pharmacy franchise will reap many benefits. Visual aids, reminder cards, and gift items will be available in the store. All this will be given by the brand company. In this way, pharmaceutical stores will get a boost.
Investment Cost – 10 to 20 Lakh Rupees
This pharmacy franchise gives monopoly rights. This guarantees that Sanjivani will not have any other franchise stores around your area. Franchisees will get territory from the company. Therefore, you will be the sole dealer of Sanjeevani Pharmacy in that area.
3. Medlife International Pvt. Ltd: Medlife is one of the largest online pharmacies and service providers in India. Medlife is a healthcare company. It is located outside Bengaluru, India. This pharmacy franchise has great business opportunities. MedLife wishes every Indian to get the best healthcare. It is a great digital presence. This makes it very easy to get a franchise.
Investment Cost – Around 20 thousand Rupees
4. Medplus pharmacy: Medplus Pharmacy is one of the largest retail franchise chains in India. It is a network of pharmaceutical stores in 12 states. Pharmacy franchise business opportunities in more than 150 cities. It provides many types of support such as,
Help in selecting the right location for the store
Help finalize shop identification and lease
Complete layout plan, branding materials, and necessary furniture and systems
Training for the franchise and its employees
Bank loan facility if necessary
Supply all products sold through the store, etc.
Investment Cost – 15 to 20 Lakh Rupees
5. SastaSundar Pharmacy: SastaSundar is a digital pharmacy and healthcare store. There are 100–200 franchise outlets across India. It is not just for pharmacy. In addition to a pharmacy, there is beauty and healthcare. Apart from this, it is also for herbal and organic products. They offer zero investment in shares. Therefore, you can save a lot of money.
Investment Cost – 1 to 2 Lakh Rupees
6. MedZone: Medzon Pharmacy Outlets is promoted by Ethics Healthcare. The first Medzone Pharmacy store opened in Bangalore. Today, Medjon is one of the leading pharmacy chains across India, serving countless customers daily. MedZone Pharmacy offers Ethics Pharmaceutical Products to its customers at reasonable prices. However, the franchise owner of Medjon is free to sell products from other companies as well.
Investment Cost – Around 1 Lakh Rupees
7. Easy Medico: EasyMedico is one of the largest online pharmacies in India. EasyMedico is a pharmacy cum wellness retail in India. The franchise will cater to all types of pharmacy and wellness needs. Additionally, Easy Medico complies with its offline format. It is available online on the web and mobile. Currently, it operates in 2 cities, namely Indore and Kolkata. The total number of pharmacy stores is 10.
Investment Cost – 6 to 8 Lakh Rupees
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