Open a medical store – Investment, Requirements, Documents & License:
India has one of the fastest economies in the world and is expected to keep growing quickly. The demand for healthcare services is likely to rise as a result. One of the most significant areas of the Indian economy, the pharmaceutical sector is anticipated to grow at a compound annual growth rate. The Indian government has launched a number of program to encourage the expansion of the pharmaceutical sector. Additionally, the government has made it simpler to start a new pharmacy in India.
Opening a medical shop may seem like a daunting task, but with the right information, it can be simple. The demand for medications since the implementation of COVID-19, I’m not the only one looking for a pharmacy nearby. Every day, medicines are used all around the world to fight disease. Have you ever thought how much money these kinds of companies should be making ?
Alternatively, have you ever considered opening your own pharmacy ? Undoubtedly, each of us at one point or another has thought of opening a shop. But how many of us have done this kind of research ? Today we’ll take a step-by-step on how to open a medical business in India. So, in this article we’ll provide you with all the information you need to open a medical shop, from choosing a location to stocking your shelves. So, read on for everything you need to know whether you’re a first-time business owner or looking to expand your existing business.
Types of Medical Store
There are various types of medical stores which depends on the location and the space some type of the medical shop I’ve mentioned below:
Community pharmacies are retail outlets that are owned and operated by pharmacists. They provide prescription and non-prescription drugs and other health-related products and services to the general public. Community pharmacies usually fill prescriptions for medications that doctors write.
Hospital pharmacies are pharmacies that are located in hospitals. They provide medications to patients who are admitted to the hospital, as well as to patients who are discharged from the hospital. Hospital pharmacies usually fill prescriptions that hospital doctors write.
Independent medical store the most typical medical stores are those that are frequently located in residential areas.
Franchise Medical Shop Franchise medical businesses or chain pharmacies, which are a component of larger pharmaceutical chains, are typically found in malls or next to hospitals.
Township drugstore these medical businesses serve the residents and business owners of the townships where they are located.
Commercial medical shop the pharmaceutical industry, which includes pharmaceutical product research, production, marketing, etc., makes up these medical stores.
Government building, a hospital these businesses serve the patients of the government-run hospitals and dispensaries where they are located.
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Eligibility Criteria And Requirements to Open Medical Store:
To open a Medical Store in India, the applicant must meet the following eligibility criteria and requirements:
- The candidate must be a pharmacy council of India licensed pharmacist.
- The applicant must have at least two years of experience working in a pharmacy.
- A minimum area of 100 square meters is needed to open a pharmacy or medical business.
- The applicant must receive a license from the local authority.
- Candidate needs to deposit a minimum of 2 lakhs.
- The pharmacy must be housed in proper conditions.
- The Pharmacy Council of India must approve the location.
- The candidate must have the equipment and supplies needed for the pharmacy.
To open a medical shop, the applicants must have B. Pharm or M. Pharma or pharma D degree.
Space Requirements to open a Medical shop:
The space required to open a medical shop is not very much. Many pharmacies are quite small, But as per the rules minimum space required is 120 sq. ft. However, the space required does depend on the type of medical shop you want to open. For example, a pharmacy would need less space than a surgery clinic.
The manager of a medical store is responsible for the overall operation of the business. This includes overseeing the sales staff, ensuring that the stockroom is well-stocked, and managing the budget. The sales staff is responsible for helping customers find the medical supplies and equipment they need, and the stockroom staff stocks and organizes the inventory.
Types Of Medical Shop Licensing:
The registration of a drug license is the last legal requirement must be satisfied before starting a medical store. No of the volume, you must obtain a drug license from the Central Drugs Standards Control Organization and State Drugs Standard Control Organization for every pharmacy, regardless of size. For running a pharmacy business, the Drug Control Organization typically offers two types of licences. The first is the Retail Drug License (RDL) granted to operate a general chemist store. The other is the Wholesale Drug License (WDL), which is given to individuals or organisations that sell drugs and medications on a wholesale basis. The two principal drug licenses that they have issued are:
- Retail Drug Licensing(RDL): The general chemist shop requires a license, which you must deposit a little amount to get in business. However, it should be noted that the registration process can only be completed by someone who has earned a pharmacy degree or diploma from one of the recognized universities or institutions.
- Wholesale Drug License(WDL): You must grant a licence for the same if you want to supply or sell drugs in bulk. In contrast to a retail drug licence, the applicant is not subject to a set of guidelines. Under the terms of this license’s issuance, several limitations are imposed.
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Documents Required to apply for the Drug License:
These are the documents required to apply for The retail Drug license.
- Form No. 19 (Form Link)
- Challan Rs. 3000/-
- Affidavit of the proprietor on stamp paper of 20 Rs.
- Educational certificate copies of the proprietor (Self-attested)
- Self-attested copies of Identity proof of proprietor ( Domicile/ Driving license/ Voter ID card)
- Affidavit of Registered Pharmacist.
- Educational certificate copies of Registered Pharmacist (Self-attested)
- Self-attested copies of Identity proof of Regd. Pharmacist ( Domicile/ Driving license/ Voter ID card)
- Blueprint of a Plan layout of the proposed area/ premises.
- Electricity bill of proposed area/ premises.
- Copy of Refrigerator bill.
- Rent agreement (50 Rs. Stamp paper)
- Ownership document of the premises, including a copy of the tax receipt of the proposed area/ premises.
- Covering letter.
- Photo 5-5 each of Regd. Pharmacist and proprietor.
Investment to open a medical store:
In general, you will need to make a significant investment to open a medical store in India. The average cost of setting up a small store is around Rs. 2.5-3 lakhs, while the cost of starting a larger store can be as high as Rs. 10-12 lakhs. You will also need to budget monthly expenses such as rent, salaries, and inventory costs.
If you are looking to open a medical store in a major city, the investment required will be significantly higher. In Mumbai, for example, the average cost of setting up a small store is Rs. 5 lakhs.
How to decide for the stock/inventory ?
For the medical shop owner it is the very challenging portion to choose the right stock/inventory to fill his medical shop. So it the very tough work to decide. So if you are going to open you own medical shop then the inventory depends on your location also.
If you are opening in the rush area or hospital/doctor’s area then you can get help to others medical shop or some doctors. In this case it is very easy to decide about the inventory. But if the area is in outside or in colony side where there is not much pharmacy then you have to take a survey of your local area or you have to meet some doctors and pharmacist also. Then you can decide about the inventory.
Initially, it may be you purchased some medicine which expired due to not selling. So, don’t worry after 6 month you can get more knowledge about the pharmacy and can handle your medical shop better. Be patient and doing work. After 3-4 months you can approach some doctors also to sit in you medical according to your place requirements. So your sells get increase.
Registration of medical & GST registration:
Medical shops are required to be registered with the state drug authority. The registration process protects the public health by ensuring that only qualified and licensed persons can operate medical shops.
The registration process usually involves applying along with required documents, such as proof of ownership or lease, proof of qualification and license, proof of insurance, and proof of tax payment. The drug authority then reviews the application, which may inspect the medical shop before issuing the registration certificate.
GST is a comprehensive indirect tax levied on the manufacture, sale and consumption of goods and services at each stage of the supply chain, with a credit mechanism for tax paid on inputs. The GST regime would subsume most of the indirect taxes levied by the Central and State Governments.
Important points for operating a successful medical store
There are a few key points to keep in mind when running a medical shop to ensure success. The first is to ensure you have a good selection of products to offer your customers. This includes prescription and over-the-counter medications, as well as a variety of medical supplies. You should also ensure that your prices are competitive and that you have a good selection of brand-name and generic products.
It is also important to have a good customer service attitude. This means being friendly and helpful to your customers and always providing prompt, accurate service. You should also be knowledgeable about the products you sell to provide accurate advice and recommendations to your customers.
How to choose the right location for your medical shop ?
The next step is to find a good location for the shop. The location should be in an area with a lot of foot traffic and preferably close to a hospital or other medical facility. The shop should also be in a location with a lot of parking, as many customers will likely be driving to the shop.
Promoting your medical shop
The next step is to market the shop. The shop should be advertised in local newspapers and online. The shop should also be promoted on social media websites. You can also start an Online medical shop, a great way to get the necessary medical supplies without leaving home.
You only need an internet connection and a computer or mobile device, and you can order the medical supplies you need. This is a great option for people who cannot leave their homes or live in remote areas. Online medical shops also offer a great selection.
The future of medical shops
It is no secret that the field of medicine is rapidly evolving. With new technologies and treatments becoming available every day, the way that we approach healthcare is changing dramatically. One area that is seeing a lot of change is how we purchase and access medical supplies and treatments. In the past, most people would have had to go to a physical pharmacy to get the necessary treatments and medications. However, there are several ways to get the medical supplies you need in the modern age. One of the most popular methods for obtaining medical supplies is through online medical shops.
Starting an online Medical Store:
For their buying demands, people have started going online. Online pharmacies are relatively new to the Indian market, but they are growing very fast. Senior persons and those who might find it challenging to visit a real store can benefit from it. Additionally, they provide decent price reductions.
Online pharmacies do not have a specific location where they serve their clients. For their clients, they may be able to find uncommon or difficult-to-find medications in particular circumstances. And also there are already many e pharmacy company running their business in India like TATA 1mg, Pharmeasy, Flipkart health +, Netmeds etc.
There are some restrictions when operating an online pharmacy. Periodically refilling medications is sometimes necessary without first checking prescriptions. This could cause problems for the patient.
- Hire a licensed pharmacist.
- Obtain licenses from the Food Safety and Standards Authority of India (FSSAI) and the Food and Drug Administration (FDA).
- Obtain permits from local organizations.
- Partner with local pharmacies.
- Make arrangements with delivery services.
- Create a professional website and app that enables clients to place orders and make payments easily.
- Conduct online marketing.
Tips for success as a medical shop owner
Running a medical shop can be a lucrative and rewarding business, but it can also be challenging. Here are some tips to help you be successful as a medical shop owner:
Make sure you have a good understanding of the products you are selling. This includes knowing the different brands, prices, and what each product is used for.
- Develop a good relationship with your customers. Please get to know their names and what products they are interested in.
- Keep your shop clean and organized. This will make it easier for customers to find what they want and make your shop look professional.
- Offer good customer service. Be friendly and helpful, and answer any questions your customers have.
- Price your products fairly. Don’t overcharge, but also don’t underprice your products.
- Promote your shop. Advertise in local newspapers and online, and put up flyers
It makes sense to get on board because the pharmaceutical sector is expanding rapidly. If you want to open a medical supply store, you can follow the right legal and financial procedures to make your idea a reality. Your medical store will prosper if you take the right actions.
FAQ(Frequently Asked Question):
Q. What are the procedures for opening a medical shop ?
Ans: Opening a medical shop is a process that involves several steps. The most important step is to get a license from the government. This license is issued after the shop has been inspected and approved. The next step is to find a shop location and get the necessary permits and approvals. After that, the shop needs to be furnished and stocked with medical supplies.
Q. What is required to open a medical store in India ?
Ans: The requirements for getting a medical shop license vary from country to country. The shop must be inspected and approved by the government, and the shop owner must have a medical license.
Q. What are the responsibilities of the shop owner ?
Ans: The responsibilities of the shop owner vary from place to place. In general, the shop owner is responsible for the safe storage and handling of medical supplies and the provision of medical.
Q. Which degree is required to open a medical shop ?
Ans: B Pharma, D Pharma or Pharma D .
Q. What are the necessary documents to open a medical shop ?
Ans: Some of the necessary documents are:
- Educational certificates
- Drug License
- Shop Act license
- Gst Registration
Q. Who can start medical shop ?
Ans: Anyone can operate a medical store, however having a pharmacology degree is preferred. You can hire a pharmacist if you don’t have a degree. Only licensed pharmacists are eligible to receive drug license.
Q. Is anyone can open medical shop ?
Ans: Yes any one can open a medical shop if they have knowledge about the pharmacy. And if they have not any pharma degree then they can hire a pharmacist for their shop and can run smoothly their pharmacy.
Q. Is B/D-pharma degree required to open a medical store ?
Ans: Yes, the applicants who wants to open a medical shop they must have B/D pharma degree.
Q. If someone have no any degree or drug license then is he can open a medical shop ?
Ans: Yes, they can open a medical shop without any degree but they have to hire pharmacist for their shop.
Q. Is a pharmacist a medical professional ?
Ans: In general, pharmacists are highly skilled medical professionals with specializations in a wide range of services, including:
- Health and Wellness Research Testing
- Controlling Chronic Illnesses
- Administering immunisations and managing medications
Q. How to decide which medicine to keep in medical store ?
Ans: It is very tough work to decide the inventory for the medical store. But it depends on the location, you can keep some local and generic medicine and for more inventory you have to survey in your area and get some help to any doctor of your local.
Q. Can a doctor open a medical store ?
Ans: In accordance with medical ethics, doctors are not legally permitted to operate a pharmacy. A pharmacist, not a doctor or even the owner of the hospital, is given any drug licence for the facility.
Q. Can a nurse run a medical shop ?
Ans: No, a nurse cannot start a pharmacy in India in accordance with both “The Pharmacy Act, 1948” and “The Nursing Council Act.” The 1940 Drug and Cosmetics Act and the 1945 Rules also prescribe and apply these regulations.
Q. Can I open a medical after D pharma ?
Ans: Becoming a registered pharmacist is the formal prerequisite for opening a medical store in India. After receiving your D.Pharma, you must register with your state pharmacy council and acquire official certification, which takes around 45 days to complete. Only then may you open a medical store.
Q. Can I open a medical store after BSc in Chemistry ?
Q. Which course is best for opening a medical shop ?
Ans: The best course to start a medical store are B. Pharm and M. Pharm. After completing your 12th grade, you can also pursue a Diploma in Pharmacology.
Q. Is there any special license for selling Ayurvedic, Unani, and Homoeopathy medicines ?
Ans: To sell Ayurvedic, Unani, Siddha, and homoeopathic medicines, you must get a licence from the Ayurveda, Yoga, Naturopathy, Unani, and Homoeopathy (AYUSH) Ministry.
Q. Do I need a special license for selling dietary supplements ?
Ans: Yes, in order to sell dietary supplements, you must have a licence from the Food Safety and Standards Authority of India (FSSAI).
We hope you enjoyed reading this blog article on how to open medical shop . For additional useful articles like this, keep visiting YMW Solutions.
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