How to start a pharmacy business in India

How to start a pharmacy business in IndiaHow to start a pharmacy business in India

Pharmacies have good demand in India. If you can know the basics of Pharmacy and medicines, you can start such business and earn decent money. This is a good profitability business in India. Pharmacies sell medications to individuals and medical supplies to hospitals. These days they are part of hospital structure so that they can be acted as immediate supporters to patients.

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Various types of Pharmacies which you can open

There are several ways where you can open a pharmacy business.

1) Buy existing pharmacy: If you do not want to start from scratch, you can buy existing pharmacy shop. While you need not incur any costs for set-up, it provides an opportunity to get immediate profits from day one. However, you may need to do renovation and take care of licensing requirements before you start such business.

2) Open a franchise pharmacy Shoppe: This is another method of starting a pharmacy business in India. Instead of doing everything from scratch, you can open a franchise business in India, your franchisor would help you in getting necessary license, helps you in setting-up pharmacy business and provide you ample training to start a pharmacy business. This is good way if you think you cannot do it on your own and look for mentors.

3) Staring an independent pharmacy shop: If you would like to be independent, you can start an independent pharmacy shop. However you need to take care of everything from scratch and open such pharmacy shop. If you still want to take the pain, you can do it to get good profits.

How to start a pharmacy business in India

a) License requirements: You need to have license pharmacist during working hours of the pharmacy. In India, generally, medical shop / pharmacy shop owners would use a licensed pharmacist name and run the business as it requires specific qualification to get such license.

b) Start-up costs: Prepare a plan on how much the start-up costs would be. You need to consider setting-up cost for pharmacy, furniture, lease charges, monthly rental, and pharmacy costs, medical equipments cost, salaries of staff etc. This would give clear indication about the budget you need to allocate to start such business.

c) Location: Select location where there is good walking traffic. This would help you to let people know about your pharmacy shop. A commercial place with good traffic can bring more customers to your pharmacy shop.

d) Organizing properly is a key: If you go to some pharmacy shops, they are very organized that any medicine you ask they would be able to pick-up in few seconds and are able to close the transaction. But some pharmacy shops would take several minutes to figure out where the pharmacies are. This is due to the fact that former pharmacies are well organized in placing the medicines at right place and able to provide them quickly. Which one you want to choose?

e) Value added services: Apart from medicines and medical equipments, you can also place beauty related products or soaps which would help you to get more customers. Though your primary products may not be such products, but people would come often to purchase them along with medicines.

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f) Marketing strategies: While you may not require major advertising and marketing strategies, you should keep giving some samples to regular customers which would increase the mouth advertising. Many pharmacies are offering discounts up to 10% of pharmacy costs, hence providing such offers would help you to get more and more customers.

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