Medical Store Business
If you want to start a business that has low risk, earnings continuously and cash transactions are facilitated, then the medical store i.e. medicines shop can prove to be a great option. The business of the medicine never slows down because both diseases and treatment are increasing with time.
Pharmacy degree or diploma required
The first and necessary condition to open a medical store is that you should have pharmacy studies. That is, you have a degree or diploma like B.Pharm or D.Pharm. If you have not done this course, then you have to have a qualified pharmacist who has a degree and registration certificate. It is illegal to run a medical store without a pharmacist.
Shop will open only after getting drug license
To open a drug shop, you have to get a license from your state’s drug controller office. For this, some important documents have to be submitted. Pharmacist registration certificate, shop map, Aadhaar and PAN card, shop ownership or rent paper as well as GST registration is also necessary. Selling medicine without license is a legal offense.
Take care of the expiry of medicines
After opening the medical store, it is very important to always keep an eye on the expiry date of medicines kept in the store. If an expiry medicine is also sold by mistake or found in the store, then there can be a heavy fine and action till the cancellation of the license. In such a situation, it is most important to be alert in this business.
It will cost so much to open medical stores
It takes an investment of about 7 to 10 lakh rupees to open an average medical store. This includes initial stock of medicines, shops, fridge, counter, cupboards and expenses for making licenses. After opening the shop, now come on profit. According to a report from Mint, selling medicines at the retail level can give a profit of 20 to 25 percent. On the other hand, if a trader works in wholesale, that is, supplies medicines to hospitals or other shops, then the profit can reach 30 to 40 percent. In this business, the flow of money is faster and daily sales earn daily.
Work can also start with franchise
If someone is hesitant to start his own medical store, then he can open a shop with a franchise of a big brand. The brand is already identified, causing customers to join quickly and the business gets speed. Also, the risk that occurs in the beginning also reduces to a great extent.
Following the rules is very important
The business of medical store is as beneficial, it is equally responsible. All the papers should be completed, the license is taken correctly and the law should not be ignored under any circumstances. These things should always be kept in mind. If there is any disturbance in the sale of drugs, the administration takes strict action.