Retail business of medicines is always done in cash. Besides, retail store owners also get good profits in the medicine business. If you are planning to open a medical store in your city, then here we are telling you in detail about the profits in a medical store and how to open it. After which you can easily open a medical store.
Let us tell you that to open a medical store, a degree or diploma in pharmacy (B.Pharm or D.Pharm) is required. If you do not have this degree, you will need to hire a qualified pharmacist. There are some similar rules for opening a medical store.
License from Drug Controller Office
To start a medical store, you must have a pharmacy degree or diploma, after which you will have to obtain a drug license from the State Pharmacy Council and Drug Control Officer. For this you will have to provide the documents mentioned below.
- Registration certificate of pharmacist.
- Medical store location map.
- Aadhar Card and PAN Card of the owner.
- Rent contract or ownership certificate of the shop.
- GST number.
How to apply for drug license?
You can apply for drug license both offline and online. For online, you will have to go to the drug control website of the state government and for offline, you will have to apply in the office of the Drug Inspector. There are two types of drug licenses, one is retail license and the other is wholesale license.
GST registration mandatory
GST registration is necessary so that you can pay taxes and issue valid bills to customers. Apply for GST registration at www.gst.gov.in. Apart from this, you will have to buy stock of general medicine, antibiotic, pain killer, and specialized medicine and keep in mind the expiry date of medicines.
Investment and profit in medical store
To start a medical store, an investment of Rs 5 to 10 lakh has to be made, which includes medicines, license fees and setup expenses. Whereas when you retail medicines, you get a profit of 16 to 25 percent and when you wholesale medicines, you get a profit of 30 to 40 percent.
Option of branded or franchise model
If you do not want to start your own medicine business, then you can open a medical store by taking a franchise of a reputed brand. It is mandatory to follow rules and legal procedures while opening a medical store. The license can be canceled for selling wrong medicines or ignoring the rules.