THE BASIC REQUIREMENTS TO START A WHOLESALE PHARMACY BUSINESS
If you rate the most successful business in India, then pharmacy business will get a high score. It is not influenced by monetary cycles. Start your wholesale pharmacy business after completing the formalities and reap big profits.
As the awareness of health and fitness increases, and medical facilities attain new levels; pharma business has good growth prospects.
It needs relatively less capital investment and space. Hence, many people start a wholesale pharmacy business in India.
TYPES OF CUSTOMERS A PHARMACY WHOLESALE BUSINESS SERVES
Clinical drug store, standalone drug store and chain drug store are different varieties of pharmacy wholesale businesses.
- Clinical drug stores: Clinical drug store is a business that can be set up under a big doctor’s clinic or a big corporate hospital. In both cases, it is a private institution. The success of it depends on the success of the hospital (or popularity of the doctor).
- Standalone drug stores: It runs business under proprietorship or some association. The success of it largely depends on various aspects such that competition in the market, the location of the drug store and reputation.
- Chain drug store: Chain drug store is the franchise of a big drug company. Since it carries the goodwill of the brand, it is relatively easy to earn profits. However, other aspects such as competitiveness and location still play an important role.
LEGAL PROCEDURE
As per the rules, anybody who is graduated in pharmacy and carries the experience of one year in the field can apply for wholesale pharma business.
The license has to be obtained from CDSCO which is the controlling authority.
GST registration is mandatory to start the business.
Following documents are required:
- Application form filled in the prescribed format
- Covering letter of the applicant
- Challan of the fee deposited
- Declaration plan
- Site plan, key plan, and possession certificate of the business premises
- Proof of ownership of the premises
- Proof of constitution of the business based on its type, e.g., partnership deed, letter of undertaking, incorporation certificate, etc.
- Proof of appointment of a registered pharmacist who will be working in the company full-time
Remember, CDSCO keeps a close watch on every wholesale pharmacy business. It is done to maintain the standards of display, sale, and storage of drugs.
PREMISES PLAY A CRITICAL ROLE
In wholesale pharmacy business, it is a prerequisite to have the right kind of premises. It has to be a closed, secure and safe place.
Big warehouses are required to store medicines with proper facilities of air-conditioning, refrigerators and cupboards and shelves.
COLLABORATION WITH CLINICS AND HOSPITALS
Local clinics, hospitals, and nursing homes are the customers of wholesale pharmacy business. Collaboration is very important when you want to maintain profitability.
Two types of drugs are sold in the market; non-scheduled drugs and scheduled drugs.
Maximum retail price or MRP can be increased by 10 percent of MRP for scheduled drugs.
In generic drugs, margins can’t be improved much, but pharmacists can avail several other benefits offered by the government.
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