HOW TO START A MEDICAL SHOP?
Owning a medical shop in India can be overwhelming. Pharmaceutical Industry is one industry where doctors, researchers, scientists and practitioners keep formulating improved methods to treat numerous diseases. A medical shop owner or a pharmacist stands in the frontline of pharmacy chain before a customer receives the prescribed medicine. And for customers or patients, it is not just the medicine, but a packet of hope which is bought at the medical counter.
About pharmaceutical Industry:
After contributing more than twenty percent of the global exports, pharmaceutical Industry of India is the most successful industry. It is also known as the ‘Pharmacy of the world’, exporting medicines worth more than US$ 20 billion per year. Some of the major countrywide buyers are the Government of the United States of America, South Africa, Russia and the United Kingdom.
Types of Pharmacy store?
Coming back to medical shops in India, Let’s understand the types of pharmacy stores in India.
- Single-owner Medical shop
- Franchise Medical Shop
- Hospital owned Medical Shop
- Apartment Medical Shop
As the name suggests, single-owner medical shops are the registered shops owned by a certified pharmacist. Franchise Medical shops are classic example of Apollo pharmacy. Franchisor charges royalty fee against their brand names. Hospital-owned medical stores are the most profitable ones, but the profits are only for hospitals not for the pharmacist. Lastly, Apartment medical stores are the common pharmacy joint in huge townships and apartments.
Mandatory Registrations
- Pharmacy Licence
- Land Registration
- Business registration
- Tax Registration
- Drug Licence Registration
Pharmacy Licence is issued to registered pharmacy diploma or degree holders upon completion on their course and practical training. Land registration for commercial purpose or rental agreement between medical shop owners and land owners is mandatory to run a medical store. Thirdly, whether it’s a sole-proprietorship, partnership or a private company; business needs to be registered in the books of law according to Indian Pharmacy Act, 1948. In order to file tax registration, GST number is important.
Central Drugs Standards Control Organization and State Drugs Standard Control Organization issue Retail and Wholesale Drug licence based for three parameters: Area specification, storage facility and technical staff needed.
What are the qualifications?
An individual must have a valid diploma or degree in Pharmacy from a PCI recognized college or a university. Bangalore College of Pharmacy is a registered college approved by the Pharmacy council of India (PCI). This decade old college is run by Bangalore Group of Institutions.
With the help of the diploma or degree, an individual can apply for above mentioned registrations and Licence from respective state authorities.