How to start a pharmacy chain business ?

A step-by-step guide to start a pharmacy chain business: 

The pharmacy business is an evergreen business that is not affected by economic cycles. In addition, the growing popularity of corporate hospitals and specialized hospitals it has brought significant growth to the health and pharmaceutical business. Needs a small investment and location, the pharmacy business is suitable for many businessmen. In this article, we look at the process of starting a pharmacy business.

Pharmacy License:

Typically, the Drug Control Organization issues two types of licenses to run a pharmacy business. The other is a Retail Drug License (RDL) issued to administer a standard chemical store. The other is the Wholesale Drug License (WDL) which is issued to individuals or institutions trading in supermarkets and pharmacies. In most states, a drug license is only issued to people with a degree or diploma in pharmacy from a reputable institution or university after depositing the required funds because only special work and only qualified people can do it. . But the above conditions are relaxed in the event that you obtain a Wholesale Drug (WDL) license.

Requirement for starting a pharmacy:

 The following are minimum requirements for starting a pharmacy 

• Area: The minimum area of 10 square meters is required to start a medical shop or pharmacy or wholesale outlet. In case, the pharmacy business combines retail and wholesale, a minimum of 15 square meters is required.

• Storage Facility: The store must have a refrigerator & air conditioner on the premises. According to the labeling specifications certain drugs like vaccines, Sera, Insulin Injections, etc., are required to be stored in the refrigerator.

• Technical Staff: 

• Wholesale – The sale of drugs by wholesale shall be made either in the presence of a registered pharmacist or in the presence of a competent person who shall be a graduate with 1 yr experience in dealing in drugs or a person who has passed S.S.L.C with 4y ears experience in dealing in drugs, specially approved by the department of drug control for the purpose.

• Retail – The sale of the drug by retail must be made in the presence of a registered pharmacist approved by the department, the Registered pharmacist is required throughout the working hours.

10 Major steps for starting a pharmacy chain business: 

1) Prepare a business plan. Prepare a 3 to 5 years business plan on how you want to take such business.

2) Prepare a standard operating procedure to have a meticulous understanding of the working.

3) Find prime locations to start the pharmacy chain with one or two stores. 

4) Register the firm or the company as per the company's act and take legal advice to ensure that the paperwork is perfect.

5) Have an accounting system and train the person who would be using the same.

6) Locate the various agents and companies which can supply the medicines.

7) Appoint the supporting staff depending upon the need of the store.

8) Once the first pharmacy store is opened, it’s time to start marketing and promoting the brand well. Don’t wait till multiple pharmacy stores to open.

9) Various ways of marketing could be used which would include billboards, brochures, pamphlets, social media marketing, and so on.

10) Various discount offers can be provided through planning to increase sales and create a strong consumer base. This can be done at the business planning stage itself.