Pharmacy/medical stores are one of the most convenient and cost-effective businesses in India. With minimum capital investment and sufficient space, anyone can run a medical store. Due to the onset of covid-19, pharmaceutical companies have become an industry worth 42 billion dollars. Opening a medical store requires quite a few steps, which anyone can do easily. So here’s your step-by-step guide on how to open a pharmacy in India.
Now, before getting into the whole business of it, you have to understand the types of pharmacy and which one would interest you more.
The most common type of pharmacy, also known as a retail pharmacy. In a community pharmacy, the pharmacist has direct supervision or access to the medicines or prescriptions which they provide to the community. Community pharmacies are those which are not under the direct supervision of hospitals or limited services pharmacies.
The one that works in close collaboration with the organization or department of the hospital, to ensure that the best medication is provided to each patient. Hospital pharmacy performs several functions such as procurement, storage, preservation, packaging, and distribution, all in close collaboration with the hospital. They may be inpatient or outpatient pharmacists, and may also specialize in other areas of pharmacotherapy.
Clinical pharmacy is involved with the proper use and abuse of drug administration for optimal outcomes regarding the wellness of patients through the provision of drug information and awareness. The clinical pharmacy might be in many said establishments, including, hospitals, nursing homes, and other medical centers
An industrial pharmacy comprises the whole pharmaceutical industry, wherein, you produce, package, sell and distribute. Moreover, a representative might advocate the use of drugs to various physicians and their use and benefits
sometimes, particular drugs do not suit the needs of all. In a compounding pharmacy, you have to assist a pharmacist, in preparing new drugs in varied forms and dosages which cater to the certain specific needs of the patient. Creating a new formula is what compounding pharmacy is all about.
these types of pharmacists usually provide services to nursing homes or visit patients in-house for effective use of medicines. Consulting pharmacists work in a very freelance way, where they may or may not have a said establishment for pharmaceutical services.
regulatory pharmacy has direct connections with the government, wherein, said regulations and enactments are provided for the safe and healthy use of drugs for optimal outcomes.
Once you have decided on the type of pharmacy business, the registration process starts. One of the many ways you can register your pharmacy online is via the swipe app, which is one of the leading apps for registering the business, creating invoices, filing returns, and many more services.
Now, before investing the capital and selecting the required space, it is essential to see if you fulfill the conditions before opening a pharmacy, some of the important requirements which should be considered before opening a pharmacy/medical store in India are:-
a. To open a retail drugstore, a minimum area of 10sq meters is mandatory, and for a wholesale pharmacy, 15sq meters. A cold storage facility, in the form of a refrigerator, is essential, along with an air conditioner.
Other than these basic conditions, one of the most important conditions to open a pharmacy/medical store in India includes,
b. Both wholesale and retail pharmacies must have at least one person with expertise in pharmacy present at the store.
c. They must be someone who is a B/Pharma or M/Pharma graduate, or someone willing to lend you the same based on the goodwill of which you can open a pharmacy
d. They must be a registered pharmacist approved by the state pharmacy council
e. A secondary school leaving certificate (SSLC) with a minimum of 4 years of experience in dealing with drugs.
After fulfilling all the basic conditions, investment is key. No business can run without sufficient capital requirements. The amount of investment depends on the scale, size, the city you’re in, etc. A minimum of 10,000 to 10lac, depending on the following details provided.
Having a cold storage facility is one of the most important things required to open a successful pharmacy/medical store. A refrigerator is important to store many medicines, injections, and insulin which are required to be stored at cold temperatures as per the requirements of the said medicine.
When in Rome, be a roman. In this era of technological advancements, it is important to incorporate some into your business. Digitalized billings, purchase invoices, and even GST filings with the help of the right apps become speedy, so you can concentrate more on the expansion of your business.
The swipe app can be a perfect choice for you for all your requirements. It provides a variety of free services such as quick creation of invoices, inventory management, and fillings returns in all one convenient locations, i.e., the swipe. So go ahead, download it and use it for the benefit of your business
The basic documents required for the registration to open a pharmacy/medical store in India are as follows:-
1. Pharmacy License application form in the prescribed format.
2. Covering Letter with the intent of the application signed with the name and designation of the applicant.
3. Challan of fee deposited for obtaining drug licenses.
4. Declaration form in the format prescribed.
5. The basis of possession of the premises.
6. Identity proof and photos of the owner/partners of a medical store.
7. Proof of ownership of the premises, if rented
8. Proof of the constitution of the company
9. Incorporation Certificate, MOA, AOA, Partnership Deed
10. Affidavit of non-conviction of proprietor/partners/directors under the Drugs and Cosmetics Act, 1940
11. Affidavit of a registered pharmacist or competent person working full time
12. Appointment letter of registered pharmacist/competent person, if the employed person.
These are some of the basic and essential documents which are required to open a pharmacy, although the document requirements also differ from state to state.
After completing all the said requirements, you have to visit a drug inspector's office and have to apply for the grant for a medical store and drug store. This is the procedure for obtaining a drug license for opening a medical store/ pharmacy in India.
Swipe app is one of the top apps currently on the market for all billing, payments, & other e-services. Its varied services and uses make it efficient and effective for new as well old businesses. Swipe can guide you from the conception of the business all the way till its dissolution, even for your pharmacy/medical store, the swipe app can provide many services.
From the creation of purchase invoices, GST accounting, and registration for online businesses, swipe can become your go-to app.
Yes, you can receive payments on the Swipe app.
Yes, you can directly send reminders to customers for their outstanding payments and keep track of the payment ledger on a single Dashboard Screen.
Yes, all our databases and information are stored on my cloud storage; you can easily retrieve your information from another system if you log in via your phone number.
Yes, it is possible to add multiple users.