Details for starting a Medical Store business.

 Details for starting a Medical Store

 * Required Licenses:

   * Drug License: This is a very important license. It must be obtained from the central and state drug control departments. It is issued by the Food Safety and Drug Administration Department.

    * Pharmacist: A registered pharmacist (with a D.Pharm or B.Pharm degree) is mandatory to run a medical store.

  If you are not a pharmacist, you need to hire a qualified pharmacist.

    * Trade License: Must be obtained from the local corporation or panchayat.

    * GST Registration: GST registration is mandatory for the business.

    * Vadakai Agreement/Own Place for Shops: Must show that the shop has a valid address.

    * Size and facilities of the store: The store should be designed in accordance with regulations such as medicine storage, temperature control (AC), security facilities, etc.

* Capital:

* Cost of setting up the store (refrigeration facility, shelves).

* Initial purchase of medicines.

* Licenses and registration fees.

* Salary of employees (especially pharmacists).

* Emergency funds for cash flow.

* Suppliers:

* Contracting with reliable medicine wholesalers.

* Ensure availability of all types of medicines.

* Market Research:

* Find out in which area the demand for the drug store is high. (Near a hospital, near a residential area).

* Know about competitors.

 * Profit:

   * In the sale of medicines, the profit margin varies according to the product and category.

   * Promoting the sale of generic medicines in particular will help the people get medicines at affordable prices.