As the healthcare infrastructure in India acquires a novel face, pharmacy is certain to undergo a transformation. It alone has gone through a big shift in recent years. From traditional operational models, pharmacy services today can be availed and get delivered at one’s doorstep.
Realising the growth potential and aiming to meet the rising healthcare demand, several hospitals nowadays are either establishing or expanding their operations across the country. Pharmacy services being one of the most critical parts of treatment, stand the least likelihood of going out of demand, especially in a country with a population of over 1.3 billion. Pharmacy is one lucrative business and if you are looking to start something up and have not found what, you may want to consider it.
Now the question is–how does one start a pharmacy business in India?
It is quite a simple process and does not involve complex steps. You can create a checklist with necessary tasks by order. So here is what you are required to set up a pharmacy.
- Do your research.
It is always recommended to understand what before learning how. Do a complete research of the market, get the idea of the marketplace and connect with other pharmacy owners. While you are at it, you are sure to come across or bump into the sources which can help you in this venture.
- Choose the set-up you want to operate in.
Decide whether you want to take a franchise, take over an already existing establishment or start something new altogether. You can also choose either a physical or online set-up. All these options come with their own advantages. You may want to zero in on something in alignment with your business vision.
- Figure out financing.
Your startup will require initial financing for inventory, storage, staff and other general business operations before the revenue inflow starts. If self-financing is impacting your personal financial health, it is advisable that you explore business loan options and select the best one suiting your requirements. Alternatively, you can also approach a venture capitalist to fund your business.
- Consult a lawyer.
Business wisdom will always suggest you consult a lawyer to understand the legalities involved and avoid repercussions of any legal glitch. This becomes all the more important in a business as responsible as a pharmacy as it deals with the health of people.
- Register your business.
Once all the steps are taken so far and your business model is ready, you can go ahead taking the first step to make your business official i.e. business registration. However, before this, you will need to ascertain which category of registration (LLP, Pvt. Ltd. etc.) you are looking for.
- Complete your GST registration.
Next is making arrangements for tax purposes. All pharmacies are required to pay GST and hence it is mandatory that you obtain GST registration for your pharmacy business from the tax authority in your state.
- Ensure that you meet the prerequisites.
You must meet the basic criteria to run a pharmacy. You should have at least a 10 sqm area for the outlet, refrigerator and air conditioner for storage of medicines, vaccines etc. and a computer. Additionally, the staff you hire should be qualified in pharmacy. Also, the regulations require the presence of registered pharmacist at the time of drug-sale.
- Get the license.
The next item on the to-do list is completing required documentation and procuring the drug license from the Central Drugs Standard Control Organization and State Drugs Standard Control Organization. It should be noted that there are separate licenses for retail and wholesale drug selling.
As we note, setting up a pharmacy business is not complex. You can use the checklist above to ensure you take an organized approach towards it.
Pharmacy business with eHealth
eHealth offers a great opportunity for establishing a promising pharmacy business with its pharmacy franchise model. This model is easy to operate and manage and does not require the business aspirant to possess a great deal of pharmacy. Here are the basic conditions one needs to fulfil to run an eHealth pharmacy franchise.
To become an eHealth franchise, you need to:
- Pay the franchise fee and complete the agreement with eHealth ID. Once this done, eHealth provides the required tools and software and guidelines on necessary infrastructure and quality.
- Create the required infrastructure according to the guidelines provided by eHealth. The infrastructure includes facility, consultation rooms, store etc..
- Present required firm registration documents, their Aadhar card and PAN Card.
- Ensure that you have the basic knowledge and necessary skill-sets to run the franchise operations.
eHealth ID helps the franchises by sharing the doctors’ roster with them. The specialists use this roster and visit the franchise based on this roster. With its experience, expertise and an efficient business model, eHealth empowers its franchises to utilize the bright opportunities of pharmacy business.