Medicines are in high demand. Since the advent of COVID-19, everyone has been looking for a medical store near me. Every day, the entire world relies on medications to fight diseases; with the rise in prices of medicines – pharmacy stores are a necessity now.
Have you ever considered how much profit these types of businesses must generate? Have you ever considered opening your medical supply store? Or how to open medical store? Without a doubt, every one of us has fantasized about owning a pharmacy.
Decide the Type of Medical Store
There is no doubt that the pharmacy business is thriving in India, with a business model resilient to economic cycles. Surprisingly, according to statistics based on the pharma industry’s revenue, it generated roughly 70% of the overall market revenue in 2018.
- Hospital Medical store
- Standalone Medical Store
- Chain pharmacy/ Franchise outlets
- Township Medical Stores
- Stores in Government Premises
New Rules for Medical Store
The following are the new rules for medical stores –
- Application for a Pharmacy License in the format specified.
- Fees for drug licenses are deposited in the form of Challan invoices. (Click here to know mor about GST on medicines.)
- Formal declaration in the prescribed format.
- The critical plan or blueprint for the property.
- Blueprint for the property’s site plan.
- A Covering Letter stating the purpose of the application and the applicant’s name, signature, and designation.
- The legal basis for the premises’ possession.
- All government-issued or official Identity Proof, passport-size photographs of the aforementioned medical store’s owners/partners
- Proof of the company’s constitution (Partnership Deed/ MOA/ AOA/ Incorporation Certificate)
- Proof of property ownership (if space is rented).
- Appointment letters from registered and employed pharmacists or other qualified individuals.
- Affidavit from a full-time working competent person or a registered pharmacist
- Non-conviction of proprietors, partners, and directors under the 1940 Drugs and Cosmetics Act
Documentation Required for Medical Store
The following are the required documents;
- Pharmacy license: To open a medical store and become a qualified pharmacist, a person must first obtain a B. Pharm or M. Pharm degree.
- Land Registration: It is determined by the type of investments or assets you currently own. You must present the rent deed or a sales agreement to register your land for a pharma shop.
- Company Registration: Registration is critical after registering your business as a sole proprietorship, partnership, or corporation.
- Tax Registration: According to the Indian government, implementing the Goods and Services Tax is a requirement for all business entities.
Types of Licenses for Medical Shop
The final legal requirement before opening a medical store is registering a drug license. Regardless of turnover, every pharmacy, regardless of size, requires a drug license from the Central Drugs Standards Control Organization and the State Drugs Standards Control Organization. They have two major drug licenses that they have issued:
- Retail Drug License
- Wholesale Drug License
Conclusion
A diploma in Pharmacy after completing 12th Std in Science is the minimum prerequisite for opening a medical shop in India. Following the completion of your pharmacy diploma, you are eligible to apply for a medical shop license.
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