The pharmaceuticals industries are one of the fastest-growing firms in India as it is the evergreen business sector. Pharma is undoubtedly a profitable business as healthcare is the most important sector of India. Every business has risks but pharma can be a good start to risk-free business by making deals with the reputed Pcd Pharma Companies. It’s important to choose a reputed drug company that is a certified drug dealer when starting with the wholesale pharma business.
To know in detail about how to start a medical wholesale business easily, keep reading!
1) Legal procedure
It involves various steps, firstly one needs to get license approval from CDSCO that is the central drugs standard control organization or state drugs standard control body. The person must hold a degree or diploma in pharmacy from a reputed organization or university. Other than this, it is also important to have one year of experience in drug dealing.
What are the necessary documents required?
- Fill the application form in the particular prescribed format.
- Covering letter with application with a sign, name, and designation of the applicant.
- Payment of challan fee for obtaining drug license.
- Declaration plan in the prescribed format.
- Site plan and key plan for the premises.
- Provide proof of ownership if rented.
- Provide proof of constitution or partnership of the business.
- Provide affidavit of registered pharmacists/partners/directors under drug cosmetic act 1940.
- Lastly, an appointment letter of a pharmacy that is registered or a competent person in case of an employed person.
2) Find premises to stock the medicine
It’s important to have the proper space to stock the medicines and various types of drugs. Hence refrigerators and air conditioning must be available for storing the vaccines, injections, and other medicines. Also, the space should be highly hygienic and clean to preserve the medicine stocks properly.
3) Investment for setting up a wholesale pharmacy
The investment includes the purchase of various medicines and drugs with the maintenance charge. Basic expenditures include documentation and license that is worth Rs25, 000 plus a registration fee of Rs 3000. Other than this, other accessories like furniture shelves, refrigerator, AC may cost up to 2 lacs. Also consider rent of the premise and working staff if required so, overall investment required is nearly 40 to 80 lakhs to start whole business smoothly.
4) Knowledge and awareness related to trending drugs
Drugs and medicines are usually formulated with a life of 1to 5 years hence pharmacists should have knowledge of various medicines and its usage. Also he should be able to assist with the over the counter prescription with the proper guidance.
5) Collaborate with local clinics and health centres
Collaborating with the local clinics and hospitals will help to expand the sell with the higher revenue. It will provide you the wider plate form in the market to sell with the larger incentives.
6) Participate with government policies
Many government schemes offer the drugs and medicines at a cheaper prices. By associating with various government offers and schemes, it can help to turn out significant profit in the health industry.
Hope you found the article useful and helped you in the easy start-up of the pharma business. For more details, consult the reputed Pcd Pharma Franchise Companies to know about the dealership and other legal procedures.