Wholesale Pharmacy Business in India
It is the aim of every entrepreneur to generate profit. Hence, it is important to choose a business that ensures guaranteed returns.
If you rate the most successful business endeavors in India, then the pharmacy business gets quite a high rating. It is because the sector has performed phenomenally well in the past few decades and the successful growth is expected to continue further.
Are you checking for opportunities in this sector? If yes, then starting a wholesale pharmacy business is a good choice. It is a business that requires relatively less capital and space. Therefore, anyone can start it.
The process of starting a wholesale pharmacy business is a multi-step one.
This blog tells you about that.
What are the Types?
Before you start the business, it is essential to know about various types of wholesale pharmacy businesses. There are three varieties mainly:
- Clinical drug store: It is a business that can be established under some big doctor’s clinic or a prestigious hospital. In both cases, the success of the business depends on the popularity of the hospital or doctor.
- Standalone store: It can be established under association or proprietorship. Its success depends on the competition in the market, reputation, and the location of the drug store.
- Chain store: You can become a franchise of a reputed, large drug company. It gives you the benefit of the brand reputation and goodwill. This business model is relatively easy to earn profits. Competitiveness and location play an important role.
As per the rules, anyone who is graduated in pharmacy and has experience of at least one year in the field can apply for wholesale business.
You have to obtain a license from the controlling authority.
Nowadays, GST is made mandatory to launch the business, you have to collect the following document:
- Application form to be filled in the prescribed format
- Covering letter of the applicant
- Challan of the fee deposited
- Declaration plan
- Key plan, site plan, and possession certificate of the business premises
- Proof of ownership of the land and premises
- Proof of constitution of the business based on the type of the business, partnership deed, undertaking letter, incorporation certificate, etc.
- Proof of appointment of a registered pharmacist working full-time in the company
- Authorities have a close watch on every wholesale business. It checks the standards of display, storage, and sale.
The right kind of premises is important in a wholesale pharmacy business. You need a proper place and a big warehouse.
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