Pharma wholesale business is a booming industry. So if you plan to start your own Pharma wholesale business then this article will be really helpful for you. The pharma wholesale market is one of the biggest and most aggressive in the world. This business will never get you to a shortage of customers or profit but will open up new opportunities for you. You can also import pharmaceutical drugs from other countries and sell it in India by getting all approvals from the government
Drug license is required to start this type of business, and this type of license is given only to experienced and registered pharmacists. But in some states those who have experience of at least one to two years in medicines and related fields can also apply for such a license.
The Role Of Wholesalers In Pharma Distribution
Pharma distribution system followed in India is wholesale-retail. However, the major role is played by the wholesale distributors in providing medicines to the retail stores or retailers. They also play an important role in serving medicines to the hospitals, pharmacies, etc. There are various companies which are offering medicine distribution services to the pharmaceutical industries on a wide level globally. And most of them are operating online as well. The medical store business is a very important business in the Indian economy. Medical stores represent an important retail outlet for selling medicines and delivering other health care products to the final consumer. India has over 12 lakh registered medical stores, including pharmacies and drug stores of all sizes. India is considered as one of the leading countries in pharmacy practice and education in the world.
How to start a Pharma wholesale business?
People always wanted to take medicine from a reliable source. They make sure that they buy the drug from the best store and not from the usual drug store because they are not sure of the quality. Think: we all go to a doctor or pharmacist who is considered an expert in his field, why should he not be trusted by the people when it comes to buying medicines?
Another important factor in this business is that the profit margin is very high. Pharmaceutical companies can offer a maximum margin of up to 60% on a single sale. That’s why this type of business is so popular with people, but how to start such a business? no one has accurate information.
Some people believe that only a registered pharmacist is eligible to start this kind of business as a medicine license is required for this business and it can be granted only to registered pharmacists. With so many business opportunities around, it becomes very difficult to choose the right one.
How to start a Pharma Wholesale Business?
You need to know about the Pharma Wholesale Business companies that are working in the market; if you have at least one year experience of working in any pharma company etc. then they can also start this type of business. The following are 6 steps to start a medical wholesale business.
- arranging store Place and space :To start a Pharma Wholesale Business, firstly a vacant shop or space is required. As the businessman is not selling medicines in retail and is not supplying in bulk at medical stores etc. Therefore, it is not necessary that the businessman should arrange any place or shop in a crowded place of prime location for such business. Rather, an entrepreneur can operate such a business from a secluded place, provided there is proper arrangement of basic amenities like road, electricity, water etc and for this at least two hundred square feet space will be suitable. Make a rent agreement while renting a shop or space. So that this document can be used as address proof.
- arranging Investment To Start A Pharma Wholesale Business : Our idea of a startup relates to a Pharma Wholesale Business. This business mostly depends on the initial investment in starting up. The initial investment is needed for renting an appropriate place for business, buying medicines etc. Moreover, regular maintenance is required to keep the shop clean and hygienic and further to check for expiry dates. Some of the major costs involved in starting a pharma wholesale business are as follows:
- Pharma Wholesale Business Including Drug License Registration Fee and other License Fee can cost around 25-30 thousand rupees
- Interiors-Furniture:-Carpentry Work. Shelves, Cupboards Platforms and Air Conditioner brackets may add up to Rs 200000-250000 depending on size of flat and requirements.
- Computer system around (30,000)
- Premised if ranted
- Drug license(DL) and other registration : for drug license: It is mandatory to have a Drug License to start the wholesale business of Pharma. For applying for a new drug license, you will have to visit the local office or it can also be done online by visiting the regulatory authority website. Before applying online, you need to be ready with scanned copies of your documents and other details. In case the entrepreneur wants to carry out wholesale business of medicine, GST Registration, registration under Shops and Establishment Act etc. are also needed by the entrepreneur in addition to drug license.
- Contact Pharma Companies For Start Pharma wholesale Business : The next step for the entrepreneur should be to approach the pharmaceutical companies to buy the medicine. Before that, the entrepreneur should also find out in which category the medicines of which company are usually prescribed by doctors of that area. Note: people often choose to buy medicines from the same company that is written on their prescriptions. The entrepreneur should have a business plan and do market research. There are some guidelines to be followed before starting a pharmaceutical business. First the entrepreneur should select an area of small size because initially it will be difficult to take care of a huge area. Entrepreneurs can then select the area based on the population and number of doctors, chemist shops etc present in that area.
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- Contact Pharma store : In the medical wholesale business, you have to sell the medicine to the medical store instead of selling it to the people. Therefore, employees appointed by the entrepreneur should be given the task of contacting the pharmacy in that area. If the entrepreneur is able to find out what is lacking in a pharmacy and at that point he takes the same medicine to that pharmacy, then that pharmacy may forget its old supplier and start buying medicines from him. The entrepreneur can initially attract pharmacies or buy medicines for them through a special offer by cutting his margin.
- Sell & Earn From Pharma Marketing : Supplier of medicines, this is the main requirement to be met as an entrepreneur. As a medicine supplier, you will have to remember that you are going to supply medicines in a particular area. So in that particular area, your medicine supply business needs to be promoted through online and offline means to entrepreneurs. Especially the medicine wholesaler will have to take special care regarding getting the medicine delivered immediately if needed by medical stores who buy medicine from them. If both the offered price and service are better than they get supplied with their competitor then they will spread their name in that area and more and more medical stores will be able to buy medicines from them. Apart from this they have to send their employees as per the guidelines given by the pharma company to the doctors available in that area so that they can prescribe the same drug to their patients. By doing this their profit margin is going to increase.
At present time there are many people who do not have drug licenses but they also want to do their business in the healthcare sector. So we have brought an article for you in which we will know which business can we start in the healthcare sector without a drug license. A pharmaceutical wholesale business has huge profits, but it needs a large initial investment to set up and maintain the business. The other operating expenses including working staff, like pharmacist and employees for 24*7.
The above article will give you the ideas which business you can start in the healthcare sector with a drug license. At present time there are many people who do not have drug licenses but they also want to do their business in the healthcare sector. So we have brought an article for you in which we will know which business can we start in the healthcare sector without a drug license.
Steps to Starting A Business In The Healthcare Sector Without A Drug License
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