The pharmacy industry in India is grandly ranked 4th in volume and 13th in value around the world. The Indian pharmaceutical market exports products worth 2.6 billion US dollars.
Pharmacy establishments are distinguished into four classifications: stand-alone pharmacies, hospital drug stores, chain drug stores, and township pharmacies.
Aspiring entrepreneurs who want to open a wholesale pharmacy business can do so by signing up for a partnership or forming a private company.
Due to the many possibilities in this industry, starting a wholesale pharmacy business might be a lucrative investment choice.
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1. Conforming to the Legal Procedures
To start a wholesale pharmacy business, you should familiarize yourself with the Drugs and Cosmetics Act of 1940 (amended -1945) regarding the import, manufacture, and distribution of drugs in India.
You should also inquire about the necessary paperwork for opening a wholesale pharmacy business in your particular state to apply for relevant licenses.
Here is a list of documents needed to apply for a Pharmacy License:
- Application form
- Covering Letter
- Chalan fee deposit slip
- Declaration form
- Dimensioned plan of the pharmacy
- Grounds for having the pharmacy premises
- Proof of ownership
- Letter of Appointment for a Registered Pharmacist or Skilled Person (if hired)
2. Location of your Wholesale Pharmacy Business
A wholesale pharmacy business must follow certain rules, which may differ if it merges with a retail pharmacy. It is mandatory to have a refrigerator and an air-conditioner, as the medication demands this.
3. Budgeting and Investments
Figuring out how to start a wholesale pharmacy business isn’t easy, but it can be made simpler by assessing your investment and budgeting resources.
The initial cost evaluation should involve setting up the business and buying and maintaining medicine. To make purchasing all the necessary medicines less daunting, partnering with some suppliers can help lessen the strain.
4. Collaborating with your Wholesale Pharmacy Business Startup
An additional form of collaboration can consist of working together with current medical stores, such as local health clinics, hospitals, and health centers in the area.
This can be quite advantageous for your startup’s sales plan. You can ensure higher quality or prices for medications and attain a broader share of the market.
Low-priced drugs from alternative pharmaceutical companies are favored by tier-2 and tier-3 cities when the price and quality are not weakened.
5. Government Policies for How to Start Wholesale Pharmacy Business
The Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme, created by the government, provides people with generic and low-cost medicines. Generic drugs make up 70% of the Indian pharmaceutical industry, followed
So here’s your response to how to begin a wholesale pharmacy business. Follow the steps outlined above to launch a wholesale pharmacy venture.
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