How to Start a Drug Store Business?
The drugstore business has become an integral part of today's economy. The medicine industry has grown in leaps and bounds through the years. Read this article if you want to join in on the action and open your own medicine store business.
In a nutshell, drugstores are described as retail establishments that market drugs, be it prescription, proprietary, or non-prescription medicine.
To cater to the general consumer public, some drugstores also sell goods like batteries, beverages, blank videotapes, candy, cigarettes and cigars, contact lens solutions, cosmetics, diet aids, disposable diapers, film/film developing, fragrances, greeting cards, haircare/skincare products, magazines/books, novelty items, oral hygiene products, pet food, small art and crafts items, snack foods, vitamins and more.
If you are interested in starting your own drugstore, here is a list of information that may prove to be useful along the way:
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- A drug store marketing plan is essential for a startup. With it, you will be able to determine whether or not the area you are considering is already saturated with competition. And whether or not the populace is substantial enough and is earning sufficiently enough to support your drugstore.
- Prescription medications are said to be the top seller among all the items sold. Studies reveal the following ranking in terms of sales generated:
(1) Prescription Medication
(2) Proprietary Drugs
(3) Toiletries
(4) Tobacco Products
(5) Houseware
(6) Cosmetics and
(7) Others such as candy, general merchandise, grocery items, liquor, stationery, toys, and other miscellaneous goods.
In light of this, it is therefore imperative to focus or concentrate on this section of the pharmacy. - The forecast for the growth of this industry is positive. A vastly improved hospital and health care resulted in a marked increase in the percentage of aging Americans. Subsequently resulting in an increase in the sales of prescription and propriety medications. Take advantage of this trend by stocking up on this product line.
- The more shelf space you have, the better. If the bulk of your products are displayed and visible for the browsing patrons to see, then chances they might be enticed to buy.
- This industry is competitive industry. Aside from brick-and-mortar drugstores, there are also online pharmacies to contend with. Other establishments such as supermarkets and discount stores have stocked up on proprietary drugs, some even set up their own pharmacy within their store. It is important to know this fact so you won’t walk into the drug business blind.
- When looking for a place to set up your drug store, pay attention to the zoning requirements of the area. A lot of localities have restrictions when it comes to the type of businesses they allow in the area.
- You must allocate funds for your initial medical store startup investment which includes advertising, supplies and equipment, and remodeling/building expense. Also, allocate a portion of your funds for operating costs (until the projected break-even period). This includes lease payments, employee wages, unforeseen expenses, etc.
- Your medicine shop must have a licensed pharmacist present at all times. If you are not a licensed pharmacist, then you should hire the services of one. On average, a person with this credential earns approximately 30K to 40K per annum. You must also hire one to two sales clerks to assist your customers plus an office clerk to deal with the paperwork associated with running a drugstore like credit card billing, inventory, accounting, etc.
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- How to Start an Online Drug Store
Online drug store will only be effective if you are hands-on in managing it. If you encounter problem while managing your business the guidance of a physician will help you solve it. - How to Draft One Employee Drug Testing Policy
Do you have employee drug testing policy? Employers should be extra careful when drafting the policy. There are procedures to follow and employers should comply with the requirements before he can enforce it to employees.
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2) What would be the rough estimate on capital investment
3) How and where can i hire the services of licensed pharmacist.
4) How does one get in touch with the distributors for getting the required drugs stocked in ones stores.
5) Could you be able to guide if the locality that i have mentioned is one of the booming areas for me to setup this venture.
Waiting response. Thanks, Debraj
1) Licenses required
2) How much investment to start with, and what kind of inventory I should hold,(in value)
3) How do i decide if the location I have chosen is appropriate or not, if there are any formulas related
My questions:
1. What kind of registrations are required?
2. What are the laws about selling prescription medicines online?
3. What is the future in this trade?
4. How do we tie up with pharma companies?
I shall be grateful if u answer my questions and if we can talk or meet personally. Thanking you, (Gautam Gupta)
1. what is procedure for opening the medical store, like what documents are required? how to get those documents? how much time required to get those documents to be ready?
2. How to get in touch with the distributors for getting the required drugs stocked in store?
3. what are software by which we can manage our inventory store and how much they cost?
4. how much payment to be given to employee of stores?
5. how to get information which type of drug is in demand in that area?
1. What would be the initial startup cost if i am stocking allopathy medicines of all types?
2. I know how to obtain the trade license. But there is something regarding TR form 7 and Drug Control permission letter. What is procedure for obtaining the permission letter?
3. How to get in touch with the distributors or wholesalers for getting the required drugs stocked in store?