Owning a medical shop in India can be overwhelming. Pharmaceutical Industry is one industry where doctors, researchers, scientists, and practitioners keep formulating improved methods to treat numerous diseases. A medical shop owner or a pharmacist stands in the frontline of the pharmacy chain before a customer receives the prescribed medicine. And for customers or patients, it is not just the medicine, but a packet of hope which is bought at the medical counter.
About pharmaceutical Industry
After contributing more than twenty percent of the global exports, the pharmaceutical industry of India is the most successful industry. It is also known as the ‘Pharmacy of the world’, exporting medicines worth more than US$ 20 billion per year. Some of the major countrywide buyers are the Government of the United States of America, South Africa, Russia, and the United Kingdom.
Types of Pharmacy store?
Coming back to medical shops in India, Let’s understand the types of pharmacy stores in India.
- Single-owner Medical shop
- Franchise Medical Shop
- Hospital owned Medical Shop
- Apartment Medical Shop
As the name suggests, single-owner medical shops are the registered shops owned by certified pharmacists. Franchise Medical shops are classic examples of Apollo pharmacies. The franchisor charges a royalty fee against their brand names. Hospital-owned medical stores are the most profitable ones, but the profits are only for hospitals not for the pharmacist. Lastly, Apartment medical stores are the common pharmacy joint in huge townships and apartments.
- Pharmacy Licence
- Land Registration
- Business registration
- Tax Registration
- Drug Licence Registration
Pharmacy Licence is issued to registered pharmacy diploma or degree holders upon completion of their course and practical training. Land registration for commercial purposes or rental agreements between medical shop owners and landowners is mandatory to run a medical store. Thirdly, whether it’s a sole-proprietorship, partnership, or a private company; business needs to be registered in the books of law according to Indian Pharmacy Act, 1948. In order to file tax registration, a GST number is important.
Central Drugs Standards Control Organization and State Drugs Standard Control Organization issue Retail and Wholesale Drug license based on three parameters: Area specification, storage facility, and technical staff needed.
What are the qualifications?
An individual must have a valid diploma or degree in Pharmacy from a PCI-recognized college or a university. Bangalore College of Pharmacy is a registered college approved by the Pharmacy Council of India (PCI). This decade-old college is run by the Bangalore Group of Institutions.
With the help of the diploma or degree, an individual can apply for the above-mentioned registrations and Licence from respective state authorities.