If you want to do business in pharmaceutical sector, then you will have some options. First is retail medical store, you can start with a small investment, then you can do Pharma wholesale Business or distributorship
When considering pharmaceutical distributorship and stock management, one must anticipate important initial investments and consistent stock turnover, necessitating minimum order requirements
Understanding the market and demand for pharmaceutical products
The pharmaceutical industry is growing quickly and ever-changing, making it a feasible option for individuals interested in starting a Pharma wholesale Business. Ensure you understand the nature of the market and identify which types of drugs are in demand.
Driven by an ageing population, an increasing majority of regular diseases and advancements in healthcare technology among others, the worldwide pharmaceutical market is projected to hit over $1.5 trillion by 2023. The distribution channel and supply chain within this large market play crucial roles with regards to pharmaceutical wholesaling being that it forms a critical link between producers and retailers. In your local or regional area, there might be particular needs or trends that you can use to position your pharma wholesale firm favourably because of the growing demand for medicines.
Market research must be carried out comprehensively to get insights into current and future demands regarding various drug categories including prescription medications, over-the-counter (OTC) products, as well as medical supplies. Demographic data analysis, and reviewing healthcare trends and competition will help you identify areas where such businesses can flourish (Hartman et al., 2017). Know changes in regulations and technological advancement
Different Types of Pharmacy Businesses You Can Start in India
There are various Pharma wholesale Business categories in India, which you should be conversant with before starting your pharmacy enterprise. After becoming established as a retailer, you may consider expanding into wholesale through the following options:
Chemist/General Medicine Store (Stand Alone)
Expand your existing chemist shop and take up a wider range of medicines.
- Hospital Pharmacy: Partner with hospitals or other medical institutions to sell drugs straight to patients.
- Chain Pharmacy: Create an image of a familiar brand by establishing a network of pharmacies in different parts of the country.
- Township Pharmacy: Open a pharmacy in any particular housing estate or town where you have built a reputation and dependable customer base.
- Internet Pharmacy: Start an online pharmacy as part of embracing digitalization. Do transactions with merchants, customers and wholesalers over the Internet.
- Specialist Pharmacy: Concentrate on wholesale activities in specific areas like dermatology, oncology, homeopathy or Ayurveda.
- Animal/Veterinary Pharmacy: opt for medicines and products meant specifically for animals aimed at pet owners and veterinary clinics.
Legal Requirements for Starting a Pharmaceutical Wholesale Business in India
Drug License and Premises
- Types of drug licenses: For a pharmaceutical wholesale business, it is necessary to acquire either a wholesale drug license or a retail drug license according to the way you want to do your business. These licenses are applied for at the State Drug Control Organization and require various documents as well such as an application form, fee, premise proof document and qualification proof document of either a registered pharmacist or competent person.
- Premises requirements: Your premises must be suitable for storing pharmaceuticals. This includes availability of adequate space and facilities, ensuring compliance with appropriate storage conditions such as temperature control, and cleanliness thereby keeping up with the efficacy of medicines.
Qualified Personnel and Compliance
- Pharmacist or Competent Person: A registered pharmacist or competent person possessing minimum qualifications set by the Drug and Cosmetic Act, 1940 must be employed in terms of rule 65(13) read with rule 65(15) (b) of the Drugs and Cosmetics Rules.
- Adherence to Regulations: The Drug and Cosmetic Act, of 1940 which governs the importation, manufacturing distribution sale of drugs applies to all businesses. You may also have your business inspected by drug control authorities regularly to check whether it complies with these laws.
- Record Keeping: Keep proper records of all transactions conducted including stock levels maintained both on purchase price/ cost price basis. This will include purchase/sales invoices;
- GST Registration: Register for Goods and Services Tax (GST) and ensure timely filing of GST returns to stay tax compliant and facilitate smooth business operations.
How to Establish a Successful Pharma wholesale Business
Write a Thorough Business Plan
- Give your business purpose, target market and growth strategies.
Get a Place
- Acquire a rented or owned shop/premise for carrying out the activities of your business.
- For rentals, prepare a rent agreement.
Partnerships with pharmaceutical companies
- Contact major Indian Pharmaceutical companies to obtain stockist/wholesale/distributorship agreements.
- Finalize all necessary deals with these companies.
Get Necessary Licenses and Registrations
- Apply for a wholesale medicine license and also complete Goods and Services Tax (GST) registration.
Establish Your Premises
- To begin setting up your business, find some important things like a computer, fridge, furniture etc.
Inspection and Approval
- Ensure that before approval by the medical inspector, your premises are standardized as required.
- When this occurs you will be permitted to do pharmacy business in that area.
Commence Operations
- When you have received the Medicine Permit Copy & Number start purchasing stocking medicines Invoices etc.
- issue them accordingly to retailers and Medical Stores.
Aenor Pharmaceuticals
Anor Pharmaceuticals is Ambala-based pharma company that provides pharma franchise, pharma distributorship and pharma wholesale business opportunities all over India.
If you are planning to start a pharma wholesale business then you can take your pharma business forward by joining us.
Our marketing team will guide you completely in giving a new direction to your pharma business.
Contact us today
Call Us: +91 90417 19455
