At present, almost everyone is looking for a good alternative system to earn money. In that case, there can be nothing better than business. If you are thinking of doing business, then today’s article is just for you. The retail business of medicines is always in cash. At the same time, retail stores also get a lot of profit in the business of medicines. If you are planning to open a medical store in your city, then here we are telling you in detail about the profits in the medical store and how to open it. After which you can easily open a medical store.
Let us tell you that a degree or diploma in pharmacy (B.Pharm or D.Pharm) is required to open a medical store. If you do not have this degree, you will have to hire a qualified pharmacist. There are some similar rules for opening a medical store.
License from the Drug Controller’s Office
To start a medical store, you must have a pharmacy degree or diploma, after which you will have to get a drug license from the State Pharmacy Council and Drug Controller Officer. For this, you have to provide the documents mentioned below.
Registration certificate of pharmacist.
Map of the location of the medical store.
Owner’s Aadhaar card and PAN card.
Rent agreement or ownership certificate of the shop.
GST Number.
How to Apply for a Drug License?
You can apply for a drug license both offline and online. Online, you have to go to the state government’s drug control website, and offline, you have to apply to the drug inspector’s office. There are two types of drug licenses: one is a retail license, and the other is a wholesale license.
GST Registration Mandatory
GST registration is required so that you can pay taxes and pay valid bills to customers. Apply for GST registration on www.gst.gov.in. Apart from this, you have to buy a stock of general medicines, antibiotics, painkillers, and specialized medicines and keep in mind the expiry date of the medicines.
Investment and Profit in Medical Store
To start a medical store, an investment of Rs 5 to 10 lakh is required, including medicines, license fees, and setup costs. At the same time, when you retail the medicines, you get a profit of 16 to 25 percent, and when you wholesale the medicines, you get a profit of 30 to 40 percent.
