Business Idea: There is huge profit in the medicine business, this is the process of opening a medical store...

The retail business of medicines is always in cash. Also, retail store owners get a good 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 profit of 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, then you will have to hire a qualified pharmacist. There are some such rules for opening a medical store.

License from Drug Controller Office

To start a medical store, you must have a degree or diploma in pharmacy, 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 place of the medical store.

Aadhar card and PAN card of the owner.

Rent contract 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. For online, you have to visit the drug control website of the state government and for offline, you have to apply in the office of the drug inspector. There are two types of drug licenses, one is a retail license and the other is a wholesale license.

GST registration is mandatory

GST registration is necessary so that you can pay taxes and give valid bills to customers. Apply for GST registration at 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 has to be made, this includes medicines, license fees, and setup expenses. When you sell medicines in retail, you get a profit of 16 to 25 percent and when you sell medicines in wholesale, you get a profit of 30 to 40 percent.

Option of branded or franchise model

If you do not want to start your own medicine business, then you can open a medical store by taking a franchise of a reputed brand. It is mandatory to follow the rules and legal procedures while opening a medical store. Selling the wrong medicines or ignoring the rules can lead to the cancellation of a license.