Earn great profits by doing the business of Business Idea Medical Store: Everyone in life wants to reach a good place, wants to succeed and progress. To touch this success, everyone is trying to move forward in some work or business. One such job is the medical store business. But due to lack of information, many people keep thinking about this business. As soon as someone thinks about working in a field, the lack of information comes in front of him as the biggest obstacle. We are going to tell you about the process of opening a medical store and all the information related to the business that you need for it.
Business Idea: Earn great profits by doing business of the medical store
Medical Store Business Opportunities
Opening a chemist’s shop is a very good option, you will get many benefits from it. The medical store is one of the always running businesses. The business of a chemist’s shop in India is a work that will never be closed nor can there be any loss in this business. But some people try to do this business, but due to lack of information, some people are not able to do this business, so we are going to tell you everything related to this business. According to some studies, by 2050, around 20% of people in India will be 60 or over 60, which is an age group that has the highest demand for medicines.
The medical store business is becoming the most profitable business today, because you must have seen the Corona era. What is the importance of medicines. According to the report given by PWC, the pharmacy business in India which stood at 13000 crores in 2001 but will reach 35000 crores in 2020. This shows how beneficial it can be to do business in pharmacy.
After opening a medical store, you do not need to think ahead. Because this business profit is a profit. If you have a personal shop, then you can convert the same shop to Chain Pharmacy. In which you can open more pharmacies in the name of the same shop in different areas.
How much profit can we make?
Retail medical store profit margins range from 5% to 30%. There are different margins for each type of product, such as profit margins for trapped products, generic medicines, OTC (over-the-counter) medicines, branded prescription products. After this whatever discount you provide which can be from 5% to 20%. After that your benefit margin can be around 5% to 25%.
How to start a medical store business?
Some minimum qualification is required to open a medical store. If you want to open a chemist’s shop, then he should have studied science subject in 12th and must have a pharma degree in graduation. This qualification should be with the person in whose name the drug license is being issued. You also have to keep in mind that if you are the owner of the shop then you have this qualification. If someone you know has a qualification, then you can get a drug license in his name, which is a very important step in the process of opening a shop.
Original Source: Pharma Help
If a drug license has been issued to open a medical store, the person must also be in the shop. If that person is not present with you at the shop, then your license can be cancelled at any time from the drug inspection. Apart from this, if you have 1 year experience in the field of drug and medicine, then you can also run your work without licensed carrying person. After qualification comes your next stage of market research, that is, to find out how and where your shop can run well and what are the important factors that are important to keep in mind before opening the shop.
Before opening a medical store, it is very important to get the correct information about the market. There are many factors regarding the market area which you need to keep in mind. These things will decide how your shop should be and which area will do well.