In the list of profitable trades, the trade of medicines has always been omnipresent, but today we are going to talk about Medicine Wholesale Business. Under which the entrepreneur has to sell medicines not in retail, but in medical stores etc. in bulk. This type of business is a business that almost everyone wants to start but only a few people are able to start.
Although there are no two opinions, starting this type of business requires a drug license and this type of license is granted only to experienced and registered pharmacists. But in some states who have at least one to two years of experience in the field of medicines and related fields, they can also apply for such license. And it is also an advantage of doing Medicine Wholesale Business that the pharma company that is buying medicines or franchise entrepreneurs also helps in getting license etc. is. They may take a drug license in their own name and allow a non-pharmacist entrepreneur to trade.
Since the wholesale trade of medicines is included in the list of businesses with maximum margins, this is probably the reason why people often start this kind of business? Want to get detailed information on the subject.
So if you are also thinking of starting Medicine Wholesale Business, then this article of ours can prove very useful for you. So do read it till the end. Can prove to be extremely useful. So do read it till the end. Can prove to be extremely useful. So do read it till the end.
What is Medicine Wholesale Business?
As we all are well aware that not only in India but globally, any goods are sent to the customers by various delivery systems. About two of these distribution systems are quite popular, wholesale and retail, however, you can not call them as distribution system but also as sales system. Yes, usually we buy most of the items from retail stores or retail retailers and the retailers buy them from wholesalers. The same goes for transporting medicines to the end consumer.
Usually, a customer from a medical store buys medicines in retail and while the medical store buys medicines from an entrepreneur doing Medicine Wholesale Business. Therefore, we mean the same process of business as a wholesale business of medicines when the customers of the entrepreneur are not going to be the end consumers but the medical store business.
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Eligibility Criteria for Drug License
Is a drug license is mandatory to start a wholesale business in the pharmaceutical sector? yes, drug license is very necessary to start a wholesale medical business. No person can start such a business without a drug license. If anyone does this, it will be considered illegal and legal action will be taken against him.
Therefore, it is only appropriate to start this kind of business in India with a drug license, so let’s know what are the rules regarding eligibility to get such a license.
- The applicant must be a Registered Pharmacist under the State Pharmacy Council, although the rules may be different in some states.
- If the applicant is a graduate and is not a registered pharmacist then he/she must have at least one year experience of this field. He can get this experience from any registered drug license firm.
- Apart from this, if the applicant is a twelfth pass and he is not a registered pharmacist then, in this case, he must have at least four years of experience in this field.
As we have already said that the rules related to the grant of drug license to start Medicine Wholesale Business may also be different in different states. But the above rules are applicable in most states, so one thing is clear from this that anyone other than a registered pharmacist can start this business provided he has the necessary experience in this field.
How to start a wholesale trade of medicines?
The wholesale trade of medicines is a very profitable business. There are no two reasons for this. The first reason is that medicines should be needed by the human being in any case, if someone is ill and has been told by the doctor to take medicines, then there will hardly be anyone who will risk their life by not obeying the doctor.
Secondly, the margins in this type of business are very high. Some pharmaceutical companies offer margins of up to 60%. This is the reason that this type of business is very popular among people, but how can such a business be started. The exact information is not available to anyone. Some people believe that only a registered pharmacist is eligible to start this kind of business as drug license is required for this business and it is only for the registered pharmacist Can be provided.
Some people believe that it is not necessary to be a registered pharmacist to do Medicine Wholesale Business. If a person has at least one year’s experience of working in this field as a medical store, pharma company etc., then he can also start this kind of business. So some people describe only twelfth pass persons as eligible to start this kind of business. Perhaps all this is possible because different states may have different rules regarding the grant of drug licenses. But it is generally seen that only a registered pharmacist is given a drug license but many states also give license to the experienced person in this field.
So let’s know how a person can start his own wholesale business of medicines. If you have at least one year’s experience of working in a pharma company etc. then they can also start this kind of business. So some people describe only twelfth pass persons eligible to start this kind of business. Perhaps all this is possible because different states may have different rules regarding the grant of drug licenses. But it is generally seen that only a registered pharmacist is given a drug license, but many states also give license to the experienced person in this field. So let’s know how a person can start his own wholesale business of medicines.
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1. Shop or place management
The entrepreneur needs an empty shop or space to carry out wholesale trade of medicines. Because in such a business the entrepreneur is not selling medicines in retail and supplying them to medical stores etc. in bulk. Therefore, it is not necessary that the entrepreneur should manage a place or shop for such business in a crowded place of a prime location. Rather, an entrepreneur can operate such a business from a deserted place, provided there is a proper arrangement of basic facilities like roads, electricity, water etc. And for this, at least two hundred square feet of space will be suitable. While renting a shop or place, make a rent agreement. So that this document can be used as address proof.
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2. Arrange finance for Medicine Wholesale Business
As it is seen, what most concerns the entrepreneur in starting the wholesale business of medicines is how he can get a drug license. The rest is as far as the cost involved in starting Medicine Wholesale Business is concerned, the entrepreneur can easily start such a business with an investment of about 4-5 lakhs or even less. Some of the major costs involved in starting this business are as follows.
- Including drug license registration fee and other licenses, these works can cost up to about 25-30 thousand rupees.
- Up to twenty thousand rupees can be spent on furniture etc.
- Refrigerator Yankee Fridge can cost up to 9-15 thousand rupees.
- The rent of the shop will depend on the location and area but in this we can run it at the rate of 8000 per month.
- Apart from this, the initial salary of Rs. 30,000 per month can be given on the salary etc. of employees who deliver medicines.
- Although medicines can be purchased by the entrepreneur, given the resources available to him, but starting from 2-3 lakh medicines can be started.
Therefore, if the entrepreneur wants to save his personal savings, he can manage the finance by borrowing from family friends and friends. Or, it can apply for loans from formal institutions of loan such as banks, financial institutions.
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3. Drug license and other registration
There is no doubt that no person can start Medicine Wholesale Business without a drug license because it is mandatory to get a drug license. It is illegal to initiate such an activity without a license. The entrepreneur can apply for a drug license by going to the local drug inspector’s office, in many states the process will also be online. But even before applying online, the entrepreneur may need to scan a lot of documents and keep them ready.
- Experience certificate or letter of appointment of a qualified person
- Address certificate
- Educational qualification certificate
- Birth certificate
- Business blueprint with signature
- Passport size photograph
Apart from drug license, the entrepreneur is also required to take GST registration, registration under the Shops and Establishment Act, FSSAI license to sell food supplements, etc. in order to do Medicine Wholesale Business.
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4. Contact Pharma Companies
Now the next step of the entrepreneur should be to contact the pharma companies to buy the medicines but before that, the entrepreneur should also find out in which category the medicines of which company are generally prescribed by the doctor in that area. Keep in mind that people often prefer to buy medicines from the same company that the doctor has written on their prescription.
For this, the entrepreneur can visit the medical stores and order them first and then contact the pharma companies to buy medicines for their Medicine Wholesale Business on the same basis. Initially, the entrepreneur should do wholesale trade of medicines of only those companies who want medical stores in that area. Yes, later when the entrepreneur starts getting acquainted with the doctors and medical stores, etc. in that area, then some new companies who are giving him a lot of margins. Can try The entrepreneur may also seek distributorships of some well-known pharma companies.
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5. Appoint Staff for Medicine Wholesale Business
See Medicine Wholesale Business Entrepreneur cannot start alone even if he wants, but he needs staff to contact medical stores and doctors and deliver medicines on time. In the beginning, the entrepreneur will have to have at least two staff. Also, such staff who have their own two-wheeler so that they do not have any problem in contacting the medical store and the doctor. If the staff has a degree or diploma in pharmacy etc. then it is very good, but the entrepreneur can also appoint people as a staff in the twelfth pass. Or people who have already worked in a medical store etc.
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6. Contact Medical Stores
As we have already told that in Medicine Wholesale Business, an entrepreneur has to sell his medicines to medical stores rather than selling them to people. Therefore, the employees whom the entrepreneur has appointed should be given the task of contacting the medical stores located in that area. If the entrepreneur is able to find out what is lacking in a medical store and at that time he takes the same medicine to that medical store, then it may be that the medical store forgets its old supplier and dispenses medicines Start buying. The entrepreneur may initially reduce his margin to attract medical stores or by running a special scheme for them to make them buy medicines.
7. Make Marketing Sell Earn
Keep in mind that the entrepreneur needs to supply medicines in a particular area, so there is no doubt that in that particular area, your Medicine Wholesale Business will have to promote the entrepreneur through many online and offline mediums. Especially the entrepreneur will have to take special care that the medical stores that buy medicines from them should also get the medicines delivered immediately if they need it. If both the price and service offered by the entrepreneur will be better then its name will be spread in that area and more and more medical stores will be able to buy medicines.
Apart from this, according to the guidelines given by the pharma company, the entrepreneur has to send his employees to the doctors available in that area so that they can prescribe the same medicine to their patients.
