To start a wholesale medical shop, you need to have a premises with an area of at least 10 square meters. You should also have refrigeration units in order to store medicines in a safe way. You can also purchase cabinets to store the items and organize your business. For a semi-urban location, you need to invest around three to four lakhs of rupees while for a bigger city, the investment would be higher.
Before opening a medical shop, you need to have a pharmacy license. To do this, you must be a pharmacist with B. Pharm or M. Pharm degree. The pharmacy license can be obtained by either an experienced or a registered pharmacist. For non-pharmacists, you can apply for a license under a pharma company’s name. Make sure that the pharmacist is not doing any other job.
The business of medicine is a stable one. The growth in the healthcare industry in India is tremendous. More people are opting for multi-specialty hospitals. For entrepreneurs with limited capital and space, medical stores are the best options. The responsibility is great, and it requires lots of legal procedures before you can start selling medicines. So, it is essential to follow the rules and regulations to make sure that the medical shop you open will be a profitable enterprise.
To operate a wholesale medical shop, you must register with the state government. There is a registration tribunal in every state where a medical store can operate. The registration process requires a cover letter and declaration form. You must also have proof of ownership of premises and a business constitution. In addition, you should appoint a pharmacist to operate the wholesale medical shop. It is important to fill out the application form that is prescribed in the Act.