How much does it cost to open a medical store?

[Sanjeev]

I have noticed that there are lots of profit margins in selling medicines. We have a shop nearby our home who gives discount of 10-15% on MRP. They must be having a profit margin more than this.

I think it's a lucrative business but don't know how much money is required to start this business or open a medical shop. Anyone has an idea?

 

[Hate2Wait]

First you need to have a license to start a pharmacy

 

[Stardom22]

The business of selling medicine is actually profitable due to the fact that it has a higher profit margin. But the downside part of it is that it requires too many licences which are very expensive in my country.

 

[hastral45]

Opening a medical store requires huge amount of money. You must first seek approval from the government. You must be a registered member of the medical association.

 

[Sanjeev]

After having a license then what would be the approximate cost to start this business.

 

[RicAngelo]

I have noticed that there are lots of profit margins in selling medicines. We have a shop nearby our home who gives discount of 10-15% on MRP. They must be having a profit margin more than this.

I think it's a lucrative business but don't know how much money is required to start this business or open a medical shop. Anyone has an idea?

I dont have any idea about this, but sure its profitable Sanjeev. You want to plan to open it after retirement?

 

[Shavkat]

It depends what country you are in. Before knowing this concern, you have to spend time to research how much are the medicines, the rental of the place, etc. The basic way to cover all these entities is to conduct a feasibility study.

 

[Starmix]

It is best to conduct a survey, face-to-face survey with owners of pharmacies. Know the possible capital of their providers or suppliers, business permit, and qualification of the person who likes to operate a business selling medicine.

 

[Suba]

Before you open a medical store, of course you have to take care of business licensing, (depending on your country). Determine who your target consumers are, whether the general public, medical personnel such as doctors and midwives, clinics, etc. or both. You also have to find drug suppliers, both over-the-counter drugs or drugs that must be prescribed by a doctor.

After you have prepared the place/drug store and the equipment you need, you can order from drug suppliers, or you can contact the sales department of a drug company.

I don't know how much it costs to rent shops and equipment in your country, and I also don't know what types of drugs and prices your medical store will provide, so you have to do your own market research.

 

[nomad]

There are a lot of factors to consider, such as whether your store is online or offline, if it is offline, where your store is located, how many drugs you have stored, etc.

 

[Hate2Wait]

The business of selling medicine is actually profitable due to the fact that it has a higher profit margin. But the downside part of it is that it requires too many licences which are very expensive in my country.

Not too many but one license that is required to sell medicines

 

[cherry123]

First you need to have a license to start a pharmacy

Sure and this cost big money I think in Nigeria one will need more than $3000 to start.

 

[Sanjeev]

Sure and this costs big money I think in Nigeria one will need more than $3000 to start.

Oh, that's huge money. I would like to know about the people of India about it.

 

[Hate2Wait]

I don't think it costs this much. You need to complete the required education to start selling medicines

 

[Sanjeev]

I don't think it costs this much. You need to complete the required education to start selling medicines

I know they need Bfarma/Dfarma for it. But it needs huge money to invest on opening a medical shop.

 

[Hate2Wait]

That include rent and other things but if one is qualified then they should go for it

 

[Sanjeev]

But whatever may be the investment but it's a lucrative business.

 

[Hate2Wait]

Yes it's a great business and a profitable one too so if you are qualified better to go for it

 

[cherry123]

Oh, that's huge money. I would like to know about the people of India about it.

Yrah there are alot of documents to be processed before one can start and that cost money.

 

[hastral45]

Medicine store is not just a business anybody can do unless in a country where lawless is allowed. Medicine store requires qualifications and licenced in order to operate.