Do you want to start pharmacy business in Nigeria? if yes, read on. Pharmacy business is a very lucrative job that most pharmacists and even the Non pharmacist wish to know everything about. Starting a pharmacy business in general terms refers to opening a community pharmacy.
All things being equal, the pharmacy business is meant to be the exclusive business of a registered pharmacist. It’s not out of place to seek how to start a pharmacy business.
Starting a pharmacy business in Nigeria entails many things, out of which the rudiment is that a pharmacist must be involved. Even though the management of the business may involve other disciplines, starting a pharmacy business in Nigeria cannot be done by a pharmacist’s isolation.
To become a pharmacist in Nigeria, you need to be trained in an accredited pharmacy school, meet all the requirements, and graduate, do the compulsory one-year internship and NYSC, to become a superintendent pharmacist.
Any health business is always lucrative, most especially the pharmacy business. This is because the root of all medical care is drugs. Despite how good a diagnosis might be, if you didn’t give the person drugs, then you have not done anything.
Pharmacy is among the most visited health outlet; if not the most, chiefly because of its easily accessible nature of it. It is therefore pertinent to conduct intensive research before starting a pharmacy business and this is what this article is aimed at doing.
Pharmacy business, just like in every other business that people do, there is a need to carry out proper research and evaluation before venturing into it.
This is because if you just start haphazardly, you may fall into small loopholes that can be avoided and end up losing a reasonable amount of money and reputation in the process.
In this article, you will be enlightened on all you need to know in starting a pharmacy business in Nigeria.
Comprehensive Approaches on How to Start Pharmacy Business in Nigeria
Starting a pharmacy business in Nigeria is an undoubtedly profitable project. Considering the high markup rate of drugs and how essential it is, strategic preparation and commencement of pharmacy business are awesome. Below are all-encompassing steps to starting a pharmacy business in Nigeria:
First and foremost, you must at least have a reasonable amount of money at your disposal before thinking of starting a pharmacy business.
This is because of the high cost of starting the business. You will get your money back when you do the right things. Open a co-operate account with any commercial bank. This will help to get a credit loan should you need it at any time.
The cost of starting a Pharmacy business in Nigeria, as well as in other countries, is enormous. With the current economic standard, 7 million Naira can start comfortably but if you don’t have up to that, then 3.5 million or three can start a good and early beginners own (N500,000 to rent a spacious or comfortable shop, N500,000 for constructing shelves and other items, then 2.5 million for drugs).
Registering the proposed pharmacy name (provide triplicate name)
There are guidelines guiding the pharmacy business instituted by the PCN; the Pharmacist council of Nigeria. Register with the PCN (the name must be checked to avoid duplication).
After which or before registering with PCN, you register your pharmacy name with the Corporate Affairs Commission; CAC (you can solely do that, but it is advisable to go through a barrister). The PCN will license the premise after carrying out various inspections.
According to PCN requirements, a pharmacist must be present to set up and direct the pharmacy. If you are a pharmacist, then this is covered (as registration cannot be done without a qualified pharmacist).
If you are not a pharmacist or qualified, you can collaborate with one or employ one). The essence of these 3 names is to avoid rejection of the name due to repetition or exaggeration.
Research and Decide On the Niche of The Pharmacy You Want To Go Into
I. Building a pharmacy from scratch (You have the option of building a business from scratch. Starting this way can have the highest amount of time and money to set up).
II. Buying a pre-existing pharmacy (depending on the state of your business and other statistics may cost more. You can keep the same customers with a business that is already making a profit. PCN registration is not required and you can even keep employees who are already working there).
III. Starting with franchising (here the name/brand is already known, so there is already a customer base, people will visit you because they already know the brand. You need to enter into a contract with the owner and follow the instructions of the Contract).
Decide On The Right Site
As part of the requirements, the PCN will examine your premise and decide if it is suitable for operation. Finding the right location for your pharmacy business is very important.
For this, you need to do proper research. Being close to a major hospital is usually a good choice, patients who need medicine will come to you. Or you may be in a residential or commercial area.
Wherever you set up shop, you must be very visible, your business must be very visible to passers-by to be easily noticed (important for startups). Check out the success of other businesses nearby. If so, this area is good for business. Nearby offices will also be a potential source of customers.
Check if there are other pharmacies nearby. Large established pharmacies are likely to give you a lot of competition (better customer service and pharmaceutical care advantages here).
The pharmacy should at least be 200 meters away from another existing pharmacy. It should not be at a bus stand, a market, or a government hospital. Therefore, you should not do anything until you get permission from the Board of Pharmacy Council.
For the premises, attention should be paid to the maximum use of space. A structure that is easy for your customers to navigate and also attractive.
Make sure there is enough parking space in front of the pharmacy. All decisions made should focus on ease of access and usability for customers.
Furniture and Necessary Supplies
Once you have satisfactory premises, build wooden medicine shelves that will last a long time. Don’t use poor quality thinking you can replace them later; you will regret why you don’t use the best ones in the long run.
Purchase all necessary equipment. Depending on the size, some or all of these may be required; some are optional depending on the amount available.
These items are required: director pharmacist’s office/zone, computer, work phone (optional), fire extinguisher, air conditioner and/or fan, poison canister, books, BIN card, refrigerator, CCTV (optional), ledger, invoice, customer bench or chair, POS machine (optional), etc.
Arrange the ground so that it is easy to maneuver and convenient to use. Stay away from clutter, and make sure everything is clean and tidy.
Store Medicines (Drugs) of Different Brands
For a continuous supply of genuine NAFDAC-approved drugs, it is best to work with a trusted and reputable supplier who will provide you with the medications without a question mark. You must be recognized for its product quality and customer service.
It is also necessary to ensure regular supplies (avoid frequent shortages). Employees must be trustworthy, qualified, and trustworthy. If you are a pharmacist, you may not need to hire, but you will need someone to cover you on days you may not be around.
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Depending on the size of your pharmacy, you may need some or all of these: Pharmacist (Supervising Pharmacist), Accountant, stock taker, or worker (The person must follow up on remaining drugs, refill shelves and keep them clean and organized), a security guard (optional), Nurse, cashier, and manager. All staff should know that customer satisfaction is the top priority.
Market your pharmacy before it opens. Implementing good marketing and advertising strategies is vital to success. You can partner with doctors in your area so they can refer their patients to your pharmacy. Take good care of pharmaceuticals care and other things.
Seek Additional Funding; If Necessary
Starting a business can be difficult, especially in the pharmaceutical business. If you are not self-funding the business, you will need to raise capital.
You can borrow from banks, friends, relatives, and family. Or you can look for investors (a satisfactory business plan is really important and sets the stage for achieving your goals). Banks and investors will be willing to invest knowing what they will gain from doing business with you.
Opening a pharmacy business in Nigeria is the dream of almost all pharmacists and even the Non pharmacists. It is a fast and well-needed business that never goes down, with a high markup.
Starting this business requires registration with CAC, premise, and name licensing by the PCN, large capitals, renting a spacious premise that is at a very good site, furnishing the pharmacy, employing needed staff, procuring the drugs, and then marketing.