Do you want to start a patent medicine store in Nigeria? if yes. read on. A patent medicine store popularly referred to as a chemist store is a medicine store where one can get majorly none prescription drugs from. You can also get a variety of supplements and other over-the-counter medicines from the patent medicine store.
It is not owned by a pharmacist and is mostly found around the rural areas or less developed parts of the states, where the chemist that owns the place is referred to as a doctor or doc.
Most chemists acquire drug knowledge through some years of learning in the patent medicine store after which the agreement will be torn upon completion. The person can then open up his or her patent medicine store away from the master’s own.
It is this process of starting the patent medicine store that this article is meant on achieving. Reading through, you will discover the step-by-step approaches to starting a patent medicine store here in Nigeria.
Unlike the pharmacy store that exclusively needs a registered pharmacist, the patent medicine store or chemist store can be owned by any individual; a Pharmacy technician inclusive who has through the course of training in the knowledge of drugs acquired the necessary expertise to own a patent medicine store. Patent medicine store sells drugs at a very affordable price, but care should be taken to avoid purchasing fake drugs.
Starting a patient medicine store or chemist store in Nigeria is a very cool business that many people want to partake in. There are some bodies in charge of the operation of the patent medicine store alongside the pharmacist council of Nigeria; PCN.
In Nigeria, the NAPPMED; the National Association of Proprietary and Patent Medicine Dealers a very crucial role in the starting of patent medicine stores or chemist stores. It is therefore necessary to understand the steps involved in this worthwhile project.
STEPS TO STARTING A PATENT MEDICINE STORE IN NIGERIA
Starting any worthwhile stores Business in Nigeria has not always been easy, especially when it has to do with drugs and other things that people consume. There are so many rules governing the sale of drugs here in Nigeria and likewise some bodies in charge of patent medicine stores in Nigeria.
A good knowledge of all the nitty gritty to starting a reputable patent medicine store is needed before starting this drug project and they are meticulously listed below:
PREPARING A GREAT BUSINESS PLAN
Starting anything worthwhile always has procedures or guidelines to follow. The first step to setting up your patent medicine store or chemist store in Nigeria today is simply to prepare a business plan for how you want to run it.
This should be very detailed, taking into account the advantages and disadvantages of owning a patent medicine store, the capital at hand, the registration fees, the number of employees you would like to have, and the best possible place that you can set up your own business.
All of these details are important and you should consider them all before embarking on a business.
GET LICENSED BY PCN; PHARMACIST COUNCIL OF NIGERIA
Once you have decided to establish your patent medicine store in Nigeria today, you must ensure that you receive a valid business license from the Nigerian Board of Pharmacists (PCN) before anything else.
This is very mandatory and essential to keep you out of trouble with the authorities in the future because they will come for supervision.
Pharmacist Council of Nigeria is under the jurisdiction of the Federal Ministry of Health in Nigeria to issue license certificates to domestic patent drug dealers, please make sure you get this certificate, otherwise your store may risk being temporarily or indefinitely sealed off and this may prevent you from accessing particularly relevant pharmaceutical suppliers and distributors in the country.
REGISTERING YOUR PATENTED DRUG STORE WITH NAPPMED
To register your pharmacy business in the country, you need to join the agency in charge of this, the National Patent Association. and Patent Drug Agent (NAPPMED). It is the body authorized by the Nigerian Council of Pharmacists to regulate and control licensed pharmacies in Nigeria.
To become a registered member of NAPPMED, you will need to present a license certificate issued by the PCN, after which you will have to make a mandatory payment upon registration to be recognized as a full member of the organization.
For the registration with NAPPMED, you have to budget something around ₦220,000, preferably with food and drink as this is standard. It’s usually a time of celebration when people in your area come to drink and dine when they are introduced to you.
In addition to the registration fee, you will have to pay an annual fee of approximately ₦35,000 – ₦50,000 to renew your membership in the NAPPMED. The stated amount varies depending on the proposed location of the patent medicine store.
REGISTER YOUR BUSINESS NAME CAC
After developing a great business plan and being confident that you have what it takes to successfully run a chemist or patent medicine store in Nigeria, and after being licensed by the PCN, and registered with NAPPMED.
The next step would be to register your business name with the CAC. The process is simple and information on how to register your business name in Nigeria is not far-fetched as it is easily accessible online. When registering your business name, the CAC will ask for the PCN license as proof that you are running a genuine business.
OPENING A THE PATENT MEDICINE STORE IN A GOOD LOCATION
Make sure you have the patent medicine store in a good place that you can easily visit. Places without access to primary care centers and pharmacies are where you can step in and fill the void as the best drug dealer in that area.
Due to the health rules in force in the country, make sure your store is displayed in a neat place so as not to jeopardize the health of your customers.
It is pertinent to ensure that environmental conditions benefit customers by keeping the patent medicine store clean always. Try to locate the patent medicine store at least 200 meters from another chemist or patent medicine store if it is in a busy area. Otherwise, 400 meters from the next patent medicine store or pharmacy if it is in a less busy area.
FINDING A RELIABLE DRUG SUPPLIER
Once you have met all the requirements to register with the corporate affairs commissions, the next step is to find a trusted drug supplier for the chemist or patent medicine store.
Make sure you know reputable wholesalers and distributors for the drug you want to sell to make the business less stressful.
Most times, people buy from fake suppliers and when caught by NAFDAC, they spend more and also endanger the health of their customers. For this reason, you have to look for a trusted supplier.
Read Also: Top 10 Pharmaceutical Companies In Nigeria
CREATE AWARENESS ABOUT THE PATENT MEDICINE STORE BUSINESS
This is very important for the growth of the patent medicine store business. Once you’ve set up the chemist store or patent medicine store, be sure to promote it so people know what you’re doing to get more customers.
Some rules govern how to advertise your business if you are in this business, it would be great if you learn from your colleagues in this business the steps required to shop for drugs. Your invention hits the future client, you should be up and doing with the awareness creation.
ATTEND ORIENTATION PROGRAMMES
Make sure you attend the important orientation programs organized by the Pharmacists Council of Nigeria; PCN for chemist stores or patent medicine store dealers, and other programs hosted by NAPPMED to gain knowledge about the latest trends to move your patent medicine store business forward.
You can also attend seminars and presentations held by some of the largest pharmaceutical companies in Nigeria around your patent medicine store area to get a glimpse of new drugs that could benefit customers. Things are changing regularly and to move with the pace, you need to be regularly informed.
Read Also: How to Start Pharmacy Business in Nigeria
Anybody who has grown up in the rural or developing parts of Nigeria will have once in a while bought drugs from the patent medicine store or chemist store.
A chemist store or patent medicine store is a cool business that involves good profits if you are able to follow the right steps toward starting a reputable patent medicine store as stated in this article.
Which encompasses having a good business plan, registering with the required organizations, setting the store in a good place, and good stocking and publicizing.