By Admin 
Starting a medical store in India is a promising business idea, especially with the growing demand for healthcare products and medicines. However, setting up such a store requires careful planning and a solid understanding of the industry. This guide will walk you through the important steps to get started with your own medical store.
1. What Does a Medical Store Do?
A medical store sells a variety of products, including prescription medicines, over-the-counter drugs, and healthcare items like wellness products and personal care goods. Owning a medical store means you’ll play an important role in providing the community with access to essential healthcare products.
Types of Medical Stores
edical stores can vary based on what they sell and the type of customers they serve. In this guide, we’ll break down the main types of medical stores in easy-to-understand terms.
1. Retail Medical Store
A retail medical store is what most people think of when they hear the word “pharmacy.” These stores are set up to serve individuals, offering prescription medicines and over-the-counter products like painkillers, cough syrup, vitamins, and more. They are commonly located near hospitals or in busy residential areas.
- What they sell: Prescription medicines, over-the-counter (OTC) drugs, personal care products, and health-related items.
2. Wholesale Medical Store
Wholesale medical stores do not sell directly to the public. Instead, they provide medicines in bulk to smaller pharmacies, clinics, and hospitals. These stores are a key part of the supply chain, ensuring that retail stores have the stock they need to serve customers.
- What they sell: Large quantities of medicines and healthcare products to businesses, not individual customers.
3. Hospital Pharmacy
A hospital pharmacy is found within hospitals and provides medication specifically for patients being treated at the facility. This type of pharmacy is essential for dispensing medicines to admitted patients and those receiving outpatient treatment.
- What they sell: Prescription drugs, medical supplies, and products needed for hospital patients.
4. Online Pharmacy (E-Pharmacy)
Online pharmacies allow customers to order medicines and healthcare products via the internet. They’ve grown in popularity because they make it easy for people to get their prescriptions delivered directly to their homes. Online pharmacies often offer discounts and the convenience of shopping from anywhere.
- What they sell: Prescription medicines, OTC drugs, vitamins, supplements, and other healthcare products.
5. Chain Pharmacy
Chain pharmacies are part of a larger network of stores operated by a single company. You’ll find them in multiple locations across cities and towns, with standardized services and product offerings. Examples of chain pharmacies include well-known brands like Apollo Pharmacy and MedPlus.
- What they sell: Prescription medicines, OTC products, wellness items, and healthcare supplies, across different locations.
6. Standalone Pharmacy
Standalone pharmacies are independent, typically run by individual pharmacists or small business owners. These stores are not part of a larger chain, and they often provide a more personalized service to the local community they serve.
- What they sell: Prescription drugs, OTC medicines, and other basic healthcare supplies.
7. Clinic or Polyclinic Pharmacy
These pharmacies are located inside or next to clinics and polyclinics. They are convenient for patients who need to fill their prescriptions immediately after a doctor’s consultation. These pharmacies often stock medicines commonly prescribed by the clinic’s doctors.
- What they sell: Prescription medications and basic healthcare items for clinic patients.
8. Specialty Pharmacy
Specialty pharmacies focus on medications for specific medical conditions, such as cancer, diabetes, or fertility treatments. They often provide specialized drugs that might not be available at regular pharmacies and cater to patients with complex health conditions.
- What they sell: Specialty drugs, biological treatments, and medicines for chronic conditions.
9. Home Healthcare Pharmacy
Home healthcare pharmacies provide medicines and equipment needed for patients who are treated at home. This might include delivery of prescription drugs, medical devices, or supplies like oxygen tanks and wheelchairs. These stores cater to patients who require long-term home care.
- What they sell: Prescription drugs, medical devices, and healthcare supplies for home-based treatments.
10. Compounding Pharmacy
Compounding pharmacies specialize in making custom medicines based on a doctor’s prescription. They prepare medications in specific doses or formulas that are not readily available from commercial manufacturers. This is especially helpful for patients with unique needs, such as allergies to certain ingredients.
- What they sell: Custom-made medicines tailored to individual patient needs.
2. Do You Need Special Qualifications?
While you don’t need to be a pharmacist to own a medical store, you must hire one to legally operate. The pharmacist should have a degree or diploma in pharmacy (B. Pharm or D. Pharm) and must be registered with the State Pharmacy Council.
3. What Licenses and Registrations Are Required?
Starting a medical store involves obtaining the necessary licenses and permits. Here’s what you need:
- Drug License: This is required to legally sell medicines and is issued by the State Drugs Control Department. You’ll need both retail and wholesale licenses if you plan to sell in large quantities.
- GST Registration: This is required if your store’s annual revenue exceeds ₹40 lakhs, as it helps with tax filing and compliance.
- Shop and Establishment License: This ensures your business follows labor laws and is registered with the local municipal authority.
4. Picking a Good Location
Choosing a strategic location is key to a successful medical store. A good spot would be near hospitals, clinics, or in a busy neighborhood. Make sure your store is the appropriate size. According to the law, it should be at least 10 square meters for a retail store, and 15 square meters if you plan to sell both retail and wholesale.
5. Sourcing Medicines and Managing Inventory
To run a medical store, you’ll need to establish relationships with reliable suppliers who can provide you with both prescription and non-prescription medicines. Managing your inventory is crucial, as it helps you avoid stock shortages and ensures you’re offering what customers need.
Some useful tips include:
- Working with multiple suppliers to avoid running out of stock.
- Using inventory software to keep track of products.
- Stocking small amounts of items with short expiration dates to minimize losses.
6. Hiring Staff for Medical Store
Besides a licensed pharmacist, you’ll need a few employees to assist with daily operations, such as sales and stocking. Make sure your staff is trained to handle customers and operate the billing system efficiently.
7. Plan Your Finances for Medical Store
Getting a medical store up and running requires a reasonable investment. Here’s a breakdown of key costs:
- Initial Setup: The total cost to start a small medical store usually ranges between ₹5-10 lakhs, covering store setup, licenses, and initial stock.
- Ongoing Costs: These include rent, employee salaries, electricity bills, and regular stock replenishment.
- Profit Margins: Typically, medical stores make a profit margin of 15-30%, depending on the type of products sold.
8. Marketing Your Medical Store
You need to make sure people know about your store. Here are a few ways to market your business:
- Online Presence: Create a website or list your store in online directories to help people find you.
- Promotions: Offering discounts or customer loyalty programs can help you attract repeat business.
- Doctor Partnerships: Building relationships with local doctors who can refer patients to your store is another effective way to increase footfall.
9. Follow the Law and Maintain Ethics
As a medical store owner, it’s important to operate legally and ethically. Always:
- Sell prescription drugs only with a valid prescription.
- Source your products from authorized dealers to ensure quality.
- Keep proper records as per the law for all transactions.
10. Expanding Your Business
Once your store is running smoothly, you might consider expanding. This could mean opening additional stores, adding new products like wellness items, or offering home delivery services.
Conclusion
Opening a medical store in India can be a profitable business, but it requires careful planning and following the proper legal steps. With the right location, licenses, inventory management, and customer service, you can build a successful pharmacy that serves the healthcare needs of your community.