How to Start A Wholesale Pharmacy Business in India?
How to Start A Wholesale Pharmacy Business in India? – Pharma business is one of the most lucrative careers at present times. With the increasing stress and diseases in the lives of people, there has been an immense increase in their health conditions. So, a lot many people are investing in the pharma sector, but the main issue is they don’t know how to start a wholesale pharmacy business in India. Although it is not rocket science to start a wholesale business in the pharmacy sector there is a certain method and requirements for starting it. Read this blog till the end to know How to Start A Wholesale Pharmacy Business in India.
Scope of Pharmacy Wholesale Business in India
Being the third-largest pharma hub at the global level, India produces a huge profit in this sector every year. With the increasing stress in the lives of people, there has been a huge increase in the demand for quality medications. To fulfil the demand, various pharma companies offer different ways to distribute the drugs and products, one of which is the pharmacy wholesaler business. also, collaborating with a reputed and well-known company ensures profit as the doctors and physicians will prefer prescribing those medicines only. The company also provides you with the best marketing backup which helps you in enhancing your sale.
Variety of Pharmacy Wholesale Business
There are 3 different types of pharma wholesale businesses.
- Clinical Drug Stores: It is a business that you can set up under a big doctor’s clinic or corporate hospital. In both these cases, it would be a private institution. Its success depends on the success of the hospital or the popularity of the practitioner.
- Standalone Drug Stores: It is a business that you can run under a proprietorship or some association. Its success depends on different aspects like competition in the market, location of the drug store and its reputation.
- Chain Drug Store: This is a franchise of a big company. As it carries the goodwill of the brand, it can earn considerably good profits. However, the success of this business also depends on the location and competition in the area.
Eligibility criteria for getting Wholesale Drug License
For pursuing any job or business in the pharma sector, a drug license is a basic requirement. Trading drugs without a license is illegal and can land you in big trouble. For applying for a drug license, there is a certain process and some requirements. Here are mentioned those requirements:
- The applicant must be a professional pharmacist with the state pharmacy council.
- Minimum one year of experience is required in a registered drug licenced firm as a salesman for graduation.
- Minimum four years of experience is required in a registered drug licensed organisation as a salesman after the senior secondary examination.
Steps to start a Pharmacy Wholesale Business
Starting a wholesale business is not a difficult process. There are some certain steps that you need to follow. Below are some points that will help you know how can you start a wholesale business in the pharma sector. Follow the steps below and establish a successful career for yourself.
- The very first thing that you need to do is, look out for a location, a shop or a plot where you will have your store. If you don’t own any, then take one on rent.
- Then search for a company that can provide you with the best quality at affordable rates and o time delivery of your stock. It is important to check the background and pros and cons of connecting with that particular firm.
- After signing your deal with the pharma company, go buy the office requirements like furniture, computer, fridge, etc.
- Make sure to apply for drug license for wholesale business to district drug control office and Sales Tax Number.
- After setting up the office, a drug inspector will visit it for inspection. If your premises meet the requirements, only then you will be approved for your license.
- After the visiting procedure, you will be getting your drug license and copy number.
After doing all this you are allowed to start your business as per your conditions. You can stock, trade, and sell the drugs safely without any worry.
Conclusion
Hope this blog was helpful to you. The pharma business has a great scope of success due to the increasing health issues and the great demand for top-quality pharma products. So, do not think so much and make a perfect plan to invest in this sector for a great career opportunity. The leading pharma company Biosync Pharma offers great deals at considerable investments. Contact now!
Frequently Asked Questions
Question 1. Is it profitable to start a wholesale pharmacy business in India? Is it costly for a beginner?
Answer: A wholesale pharmacy business in India is definitely a profitable business. The business can generate good profits as the demand for pharmaceutical products is increasing day by day. The business is not expensive for a beginner as the initial cost varies based on the area, issuance of the license, and purchase of the stock.
Question 2. Is it necessary to have a degree to obtain a wholesale drug license?
Answer: An individual with no degree can also apply for a wholesale drug license. Relevant drug handling experience will be considered for the license.
Question 3. How important is it for any franchisees to choose the right pharma company before starting a wholesale pharmacy?
Answer: A pharma company with a good name and reputation can guarantee product quality, in-time delivery, and build up a strong trust of healthcare professionals and consumers, which, in turn, will have a positive impact on sales, peed brand credibility, and long-term growth.
Question 4. How long does it take to receive my wholesale drug license after applying?
Answer: The time for the complete process varies from the different states. However, in general, after the inspection is cleared and documents are verified, it is usually issued within a few weeks to months.
Question 5. Why partnering with Biosync Pharma makes it ideal for the wholesalers?
Answer: The high-quality products from Biosync Pharma certified by WHO-GMP standard, promotional support, and attractive prices make it a most trusted partner in the pharma industry for long-term wholesale business success.
