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The pharma industry is one of the leading industries in India. As far as volume is concerned, it is the 4th largest in the world. Also, with the overwhelming financial growth in the country, it has become a lucrative business. Among various business models, setting a pcd pharma franchise company in India is a good way of making money.
What is a wholesale pharmacy business? It is a B2B pharmacy model. Pharma experts rate it high because of its higher potential for growth.
However, starting a wholesale pharmacy business in India has a few prerequisites. You must know that before stepping in.
What are the Different Types of Pharmacy Businesses?
Before you jump on the best way to launch your own pharmacy business in India, you must know its types.
- Standalone Pharmacy, or in common language, the chemist or a general medical store. One can manage a wide variety of medicines.
- Hospital Pharmacy: It is to team up with a big hospital or medical institution.
- Online Pharmacy: To work with wholesalers, merchants, and direct customers through online platforms.
Whether you launch a wholesale pharma business or want to become the best pcd pharma franchise company in the territory, it is essential to build a solid customer base. For that, you have to do the market survey and put your best in engaging the top customers.
Legal Formalities
A person that is graduated in pharmacy and carries an experience of at least one year can apply for the wholesale pharma business.
The controlling authority that gives the permit to run the business is CDSCO. GST registration is essential before proceeding further.
The following documentation is required:
- Properly filled application in the required format
- Covering letter of the candidate
- Challan of the fee deposited
- Declaration plan
- Site plan of the physical infrastructure and building
- Proof of ownership
- Proof of the constitution of the business
- You need to appoint an enlisted pharmacist full-time and attach proof of it.
Since CDSCO is the regulating authority, it keeps a close watch on every wholesale medical store business. It is because maintaining the standards of capacity, display, and sale of the medicine is very important.
If there is any doubt about the rules or regulations, then it is better to meet a consultant.
Make sure you have adequate space
When you are the top pcd pharma franchise company in India, your priorities are different. But when you launch a wholesale business, you need to have the right type of premise. A large, closed, and secure warehouse is the prerequisite.
It should follow the norms and standards of storing medicines. They are related to safety, security, air-conditioning, and hygiene.
A licensed wholesale pharmacy business can sell medicines to an individual who holds the necessary license to exhibit for the sale or distribution of the medicine and not to the retail customers directly.
The wholesale pharmacy business model has great market potential. It can generate good revenues if the selection of products is well and the right kind of B2B marketing strategies are followed.