Medical Shop Project Report

Description

Medical Shop Project Report is full of information to guide you about this highly profitable business in India. When you plan to start a new business, you should instantly download the format of the Pharmacy Store sample project report template.

Starting a medical shop is the best business in India as it is an evergreen business and highly profitable. This type of business does not suffer during economic up and downs. Recently, online purchases are in trend, but countertops are always important. This is a value-added service to the pharmacy.

Although, proper market analysis is very important before starting any business as we have to understand how well it will go.  

Here, we put all the ideas together to understand the basic requirements to open a medical shop like the business plan, documents, drug license, etc.

Along with the medical business, you can also think about starting a super store and grocery business project.

Medical Shop and Pharmacy Store Project Report

Before starting any business, you must prepare a business plan, and which basically consist of two parts technical and financial part. Now considering the technical part, it contains a market, machinery requirements, raw materials and technology used for production.

The financial part consists of the financial resources and profit of the business. It also includes the break-even, ROI, and payback time. This will help you in establishing your work and also helps in taking financial help from banks or other financial institutions. 

The main objective of the medical shop project report is to provide you with detailed information on technical and financial aspects so that you take all the right steps and decisions in establishing your business. The project report on the pharmacy store that is prepared by our team is well researched and can assist in your business as you might be stressed about the set-up, growth and expansion of the new venture. 

Now to start with the pharmacy business, the businessman needs to plan before moving towards the goal. You can follow our project report step by step to start your business. This is a very crucial step as you have to do full planning in starting the pharmacy business. 

How is medical store business?

A medical shop business is a very good business to choose in India. The profit margin in a medicine shop is very high. Another important thing about this business is that it may not get affected by economic crisis. A very good example is of Covid-19, when this business rose demand for some specific medicines. 

Before you directly jump into this business, you need to have all the information related to this business and enough guidance, for analysis. We have stated a lot about this business, now you can start your own Generic Aadhaar Medical shop after you know everything about this setup.

The profit margin in opening a medical shop is different than from a medical company. If you sell the branded medicines then you make a profit of 20%. The retail of these medicines yield you approximately 1000% profit from the price of the manufacturer. 

How to start a retail pharmacy business in India?

You can start a retail pharmacy business in India by checking out the best location for this business. You can look for a shop on rent in a busy market. You can check out all the registration related details below. You can arrange finance from friends, family or bank. Once the investment is ready, you need to contact the supplier of medicines for your store so that you can offer them for sale. You can promote your business by using online and offline means and get more customers. 

Status Of Indian Pharmaceuticals Industry in the Foreign Market

Indian pharmaceuticals are the 4th largest in the world because of its volume and 13th largest in terms of value which makes it one of the largest suppliers of generic drugs worldwide. It covers 20 per cent of total drug exports. Another important thing is that we have a large number of engineers and scientists working in this sector that are capable of taking this field to the next level and making pharmacy an important place in the global pharmaceuticals sector.

Over the last five years, there is a significant growth seen as more than 15 per cent based on CAGR (compounded annual growth rate) and the worldwide supply of drugs to cure AIDS is done by the Indian pharmacy industry which is 80 per cent of the total. 

By the end of 2022, the Indian pharmacy market is estimated to grow by 55 per cent and become the 6th largest pharmaceutical globally as stated by Mr Arun Singh, the Indian Ambassador to the USA.

How to succeed in medical shop business?

You can easily succeed in your medical shop business if you follow all the do’es that we have listed in the medical shop project report. Starting from the investment to location to getting your raw materials and grabbing customers everything leads to success of your business.

How can I start a medical shop business? 

You can start a medical shop business when you know which type of medical startup you want to choose. You can choose among the following options listed here. 

Hospital Medical Store

It is a medical shop that you can open inside the hospital. It is developed to meet the needs of the patients that are inside the hospital.

Standalone Medical Shop

It is a very common form of medical shop that you can start in a residential area. 

Chain Pharmacy

You can plan to start a chain pharmacy somewhere in the porch area of your city, or inside a mall. It is a part of chain of medical stores. 

Township Medical Shop

It is a setup that one can start in a township to cater to medicinal needs of the people. 

Open Medical Store in Government Premises

How To Register Pharmacy Business

The first step in opening the pharmacy business is registration and for this, you have to find out which category of pharmacy you want to start. There is a different types of pharmacy businesses available in India like stand-alone, chain pharmacies, hospital or township pharmacies.

Indian pharmacy Act of 1948 is helpful in India for the registration of pharmacy business. According to this act, a pharmacist must register all his required particulars to the state government by way of an official gazette. Also, after submitting all the documents, a registration tribunal will decide on the registration process.

Standalone pharmacies are incorporated under the proprietorship or partnership constitution, but the chain, hospital, and township pharmacies are incorporated as a private limited company.

These days the business with Limited Liability Partnership (LLP) is more popular and recognised in-between the standalone pharmacist as this is an emphasis on the partner’s right.

Registration Process for Medical Shop Business Project Plan

You need to submit the filled application form with required documents to the drug department office and the department will conduct your area audit. After satisfactory results, they can issue a certificate which is used for only one pharmacy shop.

If the pharmacist resigns, you need to apply again along with the original drug license and other required documents to update the name of the new pharmacist on the drug license.

Other additional documents must be submitted.

In case you need to update or renew the license, submit the original license, application form, and other documents again.

Medical Shop Sample Project Report Format  

It is difficult to effectively finish a business plan without having begun a far more comprehensive and informative report. Therefore, utilizing Pharmacy Store project report formats helps project professionals convey vital data on project progress, execution and success to the key partners that have an interest in the project.

However, this Pharmacy Store Project Report Template is intended to assist professionals with preparing their reports. We attempted to make the Format far reach and included depictions of the vital areas of a regular project report.

How can I start a medical shop business? 

You can start a medical shop business once all the pre-requisites are done by you. Here is the list of everything you need to do. 

Obtain Pharmacy License

One of the major requirements is to arrange pharmacy license before you start your medical store. If you are an entrepreneur opening a medical store you need to be a B-Pharma qualified from a registered university.

Land Registration

Another step after you gets a pharmacy license is to get your land registered. Investment factor needs consideration. You can buy your own space and get it registered or you can arrange space on lease and ask for NOC from the owner. 

It completely depends on the investment you are ready to make for this startup. To get a piece of land registered for a Pharma Shop you need to present a sales agreement. You need to take help from legal entities to complete this step. 

Medical Shop Registration

• Indian Pharmacy Act, 1948 is the authorized government act to get registration for a medical shop in India. 
• Under this Act, all the medical shops and pharmacy stores can get registered by complying with all the required documents to the government.
• Once you are done with the registration, you can now get registration tribunal that says the rights on this matter.
• Medical Store business constitution is very important.
• Although there are different types of medical stores which you can open, township, hospital, etc. all need to be set up as private limited company. 
• Standalone Medical Shop can be opened as sole proprietorship or partnership firm. 
• Limited Liability Partnership has risen factors like medical shops switching to LLP’s being used as business source.
• These changes rely much on promoting rights of the people behind partnership of LLP firms.

Registration Of Company

Once you get your business registered as a sole proprietorship, or partnership, company registration is important. Again a situation of registration of company arises. You can choose among the following options to checkout registration of a company.

• Proprietorship Registration
• Partnership Registration
• One Person Company Registration
• Private Limited Company
• Limited Liability Partnership
• Shop and Establishment Registration 

Here we listed the types of registration that one can apply for. You need to check out the rules of the municipal corporation also.

Registration Of Tax

The application of Goods and Services Tax is crucial for every business as per Government of India rules. A medical store is also into this category. Thus, if you want to open a medical shop in India, you must acquire Goods and Services Tax Registration done. You must know that the Government of India has specified GST registration limit to be of Rs 20 lakhs besides North Eastern Hilly States otherwise it is Rs 10 lakh.

Content of Medical Pharmacy Business Plan

How to Download Medical Shop Project Report 

It is very easy and quick to get your latest and updated Medical Pharmacy Shop Store sample project report in hand, as you can immediately download your project report in pdf format.

First Step            –  Click add to basket  >>  Check Out  >>  Payment

Second Step       – Just after successful payment, you will get a link to download the report. You can download the report instantly from this link.

License Needed for Pharmacy Store in India

Before you start selling, a pharmacist must obtain a drug license both from the Central Drugs Standard Control Organization (CDSCO) and the State Drugs Standard Control Organization. Generally, two types of drug licenses are issued by the Drugs Control Organization.

Retail Drug License

To run the general chemist, shop this type of drug license is required. Moreover, to attain this license, the applicant requires a diploma or a degree in pharmacy from a recognized institute or university and deposits a prescribed fee to fulfil all described requirements.

Wholesale Drug License

This type of license is issued to those people or agencies that set up a wholesale pharmacy business for drugs and medicines. In this Retail Drug License, there are no strict laws and conditions. You can obtain this license conveniently as no harsh restrictions are found.

GST Registration for Pharmacy Business

Now to run your business in India you have to do GST (Goods and Services Tax) registration so that you can pay all your taxes through this. Also, if you don’t have GST then many respected hospitals and clinics will avoid doing business with you as you are violating tax laws.

What are the basic Requirements for obtaining Drug License for Pharmacy Store?

There are some requirements listed below which are required to be fulfilled for obtaining a drug license or starting a pharmacy in India:

Area

To start a pharmacy or medical shop or wholesale outlet in India one needs a minimum area of 10 sq. meters for the store and if you are going to start both retail and wholesale then a minimum of 15 square meters is required. 

Storage Facility

Storage conditions for the medical shop are a very important factor, therefore, refrigerator and air conditioner in the premises are a must. Also, a computer and proper labelling are required. These both are helpful to create data and easily find out medicine in your shop. Secondly, it is helpful to maintain stocks and track expiry products. Refrigeration is mainly required for those drugs which need very low temperature or minus like for vials, injections, vaccines etc.

Technical Staff

In your pharmacy store, you cannot recruit a simple graduate or 12th-pass person. Here, the staff recruited must have a diploma or degree in pharmacy. Also, medicine sales should be done in the presence of a registered pharmacist approved by the department.

How can I improve my medical shop business?

It may happen that your medical shop may not yield you much profits in the beginning. This will require more efforts from your end to earn more revenue, and cover your bills. You need to do the following in this context.

Friendly Staff

When the customers notice a recently opened new shop, they walk into your medical store. Now it is the job of your workforce to keep them retained. You need to check this capability in your staff and make sure they greet the customers when they enter your shop. 

You need to say how you can help them and offer them seat. This small and kind gesture can help you keep your customers forever and stop them from going anywhere. This is how you can increase the sale of your medical shop. 

High Quality

Once the customers have bought the medicines, you need to show them that they bought high quality items and prove that you are proud of the sales they made. 

Maintenance

As the owner of the shop, you need to do the regular maintenance of your shop and parking area so that customers don’t feel it fussy to reach out to your outlet. You need to take care of requirements like new paint, concrete repair, etc. This should be done to keep a good level of your medical shop. Your business appears unsuccessful if you the ambience looks dull. 

Good Customer Service

You need to handle the problems of your customers in a polite manner. This can turn your unhappy customers happy. You should not argue with your unhappy customers instead say that customer is always right. This mentality will increase the sales of your medical shop. You must also build an attitude in your staff that they are there only for customers. Without a customer, business is nothing. 

Scarcity

Anything that is considered scarce, is of great deal than a thing that is in abundance. Precious stones are sustained more than water and air. This is the reason the cost of these items is high. If your ad says supply is constrained, please rush. This can surely work because if your business uses this ideology, you can encompass your items. 

Documents required for Starting a Pharmacy Medical Shop Store Business in India

This is a list of documents required for obtaining a drug license to start a pharmacy or medical shop business in India:

• Identity and Address Proof
• Application form fill in the Right format
• Covering Letter with applicant signed with name and designation of the applicant
• Fee deposit Challan for obtaining drug license
• Declaration form
• Basis of possession, Proof of ownership, Important and major site plan for the premises
• Certificate of Incorporation, MOA and Partnership Deed of business
• Non-conviction Affidavit of proprietor/partners/ directors under Drugs and Cosmetics Act, 1940
• Registered pharmacist Affidavit or competent person working full time
• Appointment letter of a registered pharmacist

How Much Does It Cost to Start a Pharmacy Franchise?

Opening franchise costs different like:

• The investment cost for the Apollo pharmacy franchise is 5 to 10 lakh rupees. Also, commercial retail space is required.
• Depending on the size and location of the store Medplus franchise cost is around 17 to 20 lakhs. From this amount, you have to invest 6 to 7 lakhs and the rest balance is obtained as a loan under a special scheme through the State Bank of India.
• For Netmed Franchise cost is around 10 to 15 lakhs.
• For Sanjivani pharmacy Franchise investment is around 10 to 20 lakhs and a 200-300 sq. ft. area is needed to start the business.
• The investment cost for the Frank ross pharmacy franchise is 10 to 20 lakhs and commercial retail space to open the store.

How do I start a medicine retail business?

Here is the complete step by step guideline that you can follow to start your own medical shop in India. 

Profit Margin

You need to know about the profit margin from medical store before you start this business. This will work to motivate you. You can get a discount of 80% from which you can offer discount to your customers also to keep them retained. You can directly get a 405 profit from some other companies also. 

Franchisee Fees

For a newly opened medical store, you need to make an investment of around Rs 5 to 6 lakh as a franchise payment. If you are opening a whole sale drug sore then you need to pay a franchise amount of Rs 7 to 8 lakh. If you choose a Generic Aadhaar you need to pay Rs 1 lakh. If you buy a franchise, it is a smart way to take care of many things like distribution, promotion and marketing. 

Registration

Another important step is to get your business registered. You need not register your firm as sole proprietorship. You can arrange a partner and make it a partnership firm so that investment is reduced and you can get this registered with registrar of firms. 

Drug License

You need to acquire a drug license from the State Drug Control Department because it is compulsory to obtain it. License procedure is same all over India. It is different in a few states. 

Location

You need to select a good location to start this business. The prime location is a better choice that you can make in this context. You can have a monopoly if you open a medical shop in a place where there is no other. 

Area

You need to arrange an area of minimum 120 square feet for opening a medical shop. 

Pharmacist

It is not compulsory for you to be a pharmacist if you want to open a medical store in your area. You can simply hire a pharmacist approved from B-Pharma department or a graduate who has an experience of 1 year minimum in dealing with drugs or somebody who has passed from S.S.L.C with 4 years of experience in dealing with medicines and drugs.

Medicine Supply

Until you have frequent medicine supply, your efforts are a waste. Therefore, arrangement of medicines in stock is important. You need to go through a long supply chain to get them. Consider your profit margin while you buy your raw material. 

Promotion

It becomes easy for you if you buy a franchise. It helps you in quick promotion of your startup. To promote your business, you can make use of merchandise, danglers, tent cards, stickers, pamphlets etc. You can also promote your business on social media platform and aware people about your business. 

Download Format of Pharmacy Shop Sample Project Report

You will get the Medical Pharmacy Shop Project report in PDF Format. You will be able to access the data easily according to your requirements. 

For Whom Is Medical Pharmacy Shop Store Project Report formats useful?

1) CA Chartered Accountants 

2) Tax Consultants

3) Small Business Owners

4) Students

In addition to those who want to prepare project reports themselves.

How To Set Up Pharmacy Shop Store In India?

Place 

Choosing a good place is a major thing or key to success for your business as this will help you to do well and establish your business in the market. Choose a place which is not very much occupied with old medical shops. For this, you need to survey different areas nearby hospitals, eye hospital, dental clinics or running markets for greater sales. It should be easily accessible to every customer including those in a wheelchair or with crutches or with injuries and disabilities.

Contact the local wholesaler dealer or manufacturing company 

Procure medicines directly from the manufacturer or wholesale dealers. Purchasing from the manufacturer can give you a big margin for profit since the manufacturer will provide the medicines at a comparatively lower price rather than the wholesaler but the drawback is that you have to buy in bulk and if you are new in this business then you should start with dealers only which are in contact with these kinds of companies.

Linkup with doctors

Maintain friendly contacts with doctors and clinics to set your business and further growth aspects.

Invest in Franchise 

Investing in the franchise or purchasing it is also another way to move in your business because the franchise provider also takes care of many things.

Store Space 

For any retail shop, you require around 10sq. meters area but if you want to start a combined business-like wholesale and retail then it requires 15 sq. meters at least as it helps to store various medicines for all age groups and different conditions. 

Who can open a medical store in India?

You need to fulfil some requirements provided by the Drug Control Department to open a medical shop. It is not mandatory that the shop head must be a pharmacist, but you must employ at least one registered pharmacist in your shop. 

How Much Investment Is Required For Starting A Medical Shop in India? 

It will cost around 3-4 lakhs for small cities and villages. Also, for a wholesale drug store, it goes up to 8 lakhs and the investment for Megacities will be even more.

Rules to Hire Pharmacist for Medical Shop Business Project

The person you hire must be registered, full-time available and approved by the state pharmacy council. But in a wholesale business store, you don’t need to hire a registered pharmacist. However, the person must have one year of experience in dealing drugs and medicines or matriculate person with 4 years’ experience.

In the presence of a registered pharmacist, drugs should be sold out and the license must carry the name of a pharmacist or qualified person who cannot do any other work while working with you.

Marketing and Advertisement of Pharmacy Shop

Marketing and advertisement help the locality or area to get aware of the particular medicine shop and help to increase sales. Promotion acts as a competitive sales aid and supports the business. Start marketing your business by distributing pamphlets or giving advertisements in local newspapers or displaying hoardings. Also, you can contact for online services and provide home delivery for free or by charging some minimal cost by providing handsome discounts. This can be a value-added service for your business. This is helpful for elder people or those staying alone. 

Profits earned by Medical Pharmacy SHOPS in India?

It completely depends on the type of drugs from 20% to 1000% or more on MRP. The highest profit is made on food supplements like proteins, saline, multivitamins, contraceptives, etc. To understand better profit margins business owners must analyze a particular area or locality. Along with medical business, you can earn good profits by starting a Pathology Diagnostic Center.

Conclusion Of Pharmacy Store Project Report

This is a growing business today and will continue to grow in future. So, if you understand each and every step and follow these important points your medical shop will be successful and can resist for a lifetime.

So, investing in this type of business is the best part to get success in business with great profit share.

Frequently Asked Questions on Medical Shop Project Report