In today’s article, we will discuss on How to Start a Pharmacy Business in India and what is its legal and structural requirement that must be fulfilled in order to open a pharmacy business in India.
Pharmacies have good demand in India.Pharmacy business is an evergreen business in India that is not affected by the economic cycles.Pharma industry in India today ranks 4th in volume and 13th in value in the global pharmaceutical market with exports worth US Dollars 2.6 billion besides domestic sales of over US Dollar 4 million worth.pharmacy business is the perfect trade for several Entrepreneurs all over India. Also, the numbers of private hospitals are rising all over the country. There is a growth in healthcare and pharmacy industry in the country.
How to Start a Pharmacy Business in India
Now we will list for you all the necessary steps that are required to be taken by you in order to open a Pharmacy business in India.
Step 1: Business Registration
pharmacy business is the perfect trade for several Entrepreneurs all over India.The different types of pharmacy in India are standalone, hospital, chain pharmacy and township pharmacy.The first step in Opening the Pharmacy Business in India is to determine the category of pharmacy that you wish to open and get business registration for pharmacy.In India, most pharmacies choose and fall under standalone pharmacy as a business model. the standalone business can be started as the LLP Registration or the Private Limited Company Registration. still if you are confused then you can checkout here the type of companies or company registration in India.
Step 2: GST Registration for Pharmacy Business
You have to obtain GST registration from the state your pharmacy store is located in. All the pharmacies stores are required to Gst registration and pay GST taxes.
Step 3: Pharmacy License or Drug License
To start a pharmacy business, You have to get a license from the Central Drugs Standard Control Organization and State Drugs Standard Control Organization.Drug license for setting up a pharmacy business is usually under the Authority of the State Drugs Standard Control Organization.There are two types of licenses one is Retail Drug License that is issued to run a general chemist shop and another one is Wholesale Drug License that is issued to persons or agencies engaged in wholesale of drugs and medicines.
Requirement for obtaining Drug License
Below we have listed some required conditions that are to be fulfilled for obtaining drug license or starting a pharmacy in India:
Area: You must have an area of 10 sq. meters for the store which is a minimum requirement to start a medical shop or pharmacy or wholesale outlet in India. the pharmacy business that is both retail and wholesale then a minimum of 15 square meters is required.
Storage Facility: The store must have refrigerator & air conditioner on the premises, computer and proper labeling and storage facilities for drugs like vaccines, Injections, and apparatus etc.
Technical Staff: the staff recruited by you, must have a diploma or degree in pharmacy, As The sale of the drug by Retail or Wholesale Pharmacy must be made in the presence of registered pharmacist approved by the department.
Documents required for obtaining Drug License
following is an indicative list of documents required for obtaining drug license to start a pharmacy business in India:
- ID and Address Proof
- Application form in the Right format
- Covering Letter with the intent of the application signed with name and designation of the applicant
- Challan of fee deposited for obtaining drug license
- Declaration form
- Basis of possession, Proof of ownership, Key plan and site plan for the premises
- Basis of possession of the premises
- Incorporation Certificate, MOA and Partnership Deed of business
- Affidavit of non-conviction of proprietor/partners/ directors under Drugs and Cosmetics Act, 1940
- Affidavit of registered pharmacist or competent person working full time
- Appointment letter of registered pharmacist
So hope in this guide is really helpful for you to start your own next Pharmacy Business in India. if you need any help regarding the business registration, you can visit our website myonlineca and get the simplified online company registration anywhere in India.