Running a pharmacy in Nigeria is one of the most profitable business ventures anyone can invest into. The demand for drugs in Nigeria is high and on steady increase thus making pharmacy business a lucrative business. Below in this article, our purpose is to show how lucrative pharmacy business is and how you can start your own pharmacy business in Nigeria with ease.
Basically, there are two categories of pharmacy. One is the Hospital pharmacy which is funded by the respective hospitals which is found and it’s aimed at providing the immediate drug needs of the hospital. Second is the community pharmacy which is founded by individuals or private groups, usually located outside hospital premises and provides for the drug need of the general public. In this article, starting and running a business solely point to the community type of pharmacy.
Please note: Unlike the most business that anyone can start, run and manage to his or her own standards, pharmacy business/ legitimate sell of drugs is highly regulated by regulatory bodies and in this case of Nigeria by Pharmaceutical Council of Nigeria (PCN).
Haven said that let's dive in….
How to Start A Pharmacy Business In Nigeria
There are two ways you can start a pharmacy business in Nigeria today, namely:-
- Starting under a known and established Franchise
- Starting up on your own ( under your Name)
Starting A Pharmacy under a Franchise
If you don’t want to go through the rigorous process of registration, inspection, and approval laid out by PCN, this then becomes an option. You can start up your pharmacy under a fully registered and accredited franchise. This basically involves a partnership with the already established partners.
This startup process has its advantages as well as disadvantages. One of the advantages is that you will enjoy high patronage as more customers are likely to patronize an already existing brand name they know than a newbie. The only thing you need do is have the fund to stock your store and enjoy profits provided you keep to the terms and conditions backing your partnership.
Starting you own Pharmacy
If you are concerned about making a name for yourself as opposed to just making profits, then this is definitely your shot at starting up a pharmacy business. However, you will need to meet all requirements and go through all the registration process as mandated by PCN.
Let Get the Breakdown Here[b] - As stated earlier, pharmacy business is fully regulated by PCN and as far as PCN is concerned only trained and certified pharmacist is authorized to open a pharmacy business. Nevertheless, if you have the fund and would want to go into this business, you will then need to hire or employ a trained pharmacist with a license to oversee the administration of your pharmacy or you can go into partnership with one.
If you have put the above in place the next step is:
[b]1. Register your Business
In this business, legitimacy is mandatory. Thus, to start you will need to register your business with the appropriate regulatory bodies. First with Cooperate Affairs Commission and then with PCN.
2. Raise the Required Capital
Depending on the scale you want to startup on, ensure you get the capital that will help you get stock supply, rent an apartment, install the necessary fittings, upset bills and pay workers.
3. Choose a Location
Since you will be dealing with the most sensitive product, a good location is recommended. Choose a location that meets up the requirement stipulated by PCN and remember to choose a location near business roads, near residential homes or more preferably near hospitals, clinics, and health centers.
4. Secure your Stock
You will need to, based on your location get supplies of stock. This is a crucial stage and needs to be done right as it helps determine success or otherwise failure of your business.
5. Hire Trained Staff
This point can’t be over stress, endeavor to hire trained health professionals with good communication skills that will dispense just the right medication at any given point or situation and also communicate friendly with your customers.
6. Advertise you Business
Setting up your pharmacy store is but only a step not the success on its own. So endeavor to advertise your business. Get the world to know about your business. Advertise directly through word of mouth, mass media etc and also indirectly through quality customers service that will make your customers come back and also spread the news about your business.
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