The drugstore business has become an inherent part of Nigeria’s economy and in the world at large. Medicine industries have grown in leaps and bounds through the years and will still continue to do so in the years to come. Chemist business also known as patent medicine store is very profitable just like pharmacy business, in short anything drug is profitable.
Take a look at supplementary drugs also known as food supplement such as Tianshi, Greenworld and the rest of them; they have been here in Nigeria for long with new more openings. Have you ever wondered why a small chemist shop in kiosk is doing very well even in the midst of recession? Something should tell you there is profit in this business.
A patent medicine store is an outlet for over the counter (OTC) drugs. Medicines are directly sold to consumers without any prescription from healthcare personnel.
Patent medicine stores are there to serve people who cannot access pharmacy which are mostly positioned in the city. This is to say a chemist is supposed to be cited in the village. That is why the shops must not be cited within 400m of a pharmacy. But a pharmacy can be cited within 200m of a chemist.These are shops people (patient) can easily run into whether rich or poor to buy drugs at anytime. Drugs are affordable, because they have been sectioned to capture little amount.
To start this business you have to go for training to obtain good knowledge of drugs and their usage. It will be more beneficial for you to work in a pharmacy don’t be shy of what is gainful. Apply to work in a pharmacy get the necessary knowledge then proceed and open your chemist.
REQUIREMENTS FOR STARTING A PATENT MEDICINE STORE
To do chemist business you have to follow due process. Here are the steps to take:
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Register with National Association of Proprietary and Patent Medicine Dealers (NAPPMD). They have been approved by The Pharmacy council of Nigeria in the management and control of Patent Medicine Stores. But tmust keep the rules and instructions of the Pharmacy Council of Nigeria. The registration just like that of Pharmacy ends within a year and has to be renewed.
The amount for the registration to become a member varies from one location (chapel) to another. It could be between #100,000-#200,000 with other eatables such as food and drinks. It is actually a trend in Nigeria whenever somebody wants to join an association he/she would be asked to present drinks and food/snacks alongside the registration fee. This is to gather all the members for a feast while introduction is made for identification and getting to know each other better.
A yearly fee is collected from members for belonging to the group. It ranges from #30,000-#50,000.
REGISTER A BUSINESS NAME
After collecting license the next thing to do is to register a business name with Cooperate Affairs Commission. You have to engage the services of a lawyer to do it for you. Choose more than one name for them to take out one. So you don’t have to delay the registration in looking for another name should in case the one you chose coincides with another persons own.
Choose a shop that is visible and accessible, renting or building. When you locate your chemist in a backyard and be expecting customers then the business is as good as dead. Because you will only be selling for family members and backyard people alone.
It should be cited in an environmentally friendly place. It shouldn’t be anywhere close to any dumping site etc. Patent medicine store must be far from another patent medicine store in a busy area by 200m or 400m for a less busy area.
THINGS TO USE IN SETTING UP THE SHOP
Fix shelves around the store and a counter in front with good woods.
Keep a table for writing
Bench or chairs for customers
Carve out a place or another room for secrecy
STOCK UP THE SHOP WITH DRUGS
Stock the shop with drugs that are commonly consumed such as paracetamol, malaria drugs etc. Avoid drugs that are very expensive and need patient’s history before administering leave those ones for pharmacies.
Since you are a member of NAPPMD find out where others buy their drugs from to avoid buying fake products. In short they will be willing to guide you in stocking your shop with drugs.
WHY YOU SHOULD DO PATENT STORE BUSINESS
- It is very profitable, hardly would you not see people lining up to buy drugs especially during raining season. Take a look around you how many of those chemist has so far closed down except such a one was mismanaged or other personal circumstances prevailed
- Chemist business always receive optimum patronage because it is closer to the people. And someone can easily dash in to buy common drugs instead of having to drive or transport down to town.
- The start-up capital is far less than what is used in setting up a pharmacy business. You can start patent medicine store with #200,000, this is outside rent and registration fees.
Drug business is a very lucrative business whether Pharmacy or Chemist. So look for a place that doesn’t have one and establish your own Chemist business.
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