Pharmacy Business Plan and Feasibility Studies

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Health is wealth it is often said thus there is no limit to which a person would not go in making sure he/she is in good health.  This fact alone underlines why this business is a goldmine. However, starting a pharmacy is not something anyone with money can just wake up and run. There are procedures that must take place before you can run a pharmacy fully.

A Pharmacy or chemist shop as it is sometimes called is an outlet where drugs and other related soft medical related items and toiletries are dispensed and sold.

In Nigeria, there are categorically two types of pharmacy which includes the private pharmacy and government owned pharmacy. The private pharmacy, also called community pharmacy are owned and run by medically licensed  Individuals using conventional stores to dispatch these drugs and items at standard rate. The Government pharmacy, as the name implies are owned by the Government who employs medically qualified and licensed individuals to dispatch drugs at a very subsidized rate or in few occasions, for free.

Without wasting much of your time with Unnecessary phrases, we are going to explain to you the steps that must be taken before you can set up your pharmacy.

Drawing Up the Business Plan.

Anyone can start up a small business and with luck or skill get it going strong. However if
you are going to invest heavily in the business or is looking to really make this business
grounded, proper planning is required and that means drawing up a business plan which
will give proper analysis and insight.

The Pharmacy Business Plan and feasibility studies in Nigeria entails all you need to know about what it takes to run a standard Pharmacy in Nigeria which includes the Executive Summary (full introductory analysis including Getting Started & how to get your License summarized here), Setting Up your pharmaceutical Store (full details in business plan pdf), The Detailed financial analysis which includes running cost and profit margin (full details in business plan pdf), Marketing strategy (full details in business plan pdf), Competition analysis (full details in business plan pdf) etc.

With proper planning and good management, a N3 million investment in Pharmaceuticals  could easily result in N7 million of pure profit within six months.

With a well drafted business plan like ours, Grants & Loan approvals

are a guarantee when there is no Start-up Capital.

Call +2347033914653 to get plan for N10,000

Important things to Do before Setting Up your Pharmacy.

Do a Market Survey and an In-Depth research

Assuming you have enough capital to start-up a pharmacy shop(and if you don’t, you can apply for loans or grants using our business plan) you will still need to do a proper market research before going into this business so you don’t run at a loss. A pharmacy is not a business you can just run anyhow, without proper market research you will run at a huge loss.

One advantage our Pharmacy Business Plan provides is that all the market research and feasibility studies have been carried out all you just need do is compare the Instructions and notes in relative to the area you want to set up your business.

Business Location

The location of your business has a very large impact on how well the business itself will do. Hence a proper research is to be done before choosing a location. For a pharmacy, setting your shop near a hospital is a very good strategy. You can also locate the most centralized place in the available area of your choice and set up as long as it has a densely populated surrounding (All these have been explained and well drafted out in the plan).

Employ a Certified Pharmacist or Register as One.

Only as a registered or certified Pharmacist are you allowed to own and run a Pharmaceutical Store in Nigeria, so getting a certification is mandatory. If you have a B.Sc. in Pharmacy from any of the accredited Nigerian Universities, it makes the whole process easier, however, if you do not possess any prior University certification or is not yet a registered pharmacist, you will need to employ the help of Superintendent Pharmacist who would put you through the registration. He will be the one to show you the documents required to register at the Corporate Affairs Commission. You will also need to register with the pharmacist council of Nigeria(PCN).  It is normally required for a pharmacist to register with the PCN, hence the Superintendent Pharmacist will register on behalf of your business. This superintendent also can be your business partner if you both reach an agreement, or you can employ the service of a separate pharmacist.

The Registration Process

The superintendent pharmacist will notify the PCN registrar in writing through the state office to request for a location inspection. The charge for the inspection is paid to the bank before he would proceed to register the premises with PCN. To register with the PCN, you will need to file in these documents as stated by the PCN website:

  • Application for registration of new premises
  • Completed forms B and J
  • Certificate of Incorporation
  • Memorandum and Article of Association
  • Certified True Copy of Form Co7 showing the name of the Pharmacist Director
  • Appropriate fee in bank draft

Employment of Staff

Employment of Staff is necessary however the number needed is all depending on the nature of your financial arrangement/plan and also how big you want your pharmacy to be. If you are not a pharmacist yourself, it is of paramount importance you employ a certified and properly licensed pharmacist. One thing you should always have at the back of your mind is that no customer likes to wait on a cue for too long and most of the time. Also, due to the nature of your business most of your customers always tend to be in a  hurry due to health emergencies. Hence, the more hands on deck the better.

 

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