chemist business plan in nigeria

This is the most Complete Pharmacy business plan in Nigeria Guide to Building a Successful Pharmacy in Nigeria

The Nigerian pharmaceutical industry is one of the largest and most profitable in Africa. This is because Nigeria has a large population, and it helps people have good access to healthcare in Nigeria. The pharmaceutical market in Nigeria is expected to grow by around 10% annually over the next few years. Creating more avenues and earning potential in the pharmaceutical industry for entrepreneurs Pharmacies in Nigeria are mainly owned by either individuals or small and medium-sized enterprises (SMEs).

What is a Pharmacy?

Table of Contents

A pharmacy is a place where you can buy medication, get advice from a pharmacist and other healthcare professionals, and get health information, About your current health status. Pharmacies are often found at the back of supermarkets or in the same shopping mall as other types of shops. There are also some pharmacies that specialize in specific types of medicine like allergy medications or pain relief. But most pharmacists in Nigeria generally focus on drug retailing as well as syringes and other small medical needs, this does not apply to small pharmacies because they majorly sell local medical needs and a big pharmacy that deals in all medications for hospitals and local needs.

Now Who is A Pharmacist?

A pharmacist is someone who has studied to help people with their health care needs. They can give you advice about your medicines and make sure that you understand how to take them properly. They can also answer any questions about your general health and wellbeing such as how to manage stress, quit smoking, or maintain a healthy diet. pharmacies

Why You need A Pharmacy Business Plan in Nigeria and The Business of Pharmacy in Nigeria

How to Build a Successful Pharmacy Business in Nigeria is a question many medical orientated entrepreneurs do ask, to provide a suitable answer to the questions we must first lay down some ground factors to aid easy assimilation.

The pharmaceutical industry is expected to grow by 10% annually, and it was worth $2 billion by 2020, according to the World Bank. There are a number of factors that make this industry such a lucrative one:

• The population of Nigeria is growing rapidly, with an average growth rate of 2.5% per year The Nigerian government has been making efforts to improve the health care system in Nigeria, which makes it easier for people who cannot afford private healthcare to get access to pharmaceuticals
• There are many opportunities for entrepreneurs who have the right skills and knowledge

A pharmacy is a business that provides medical drugs and supplies to patients. Pharmacies are often the first point of contact for those without access to healthcare, such as the homeless. Pharmacies provide a wide range of health services, including vaccinations, diabetes management, birth control and other reproductive health services, HIV testing and counselling and treatment for sexually transmitted diseases.

The pharmacy business in Nigeria is booming with an increasing number of people getting access to healthcare. The population in Nigeria has been steadily growing over the years which means more people need medicine daily. Pharmacology training and pharmacy employment

For you to successfully start a pharmacy business it is necessary to go through some medical training to have ground knowledge and be beneficial to the medical industry. Having done this, one should consider taking up employment as an assistant pharmacist or nurse practitioner under the supervision of appropriate health professionals in order for them not only to get acquainted with their local pharmacies but also take any other position that might become available once they are licensed by Health care union in Nigeria (Health Professions Commission). These positions can provide opportunities to perform important duties when working on drug-related work such as weeding out unneeded drugs from products that otherwise would prove ineffective due to time-limitations, without adequate treatment options; helping patients access proper medications safely during times requiring special monitoring procedures so prescriptions may be dispensed appropriately since certain pharmacists do more than just sell drugs.

How to Start a Pharmacy Business in Nigeria with (Pharmacy business plan in Nigeria

1. get training & preparation:.

If you’re looking into joining pharmacies then before starting any kind of pharmaceutical work, please get an overview of pharmacology from one or two excellent doctors who are experts (in their respective fields) about each topic related to drug resale. In summary, you need some sort of training but you can employ a nurse or a pharmacist with years of experience in pharmacology and medicine. This also helps you and saves lots of time going to a medical school or training which can take years to acquire a medical license to operate as a business.

Differences between Manufacturing and Retail Pharmacies

Pharmacies have always been a necessity in the healthcare industry. However, there are two different types of pharmacies that exist today: retail and manufacturing.

Manufacturing pharmacies

These are primarily used by hospitals, long-term care facilities, and clinics. They provide drugs for inpatient use or for patients who need a more specialized pharmacy service.

Retail pharmacies:

These are where people go to pick up their prescriptions as well as other over-the-counter medications. They also provide health advice and general medical information to customers who may not have a primary care physician or who want to speak with someone about their medications or health status

About Our Pharmacy business plan in Nigeria

Pharmacy business is a health business and Unlike other businesses, it will require a business plan. The risk of not getting a business plan doesn’t not only include failure in business but risk of imprisonment and a bad reputation, because this business deals with human life and without proper planning and training could result in the loss of many lives. Inside our Pharmacy business plan in Nigeria, you’ll get all the core knowledge and insight that you’ll need to build a successful pharmacy business in Nigeria.

Table of Content of Our Pharmacy business plan include:

Table of contents:

• Executive Summary
• Description of Problem and Solution 2.2 Vision 2.3 Mission 2.4 Value Proposition 2.5 Business Objectives 2.6 Critical Success Factor 2.7 Current Status of Business 2.8 Legal Requirement 2.9 Contribution to Local and National Economy 2.10 Contribution to SDG
• SWOT Analysis
• Market Analysis
• Competitive Analysis & Risk Analysis
• Marketing Plan 6.1 Description of Product (S) or Service (S) 6.2 Potential challenges in the business industry 6.3 The Opportunity 6.4 Target Market 6.5 Marketing and Sale Strategy
• Production Plan/Operational Plan 7.1 Description of the Location/Factory 7.2 Raw Materials/consumables 7.3 Production Equipment/Capital Expenses 7.4 Equipment/Depreciation Table 7.5 Pricing strategy 7.6 Record/Stock Control Process 7.7 Pre-operating Activities and Expenses
• Organization Structure and Responsibilities 5.1 Salary Schedule
• Financial Plan 9.1 Start-Up Capital Estimation (Expansion Capital Estimation) 9.2 Loan Details 9.3 Business Risk and Mitigating Factor 9.4 Financial Projections 9.5 Sales Forecast And Sales Assumption 9.6 Income Statement (P&L) Account

How to Make Your Own Successful Pharmaceutical Company in Nigeria?

The pharmaceutical industry is one of the most lucrative industries in Nigeria. The pharmaceutical industry has grown tremendously in the past few years. This is because many people are now aware of the benefits of taking medication for their illnesses and diseases. However, if you want to make your own successful pharmaceutical company in Nigeria, you will have to get a license from the Nigerian regulatory authority before you can start selling any products to Nigerians and other countries. Nigeria is one of the most populated countries in Africa. The healthcare industry in Nigeria is growing at a fast pace, with many people seeking treatment for diseases that were once considered rare. This has led to an increase in the number of pharmacies and doctors in Nigeria.

The Nigerian Pharmacy Association (NPA) was founded on October 8th, 1983 to help regulate and improve the Nigerian pharmacy sector. The NPA aims to create a unified voice for pharmacies and pharmacists by providing training and education opportunities for pharmacists, technicians, pharmacy assistants, pharmacy students and other stakeholders in the sector. Conclusion In conclusion, starting a pharmacy business in Nigeria can be easy than you think when you apply the right principles and with our NaijaCEO Pharmacy business plan in Nigeria, you can understand the necessary forecast to know if this business is worth setting up right now or now.

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Micah Erumaka

About Micah Erumaka

Micah Erumaka is the Founder of LiaonCEM solutions which owns NaijaCEO. He is an Internet Entrepreneur and a content creator. After the failure of his first company at age 18 he started NaijaCEO to help entrepreneurs with the information they need in operating a successful business in Africa

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• Business Plan

Pharmacy Business Plan in Nigeria

Pharmacy Business and Financial Plan

Our Pharmacy Business Plan in Nigeria is well documented and can also be used for, but not limited to:

• Grant Applications,
• Bank Loans,
• Proposal writing,
• Business Concept Note,
• Competitions e.t.c

Purpose of the Pharmacy Business Plan in Nigeria

The Pharmacy Business Plan in Nigeria will be of great use:

• To formulate a strategy for starting and growing the business or existing business by identifying where the business is going and how to get there.
• To test the viability of the business idea and maximize its opportunities.
• To Obtain funding and achieve business goals and success. e.t.c

Benefits of the Pharmacy Business Plan in Nigeria

The Pharmacy Business Plan in Nigeria in beneficial because

• It helps in outlining the steps needed to achieve the business goals and ideas.
• It helps to articulate strategy to stakeholders who support the business.

Importance of the Pharmacy Business Plan in Nigeria

The Pharmacy Business Plan in Nigeria is important because

• It will assist you in making sound decision in the administration of the commercial enterprise which will make a contribution to the success of the business.
• It will additionally gives distinctive statistics on all components of the business, outlining the business desires and the steps required to achieve them.

Content of the Pharmacy Business Plan in Nigeria

• Executive Summary
• Introduction
• Business Description
• Keys to Success
• Products and Services
• Market Analysis
• Our Target Market
• Pricing Strategy
• Competitor Analysis
• Sales and Marketing Plan
• SWOT Analysis
• PEST Analysis
• Operational Plan
• Management plan
• Financial Plan and Projections
• Financial Diagnostics

How to Get The Complete Pharmacy Business Plan in Nigeria

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The Business Plan With the Financial Plan Will Be Sent to Your Email Address After Payment ( Quick & Simple)

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How to start a Pharmacy Business in Nigeria

Is pharmacy business profitable in nigeria.

The pharmacy business is one of the most profitable businesses in Nigeria. The country’s growing population, coupled with an increasing demand for healthcare services, has created a vast market for pharmacy products and services. Here is a detailed technical guide on the profitability of the pharmacy business in Nigeria.

• Market Demand: Nigeria has a large population of over 200 million people, with an increasing demand for healthcare services. This high demand for healthcare services creates a vast market for pharmacy products, making the pharmacy business very profitable in Nigeria.
• Profit Margins: The profit margins in the pharmacy business are relatively high, with an average profit margin of between 20% to 40%. This high profit margin is due to the nature of pharmacy products and services, which are essential to people’s health and well-being.
• Business Model: The profitability of the pharmacy business will depend on the business model adopted. There are two main business models in the pharmacy business: the independent pharmacy and the franchise pharmacy. Independent pharmacies have higher profit margins, while franchise pharmacies have lower profit margins but offer greater support and resources.
• Location: The location of the pharmacy store is a critical factor in the profitability of the business. A strategic location with high foot traffic can attract more customers and generate more revenue.
• Competition: The competition in the pharmacy business can affect the profitability of the business. A high level of competition can reduce profit margins and make it challenging to attract customers.
• Operating Costs: The operating costs of a pharmacy business can affect profitability. The cost of inventory, rent, salaries, and other expenses can eat into profits. However, effective cost management can help to increase profits.
• Marketing Strategies: Effective marketing strategies can help to attract more customers and increase profitability. A pharmacy business can employ various marketing strategies, including social media marketing, email marketing, and local advertising.

Overall, the pharmacy business is very profitable in Nigeria. The high demand for healthcare services, coupled with the essential nature of pharmacy products and services, creates a vast market for pharmacy businesses. Entrepreneurs need to conduct proper market research, develop a solid business plan, and invest in quality equipment and inventory to ensure the success and profitability of the business.

How Much to Start a Pharmacy Business in Nigeria

Starting a pharmacy business in Nigeria requires a significant amount of capital investment. The cost of starting a pharmacy business will depend on several factors, including the location, size of the store, the range of products, and the business model. Here is a detailed technical guide on how much it costs to start a pharmacy business in Nigeria.

• Business Plan: The first step to starting a pharmacy business in Nigeria is to develop a comprehensive business plan. The business plan should include details on the products to be sold, target market, marketing strategies, financial projections, and other essential details.
• Registration and Licensing: The next step is to register the business and obtain the necessary licenses and permits from regulatory agencies, such as the Pharmaceutical Council of Nigeria (PCN) and the National Agency for Food and Drug Administration and Control (NAFDAC). The cost of registration and licensing can range from ₦200,000 to ₦500,000.
• Store Location: The location of the pharmacy store is a critical factor in the success of the business. A strategic location with high foot traffic can attract more customers and generate more revenue. The cost of renting or leasing a store will depend on the location and size of the store. The cost of renting a store in a busy area can range from ₦500,000 to ₦2,000,000 per year.
• Interior Design and Furnishing: The interior design and furnishing of the store will depend on the size and location of the store. The cost of interior design and furnishing can range from ₦500,000 to ₦1,000,000.
• Inventory: The cost of inventory will depend on the size of the store and the range of products to be sold. A medium-sized pharmacy store will require about ₦5,000,000 to ₦10,000,000 worth of inventory.
• Equipment and Supplies: The equipment and supplies required for a pharmacy business include shelves, display cases, computers, cash registers, barcode scanners, and other supplies. The cost of equipment and supplies can range from ₦1,000,000 to ₦3,000,000.
• Staffing: The cost of staffing will depend on the number of employees and their salaries. A medium-sized pharmacy store will require at least four employees, including a pharmacist, a sales representative, and two support staff. The cost of staffing can range from ₦500,000 to ₦1,500,000 per year.
• Marketing: The cost of marketing will depend on the marketing strategies employed. A pharmacy business can employ various marketing strategies, including social media marketing, email marketing, and local advertising. The cost of marketing can range from ₦100,000 to ₦500,000 per year.

Overall, the cost of starting a pharmacy business in Nigeria can range from ₦10,000,000 to ₦25,000,000, depending on the size of the store, the range of products, and the business model. Entrepreneurs need to conduct proper market research, develop a solid business plan, and invest in quality equipment and inventory to ensure the success of the business.

Now that you know how to start a pharmacy business in Nigeria, get a business plan to help kickstart your business.

How To Download Pharmacy Company Business Plan PDF and Doc (With financial analysis)

Pay the sum of N8000  ( Eight thousand naira only)  to the account detail below: Bank: GTBank Name: Oyewole Abidemi (I am putting my name and not our company account so you know I am real and you can trust me, and trace me) Ac/No: 0238933625 Type: Saving

P.S: We can also tailor  the pharmaceutical company business plan to your name,  business size, capital requirements, and more to fit your direct needs. Call or message +234 701 754 2853 for inquiries.

Thereafter, send us your email address through text message to  +234 701 754 2853.  The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the pharmacy plan sample to your email address where you can easily download it.

Dr. Abi Demi is a skilled technical writer and author with specialties in the martech and fintech space. Featured on Tekedia, Coin Review, Business Insider, Fintechna, Cryptocoin.news, Date 360 and several other sterling online publications, Demi is an astute technical writer that specializes in finance, marketing and technology - with over 500 published pieces across the internet ecosystem. Contact Abi Demi - [email protected]

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How to Start a Pharmacy Business in Nigeria (2021)

In this editorial, we will analyse how to start a pharmacy business in Nigeria. With this, you’ll come to see that setting up a legitimate pharmacy store in Nigeria isn’t as difficult as you thought.

Having a drug store or pharmacy business in Nigeria can be financially rewarding even though you may face a few obstacles on the way. But then again, tell me a business that has no challenge. None, right?

Opening a chemist shop goes beyond making a profit, because you’ll also be providing a valuable service to the society.

It is important to note that in Nigeria, a pharmaceutical store is usually referred to as a drug store, chemist shop, or pharmacy business. Hence, these phrases will be used interchangeably.

An Overview of Pharmacy Business in Nigeria

However, in order to make a pharmacy business lucrative in Nigeria, there are a few steps you must take. And we are here to guide you through those steps. We have done a significant portion of the work for you, which includes market research, how to get a license, how to make financial arrangements and lots more.

At this juncture, I would like to entreat you to read every detail provided on this research. You can even take a step further to conduct your own research, then compare and contrast. If you have any questions, feel free to contact us. A member of our team would respond to you in no distant time.

This is because more than 50% of people fail to extensively educate themselves before venturing into pharmacy business. Such hasty decisions don’t usually yield good results.

Why Open a Drug Store in Nigeria

A popular axiom of business states that ‘the higher the demand for a particular product or service, the greater the financial reward.’

Drugs have become a common component of life as a human. Every once in a while we’re being reminded of how fragile life is when we fall ill.

Sadly, a majority of hospitals established by the government rarely have pharmaceutical supplies. Hence, the doctors write drug prescriptions for patients to procure outside the hospital’s premises.

This, however, creates a business opportunity for drug store owners. Coupled with the fact that a lot of individuals prefer to get over-the-counter medications, rather than see a doctor for proper diagnosis.

While we do not endorse such acts, we are simply stating the ugly reality. And this is one reason why the pharmacy business in Nigeria is very lucrative.

Requirements to Open a Pharmacy Store in Nigeria

When it comes to owning a pharmaceutical store in Nigeria, you have two options:

Option 1: Setting up Your Own Pharmacy Store

• According to the statutory regulation of pharmacy in the country, you must be accredited by the Pharmacists Council of Nigeria (PCN) to legally open a pharmacy store in Nigeria.
• To obtain a license from the Pharmacists Council of Nigeria, you must either have a Bachelor’s degree in Pharmacy or a Doctor’s degree in Pharmacy from a college of pharmacy that is accredited by PCN.
• Otherwise, you’d have to employ or enter into a partnership with a qualified professional. Afterward, you can visit the official website of PCN at www.pcn.gov.ng to apply for a license.

This option can be challenging if you do not possess the minimum requirements. The good news is you have another option.

Nevertheless, if you do meet the minimum requirements in this method, make sure to read the guide given below before visiting the council’s official site to apply for a license. There are a few things you must do before you proceed.

Option 2: Setting up a Pharmacy Business Under a Franchise

• Another way to legally start a pharmacy business in Nigeria is to partner with a certified pharmacist who already has an accredited drug store.
• By so doing, you’re telling the regulatory body that the new pharmacy business you’re setting up is under the license of an existing one.

While this is a crafty way to start a pharmacy business, it falls within the legal framework. Hence, this is another legal way to start a pharmacy business in Nigeria.

Benefits of Starting a Pharmaceutical Business Under a Franchise

• This makes it possible for someone without any pharmaceutical certification to have a controlling interest in the pharmacy business.
• It eliminates the difficulty of obtaining a pharmaceutical license since the franchise pharmacy you’ve partnered with has one already.

Now, let’s take a look at the necessary steps one has to take in order to successfully open a drug store in Nigeria.

Here are steps to follow when opening a drug store in Nigeria;

• Analyse your community
• Search for the right location
• Learn from successful pharmacists
• Draft a business plan
• Raise some capital
• Contact a reliable supplier
• Acquire all the necessary equipment
• Obtain a license
• Register your business
• Hire an employee
• Promote your business

These are steps are to be followed in an orderly manner, for skipping a step could yield an undesirable result. A summary of each step is given below.

1. Analyse Your Community

It is very important to understand your target market before venturing into any business. This also applies to the pharmacy business. It will help you to know the kind of services that people will expect from you when you open your start your drug store.

Your goal should be to do better than your potential competitors. When the services you offer stand out, it gives you a better chance to penetrate the market.

How to Analyse Your Community

• Ask the right questions. If a chemist shop was once in that community but it’s now closed, it is in your best interest to know the exact reasons why it stopped functioning. This would prevent you from making the same mistakes as did this owner.
• Engage members of your community in a casual conversation to identify what they feel the chemist shop in that locality isn’t doing right. Then work on that.
• Study the population distribution of your community to ascertain which demographic group is dominant. Are there more children in your community? If so, you may want to explore offering pediatric services.

You can become more successful than others who started before you, if you offer a form of specialized services that your potential competitors do not offer.

What is the financial position of residents in your community? If the people in your community are not financially stable, you may offer some discounts to attract customers. Besides, in such an area the cost of renting a store for your business shouldn’t be too high.

2. Search for the Right Location

Choosing a location has significant consequences. This could either make or break any business. Competition may be good but too much of it will definitely stifle a new business.

Opening a chemist shop in a place where there are too many existing ones will make it every aspect of your business difficult. Even if you up your game, it will be difficult to offer better services than everyone else.

And even when you do, how would people know if they don’t patronize you. Therefore, you may have to incur more costs to promote your business.

How about starting a pharmacy business in a hidden corner? Well, if you do that, you’d have to mount several signposts to tell people that you exist. Even then, you can’t be sure they’ll follow the signpost.

Suitable Places to Open a Drug Store

• For that reason, it is best for new businesses to be located in a visible area. A place where people can easily access your store. Opening a chemist shop in a busy area is one of the smartest decisions on could make for a pharmacy business.
• Even better, you could rent a store close to a government hospital. Since doctors in government hospitals often write a prescription for patients to buy outside the shop because they usually do not have drugs in such hospitals.

However, if the government hospitals in your community have too many drug stores nearby, you should pick the first option.

3. Learn From Successful Pharmacists

The first few years of starting a business are usually the most cumbersome. Every business person or entrepreneur has experienced this at least once. Hence, to be better prepared for what lies ahead, you have to discuss with people that have passed through the path you have chosen.

If you know any successful pharmacist, you can meet them and ask for advice. Make it obvious that you wouldn’t create any competition for them. This is because if they see you as a potential competitor, they wouldn’t be comfortable enough to tell you some intricacies.

Better still, you can join the association and confide in other certified pharmacists who barely know you. That way, you wouldn’t be seen as a threat. Thus, they can reveal the risks associated with starting a pharmacy business and how to mitigate such risks.

This step will prove useful later on because it will help you in the steps that follow and prepare you for the challenges that may arise after commencement.

Here is another reason why you shouldn’t skip this step. If you do not have any degree in pharmacy, which is the minimum requirements of the Pharmacist Council of Nigeria (PCN). You can find a franchise pharmacy that would partner with you in this step.

4. Draft a Pharmacy Business Plan

At this point, you must have analysed your community, chosen a suitable location for your drug store, and spoken with certified professionals.

The information gotten from the above steps will aid you to draft a business plan. This plan will contain how you will source for capital, the equipment you need, how to grow your business, and how to increase profitability.

You can also include details of what gives you an edge over existing pharmaceutical stores, the specialised services you offer, and a breakdown of cost.

Important Questions to Examine Before Starting a Pharmacy Business

How much would renting a store cost you? What is the cost of pharmaceutical supplies? What quantity show you buy? How long will it take to sell the pharmaceutical supplies before it expires? How do you break even or make a profit? How long will it take before you start making a profit?

Now you see why we said you can’t skip a step. The information gotten from steps one to three will help you to draft a good business plan.

5. Raise Some Capital

At this stage, you would have already determined how you intend to get the needed finance to start the business. This should be clearly stated in your business plan. You need this capital to cover the opening and operating costs of your business.

Perhaps, you have been saving some money to fund the commencement of this business. If you have the intention to open a large scale pharmaceutical store, this may require you to take a loan.

If you decide to take a loan, you’ll need the business plan you’ve developed. The better your business plan, the greater your chances of getting a loan from a bank.

On the other hand, you could consult family members, friends, or private investors to provide you with some funds. There must be an agreement on how you intend to pay back. You could choose to pay back with interest or they could own a part of your business.

6. Contact a Reliable Supplier

Now you have to reach out to a reliable pharmaceutical supplier. Since you’ve interacted with some experienced and successful pharmacists, they might have connected you with one.

You need to be sure of the quality of drugs he supplies. Whether it is branded or unbranded (generic), these drugs should have been vetted by the regulatory authorities in the country. The NDLEA and NAFDAC have contributed to alleviating the number of fake drugs in the market. You do not want to start your drug store with a bad impression that you sell substandard products.

Due diligence is required on your part because giving flimsy excuses like you didn’t know they were fake drugs wouldn’t shield you from the consequences.

7. Acquire All the Necessary Equipment

If you are setting up a small scale pharmacy business, you need just a few equipments. For example, you’ll need some counters, some shelves, a few seats (two to four), a calculator, etc.

For a large scale pharmacy business, you’ll need a security system (security cameras), computers, and all the necessary software, phones and phone lines, cash registers, good-quality chairs for waiting areas.

Additionally, you’ll need some vials and pill bottles, inventory for the front of the store, over-the-counter medications, cleaning supplies, paper towels, topicals, and products that were written on your business plan.

Make sure your store is well organised. This will make it easier for you to find drugs that your customers may request. Also, ensure the environment is neat, and some chairs have armrests so elderly or disabled patients can get up easily.

Furthermore, as a common practice, your drug store should be painted with white oil paint.

8. Obtain a License

Whichever means you have decided to execute your pharmacy business plan, you need to have a license to legally sell drugs in Nigeria. If you are starting a pharmacy business under a franchise then getting a license would be too easy.

However, if you are setting up your own chemist shop you’ll need to apply for a license from the Pharmacists Council of Nigeria (PCN).

9. Register Your Business

It is a statutory requirement in Nigeria that all businesses must be registered. Having gotten to this stage, the details you need are the pharmacy business name, the location, the size of your business, a copy of your license, and other information and documentation.

This is quite straightforward. And you shouldn’t encounter any challenge, ceteris paribus.

10. Hire an Employee

For a small scale pharmacy business, you may need just one employee. As a large scale pharmacy business, you would need five to fifteen employees which will include cashiers, security personnel, storekeepers and attendants or technicians, an accountant, and a manager.

If your pharmacy business isn’t under a franchise, and you do not have any degree in pharmacy, you’d need to employ a pharmacist to avoid legal actions.

11. Promote Your Business

There are several ways to advertise or promote your business. You can use banners on strategic locations, flyers, place an advert on a newspaper or T.V. station, or use social media to promote your business.

Your choice of advertisements depends on how large your pharmacy business is and what fits into your budget. With good social media accounts, you can broadcast your services to people around you. Also, encourage your staffs to do the same

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Starting and Running a Successful Retail Pharmacy in Nigeria

• by Aham Onyemachi

Nigeria’s rapidly growing pharmaceutical industry presents lucrative opportunities for entrepreneurs seeking to establish retail pharmacies. With rising healthcare spending, chronic diseases and easier access to medicines, demand for pharmacies is surging nationwide. However, competition is intense. Succeeding in this sector requires strategic planning, regulatory compliance, customer service excellence and shrewd business management. This in-depth article provides current insights into Nigeria’s pharmacy landscape and actionable steps to starting and operating a profitable, growth-oriented retail pharmacy.

An Overview of Nigeria’s Pharmacy Market

Nigeria has over 5,000 registered pharmacies serving its 200 million population. The market is currently worth over ₦300 billion and projected to reach ₦1 trillion by 2025. Key growth drivers include:

• Expanding health insurance coverage
• Rising cases of chronic illnesses
• Improving patient access to medicines
• Growth of health facilities countrywide
• Demand for preventive healthcare
• Increasing OTC self-medication

Despite growing demand, Nigeria’s pharmaceutical sector faces challenges like fake drugs, fragmented supply chains and inadequate skilled personnel that provide opportunities for reputable operators.

Retail Pharmacy Models in Nigeria

• Independently Owned

Most pharmacies are small outlets owned by sole proprietors, usually pharmacists. Inventory is limited.

Chains like HealthPlus and Pharmacy Direct have multiple outlets in cities nationwide. Offer wider range of medications and products.

• Hospital Pharmacies

Provide convenience for inpatients and outpatients to access prescribed drugs and OTC medicines.

• Online Pharmacies

Emerging ePharmacy startups like MyTherapy and DrugStoc allow online ordering and delivery.

• Wholesaler-owned

Major drug wholesalers establish retail outlets to diversify revenue. Offer competitive pricing.

• Supermarket Pharmacies

Modern retail chains like Shoprite operate in-store pharmacies for one-stop shopping.

The diverse range of models provides opportunities to new entrants who identify an unmet consumer need.

Understanding Pharmacy Industry Dynamics in Nigeria

• Chronic disease prevalence is rising, increasing demand for prescription medications.
• Self-medication through OTC drugs is growing.
• Exclusive distribution rights ensure major profits for pharmacies selling patented ethical drugs.
• Sales volume remains concentrated in big cities, but smaller cities offer growth potential.
• Many people still prefer purchasing medicines from unlicensed drug vendors owing to convenience.
• Access to financing to fund growth and working capital remains a major challenge.
• Relatively limited adoption of pharmacy-specific software for inventory management and point-of-sale.
• Regulatory enforcement of pharmacy compliance standards remains uneven nationwide.

Grasping such market dynamics will enable prudent business decisions.

Steps to Starting a Retail Pharmacy Business in Nigeria

• Develop a Feasibility Plan

Conduct market research into your target location and create a feasibility study covering expected costs, demand projections, competitive landscape, space/staffing needs and licensing requirements.

• Choose a Suitable Location

Pick a location with strong pedestrian traffic and ease of access for customers. Consider proximity to hospitals and residential areas.

• Obtain Operational Licenses

Register your business at CAC and obtain required permits from the Pharmacists Council of Nigeria, SON, NAFDAC and state agencies.

• Source Medicines Reliably

Establish accounts with major pharmaceutical distributors like Bhojohari, Biogenerics and SIGMAPharm that offer competitive discounts. Also partner with reputable manufacturers for consistent supply of high-demand medicines and medical consumables.

• Stock a Wide Assortment

Keep adequate stocks of commonly prescribed drugs for conditions like malaria, infections, diabetes, cardiovascular diseases, pain relief etc. Also stock sufficient over-the-counter medicines, supplements, devices, first aid and personal care products.

• Recruit Qualified Staff

Hire pharmacists registered with the Pharmacists Council of Nigeria to legally handle prescription orders. Also hire pharmacy techs, cashiers and other support staff.

• Install Pharmacy Management Software

Invest in a good pharmacy software to efficiently manage inventory, expiration tracking, procurement, point-of-sale transactions, reporting and customer data.

• Comply with Regulations

Adhere strictly with laws and guidelines on pharmacy registration, pharmacist licensing, premises specifications, dispensing rules, record-keeping, product labeling and waste disposal.

• Market Your Pharmacy

Promote the pharmacy locally through channels like Google My Business listing, brochures, loyalty programs, social media engagement and community initiatives.

Strategies for Running a Successful, Profitable Pharmacy

• Put the Customer First

Train staff to be courteous, patient and helpful to customers. Be timely and accurate when filling prescriptions. Offer home deliveries.

• Optimize Inventory

Use pharmacy software data analytics to identify fast-moving items and avoid overstocking. Maintain lean but adequate inventory to maximize profitability.

• Focus on Compliance

Stay up-to-date with pharmacy regulations. Perform regular audits and inspections to ensure adherence.

• Leverage Technology

Invest in pharmacy automation tools and software to improve efficiency in workflows, inventory, security monitoring and overall operations.

• Diversify Revenue

Generate additional income through value-added services like home delivery, medication therapy management, specialty drug supply, compounding, medical lab testing and health screenings.

• Implement Robust Security

Prevent inventory loss through measures like CCTV surveillance, movement sensors, regular stocktaking and security personnel.

• Develop staff skills

Conduct ongoing training to enhance staff pharmaceutical knowledge and service skills. Incentivize high performers.

• Utilize Customer Data

Use your pharmacy software to gain customer insights and implement targeted promotions, loyalty programs and personalized communication.

• Partner with Prescribers

Foster relationships with nearby health facilities, doctors, pharmacies and prescribers to drive prescription volumes to your pharmacy.

• Keep Up with Healthcare Trends

Stay updated on emerging health issues, new drugs, changes in regulations to tailor your offerings and align with overall healthcare sector growth.

Technology Solutions for Modern Nigerian Pharmacies

• Pharmacy management systems  – Manage overall pharmacy operations from inventory to POS.
• Digital blood pressure monitors  – Provide health monitoring services for customers.
• Payment terminals  – Accept both cash and cashless payments seamlessly.
• Barcode scanners  – Speed up price checks and inventory audits.
• Digital pill counters  – Improve dispensing accuracy and efficiency.
• Point-of-sale (POS) software  – Track sales data and customer purchases.
• Inventory robots  – Automate stock picking to save time.
• Digital medication trays  – Prevent dispensing errors.
• Telepharmacy software  – Enables remote prescription fulfillment.
• Mobile apps  – Allow customers to order refills and check store promotions.

Adopting solutions like these improves service quality, optimizes workflows and provides data to enhance profitability.

Nigeria’s growing population and healthcare spending offer major opportunities in the retail pharmacy sector. However, succeeding requires strategic planning, quality execution and shrewd management. By obtaining the right licenses, sourcing quality medicinal products, utilizing pharmacy technology, promoting strong service standards and running a compliant operation, entrepreneurs can establish a successful pharmacy business well-positioned for profitability and long-term expansion.

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How To Start Pharmacy Business In Nigeria

Table of Contents

Step 1: Conduct Market Research

Step 2: develop a business plan, step 3: register your business and obtain licenses, step 4: secure funding, step 5: set up your pharmacy, how to start a pharmacy business in nigeria.

Starting a pharmacy business in Nigeria can be an excellent opportunity for entrepreneurs who want to make a difference in the healthcare industry while making a profit. With a population of over 200 million people, Nigeria has a high demand for healthcare services, and pharmacies play a crucial role in providing essential medications to patients. However, starting a pharmacy business can be a challenging and complex process, and it requires careful planning, research, and investment. In this article, we will provide a step-by-step guide on how to start a pharmacy business in Nigeria.

Before starting a pharmacy business, it is essential to conduct market research to assess the demand for your services and identify potential competitors. You can start by researching the demographics, health needs, and buying habits of the local population. You can also visit other pharmacies in the area to get an idea of their services, prices, and customer base. Additionally, you can talk to healthcare professionals, such as doctors and nurses, to understand their prescription patterns and medication preferences.

A business plan is a critical tool for any entrepreneur who wants to start a successful pharmacy business. A business plan outlines your goals, strategies, and financial projections and helps you identify potential challenges and opportunities. Your business plan should include the following elements:

Executive Summary: A brief summary of your business, including its mission, target market, and competitive advantage.

Market Analysis: A detailed analysis of the local market, including the demand for your services, competition, and regulatory environment.

Products and Services: A description of the medications and services you will offer, including prescription and over-the-counter drugs, medical supplies, and consultancy services.

Marketing and Sales Strategy: A plan for how you will promote your business and attract customers, including advertising, social media, and partnerships with healthcare providers.

Operations Plan: A plan for how you will manage your pharmacy, including staffing, inventory management, and customer service.

Financial Plan: A detailed financial projection of your business, including startup costs, revenue, and profit margins.

To start a pharmacy business in Nigeria, you need to register your business with the Corporate Affairs Commission (CAC) and obtain the necessary licenses and permits from the Pharmacists Council of Nigeria (PCN) and the National Agency for Food and Drug Administration and Control (NAFDAC). The PCN regulates the practice of pharmacy in Nigeria and ensures that pharmacies operate in compliance with the law, while NAFDAC regulates the importation, exportation, manufacture, advertisement, distribution, sale, and use of drugs and other regulated products. The licenses and permits you need to obtain include:

Certificate of Incorporation from CAC

Premises Registration License from PCN

Pharmacy Practice License from PCN

Wholesale License from NAFDAC (if you plan to import or export drugs)

Starting a pharmacy business requires significant investment, including the cost of renting or buying a suitable location, purchasing equipment and supplies, and hiring staff. You can secure funding from various sources, such as:

Personal Savings: You can use your personal savings to finance your business, but this may limit your capital and increase your financial risk.

Bank Loans: You can obtain a bank loan to finance your business, but you need to have a good credit score and provide collateral.

Investors: You can attract investors who are willing to finance your business in exchange for equity or profit-sharing.

Once you have obtained all the necessary licenses and permits and secured funding, you can start setting up your pharmacy. You need to:

Rent or Buy a Location: You need to rent or buy a location that complies with the PCN and NAFDAC regulations and is accessible to your target market.

Purchase Equipment and Supplies: You need to purchase essential equipment and supplies, such as refrigerators, shelves, computers, and Point of Sale (POS) systems.

Hire Staff: You need to hire licensed pharmacists, pharmacy technicians, and support staff who are knowledgeable and customer-oriented.

Stock Your Inventory: You need to stock your inventory with a wide range of medications and medical supplies that meet the needs of your target market.

Starting a pharmacy business in Nigeria can be a rewarding and profitable venture, but it requires careful planning, research, and investment. By following the steps outlined in this article, you can start your pharmacy business with confidence and success.

What are the requirements for obtaining a Pharmacy Practice License in Nigeria? To obtain a Pharmacy Practice License in Nigeria, you need to have a degree in pharmacy from a recognized institution, complete your internship and pre-registration training, pass the Pharmacists Council of Nigeria (PCN) examination, and meet other eligibility criteria.

How can I attract customers to my pharmacy business? You can attract customers to your pharmacy business by offering competitive prices, providing excellent customer service, promoting your business through advertising and social media, partnering with healthcare providers, and offering value-added services such as home delivery and medication packaging.

How can I ensure the safety and quality of the medications I sell? To ensure the safety and quality of the medications you sell, you need to obtain your medications from reputable suppliers and manufacturers, store them in appropriate conditions, follow good dispensing practices, and comply with the regulations of the Pharmacists Council of Nigeria (PCN) and the National Agency for Food and Drug Administration and Control (NAFDAC).

How much does it cost to start a pharmacy business in Nigeria? The cost of starting a pharmacy business in Nigeria varies depending on several factors, such as the location, size, and scope of your business. However, you can expect to spend at least N10 Million ($25,000) to rent or buy a suitable location, purchase equipment and supplies, hire staff, and obtain licenses and permits.

Can I own multiple pharmacies in Nigeria? Yes, you can own multiple pharmacies in Nigeria, but you need to obtain separate licenses and permits for each pharmacy and comply with the regulations of the Pharmacists Council of Nigeria (PCN) and the National Agency for Food and Drug Administration and Control (NAFDAC).

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How To Start Pharmacy Business In Nigeria

Pharmacists are highly trained healthcare professionals who have completed a Doctor of Pharmacy (Pharm.D.) degree program. During their education, they study various aspects of pharmacology, pharmacotherapy, medicinal chemistry, drug interactions, and patient care. This extensive training equips them with the knowledge and skills needed to understand how medications work, their potential side effects, and how they can be used to treat different medical conditions.

Where Can a Pharmacist Work?

Once qualified, pharmacists can work in various settings, such as community pharmacies, hospitals, clinics, or research institutions. 

However, before diving into how to start a pharmacy business in Nigeria, let’s explore some of their primary responsibilities in different settings:

Community Pharmacies

In this setting, pharmacists interact directly with patients who come to pick up their prescriptions. 

They verify and dispense medications prescribed by doctors, ensuring the correct dosage and instructions. 

Pharmacists also offer valuable advice and counseling to patients about how to take their medications properly, potential side effects, and any precautions to be taken.

They may also provide guidance on over-the-counter medications and health-related products.

Hospital Pharmacies

Hospital pharmacists work as part of a healthcare team to ensure that patients in the hospital receive appropriate medications. 

They collaborate with doctors and nurses to review patient profiles, check for drug interactions, and make sure the prescribed medications go along with the patient’s medical condition. 

Hospital pharmacists may also prepare specialized medications, especially for patients who need intravenous or parenteral administration.

Clinical Pharmacists

Clinical pharmacists work closely with healthcare teams to optimize medication therapy for individual patients. 

They conduct medication reviews, monitor treatment progress, and make recommendations to physicians about the most suitable medications for specific patients. 

Research and Development

Some pharmacists work in research and development roles, contributing to the discovery and testing of new medications.

They may work for pharmaceutical companies, academic institutions, or government agencies to explore the genuineness and safety of new drugs and therapeutic approaches.

Regulatory and Policy Roles

Pharmacists can also be involved in regulatory affairs, ensuring that medications meet safety and quality standards set by governmental bodies.

They may participate in policy development related to medication management, patient safety, and public health initiatives.

Now let’s dive into how to start a pharmacy business in Nigeria.

How To Start Pharmacy Business In Nigeria In 2023

Starting a pharmacy business in Nigeria is definitely a rewarding business idea considering the growing demand for healthcare services in the country. However, it’s essential to follow the necessary steps and comply with regulations to establish a successful and legally compliant pharmacy. Here’s a step-by-step guide on how to start a pharmacy business in Nigeria in 2023.

Market Research and Planning

The first thing required of you on how to start a pharmacy business in Nigeria is to do thorough market research to understand the demand for pharmaceutical services in your target location. 

You will need to identify your potential competitors and assess their strengths and weaknesses. 

Also, you will need to create a standard business plan where your goals, target, market, services, and marketing strategies will be outlined.

Educational Requirements

The second thing you need to know on how to start a pharmacy business in Nigeria is to be educated.

You need to prove that you have the necessary educational qualifications to run a pharmacy business and that can only be done through education. In Nigeria, you will need a Pharm.D. degree from a recognized university and must be registered with the Pharmacists Council of Nigeria (PCN).

Location and Premises

Since you want to start your own pharmacy company, you need to choose a strategic location for your pharmacy business.

Read:  Top 10 List Of Fast Growing Businesses In Nigeria

It should be easily accessible to your target customers, preferably in areas with significant foot traffic or close to hospitals or clinics. 

Obtain the required business permits and licenses to operate legally.

Pharmacy Design and Setup

Design the layout of your pharmacy to be functional and aesthetically pleasing. 

It should have a dispensary area, counseling space, storage for drugs, and a waiting area for customers. 

Ensure that the premises comply with safety and health regulations.

Registration and Licensing

Another step on how to start a pharmacy business in Nigeria is to get your business its license.

It’s important to get your pharmacy business registered with the Corporate Affairs Commission (CAC ) and obtain a Certificate of Incorporation. You must also secure a license from the Pharmacists Council of Nigeria (PCN) to operate a pharmacy legally.

Pharmacist Recruitment

Here, you may need to hire qualified pharmacists and other necessary staff to run the day-to-day operations if you’re starting big. 

The number of pharmacists you need may depend on the scale of your pharmacy and the regulations in your state.

Procurement of Medications

Establish relationships with reputable pharmaceutical wholesalers and manufacturers to procure medications and other healthcare products. 

Ensure that the drugs you stock are from approved sources and have the necessary certifications.

Inventory Management

Implement a robust inventory management system to track stock levels, expiration dates, and restocking needs. 

Avoid stockouts of essential medications and manage inventory turnover efficiently.

Continuous Improvement

To haste your success in the pharmacy business, you will need to regularly evaluate your pharmacy’s performance and customer feedback.

Always try to make improvements and introduce new services or products to meet customer needs effectively.

FAQs On How To Start Pharmacy Business In Nigeria

How much does it cost to start a pharmacy business in nigeria.

The cost of starting a pharmacy in Nigeria usually depends on factors such as location, size of the pharmacy, and the range of services you plan to offer.

Generally, the startup cost can range from several million Naira to tens of millions of Naira or even more.

Is pharmacy business profitable in Nigeria?

Yes, pharmacy business can be profitable in Nigeria due to the country’s large population and the increasing demand for healthcare services. 

The healthcare sector is continuously growing, and pharmacies play a crucial role in providing essential medications and healthcare products to the public.

What qualifications do I need to open a pharmacy?

To open a pharmacy in Nigeria, you need to fulfill the following qualifications:

Pharm.D. Degree : You must have a Doctor of Pharmacy (Pharm.D.) degree from a recognized university.

Pharmacists Council of Nigeria (PCN) Registration : After completing your Pharm.D. degree, you need to register with the Pharmacists Council of Nigeria (PCN). PCN is the regulatory body responsible for regulating and controlling pharmacy education, training, and practice in Nigeria.

Business Registration : You must register your pharmacy business with the Corporate Affairs Commission (CAC) as a private limited liability company.

Can a pharmacy technician open a drug store?

In Nigeria, pharmacy technicians are valuable members of the pharmacy team, but they are not qualified to open and operate a drug store independently.

Pharmacy technicians work under the supervision of a registered pharmacist and assist with various tasks related to dispensing medications and managing pharmacy operations.

To open and operate a drugstore (pharmacy) in Nigeria, you need to be a registered pharmacist with a Pharm.D. degree and PCN registration, as mentioned earlier. 

Pharmacy technicians can contribute to the smooth functioning of a pharmacy, but they cannot legally own or manage a pharmacy business on their own.

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How to Set Up a Pharmacy Business in Nigeria

Starting a pharmacy business in Nigeria can be a rewarding venture, as the demand for quality healthcare and pharmaceutical products continues to rise.

However, like any other business, setting up a pharmacy requires careful planning, adherence to regulations, and understanding the market dynamics.

In this article, we will provide a step-by-step guide on how to start a pharmacy store in Nigeria, including the costs involved, profitability prospects, and the process of obtaining a pharmacy license.

• Conduct Market Research

Before diving into the pharmacy business, it’s crucial to conduct thorough market research.

Evaluate the potential demand for pharmaceutical products in your target area, identify competitors, and assess the demographics to determine your target audience.

This information will help you make informed decisions about the location, products, and services you will offer.

• Develop a Business Plan

Creating a well-thought-out business plan is essential for the success of your pharmacy business.

Outline your mission, vision, and goals, and include a detailed financial plan that covers startup costs, projected revenue, and operational expenses.

A comprehensive business plan will also be beneficial when seeking financing or partnerships.

• Determine the Startup Costs

The cost of starting a pharmacy business in Nigeria can vary depending on factors such as location, size, and services provided.

Generally, the estimated startup costs range from ₦100,000 to ₦150,000. These costs include licensing fees, store setup, equipment, inventory, staffing, and marketing. It’s advisable to work with a professional accountant to estimate and manage your startup expenses.

• Obtain a Pharmacy License

To operate legally in Nigeria, you must obtain a pharmacy license from the Pharmacists Council of Nigeria (PCN).

The process involves submitting an application, providing relevant documents, undergoing inspections, and paying the required fees.

The exact cost of a pharmacy license in Nigeria can vary, but it typically ranges from ₦100,000 to ₦500,000.

• Set Up Your Pharmacy Store

Finding the right location for your pharmacy is crucial. Look for an area with a high population density, easy accessibility, and proximity to healthcare facilities.

Secure a suitable space and ensure it meets the necessary requirements, such as adequate storage, sanitation, and security.

Invest in essential equipment like shelves, refrigeration units, point-of-sale systems, and comfortable seating for customers.

• Stock Inventory

Building a comprehensive inventory is a vital aspect of running a successful pharmacy business.

Establish relationships with reputable pharmaceutical wholesalers and suppliers to ensure a consistent supply of quality products.

Include a variety of prescription medications, over-the-counter drugs, health supplements, personal care items, and medical equipment based on market demand.

• Hire Qualified Staff

Employing qualified personnel is essential to provide excellent customer service and ensure the safe and effective dispensing of medications.

Hire licensed pharmacists, pharmacy technicians, and knowledgeable sales staff who are well-versed in pharmaceutical regulations.

Train your staff regularly to keep up with the latest industry trends and provide accurate information to customers.

• Implement Marketing Strategies

Developing an effective marketing strategy is crucial for attracting customers and establishing your pharmacy’s presence in the market.

Utilize both online and offline channels to promote your services. Create a professional website, optimize it for search engines, and engage in social media marketing.

Additionally, collaborate with local healthcare providers and offer promotional discounts or loyalty programs to build customer loyalty.

How much does it cost to start a pharmacy business in Nigeria?

The startup costs for a pharmacy business in Nigeria typically range from ₦100,000 to ₦130,000. However, the exact amount can vary based on several factors, including location, store size, and services offered.

Is a pharmacy business profitable in Nigeria?

Yes, a well-managed pharmacy business can be profitable in Nigeria due to the high demand for healthcare and pharmaceutical products. However, profitability depends on various factors, such as location, competition, pricing, and effective marketing strategies.

How much is a pharmacy license in Nigeria?

The cost of a pharmacy license in Nigeria can range from ₦20,000 The exact amount depends on the type of pharmacy and the location where it will be operated.

How do I start a pharmacy store in Nigeria?

To start a pharmacy store in Nigeria, you need to conduct market research, develop a business plan, obtain a pharmacy license from the Pharmacists Council of Nigeria (PCN), secure a suitable location, stock inventory, hire qualified staff, and implement effective marketing strategies.

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Starting a Pharmacy Business in Nigeria (2024) : What you need to know

• by EMMA ONWUKA
• January 31, 2024 January 31, 2024
• 23 Comments

In this article, you will learn all what you need to start a profitable pharmacy business in Nigeria. This will include; steps to start pharmacy business, cost of starting pharmacy business, how to make your pharmacy business profitable and many more.

Starting a pharmacy business in Nigeria is one way to make money while you’re caring for your community. Unlike the Patent Medicine store , pharmacy business is supposedly run by trained Pharmacist or in partnership with a Pharmacist. But, both businesses deal on the sale of drugs and medications for treating human illnesses and sicknesses. Pharmacy business is one of the few flourishing businesses in Nigeria. People spend money on daily basis to buy drugs to treat one ailment or the other  making pharmacy business a lucrative venture.

Before I continue, it might interest you to know that we render expert business plan services including pharmacy business plan. Feel free to contact us if you need a business plan on pharmacy business. Our expert business plan writers will surely deliver to you the best business plan on pharmacy business.

Table of Contents

Different types of pharmacy Store to start in Nigeria

There are many different types of pharmacy outlet you can start if you’re a trained pharmacist. The common ones are:

• Hospital pharmacy – this type of pharmacy store is run in conjunction with hospitals or clinics.
• Retail pharmacy store – this is also known as the Community Pharmacy. The retail pharmacy store business is the type you can start in Nigeria as a trained pharmacist.

A market survey we carried out in Abuja, Lagos, Enugu and Ogun state shows that the retail pharmacy business is a profitable business although highly competitive and capital intensive. The net profit margin is up to 40% on many drug products and annual ROI is over 65%.

Apart from being competitive, the pharmacy business faces the issue of expired drugs, fake drugs and counterfeit medicines. The National Agency for Food and Drug Administration and Control (NAFDAC) frowns at that. A lot of campaign is on-going against counterfeit drugs.

Another challenge you’ll face in starting retail pharmacy business is the high startup capital. That is to say that, apart from meeting up with the professional and legal requirements; you’ll need to raise a huge start-up capital for this business which is not easy to do. Interestingly, in the long-run the profit margin in this business will outweighs all these challenges.

Now that you’re equipped with the kind of pharmacy store you can start in Nigeria and some of the challenges you might face, let’s look at how to start the pharmacy business…

How to Start Pharmacy business in Nigeria

Here are steps you can follow to start a profitable pharmacy business in Nigeria:

Get trained as a Pharmacist

Before you can start a pharmacy store, the first step to take is to get trained as a pharmacist. You must either be a fully trained and registered pharmacist or your partner with a trained pharmacist before you can open a pharmacy business in Nigeria. In other words, only a Pharmacist can own a Pharmacy drug store in Nigeria.

Non-Pharmacists can however deal in Wholesale pharmacy though you will still need the assistance of a Superintendent Pharmacist to register the Pharmacy with the Pharmacists Council of Nigeria (PCN).

Carry out a feasibility study

The next step is to carry out market feasibility studies. Ask questions and find out what those who are already in the pharmacy business are doing. Undertake necessary research by browsing the internet to get the knowledge needed, as well as read books by various pharmacist authors on how you too might get started.

You also need to take into consideration your demographics – the people you’re targeting and their income levels. Are they low, middle or higher income earners? This will help in your pricing. Though, most pharmaceutical companies’ places price limits for their drugs.

Register your pharmacy company with CAC 

Register your Pharmacy Company with Corporate Affairs Commission (CAC) when starting is very important. In terms of share of the company, the Pharmacist must have like 60% shares of profit in the company if you’re partnering with a pharmacist while you gets 40%.Otherwise you may not be able to proceed later.

Although, you can reach a mutual agreement with the pharmacist. Your forms must be clear about who owns the Pharmacy (the Pharmacist) and who is/ are the other Director(s). I have this article on how to register a business with CAC in Nigeria , it will definitely be of help.

  Find good location and a store

You have to find a good location for your pharmacy store if you want to make money in this business. A highly dense residential area will be a perfect location for this business. If you have a good location with your 40% share (as non-pharmacist) in the company, you can make money in the long run than many other retail businesses.

One Pharmacy store can make sales of 1million naira in just a single day. This is not common anyway; it can only happen with excellent locations and great customer care service. In moderately good locations, a pharmacy can make an amount less than N300000 – N500000/day . This is the commonest sales rate of most pharmacy in moderately good locations.

Most Pharmacies shut down mostly because of bad location and poor management.  They assume they don’t need expert advice- especially true for pharmacists- and end up wasting their investment.

If you have your own shop, that’s fantastic but if not, you will need to find a way of tying down the location to go through the process of approval. Otherwise, buy an old pharmacy store, rename and rebrand it.

Employ Superintendent Pharmacist if you’re not a Pharmacist

Employ superintendent pharmacist if you’re not a pharmacist is another step you need to take. Otherwise, you will not be able to operate the pharmacy business in Nigeria. That’s because the rules and regulations governing the operation of pharmacy in Nigeria will requires that you need to be pharmacist to own a pharmacy business. To save yourself from stress, let your Superintendent Pharmacist be the same as the Pharmacist who is your partner.

The payment for this role is however different, you have to note that. In fact, it’s in two phases, you will pay for the License to register the Pharmacy with PCN and then, you also pay the pharmacist the monthly salary based on agreement. It is the Superintendent Pharmacist that will register the Pharmacy with Pharmacists Council of Nigeria (PCN).

In other to register the pharmacy business with PCN, the Superintendent Pharmacist takes the following steps:

Write for Location Inspection

The Superintendent Pharmacist (SP) will write to the PCN Registrar through their state office requesting for inspection location. Payment is then made to the bank. The Superintendent Pharmacist should be able to find out current charge from your state PCN office.

It is advisable you start this process around June or early in December or seek local advice through the Superintendent Pharmacist from the state Pharmacists Council of Nigeria office. I said you should start the process in December because the plan for inspection will be in the following year so you can be among the first to be inspected in your own locality.

This is not always so anyway; a lot of politics are involved. Then June, because it may take 6months or more to complete the registration process and this can save you paying for License twice before starting real business. You can’t be so sure how fast or slow the process will be as at now.

Collect and fill necessary forms and return them to the PCN office

  Your Superintendent Pharmacist can help you collect and fill necessary form. Your Superintendent Pharmacist should carry you along when doing this, to avoid unnecessary mistake.

Set up the Premises but DON’T STOCK THE STORE YET

  Once your location is approved, you may be asked to start setting up the Premises for business. You should be given some requirements- things to put in place like your shelves, fire extinguisher, Pharmacist office, A/C, Poison Box and some books. You may be asked to pay some fees at this stage to collect the requirements.

Apply for Registration of Pharmacy Premises

Your premises will be inspected to see if you met the requirements and you will also be asked to pay for the license and registration. The Superintendent Pharmacist is the one that will help in doing all this. In fact, PCN will not want to deal with you if you are not a Pharmacist. Secondly, you don’t even need to be there during all the inspections. Only the Superintendent Pharmacist and the Pharmacist on the Board of Directors (if different) are expected to be seen.

Please, note that each year’s registration usually ends December. If you start too early and the inspection was made, and you commence the next step. You may need to pay for registration of premises twice before commencing the pharmacy business.

But like I said, the process is not so predictable. It is better to prepare to wait for 6-8months approval. This means that if the Superintendent Pharmacist is not the same as the Pharmacist on Board of Director,  you need to be ready to keep paying the Pharmacist “salary” to “tie her/him down” till the process is completed otherwise the SP may not be available for the inspections.

The short cut to all these is to buy a Pharmacy that is on sale when you are sure you’re ready but it comes with its own challenges too.

Employ qualify candidates who will work with you. You may consider putting up an advert on the local Advert boards as well as the newspapers for the various vacant positions. These positions would include the post of:

• Pharmacy technician
• Receptionist
• Stock takers/store keepers.

  Start your Pharmacy Store

Once registered, you will be given a copy of all the documents and then you can go ahead with stocking and the business proper.

Contact the various drugs and pharmaceutical companies. Establish a good rapport with them while describing your pharmaceutical needs when seeking for drug suppliers or dispensers. The best place to get drug suppliers is in Lagos , Nigeria . Most pharmaceutical companies have their headquarters there. You can also purchase drugs from Onitsha, Anambra State but most suppliers there are cheats(Most of them deal on fake products).

In terms of pricing, the individual pharmacy fixes the price of each of their drug. An investment of N7 million could yield over N5.5 million as Profit after tax within 12 months. The good thing about the pharmacy business is that you can combine it with several complementary businesses like cosmetics business .

Advertise your Pharmacy business

Finally, produce handbills, calendars and brochures to share to people as way to advertising and promoting your pharmacy store. Also, tell people about your new pharmacy and the quality of your products. You can consider giving out free drugs to a sect of persons.

The above are steps on how you can start your own pharmacy drug store business. Above all, serving your clients or patients should be your top priority at all time if you must succeed in this business.

Cost of Starting New Pharmacy Store in Nigeria

The cost for opening a new pharmacy drug store depends largely on your entry level. You can choose to enter the business in medium scale or on large scale depending on your financial capacity. But with capital of N7, 000,000 – N10, 000,000; you can start a new standard pharmacy store in Nigeria. Here is the breakdown for the cost of starting pharmacy store in Nigeria;

• POS retail system – N180,000
• 2 Fridges – N250,000
• Pharmacy Shelves – N600,000
• Inventory – N5,000,000
• Rent – N600,000
• Contingency – N300,000
• Cash at hand – N400,000
• Other expenses – N900,000

How to Make Your Pharmacy Business More Profitable

To make your pharmacy business more profitable, you need to brand your pharmacy . Doing all the registrations and starting is not enough.

• Begin with a bang.
• Design or Get a professional to design your logo
• Get a good mobile friendly website
• Go on social media and  start a blog where you discuss health related matters.
• Put up strong marketing strategies
• Respond fast to your customers complaints and there you are.

I wish you all the best as you start your Pharmacy (drug store) business in Nigeria!

23 thoughts on “Starting a Pharmacy Business in Nigeria (2024) : What you need to know”

please i want to know, what is the salary a pharmacist can receive from employer?

For a private employer: Depending on the location and based on agreement: between N60,000 – N180,000 as a beginner. Increment and promotion comes in as you continue to work. For a public and government owned establishment: They have a salary scale for payment of their work.

I need a pharmacist to partner with for a drug store in Ajah area 9f lagos.

Thank you, Emma for the information. How can a registered pharmacist in US acquire a pharmacist license in Nigeria?

Hi! How can a registered pharmacist in US acquire a pharmacist license in Nigeria? I have a plan of starting a retail pharmacy in Nigeria.

I’d love to discover if any pharmacy franchise is up for sale or if I can get a pharmacy superintendent to set a drug store with the license

It will be great if you talk more on wholesale pharmacy

Okay, we’ll be looking at that

Thanks for the information. Please I need a pharmacist to partner with for registration and running of my intending Pharmacy. Kindly assist me. I reside in Ogun State.

Put your contact email for reaching me

Am a licence pharmacy technician, I have great passion to run a community pharmacy in akwa ibom state, please how will I do about it. Thank you

But we’ve shown you the proceess

Please, l need to start and run a pharmacy business. I am in Uyo the akwa Ibom state. I am not a Pharmacist, how and what do l need to do?

Employ the services of a pharmacist

hi Emma! Do you have any contact information ? Email? I want to ask or discuss. I’m looking forward to hearing from you..this is my email id : [email protected]

Hello Adinda, If you have any question or comment relating to starting and running of Pharmacy business in Nigeria, you can ask that here using the comment box. Otherwise, you can reach us via our contact page .

Hi Emma, I want to know the process and cost of opening a pharmacy franchise like medplus or healthplus. I want to become their franchisee instead of opening a new pharmacy company from scratch. Do you know I can achieve this please? [email protected]

Please i need a pharmacist in Enugu state.

Please, which part of Enugu are you? So that we can help provide one for you.

i’m in owerri

Please I need a pharmacist in Owerri imo state for business. Preferably a female

Emma, i intend setting up a pharmacy in Enugu, I will like us to talk as regards to it. Thank you

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I would like to set up a pharmacy business in Uganda . I would like to get more fund from you

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I will like to set up pharmacy in Jigawa State Nigeria fund support is really needed

want to open a pharmacy in sokoto state Nigeria fund support need

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How To Start Pharmacy (Drug Store) Business In Nigeria

Nigeria is a great land of opportunity for business people, whatever sector they may be. There is a market for almost anything you can think of. Knowing this, be confident that whatever business you start, nurtured well, will bloom into something beautiful, and of course profitable. Pharmacy business in Nigeria is certainly one of those businesses.

Today I will tell you how turning your sights to pharmaceuticals can make you smile every time you see the figures in your bank account. Pharmacy business also know as chemist shop in Nigeria is a multi billion naira business opportunity.

Why Start a Drug Store/pharmacy?

Sometimes I wonder how so many people fit into such a small looking country. Nigeria has quite a large population, and sadly a corresponding large number of sick people. How often do you hear the words “I have a cold”, or “I have a headache”, or “its malaria”? These are a few very minor examples but thankfully when it comes to pharmaceuticals as a business, the more sick people the better.

Frankly speaking though, in Nigeria, pharmacies are some of the most visited places, because there are always people in ill health. Those people need medication and I’m sure you know that where there is a need, there is business.

Follow these steps and you’ll start a business that’s profitable not only to you but to the community too.

Types of Pharmacies in Nigeria

The healthcare available to most citizens in Nigeria is below par at best. Most people simply cannot afford good healthcare. This heralds the current situation, in which people take their troubles to the government run hospitals, where healthcare is more affordable.

SEE ALSO: Effective Health Care: Harmonizing The Branches

When they’re there, those who need medication are given prescriptions, and are usually directed to the (i) hospital pharmacies, where often the case is that the medication they need is not in stock!! Then patients are referred to nearby (ii) retail/community pharmacies, where they find the drugs they need. This article will instruct you on how to start a community pharmacy.

Step 1 – Register your business

You can open up shop, buy drugs and start selling them, but that would most likely end with you in a cell because there are rules guiding the sale of drugs, implemented by the Pharmaceutical Council of Nigeria (PCN). So, register with the PCN. The list of their requirements is available on their website, here

You also have to register with the Corporate Affairs Commission (CAC). You can do this yourself but it is advisable to go through a lawyer. I must mention that according to PCN requirements, there has to be a Pharmacist present to start and direct the pharmacy. If you are one, then that’s covered. If not you could partner with one, or hire one. All in all, make sure that you have a qualified pharmacist.

Step 2 – Research your Pharmacy Niche

a. Should you build a pharmacy from scratch? b. Should you buy an already existing pharmacy c. Should you start with a franchise?

B and C both have the benefit of an already established customer base. With C , the name/brand is already known, so there is a customer base already established, people will visit because they already know the brand. You’ll have to make an agreement with the brand owner and stick to the directives of the agreement. Make sure you pick a good, profitable pharmacy to franchise with.

B could cost the most depending on the state of the business you’re buying. Regardless, you can retain all the same customers, with a business that’s already making profits. Similar to C , no PCN registration needed. You could even retain employees who already work there. With A , You have the opportunity to build the business from the ground up. Starting this way could take the least time to set up and possibly the least capital. Find out all your options before you make a choice.

Step 3 – Choose the Right Location

As part of the requirements, The PCN will carry out an inspection of your location and decide whether it is suitable for operation. Finding the right location is extremely important for your business. You have to do proper research into this. Being near a large hospital is usually a good option, patients who need drugs will come to you. Or you could be located in a residential area, or a business community.

Where should you set up?

Wherever you set up, you must be easily visible, your business should be in broad view of passers-by, so people will notice the store. This is crucial for a startup. Find out if;

– There are other thriving businesses nearby. If there are then it’s likely that the area is good for business. Nearby offices will also provide a potential source of customers.

– There are other pharmacies nearby. Large established pharmacies will likely pose a lot of competition to you. But with better customer service and services provided, such an obstacle can be overcome.

The building

Your focus should be maximizing the use of space. A structure that’s easy for your customers to move around, and attractive too. Ensure that there is room for parking outside the pharmacy. All decisions made should be centred around ease of access and ease of use for customers.

Step 4 – Items you Need to Buy

Purchase all equipment needed. Depending on the size, all or some of these may be needed; – Shelves – Computers – Cash register – Phones – Chairs Arrange the store in a way that is easy to maneuver, and convenient to use. Keep clutter away, make sure everything is always neat and organized.

Step 5 – Stock up Drugs of Different Brands

This is very important. You want a consistent supply of genuine NAFDAC and NDLEA approved drugs. So it’s best to work with a reputable, reliable supplier, who’ll supply you with drugs that carry no question marks. You must be known for quality products and customer service. You also have to ensure that the supply is regular, so you’re never out of drugs that customers need.

This is also crucial to your success. The people you employ must be credible, qualified and trustworthy. If you’re a pharmacist, you may not need to employ one, but you will need someone to stand in for you on days when you may not be around.

Depending on the size of your pharmacy, you may need some or all of these; – A pharmacist – An accountant – A cashier – A stock worker – A manager – A security guard It is important that you make it clear to your employees that keeping your customers happy is the top priority . Stock workers should keep track of the amount of drugs remaining, reload the shelves and keep them neat and organized. Ensure to keep good records. Everything should always tally.

Step 7 – Start Marketing

Market your pharmacy before it even opens. Implementing good marketing and advertising strategies is important to success. You can partner with doctors in the area, so that they will refer their patients to you.

Step 8 – Look for Additional Funding

This is really one of the first steps to take. If you’re not funding the business yourself, then you will have to raise the capital. You could take a loan from the bank, from friends and family. Or you could seek out investors. Whichever routes you choose, one of the key things to successfully raising the money is a concrete business plan . Banks and investors will be willing to invest knowing what they stand to gain from doing business with you. So, develop an Ironclad business plan , and you’ll open doors to achieving your goals.

There it is. With this, you should have sufficient knowledge on how to start a pharmacy in Nigeria. All you have to do now, is go out there and put this knowledge to good use.

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11 Comments

Thanks for sharing this post i have been thinking of opening a pharmacy shop in benin city

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Give me your contact number?

I can help you.

If you’re ready to take that step, Kelvin, you will definitely need a business plan to chart your drug store. you can email: slavoksanavladi at gee mail com for that.

Thanks for sharing this post. I have been thinking on how to open a pharmacy store.

Are you planning to start an online pharmacy mobile application?

Kindly share your Whatsapp contact details.

Thanks Abid

Nice post, simple and easy to understand.

Thanks for sharing this info, i need more information tnx

I wanted to go for the foreign program to get my registration in Nigeria but that is becoming a long process. I am thinking of hiring a pharmacist. If I already have a retail store that is registered and running how do I add a pharmacy?

Thanks for sharing this useful information

Thanks for sharing. I seriously want to open a pharmacy store in Nnewi town.

Thanks for the info. pls I want to open one here in Lagos and I need to hire a pharmacist. How do I go about it pls?

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• Sat. Mar 30th, 2024

NG Business

NGBusiness Gives You Access To Over 100 Business Plan Samples As Well As Other Important Business Related Information...

Pharmacy Business Plan In Nigeria (2024 DOC)

Pharmacy Business Plan In Nigeria | Wholesale Pharmacy Business 2024 Sample Doc

Retail Pharmacy Business Plan in Nigeria – There is a saying that goes health is wealth, and I think that is true and also the reason why when it comes to business interest that has to do with health it comes successful , ever wondered why nearly every chemist or pharmaceutical products sells even when they are not place in any shop.

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Business plans and feasibility studies to get a discount.

Retail Pharmacy Business Plan In Nigeria – In Nigeria today, apart food we eat, the house we live in, the cloth we wear and maybe our personal business venture, the next that comes  in line is our health status. This is for a fact, you basically cannot  enjoy your health when you are not healthy.

I’ve come to a logical conclusion that one of the reasons retail Pharmacy Business has continued to thrive in Nigeria is the dependency o f hospitals on them, I’ve been to hospitals where the doctor after his prognosis when then refer to a pharmacy. In fact most doctors have private pharmacy where they direct their patients to, it might for so many reasons but top of the reasons are;

• The pharmacy was set up to meet basic pharmacy standard, in this case the pharmacy was properly set up, with a recognizable business name and in the event of going against practice could be sanctioned. This can most times be achieved when the own uses a retail pharmacy business plan in Nigeria, he gets to know those dos and don’ts in the profession.
• The pharmacy has a business relation with the doctor, most times these pharmaceutical outlets has doctors as agents, maybe not for a fee but based on trust, you see a doctor directs a patient to a specific pharmacy after making his prescription, like wise most pharmacy directs you to a hospital where you can go for your medical checks, its mostly like a synergy between these branches of health services.
• Most times these pharmaceutical outlets are strategically located close to a hospital , and then having a knowledge about this, the doctor simply directs to just go to the close by pharmacy to get your drugs, it is usually a win win situation for both the hospital and the pharmacy, now you see why location in business is important? Learning how to start a pharmacy business in Nigeria is one thing but doing it in the right way is another.

TO GET THE COMPLETE PHARMACY BUSINESS PLAN IN NIGERIA / FEASIBILITY REPORT. Pay N10,000 to

GTBank (Guaranty Trust Bank)

Account Name – Okite Joseph ikenna

Account No – 0044083736

After payment text your name, your e-mail address and bank teller number to 07039768549 . and you’ll receive your PHARMACY BUSINESS PLAN / FEASIBILITY STUDY PROPOSAL.

How Profitable Is Pharmacy Business In Nigeria?

A good health breeds enjoy and success and as a basic necessities of life, pharmaceutical products have continued to be source of wealth to so many, ever wondered why GNLD products sells even after a long period, even when you think the product would have faded, you still have people making a kill from the products sales, there are other retails pharmacies also making rounds and you know the great thing about this is that, you do not even need to be a professional to own, however, instead of hawking these products and be making Pea Nuts, why not channel your energy into having a standard pharmacy.

With the details contained in our Retail Pharmacy Business Plan In Nigeria, you could actually organize a pharmacy business plan PowerPoint presentation for people who have interest in starting up a business venture in this regard.

To the question on how profitable pharmacy business is in a country like Nigeria, the answer to this question can be pointed to so many facts, facts that simply states that the health sector of the country needs emergency, let me begin with this, the population of Nigeria is estimated to be well over 180,000,000 (one hundred and eighty million) people presently residing in the country, now that figure overwhelms the present medical facilities as well as structure in the country.

From the assertion above, you will discover that a country where budget for health sector is very low, it leaves room for improvement, an improvement which obviously come from the public sector, a little search on how people are going about acquiring their retail pharmacy business plan samples, all in the bid to fill a vacuum that has been left by the government .

Most people are not just interested in the retail aspect of pharmacy, a lot more people have asked questions on how they can also start wholesale pharmacy business using our plan. It is obvious that this business is profitable, as one can really not doubt how lucrative it can be. One of the factors that determines the standard of living of most nation can be derived from the health sector, and that is in agreement to the first statement I made “Health is Wealth”…

List Of Pharmacy franchise in Nigeria

There are loads of pharmacies in Nigeria, here are few of the best that I know,

• Gordal Pharmacy, Abakaliki, Ebonyi State
• Mid Town Pharmacy, Abakaliki, Ebonyi states
• Alpha Pharmacy & Stores Ltd, Ikeja, Lagos state
• Longlife Pharmacy Nigeria Limited, Lagos state
• 4Tees Pharmacy, Lagos state

How To Start A Retail Pharmacy Business In Nigeria

I Am going to list a few things you will need before starting your own pharmacy anywhere in Nigeria;

You Need A Business Plan – A pharmaceutical business plan sample is an example of what a business plan should, herein should contain the master plan of all that you will have in your pharmaceutical outlet, also it should contain your financial projection as it will answer the question of how much it cost to open a pharmacy in Nigeria. The cost depends on you or on the size of pharmacy you want to have.

Register A Business Name – Every pharmacy that I know has a name, and in order to stand out, you need to choose a name that people can easily remember, people can associate with. Also consider your location before choosing a name, a pharmaceutical outlet in Jigawa State, Sokoto or even Kano, should have a name that isn’t associated to any religion, the name should reflect what the people stands for, since things like this are sensitive in places like that.

Contract a Registered Or Certified Pharmacist  – Most times agents as well as agencies in charge of this sector can shut you down if they discover that your pharmacy doesn’t have a pharmacist in it, in fact a mare knowledge of the fact that you do not have a pharmacist in your outlet can drive people away from your business. Ensure you adhere to the rules and regulations of the industry by getting a pharmacists and then having all your required certifications you need to operate.

Go into an agreement with hospitals – In the beginning, I talked about hospital being the biggest referrals to pharmacies. This agreement could be built on trust and good will, and of course you need to build your pharmacy to standard, it should also be a place where every drug can be found. When a pharmacy keeps referring its customers to other places because they do not have most of the drugs customers need, it creates trust gap between the customers and the pharmacy and even the hospital, if it turns into a reputation, it that shut down your business.

Get a warehouse – This can be your mini pack, the idea is not to run out of stock, you can always restock sold out drugs from the reserve in the warehouse. The warehouse should not be the conventional warehouse, it should be one with special features, it should always be dried, cool and should be conducive for storing drugs. Also be mindful of expiry date in order not to store up drugs for so long until they get expired.

Employ Capable Staff – Every business thrives base on the people that work there, your major concern should be on customer service, this alone can help to retain your customers, it can even make customers to refer others to your outlet. Good customer service is another means of advertising your business to the society. Most businesses are still afloat because of their customer service delivery. There are other section that also needs to be filled they include the following;

• Customer Service personnel
• Security personnel
• Receptionist (depending on how big the pharmacy is)
• Delivery personnel etc

NOTE – You may not need all that if your plans are to open a small pharmacy store that will accommodate only 3 or 4 people.

Basic Equipment – Your pharmacy should have some basic equipment, these equipment you will probably see in many other pharmacy around, the following in no particular order are the few things you need to function properly;

• Refrigerator(s) to store up drugs that should be kept in low temperature
• Glass shelves
• One or two POS system (in case one fails)
• CCTV cameras for security
• Air conditioners to keep the store cool
• An alternative power supply etc.

Finally, ensure you associate your business with relevant bodies such as the pharmacist council of Nigeria or the pharmaceutical society of Nigeria.

After payment text your name, your e-mail address and bank teller number to 07039768549. and you’ll receive your PHARMACY BUSINESS PLAN / FEASIBILITY STUDY PROPOSAL.

Retail Pharmacy Business Plan In Nigeria

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Pharmacy / Drug Store

The Pharmacy Business Plan / Feasibility Study PDF/MsWord Can Also Be Used For Bank Loans, Grants Etc.

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Overview XYZ Pharmacy is a new pharmacy store involved in prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves.

The Company XYZ Pharmacy is established as a limited liability company owned by Mayowa Coker, John Richard, and other investors. The pharmacy store is managed and directed by Mayowa Coker, a veteran in the Pharmacy industry with 8 years’ experience and John Richard, an experienced Pharmacist with over 15 years’ experience. We are located in Ikeja, Lagos state.

Products and Services XYZ Pharmacy offers a wide range of prescription drugs to patients based in Lagos and its neighbouring state. Both generics and name brands are offered. In order for a customer to purchase medications mail order, they must first contact XYZ Pharmacy over the phone. The customer then needs to mail in the prescription. Once it is received and payment arrangements are complete, the medicines will be sent out to the customer via our delivery system. Local customers may stop by the store front to pick up the medications.

The Market XYZ Pharmacy’s target market consists of two different groups, local customers or walk-ins, and mail order customers. XYZ Pharmacy will employ two different strategies namely discount price and membership registration to reach these two diverse market segments.

Competition Competitors for XYZ pharmacy are Alpha Pharmacy, Bolar Pharmaceuticals, Nett Pharmacy, etc. XYZ Pharmacy’s competitive edge includes discount prices for high quality products, excellent customer service, the expertise of its founders, etc

Financial Considerations XYZ Pharmacy seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital. Funding for the launch of the business is provided primarily by equity from the partners and investors. The business will reach positive cash flow in its 10th month of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners. Revenue will top N14,500,000 and profit will reach about N3,843,950 in the 1st year of operation.

INTRODUCTION (Pharmacy store business plan / feasibility studies)

Professionally, pharmacy is the branch of medicine entailing all aspects of pharmaceutics, chemistry of the pharmaceutical nature, phytochemistry, pharmacology and forensics which is the science of physical evidence, these are all medical terms though. In practice, a pharmacy is simply a drug dispensary or a place where prescribed drugs could be purchased or collected.

Pharmacies are very relevant to life and to the society in general in the sense that without them, there would be no availability of drugs to save lives and aid health because I’m very well aware and informed that in some French countries like Togo and Benin Republic, Hospitals usually do not handle drugs, they offer prescriptions which should be bought at the Pharmacy. In some cases, some pharmacists do not sell drugs to individuals unless you present a doctor’s prescription handy and this just how it is meant to be with the aim of keeping drug abuse by self-medication or self-prescription to the least minimum.

In Nigeria, pharmacies are regulated by the Pharmaceutical Council of Nigeria PCN and our goal with this business plan is to run a legitimate pharmacy in Nigeria with the requirements of this overseeing body.

Business Description

XYZ Pharmacy is a start-up firm involved in the distribution of prescription drugs to patients based in Lagos and its neighbouring state. We are located in Ikeja, Lagos state.

WHAT YOU JUST READ IS A VERY LITTLE PART OF OUR PHARMACY BUSINESS PLAN.

• TO GET THE COMPLETE PHARMACY BUSINESS PLAN IN NIGERIA / FEASIBILITY REPORT . Pay N10,000 to

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Pharmacy Business Plan

Start your own pharmacy business plan

The Discount Pharmacy

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.

People need to be able to buy prescriptions at reduced prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions. 

The Discount Pharmacy’s mission is to provide our customers with the best prices for their prescription medications. Our convenience and services will exceed the expectations of our customers.

The Discount Pharmacy’s target market consists of two different groups, local customers or walk-ins, and mail order customers.

Competition

Competition takes many different forms in the pharmacy industry. They are: chain pharmacies, local pharmacies, mail in pharmacies, canadian pharmacies. 

The Discount Pharmacy’s we have superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.

Expectations

Costs will be minimized by maintaining only one pharmacist and filling the void with pharmaceutical techs. We expect to reach profitability by our third year and will generate substantial sales by year three

Financial Highlights by Year

Financing needed.

We will need $115,000 to start, we will be able to pay the investment back at the end of year 4

Problem & Solution

Problem worth solving.

People need to be able to buy prescriptions at accessible prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions. 

Our Solution

The Discount Pharmacy’s main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves. By focusing on this segment it gives us additional efficiencies – we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication.

The Discount Pharmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, The Discount Pharmacy will appeal more and more to the customer’s sense of value and convenience.

Target Market

Market size & segments.

The Discount Pharmacy will seek to attract two different groups of customers and will thus have two strategies to attract them.

We anticipate that by far our largest group of customers will be those who order through the mail. These customers will be targeted through an advertising campaign in magazines and newsletters that have an older (>55) audience who regularly need medication and are aware in advance of their needs. For example, one of the main advertising vehicles will be the A.A.R.P monthly newsletter.

Walk-in customers will be targeted through advertisements in the local paper, "The Oregonian."  Ads will raise awareness for the The Discount Pharmacy and our low prices.

Current Alternatives

Competition takes many different forms in the pharmacy industry.

• Chain pharmacies.  These are state or national chains such as Rite-Aid.  The advantage to these chains are better prices through economies of scale, as well as personalized service.  The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you have disclosed to them.
• Local pharmacies.   These are the pharmacies where you typically know the pharmacist and they know your medical history.  This option is high in personalized service and convenience, and high in price.
• Mail order and Internet pharmacies.  These are similar to The Discount Pharmacy.
• Canadian pharmacies.  These pharmacies are located in Canada where the cost of drugs is lower than in the U.S.  These pharmacies can be accessed through mail order, the Internet, or via travel.  Recently there has been the trend for trips arranged for senior citizens in Northern States to travel up to Canada for the day to pick up their medicines.

Our Advantages

The Discount Pharmacy’s competitive edge is superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.

We will be able to do that by eliminating some of the services traditionally offered by pharmacies. For example, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use pharmacists. Other efficiencies are created by having only a small store front and conducting most of our business through mail order.

Finally, The Discount Pharmacy is not designed to hold the patient’s hand during their purchase. We expect that the vast majority of our customers will already be informed of how to take the medication, and any side effects or drug interactions that should be avoided. We will simply provide each patient with a print out of all the relevant information for consumption of the medication.

Keys to Success

The keys to success are:

• Satisfy our customers so they will return again and again
• Maintain low overhead and operating costs
• Provide better prices than all our competitors

Marketing & Sales

Marketing plan.

The marketing strategy will be based on social media, mainly Facebook and Twitter, offering useful information and opinion while quietly appealing to the customer’s sense of value. The marketing campaign’s goal will to be increase awareness of The Discount Pharmacy with their target market.

The sales strategy will be based on generating long-term relationships with customers. To facilitate that, we will provide medications at superior prices, have medicines in stock for both quick shipment and store front pick up, and provide superior customer service. All sales agents will be trained to provide friendly, knowledgeable customer service. By keeping to these simple, yet effective, business practices, we expect that our customers will make The Discount Pharmacy their exclusive source for medications. For some, medications are an integral part of their lives, so establishing long-term relationships will ensure a large, loyal customer base

Milestones & Metrics

Milestones table, key metrics.

Our key metrics are: 

• The # of customers that walk in to the pharmacy 
• The # of customers that choose to mail in 
• The # of reviews saying that people could go to our pharmacy 
• Facebook page views, Twitter retweets  and website shares 
• Total customer traffic on the website 
• Total customer traffic in and out of the store 

Ownership & Structure

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Management Team

John Reeleaf has experience working with a major drug manufacturer, Eli Lilly, as a drug representative. He was able to see first hand the profitability associated with the prescription drug industry, as well as the inefficiencies with which most companies are plagued.

John graduated with an MBA from the University of Oregon’s innovative entrepreneurship program. While there he was awarded a $50,000 no interest loan through a business plan competition. That seed money will be parlayed, along with some other investments, into start up expenses for The Discount Pharmacy. John received an undergraduate degree in chemistry from the University of Oregon.

Personnel Table

Financial plan investor-ready personnel plan .">, key assumptions.

Key assumptions: 

Of course our main assumption is legality. Regulations affecting our business can change very fast. 

People appreciate:

• The mail in order option for their convenience 
• Prescription at affordable prices 

Revenue by Month

Expenses by month, net profit (or loss) by year, use of funds.

The Discount Pharmacy will incur the following start-up equipment costs:

• Office equipment including chairs, file cabinets, and desks.
• Front counter, storage bins, cash register.
• Three computer terminals.
• Main computer server with a laser printer, and back-up system.
• Software: Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software detailing side effects and other information pertinent to the customer.
• Assorted bottles, boxes, envelopes, etc. for dispensing and shipment.
• Scales for shipping.
• Telecom system.
• Storefront build-out.
• Start-up inventory.
• Rent, utilities, insurance.

Please note that these items will be used for more than one year and will therefore be labeled long-term assets, depreciated using G.A.A.P. approved straight-line depreciation.

Startup expenses – $24,100 listed as net earnings in dec 2017 

Start-up Expenses

Legal $1,000

Rent $2,000

Utilities  $400

Telecom System $400

Insurance $300

Storefront Build-out $15,000

Expensed Equipment $4,000

Website development $1,000

TOTAL START-UP EXPENSES $24,100

Sources of Funds

Planned Investment

Seed Funding $50,000

John $51,000

Friends and Family $82,100 

Projected Profit & Loss

Projected balance sheet, projected cash flow statement.

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The Regulatory Requirements for Starting a Pharmaceutical Business in Nigeria

Published by harlem on july 20, 2022 july 20, 2022.

INTRODUCTION

A Pharmaceutical business in Nigeria can either operate as a retail pharmacy outlet, a community pharmacy, a hospital pharmacy, or an online pharmacy. Considering the growing demand for drugs and medicine to meet the needs of patients and consumers, it is important to understand the laws regulating the operation of pharmaceutical businesses in Nigeria. Individuals who operate pharmaceutical businesses in Nigeria must be well guided by the laid-down laws concerning registration, licensing, and operation.  

The registration and operation of pharmaceutical businesses in Nigeria are regulated by the Corporate Affairs Commission, National Agency for Food and Drug Administration Control, Pharmacists Council of Nigeria (PCN) under the Companies and Allied Matters Act (CAMA) [1] , National Agency for Food and Drug Administration Control Act [2] , Pharmacists Council of Nigeria (PCN) Act [3] . This article seeks to highlight the regulatory requirements for theregistration of a pharmaceutical business in Nigeria.

REGISTRATION AT CORPORATE AFFAIRS COMMISSION (CAC)

As a first vital step, the Companies and Allied Matters Act, 2020 (CAMA) requires any entity seeking to do business in Nigeria to be registered by Corporate Affairs Commission (CAC). An individual seeking to operate a pharmacy in Nigeria has the option of registering either as a sole proprietorship [4] , a limited partnership [5] , a limited liability partnership [6] or a private limited liability company. [7] The individual is required to make an application to the Corporate Affairs Commission (CAC) in the prescribed form accompanied with the necessary documents provided by the Companies and Allied Matters Act, 2020 (CAMA).

ROLE OF NAFDAC

The National Agency for Food and Drug Administration Control Act established the National Agency for Food and Drug Administration Control (“NAFDAC”) whose functions as it relates to pharmaceutical businesses, include the following: [8]

• To regulate and control the importation, exportation, manufacture, advertisement, distribution, sale, and use of food, drugs, cosmetics, medical devices, bottled water, Chemicals, and detergents (Regulated Products)
• To compile standard specifications regulations and guidelines for the production, importation, exportation, sales, distribution, and registration of regulated products;
• To undertake the registration of foods, drugs, cosmetics, medical devices bottled water, Chemicals, and detergents;
• To grant authorization for the import and export of narcotic drugs and psychotropic substances as well as other controlled substances;
• To collaborate with National Drug Law Enforcement Agency (NDLEA) in the bid to eradicate drug abuse in Nigeria;
• To issue guidelines, grant approvals, and monitor the advertisement of food, drugs, cosmetics, medical devices, bottled water, Chemicals, and detergents;
• To carry out such activities as are necessary or expedient for the performance of its functions.

In light of the above functions, we see that the responsibility of NAFDAC is to enforce established regulations over the production and circulation of drugs. The responsibility of NAFDAC lies in ensuring that pharmaceutical products made and sold by pharmaceutical businesses meet standard specifications and the distribution of quality pharmaceutical products to the public.

REGISTRATION AT THE PHARMACISTS COUNCIL OF NIGERIA (PCN)

By the provisions of the Pharmacists Council of Nigeria Act (1992 No. 91) (“the Act”) [9] , every pharmacy in Nigeria, whether it is a manufacturing and retail pharmacy, a community pharmacy, a hospital pharmacy [10] or an online pharmacy [11] must be duly registered with the Pharmacists Council of Nigeria (PCN). In other words,   operating a pharmacy in Nigeria without being duly registered with the PCN is illegal, whether the name is registered with the CAC or not.

The Act establishes the Pharmacist Council of Nigeria (“the Council”), as the body with the sole responsibility of registering, monitoring, regulating, and controlling all aspects of pharmaceutical practice in Nigeria. According to the Act, the PCN is responsible for the accreditation of training institutions, registration and licensure of all Pharmacists, Pharmaceutical Premises (Manufacturing, Importation, Distribution, Wholesale, Retail, Hospital Pharmacies) as well as the issuance of Permit to Pharmacy Technicians and registration and Licensure of Patent and Proprietary Medicine Vendors. This Council is in charge of the inspection and registration of pharmaceutical retail, wholesale, and manufacturing premises. The Council in the exercise of the powers conferred upon it Sections 1 and 24 of the PCN Act made following regulations:

• The Registration of Pharmaceutical Premises Regulations, 2005
• PCN Operational Fees and Guidelines for Registration, 2019
• Pharmaceutical Premises Location, Inspection, Structure, Monitoring and Enforcement Regulation,2021
• PHN Online Pharmacy Regulations 2020

The Registration of Pharmaceutical Premises Regulations, 2005 makes provision for registration requirements of new pharmaceutical premises and renewal of old premises categorizing them into;

• Premises sought to be registered as a retail pharmacy: Regulations 2 provides that where the premises sought to be registered as a retail pharmacy; the company shall be wholly owned by a registered pharmacist or in partnership with other registered pharmacists. [12]
• Pharmaceutical premises involved in wholesale, distribution, and importation of ale, drugs, poisons, and devices: For pharmaceutical premises involved in wholesale, distribution, and importation of drugs, poisons, and devices, it is required that at least one registered pharmacist should be on the Board of Directors of the Company. The business shall be carried out under the direct personal control and management of a Superintendent Pharmacist. [13]
• Pharmaceutical Manufacturing Premises: Where the primary object of the company is pharmaceutical manufacturing, it is required that at least one registered pharmacist should be on the Board of Directors of the Company; the business shall be carried out under the direct personal control and management of a Superintendent Pharmacist. [14]

Registration of a new pharmaceutical retail, distribution, or importation premises

For the registration of a new pharmaceutical retail, distribution, or importation premises, the following documents are required to be submitted to the Registrar of the Council, through the Director of Pharmaceutical Services of the State where the premises is to be operated accompanied by the following: [15]

• An application letter (in the company’s letter headed paper) to register premises;
• A duly completed Application Form;
• annual licence to practice pharmacy;
• prescribed fees in bank draft payable to the Council;
• A letter of resignation from previous employment (if applicable);
• The letter of acceptance of resignation (if applicable);
• The letter of appointment as the superintendent pharmacist in the new premises (where applicable);
• The legal agreement between the superintendent pharmacist and his employer (where applicable);
• The Company’s certificate of incorporation (evidence of registration of business name in respect of pharmacist-owned retail premises);
• Certified copy of the company’s Articles and Memorandum of Association;
• Certified copy of particulars of the company’s Directors;
• NYSC Discharge or Exemption Certificate (where applicable);
• A letter of undertaking by the superintendent pharmacist to the effect that he has only one pharmaceutical job;
• A letter of undertaking by the Managing Director of the company to the effect that all pharmaceutical businesses would be under the direct, personal, control and management of the Superintendent of the Pharmacist;

Registration of Pharmaceutical Manufacturing Premises

In addition to the documents listed above, where the pharmaceutical premises sought to be registered is for manufacturing, the application for registration is to be accompanied by the following: [16]

• The list of products to be manufactured;
• list of equipment for Production and Quality Control Departments;
• list and sources of suppliers of raw and packaging materials;
• standard operating procedures (SOP);
• factory layout;
• Application for registration or renewal of manufacturing and retail pharmacy
• production Flow Chart ;
• water source and treatment facilities;
• water analysis report (Raw and treated water);
• list of qualified staff showing qualifications and duty ;
• organogram ;
• disposal of poison records;
• prescribed inspection fees payable to the Pharmacists Council of Nigeria;
• product licenses for all products (Routine inspection); and
• list of all distributors and distributions records (Routine inspection).

On the receipt of the above-named documents, an inspection of the pharmaceutical premises shall be carried out to ensure compliance with the requirements for the registration of such premises. Inspection of any sector of the pharmaceutical industry for registration usually attracts a fee of N10,000.00 (Ten thousand naira) for the first two visits and subsequent visit shall attract the sum of N20,000.00 (Twenty thousand naira) per visit. [17]

It is important to state that pharmaceutical premises are not to be located in motor parks, petrol stations, clustered environments, around open marketplaces and   kiosks, containers or stalls. Also pharmaceutical premises shall be sited not less than two hundred meters from each other. [18]

Furthermore, only names registered by the Pharmacists Council of Nigeria is to be used on the signpost of a pharmacy and registered pharmacist-owned premises only shall display the Pharmaceutical   Society of Nigeria (PSN) Pharmacy Emblem. [19]

ONLINE PHARMACY

Seeing that pharmaceutical businesses can operate digitally, the PCN made provisions for Online Pharmacy Regulations 2020. The regulations provide that Internet-based pharmaceutical service providers in Nigeria are to be registered with the PCN. [20] It also provides that a pharmacist can only register on one internet-based platform. [21] The application form is to be completed and submitted to the Registrar, PCN by a Superintendent Pharmacist to be designated by the Internet pharmaceutical service provider accompanied by necessary documents on behalf of the Provider. [22]

Upon submission of the documents, the PCN shall inspect the Providers and shall from time to time carry out follow-up inspections throughout the supply chain. [23]

The Council is empowered to issue licence to all registered internet based pharmaceutical service providers based in Nigeria in line with Good Pharmacy Practice (GPP) and upon registration and licensing, the online site must have the prescribed PCN Registered Online Pharmacy Sites Emblem (ROPSE). [24]

PENALTY FOR NON-COMPLIANCE

It is to be noted that pharmaceutical premises that remain unregistered by the 31st day of January of every year shall in addition to paying the fee prescribed, pay a fine equivalent of 50% (fifty percent) of the applicable fee and pharmaceutical premises that remain unregistered by the 31st day of March of each year, shall be closed. [25]

Furthermore, any person who contravenes or fails to comply with the provisions of these regulations shall be guilty of an offense and liable on conviction to a fine of N20,000.00 (twenty thousand naira). [26]

For online internet pharmaceutical service providers, the Pharmacists Council of Nigeria Online Pharmacy Regulations, 2020 provides that all unregistered online internet pharmaceutical service providers premises and sites shall be closed by the PCN. [27] Where an emblem of the PCN is found on an unauthorized internet site or platform, such site shall also be closed down. [28]

It is an offence for any pharmacist to register or attempt to register more than one online site or premises.Anyone who does that shall be investigated by the investigating panel, be referred to the Disciplinary Tribunal of the PCN for appropriate action [29] and the site   will be closed down.

A person who fails to comply with the provisions of the Regulations shall be guilty of an offence and liable on conviction to a term of imprisonment of not less than 6 months or a fine of not less than N250,000 (Two Hundred and Fifty Thousand Naira) or both. [30]

It is silhouetted against the foregoing that any person seeking to operate a pharmaceutical business in Nigeria either to manufacture or distribute must firstly register with the relevant agencies, obtain the required license (s) and comply with the rules and regulations laid down. Failure to meet these requirements will lead to sanctions/penalties by the Pharmacists Council of Nigeria.

[1] T he Companies and Allied Matters Act, 2020

[2] National Agency for Food and Drug Administration Control Act Cap N.1 LFN 200 4

[3] Pharmacists Council of Nigeria Act (1992 No. 91)

[4] Part E of the Companies and Allied Matters Act, 2020

[5] Part D of the Companies and Allied Matters Act, 2020

[6] Part C of the Companies and Allied Matters Act, 2020

[7] Part B of the Companies and Allied Matters Act, 2020

[8] Section 5, National Agency for Food and Drug Administration and Control (NAFDAC) Act Cap N1 Laws of the Federation of Nigeria (LFN) 2004

[9] (Cap P17 LFN 2004)

[10] Reg. 7 , Registration of Pharmaceutical Premises Regulations, 2005

[11] Reg. 1, The Online Pharmacy Regulations, 202 0

[12] Registration of Pharmaceutical Premises Regulations, 2005

[13] Reg. 3 , Registration of Pharmaceutical Premises Regulations, 2005

[14] Reg. 4, Registration of Pharmaceutical Premises Regulations, 2005

[15] Reg. 1 , Registration of Pharmaceutical Premises Regulations, 2005

[16] Reg. 2(1) , Registration of Pharmaceutical Premises Regulations, 2005

[17] Reg. 10 , Registration of Pharmaceutical Premises Regulations, 2005

[18] Reg. 3,Pharmaceutical Premises Location, Inspection, Structure, Monitoring and Enforcement Regulation,2021

[19] Reg. 8 , Registration of Pharmaceutical Premises Regulations, 2005

[20] Reg. 1, The Online Pharmacy Regulations, 202 0 .

[21] Reg. 20 ( 4 ), The Online Pharmacy Regulations, 202 0

[22] Reg. 2, The Online Pharmacy Regulations, 202 0

[23] Reg. 8 , The Online Pharmacy Regulations, 202 0

[24] Reg. 5 , The Online Pharmacy Regulations, 2021

[25] Reg. 9 , Registration of Pharmaceutical Premises Regulations, 200 5

[26] Reg 12 , Registration of Pharmaceutical Premises Regulations, 200 5

[27] Reg. 19(2), The Online Pharmacy Regulations, 202 0

[28] Reg. 20(2), The Online Pharmacy Regulations, 202 0

[29] Reg. 20(5), The Online Pharmacy Regulations, 202 0

[30] Reg. 22(3), The Online Pharmacy Regulations, 202 0

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Pharmacy Business Plan Template

Written by Dave Lavinsky

Pharmacy Business Plan

You’ve come to the right place to create your pharmacy business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their pharmacies.

Pharmacy Business Plan Example

Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan.

Executive Summary

Business overview.

Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina. The company is founded by Stephen Harris, a licensed pharmacist who has spent more than fifteen years working in the pharmacy industry. Stephen is confident that his strong communication skills combined with his keen attention to detail when preparing prescriptions will help him quickly grow a loyal customer base for his new pharmacy. Stephen has recruited a team of highly qualified professionals to help manage the day-to-day complexities of running a retail pharmacy including marketing, sales, customer service, financial reporting, and operations management.

Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with a better price and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more.

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

• Over-the-counter (OTC) medications
• Prescription medications
• Immunizations
• Travel medications
• Point-of-Care (POC) Tests
• Compounding

Customer Focus

Healthy1 Pharmacy will target all individuals in Charleston. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis. No matter the customer, Healthy1 Pharmacy will deliver the best communication, service, and prices.

Management Team

Healthy1 Pharmacy will be owned and operated by Stephen Harris. He has recruited Emily Jackson, an experienced retail pharmacy manager to be his Store Manager and help to supervise the staff and run the day-to-day retail operations.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized by his former employer as a top performing pharmacist for five years in a row.

Emily Jackson has been a store manager at a local retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Success Factors

Healthy1 Pharmacy will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of sales associates and pharmacy technicians who will assist customers, answer questions, and provide a personalized approach not found in larger pharmacies.
• Comprehensive array of products and services that includes everything you would expect from a large pharmacy, only with attentive customer service and lower prices.
• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy’s pricing structure is the most cost effective compared to the competition.

Financial Highlights

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its new pharmacy. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

• Pharmacy and retail space build-out: $100,000
• Equipment, supplies, inventory, and materials: $100,000
• Three months of overhead expenses (payroll, rent, utilities): $160,000
• Marketing costs: $25,000
• Working capital: $15,000

The following graph below outlines the pro forma financial projections for Healthy1 Pharmacy.

Company Overview

Who is healthy1 pharmacy.

Healthy1 Pharmacy is a newly established independent retail pharmacy located in Charleston, South Carolina. Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with lower prices and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more. Healthy1 Pharmacy will be able to provide Charleson customers with the experience of a friendly, neighborhood drugstore while ensuring each prescription is handled with the highest standards of quality and care. The team of pharmacy technicians and sales associates will be highly qualified and experienced in helping customers find the right over-the-counter solutions for their individual needs as well as ensuring each prescription is filled accurately and efficiently.

Healthy1 Pharmacy History

Healthy1 is owned and operated by Stephen Harris, a licensed pharmacist with over fifteen years of experience working in the pharmacy industry. Stephen has worked for a large pharmacy chain and managed a team of pharmacy technicians for several years. Stephen’s tenure with the pharmacy chain combined with his pharmaceutical education has given him the skills and knowledge required to start his own pharmacy.

Since incorporation, Healthy1 Pharmacy has achieved the following milestones:

• Registered Healthy1 Pharmacy, LLC to transact business in the state of South Carolina.
• Has a contract in place to lease the retail storefront he will use for his pharmacy.
• Reached out to numerous contacts to include experienced pharmacy technicians and sales associates to advise them of the upcoming opportunities at his new pharmacy.
• Began recruiting the management team members including a store manager, an accountant/bookkeeper, and a marketing director.

Healthy1 Pharmacy Services

The following are the pharmacy products and services that Healthy1 Pharmacy will provide:

Industry Analysis

The pharmacy industry in the United States is valued at $534.2B and is projected to grow to $862B by 2028. Major market drivers include a growing number of types of diseases, an increasing percentage of people with chronic illnesses, an aging population, and higher healthcare costs.

There are more prescription medications being developed, and the demand for more prescriptions is growing faster than ever before. In 2020, there were an estimated 860M medications prescribed by physicians and 336M prescribed by hospitals. This prescription demand is resulting in more pharmacies opening across the U.S. The National Council for Prescription Drug Programs (NCPDP) reports an estimated 20,400 independent pharmacies in 2010. This number has grown to over 23,000 by 2019, a 12.9% increase in the number of independent pharmacies for that time period.

Industry operators in the pharmaceutical market can benefit from providing above average customer service, lower prices than competitors, and products or services that aren’t being offered elsewhere.

Customer Analysis

Demographic profile of target market.

Healthy1 Pharmacy will target all individuals in Charleston, South Carolina. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis.

The precise demographics for Charleston, South Carolina are:

Customer Segmentation

Healthy1 will primarily target the following customer profiles:

• Parents of pediatric patients
• Geriatric patients
• People taking medications on a regular basis
• People needing compounding services
• People looking for vaccines or immunizations
• People who need lab tests

Competitive Analysis

Direct and indirect competitors.

Healthy1 Pharmacy will face competition from other companies with similar business profiles. A description of each competitor company is below.

Charleston Care Pharmacy

Charleston Care Pharmacy provides a wide variety of pharmacy products and services including OTC medications, lab testing, and compounding. Located in a senior neighborhood, Charleston Care Pharmacy specializes in serving the geriatric population, but welcomes customers of all ages. Charleston Care Pharmacy’s promise is to deliver effective communication, honesty, and integrity in every transaction. Charleston Care Pharmacy’s team of experienced pharmacy technicians assures customers are well taken care of and prescriptions are filled quickly and correctly.

FeelBetterNow Pharmacy

FeelBetterNowPharmacy is a Charleston-based neighborhood pharmacy that provides a full suite of services including compounding, vaccines, lab testing, local delivery, and more. The owners of FeelBetterNowPharmacy are licensed pharmacists who have extensive experience working for independent retail pharmacies so they understand what customers are looking for in a neighborhood pharmacy. Customers who choose FeelBetterNowPharmacy can rest assured they are getting the best quality products at reasonable prices.

Care Better Pharmacy

Care Better Pharmacy is a trusted Charleston pharmacy that is known for providing superior customer service. They are able to provide a one-stop shop for customers looking for convenient OTC and prescription medications, durable medical equipment, vaccines, and immunizations. Care Better Pharmacy is also able to serve customers in need of compounding, recurring prescriptions, and lab testing. They have expert pharmacy technicians to provide information about each medication and answer all of their customers’ questions.

Competitive Advantage

Healthy1 Pharmacy will be able to offer the following advantages over their competition:

• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy offers its customers low prices on all of its products and services compared to the competition.

Marketing Plan

Brand & value proposition.

Healthy1 Pharmacy will offer the unique value proposition to its customers:

• Highly-qualified team of skilled pharmacy technicians and sales associates will be able to provide personalized customer service and ensure all prescriptions are handled with care.
• Unbeatable pricing to its clients – Healthy1 Pharmacy does not mark up its products and services at a large percentage. The pharmacy will offer the lowest prices guaranteed. If a customer finds a cheaper price elsewhere, Healthy1 Pharmacy will give the customer a better price.

Promotions Strategy

The promotions strategy for Healthy1 Pharmacy is as follows:

Healthy1 Pharmacy will create and maintain a company website that is well organized, informative, and lists all the products and services that Healthy1 is able to provide. The website will also list promotions and discounts, informative healthcare articles, and pharmacy-sponsored community events.

SEO/Google Marketing

The company’s marketing director will manage Healthy1’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Charleston pharmacy” or “pharmacy near me”, Healthy1 Pharmacy will be listed at the top of the search results.

Social Media Marketing

Healthy1 Pharmacy’s marketing director will also manage the company’s social media presence on several platforms including Instagram, Facebook, Twitter, YouTube, TikTok, and LinkedIn. The goal of the social media strategy is to attract new customers while engaging with current customers to encourage referrals, reviews, and feedback.

Content Marketing/Email Marketing

The company will post blogs and other promotional content on a regular basis with informative health and wellness information to keep people coming back. Healthy1 will post informative content on the website, social media platforms, and through email newsletters.

Professional Associations/Networking

Healthy1 Pharmacy will become a member of professional associations such as the Independent Retail Pharmacy Association, the National Community Pharmacists Association, and the Tennessee Pharmacists Association. The company will focus networking efforts on expanding its customer base.

Print Advertising

Healthy1 Pharmacy will invest in professionally designed print ads to display in programs or flyers at industry networking events, in magazines, direct mailers, and in local newspapers.

The pricing will be lower than competitors so customers feel they receive value when they choose Healthy1 products and services.

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

• Stephen Harris will be the Owner and Lead Pharmacist. He will oversee pharmacy technicians. Stephen has spent the past year recruiting the following staff:
• Emily Jackson – Store Manager who will oversee all retail operations, sales associates, supplier relations, and inventory management.
• Jessica Johnson – Staff Accountant/Bookkeeper who will provide budgeting, tax payments, and financial reporting.
• Tim Thompson – Marketing Director who will provide marketing and sales campaigns for Healthy1 Pharmacy.

Milestones:

Healthy1 Pharmacy will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the Healthy1 Pharmacy team.

10/1/2022 – Finalize contracts with suppliers.

10/15/2022 – Network at industry events and initiate the marketing and promotional campaign.

10/22/2022 – Begin moving into the Healthy1 Pharmacy storefront.

11/1/2022 – Healthy1 Pharmacy opens for business.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized for his commitment to excellence in filling prescriptions accurately and efficiently as well as his communication skills and positive rapport with customers.

Emily Jackson has been a store manager at another retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Financial Plan

Key revenue & costs.

The revenue drivers for Healthy1 Pharmacy are the fees charged to customers in exchange for the pharmacy’s products and services.

The cost drivers will be the overhead costs required in order to staff a pharmacy. The expenses will be the payroll cost, rent, utilities, inventory, supplies, and marketing materials.

Funding Requirements and Use of Funds

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its pharmacy business. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of prescriptions filled per month: 2,000
• Average fees collected each month: $50,000
• Retail lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, what is a pharmacy business plan.

A pharmacy business plan is a plan to start and/or grow your pharmacy  business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your pharmacy business plan using our Pharmacy Business Plan Template here .

What are the Main Types of Pharmacy Businesses?

There are a number of different kinds of self storage business , some examples include: Pharmacy, Home Care Pharmacy, Mail Order Pharmacy and Compounding Pharmacy.

How Do You Get Funding for Your Pharmacy Business Plan?

Pharmacy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Pharmacy Business?

Starting a pharmacy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Pharmacy Business Plan - The first step in starting a business is to create a detailed pharmacy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your pharmacy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your pharmacy business is in compliance with local laws.

3. Register Your Pharmacy Business - Once you have chosen a legal structure, the next step is to register your pharmacy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your pharmacy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Pharmacy Equipment & Supplies - In order to start your pharmacy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your pharmacy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful pharmacy business:

• How to Start a Pharmacy Business

Where Can I Get a Pharmacy Business Plan PDF?

You can download our free pharmacy business plan template PDF here . This is a sample pharmacy business plan template you can use in PDF format.

Business Plan Hub

Pharmacy Business Plan In Nigeria Latest Edition Feasibility Studies

August 7, 2020 by admin 13 Comments

Pharmacy Business Plan In Nigeria – HOW TO START Pharmacy Business Plan In Nigeria

Pharmacy Business Plan In Nigeria TABLE OF CONTENT

Executive Summary 3 Introduction 4 Business Description 9 Products and services 9 Competitive Advantage 12 Market Research 15 Competitor Analysis 15 Sales and Marketing Plan 16 Operational Plan 17 Business Risk 20 Management and Structure 20 Financial Plan and Projections 21

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Pharmacy Business Plan In Nigeria Latest Edition feasibility studies proposal

After payment text your name, your e-mail address and bank teller number or your transfer reference number to 08107015636  and A Copy of our Pharmacy Business Plan In Nigeria FEASIBILITY STUDY PDF will be send to your email.

The Pharmacy Business Plan / Feasibility Study in Nigeria Can Also Be Used For Bank Loans, Grants and lots more.

As the saying goes Health is wealth. This is indeed true because there is no limit to which a person would not go In making sure he/she is in a perfect health. Going into pharmacy business in Nigeria is among the most lucrative business anyone can venture. However, starting a pharmacy is not easy there are lot of things you to need know. There are procedures that need to be put in place before you can fully run a pharmacy.

A Pharmacy is also know as a chemist is an outlet where drugs and others related soft medical related items and toiletries are dispensed and sold.

Starting a Pharmacy business in Nigeria is not easy one can’t just decide that he/ she want go into Pharmacy business all because it is lucrative, there are important aspect of the business that you should know, that’s why you need a copy of our Pharmacy Business Plan In Nigeria, if you want to run a standard and a successful Pharmacy business

Professionally, pharmacy is the branch of medicine entailing all aspects of pharmaceutics, chemistry of the pharmaceutical nature, phytochemistry, pharmacology and forensics which is the science of physical evidence, these are all medical terms. Pharmacy is popularly as a drug dispensary or a place where prescribed drugs could be purchased or collected.

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In every society Pharmacies are very important and they are very relevant in the sense that without them, there would be no availability of drugs to save lives and aid health. Hospitals in countries like Togo and Benin Republic usually do not handle drugs, they offer prescriptions which should be bought at the Pharmacy. Some pharmacist do not sell drugs to individuals unless you present a doctor’s prescription. This is done to avoid drug abusers and also for self-medication or self-prescription to reduce to the least minimum

Pharmacies are regulated by (PCN) Pharmaceutical Council of Nigeria. Our goal with this business plan is to a legitimate pharmacy in Nigeria with the requirements of this overseeing body.

Business Description of Pharmacy Business in Nigeria

Everybody knows that medication is given based on the perception by the medical doctor before you can go to the Pharmacy or Chemist shop to get the required medical drugs.

Nature of Business: Pharmacy Outlets

Industry: Pharmaceutical/ Health Care

Humans need food, shelter and good health in order to survive that is one of the reasons the government of every country tries to take health care system seriously. Unlike Nigeria that don’t have a standard health care system.

The truth is without good health one can not enjoy live to the fullest. That’s why everyone tries and live healthy themselves. Because I have said before Health is Wealth. Because of how important health is many has come out by making health care that is Pharmacy. Pharmacy business is very lucrative but at the same time it’s very expensive. People in health care business are doing well for themselves

Important Things To Do Before Setting Up Your Pharmacy

Do a Market Survey and an In-Depth research

If you want to start-up a pharmacy shop this simply means that you already have the capital but if you don’t you can apply for loans or grants using our business plan . When going into pharmacy business you need to do a proper market research before going into the business so that you will not fall on the way side. Before going into Pharmacy business you need to do a proper research or else you will run at loss huge loss this is why you need a business plan.

Our Pharmacy business plan provides you will all the market research and feasibility studies all you just need to do is compare the Instructions and notes in relative to the you want to set up your chemist or Pharmacy business.

Business Location

The most important part of starting a business is your location . Your location holds a great impact on your business because your location tell you how well the business itself will do. That’s why you need a proper research before chosen a location. For pharmacy setting up your near a hospital is a really good idea or 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.

Before you can be allowed to own and run a Pharmaceutical Store in Nigeria you have to registered or be a certified Pharmacist, so getting a certification is a must. 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

This is the last step in opening your Pharmacy business because once the other process is done then you will have to employ an extra help that would help you out with other things in your Pharmacy shop.

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How To Start A Patent Medicine Store in Nigeria (2024)

Do you want to start a patent medicine store in Nigeria? if yes. read on. A patent medicine store popularly referred to as a chemist store is a medicine store where one can get majorly none prescription drugs from. You can also get a variety of supplements and other over-the-counter medicines from the patent medicine store.

It is not owned by a pharmacist and is mostly found around the rural areas or less developed parts of the states, where the chemist that owns the place is referred to as a doctor or doc.

Most chemists acquire drug knowledge through some years of learning in the patent medicine store after which the agreement will be torn upon completion. The person can then open up his or her patent medicine store away from the master’s own.

It is this process of starting the patent medicine store that this article is meant on achieving. Reading through, you will discover the step-by-step approaches to starting a patent medicine store here in Nigeria.

Unlike the pharmacy store that exclusively needs a registered pharmacist, the patent medicine store or chemist store can be owned by any individual; a Pharmacy technician inclusive who has through the course of training in the knowledge of drugs acquired the necessary expertise to own a patent medicine store. Patent medicine store sells drugs at a very affordable price, but care should be taken to avoid purchasing fake drugs .

Starting a patient medicine store or chemist store in Nigeria is a very cool business that many people want to partake in. There are some bodies in charge of the operation of the patent medicine store alongside the pharmacist council of Nigeria; PCN.

In Nigeria, the NAPPMED; the National Association of Proprietary and Patent Medicine Dealers a very crucial role in the starting of patent medicine stores or chemist stores. It is therefore necessary to understand the steps involved in this worthwhile project.

STEPS TO STARTING A PATENT MEDICINE STORE IN NIGERIA

Starting any worthwhile stores Business in Nigeria has not always been easy, especially when it has to do with drugs and other things that people consume. There are so many rules governing the sale of drugs here in Nigeria and likewise some bodies in charge of patent medicine stores in Nigeria.

A good knowledge of all the nitty gritty to starting a reputable patent medicine store is needed before starting this drug project and they are meticulously listed below:

PREPARING A GREAT BUSINESS PLAN

Starting anything worthwhile always has procedures or guidelines to follow. The first step to setting up your patent medicine store or chemist store in Nigeria today is simply to prepare a business plan for how you want to run it.

This should be very detailed, taking into account the advantages and disadvantages of owning a patent medicine store, the capital at hand, the registration fees, the number of employees you would like to have, and the best possible place that you can set up your own business.

All of these details are important and you should consider them all before embarking on a business.

GET LICENSED BY PCN; PHARMACIST COUNCIL OF NIGERIA

Once you have decided to establish your patent medicine store in Nigeria today, you must ensure that you receive a valid business license from the Nigerian Board of Pharmacists (PCN) before anything else.

This is very mandatory and essential to keep you out of trouble with the authorities in the future because they will come for supervision.

Pharmacist Council of Nigeria is under the jurisdiction of the Federal Ministry of Health in Nigeria to issue license certificates to domestic patent drug dealers, please make sure you get this certificate, otherwise your store may risk being temporarily or indefinitely sealed off and this may prevent you from accessing particularly relevant pharmaceutical suppliers and distributors in the country.

REGISTERING YOUR PATENTED DRUG STORE WITH NAPPMED

To register your pharmacy business in the country, you need to join the agency in charge of this, the National Patent Association. and Patent Drug Agent (NAPPMED). It is the body authorized by the Nigerian Council of Pharmacists to regulate and control licensed pharmacies in Nigeria.

To become a registered member of NAPPMED, you will need to present a license certificate issued by the PCN, after which you will have to make a mandatory payment upon registration to be recognized as a full member of the organization.

For the registration with NAPPMED, you have to budget something around ₦220,000, preferably with food and drink as this is standard. It’s usually a time of celebration when people in your area come to drink and dine when they are introduced to you.

In addition to the registration fee, you will have to pay an annual fee of approximately ₦35,000 – ₦50,000 to renew your membership in the NAPPMED. The stated amount varies depending on the proposed location of the patent medicine store.

REGISTER YOUR BUSINESS NAME CAC

After developing a great business plan and being confident that you have what it takes to successfully run a chemist or patent medicine store in Nigeria, and after being licensed by the PCN, and registered with NAPPMED.

The next step would be to register your business name with the CAC. The process is simple and information on how to register your business name in Nigeria is not far-fetched as it is easily accessible online. When registering your business name, the CAC will ask for the PCN license as proof that you are running a genuine business.

OPENING A THE PATENT MEDICINE STORE IN A GOOD LOCATION

Make sure you have the patent medicine store in a good place that you can easily visit. Places without access to primary care centers and pharmacies are where you can step in and fill the void as the best drug dealer in that area.

Due to the health rules in force in the country, make sure your store is displayed in a neat place so as not to jeopardize the health of your customers.

It is pertinent to ensure that environmental conditions benefit customers by keeping the patent medicine store clean always. Try to locate the patent medicine store at least 200 meters from another chemist or patent medicine store if it is in a busy area. Otherwise, 400 meters from the next patent medicine store or pharmacy if it is in a less busy area.

FINDING A RELIABLE DRUG SUPPLIER

Once you have met all the requirements to register with the corporate affairs commissions, the next step is to find a trusted drug supplier for the chemist or patent medicine store.

Make sure you know reputable wholesalers and distributors for the drug you want to sell to make the business less stressful.

Most times, people buy from fake suppliers and when caught by NAFDAC, they spend more and also endanger the health of their customers. For this reason, you have to look for a trusted supplier.

Read Also: Top 10 Pharmaceutical Companies In Nigeria

CREATE AWARENESS ABOUT THE PATENT MEDICINE STORE BUSINESS

This is very important for the growth of the patent medicine store business. Once you’ve set up the chemist store or patent medicine store, be sure to promote it so people know what you’re doing to get more customers.

Some rules govern how to advertise your business if you are in this business, it would be great if you learn from your colleagues in this business the steps required to shop for drugs. Your invention hits the future client, you should be up and doing with the awareness creation.

ATTEND ORIENTATION PROGRAMMES

Make sure you attend the important orientation programs organized by the Pharmacists Council of Nigeria; PCN for chemist stores or patent medicine store dealers, and other programs hosted by NAPPMED to gain knowledge about the latest trends to move your patent medicine store business forward.

You can also attend seminars and presentations held by some of the largest pharmaceutical companies in Nigeria around your patent medicine store area to get a glimpse of new drugs that could benefit customers. Things are changing regularly and to move with the pace, you need to be regularly informed.

Read Also: How to Start Pharmacy Business in Nigeria

CONCLUSION Anybody who has grown up in the rural or developing parts of Nigeria will have once in a while bought drugs from the patent medicine store or chemist store.

A chemist store or patent medicine store is a cool business that involves good profits if you are able to follow the right steps toward starting a reputable patent medicine store as stated in this article.

Which encompasses having a good business plan, registering with the required organizations, setting the store in a good place, and good stocking and publicizing.

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Guinness Nigeria Gives Update on Plan to Cease Distribution of Baileys, Johnnie Walker, Others

• Guinness Nigeria has announced a significant change to its distribution model for imported Diageo brand
• The company said it has now extended the date planned to stop its imported Diageo International Premium Spirit brands
• It stressed that Diageo Plc's shareholding in Guinness Nigeria Plc is not affected as a result of this separation

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Guinness Nigeria has announced an update to its initial announcement regarding the changes in the distribution model for imported Diageo International Premium Spirit brands.

The company said it is now looking to extend the date it plans to stop importing some of its spirit brands to 2025 instead of the initial 2024.

Legit.ng had reported that the management of Guinness Nigeria Plc stated that despite economic headwinds that harmed its businesses in the most recent operating year, the company managed to scrape against all odds.

Again, national grid collapse plunges Nigeria into darkness as Easter nears

The company's reaction followed an earlier report that it would stop importing some international premium spirits products from April 2024.

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These include products like Baileys, Singleton, and Johnnie Walker that were imported by its 2016 Sale and Distribution Agreement with Diageo plc .

Guinness gives notice of extension

In its recent report , the company stated that it had taken preliminary steps towards implementing the business separation, which was initially scheduled to be completed by April 2024.

However, it stated that the transition to the new arrangements was taking longer than expected; hence, the April 2024 completion date was no longer feasible.

Announcing an extension, it stated:

“Accordingly, Guinness Nigeria Plc now gives notice of extending the separation of the imported International Premium Spirit (IPS) brands from Guinness Nigeria Plc’s business to become effective during Guinness Nigeria Plc’s Financial Year 2025.”

NNPC speaks on petrol price crash as marketers refuse to adjust pumps

“This update is to advise that Guinness Nigeria Plc will continue to import and distribute Diageo International Premium Spirits products, including Johnnie Walker, Singleton, Baileys and others which are imported under its 2016 Sale & Distribution Agreement with Diageo plc until the transition process is completed.”

The company restated that the division is consistent with Diageo Plc's decision to form a new, wholly owned spirits-focused company to oversee the importation and distribution of its portfolio of premium international spirits in West and Central Africa and Guinness Nigeria's long-term growth strategy. One of the main hubs for that industry will be Nigeria.

It emphasised that this separation does not affect Diageo Plc's ownership of Guinness Nigeria.

Guinness speaks on plans to close operations

Legit.ng reported that contrary to several false rumours, Guinness Nigeria Plc, a division of Diageo Plc, has no plans to cease operations in Nigeria.

FX: Policy group rates Tinubu CBN's impact in naira, dollar battle

The management of Guinness Nigeria reportedly complained to Bloomberg in a recent report that it was having trouble getting dollars to repay foreign currency loans.

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Source: Legit.ng