Opening a medical store business in India is worth attention. As per a business report starting a business in the health industry with a medical store business in India is an excellent opportunity for entrepreneurs. This is one of the best startups for those who want to invest in the health sector with less capital and it also involves all the outlined needs of healthcare in the community.
In this blog post, we will guide you through the entire process of opening a potential and successful medical store business in India. we will also discuss all the essential requirements from Legal Requirements to Investment, this blog will cover everything that you need to know.
Understanding Types Of Medical Store Business In India
Here we have mentioned some of the successful types of medical stores in India. Each one offers an individual purpose and potential ventures in the healthcare industry
- Retail Medical Store
It is the most common medical store where over-the-counter medications, prescriptions and other healthcare products are dispensed to consumers. You can start this store generally in residential or commercial areas.
- Online/E-Medical Store
In recent years Online medical stores have gained popularity. You can operate this store online, which allows consumers to order medicines and healthcare products at their doorsteps. It will give you an opportunity for accessibility and convenience.
- Government Medical Store
You can open this government medical store in public healthcare institutions while offering essential medications at supported rates and providing healthcare needs to those who are economically disadvantaged in populations.
- Herbal and Ayurvedic Medical Store
This will be a potential venture in the healthcare business for a medical store business in India that offers traditional medicines products which are ayurvedic and herbal remedies. Profitable for individual consumers who are seeking natural and healthy alternative options.
- Hospital Medical Store
This hospital medical store is located within a healthcare institution. This medical store will enable the immediate medication needed for outpatients and inpatients. It will also allow you to offer personalised medical care for the consumers.
- Chain Medical Store/Franchise
This medical store is one of the successive medical businesses in the healthcare industry. You can be a part of larger retail chains, that have been found succeeding by brand recognition as well as offering consistent services to consumers across multiple locations.
Likewise, government, hospital and chain medical stores in business in India are generally established in the larger corporate hospitals. On the other side, retail, ayurvedic and online medical store usually needs shop properties or partners.
However, if you wish to establish a medical store business in India you first need to decide what type of medical store you want to set up and apply for further procedures.
Essential Documentation You Must Have for Registering a Medical Store in India
Here are some of the essential documents that are required for registration of medical stores.
1. Documents For Business Registration
- Proof of Business Entity
You need to provide documents for the legal structure of your business such as a private limited company or any other form.
- Trade Licensing
You need to obtain a trade license from the authorities of local municipalities wherever your medical store is located.
2. Documents For Drug Licensing
- Application Form
You need to submit the application form for a drug license to your State Drug Control Department.
- Identity Proof
You need to submit proofs of your proprietors and partners which are Aadhar cards, voter ID, passports and PAN cards.
- Affidavit
You need to comply with the affidavit for your commitment to addressing all the drug-related guidelines and regulations.
- Address Proof
You need to provide the address proof of the medical store, such as property documents and lease agreements.
- Facilities for Storage
You need to make details in storing facilities that include storing temperature refrigerators to store temperature-sensitive drugs.
3. Documents For Goods and Tax (GST) Registration
You also need to obtain a GST registration certificate, if your annual turnover exceeds the limits that have been prescribed.
4. Registration of Medical Store .
Proof of medical store registration by your State Pharmacy Council.
5. Compliance of Regulatory.
- Other Legal Documents
Last, on your list depends on the individual state and local regulations that you might need to be required to provide additional certificates and documents.
Investment Idea For A Successful Medical Store Business In India
Here we will provide you with a rough estimation of the investment idea for a successful medical store business in India that requires accurate consideration, but also consider that actual costs for starting any business and returns might vary significantly on the circumstances.
Initial Investment
1. Setup for Medical Startup
The minimum investment it will take to start a medical store business in small towns to urban areas is approximately INR 3,00,000 to 12,00,000 which also varies on the store size.
2. Licencing and Compliance
The investment costs for all the permits and licensing will be approximately INR 60,000 to 18,00,000 that also depending on the area and locality of the medical store.
3. Inventory
The investment amount will be INR 5,00,000 to 18,00,000 depending on the range of products and services you will put up in the medical store.
4. Software for Medical Store
An estimated cost will be required to install the software in the medical store approximately INR 20,000 to 50,000 which also varies on the size of the store.
5. Branding
The investment amount for branding a medical store will be approximately INR 15,000 to 30,000 might vary for towns and metropolitan cities.
Likewise, the total initial investment for opening a successful medical store in India will cost you around INR 4,50,000 to 35,70,000 the amount might fluctuate by the inventory and premise size of the medical store.
Concluding Remark
Establishing a medical store business in India is a good scope as the healthcare sector is a growing opportunity in India. However, to establish a medical store business an individual must obtain registration for that store. Once the medical store is registered, you can mandatorily obtain a license and registration to run the business successfully. However, by investing a large number of figures, you might assume what are the figures like from daily sales and profit margins in a medical store business.
So, will tell you the daily sales and profit for a medical store in India depend upon various factors which are location, size of stores, inventory and marketing strategy.
On average a medical store business in India can expect to have a daily sale of approximately INR 35,000 to 55,000 with a margin of profit of 15% to 25%. Likewise, these figures might vary depending on factors that have been mentioned above.
It will also advise you to go through a market analysis expert as well as create a flexible business plan before starting a medical store or any other business in India.