Tag: how to open medical store

Article Content How to Start a Medical Store Business in India Select the type of medical store: Before applying for registration of medical shop, the person/owner must fulfill the following requirements: Pharmacy Licence Land Registration Registration of Medical Store Business Company Registration Tax Registration Registering for Drug License What are the minimum requirements that are required for obtaining a Drug License? What are the documents required for obtaining a Drug License? What else do you need to smoothly run your medical store? FAQs How to Start a Medical Store Business in India The business that remains mostly unaffected by the ever-changing economic cycles is the medical business. Irrespective of any situation, health is the utmost important part of a person’s life. ‘Health is wealth’ the famous proverb explains it all. In India, the health & medicine business is flourishing at unbelievable speed, the credit goes to the corporate & multi-speciality hospitals. For startups & individuals who have less to invest, but want to invest in the healthcare sector only, investing in a medical store is the best option available. Though there is neck-to-neck competition, it is still a vital sector for investment. Despite having remarkable importance, medical stores are responsible for a person’s life. A little mistake may cost a large expense to their customer. This is why medical stores are required to fulfil all the legalities & procedures before selling the medicines. Plus in today’s competitive world it is equally important to have medical store management software to be competitive & able to handle all dealings online. And machines do not commit mistakes, so it is much safer to have medical shop billing software to smoothen the entire business process. But it is a later part, let's first start with the requirements of "how to start a medical store in India". Select the type of medical store: Before moving ahead you must first select the type of medical store you want to invest in. The options available are: Hospital Medical Store - You must have seen a medical store inside the hospital premises, developed to cater to the patients. Standalone Medical Store - The individual small/medium medical stores that are present in the residential areas. It is one of the most common forms. Chain Pharmacy/Franchise Outlets - Medical stores that are part of a chain of pharmacies, have branches in different areas. Normally a big store. Township Medical Stores - It is set-up in a township to cater to the needs of the people. Stores in Government Premises - Medical stores/ Dispensaries inside Government offices & buildings. Before applying for registration of medical shop, the person/owner must fulfill the following requirements : 1. Pharmacy Licence In order to obtain a medical store License, it is mandatory for a person to have a degree of B. Pharm or M. Pharm. 2. Land Registration In order to register for the land, one must first decide whether he wants to own a shop or rent a shop depending upon the budget. Rent or sale deed agreement is important & you may choose legal assistance for the same. 3. Registration of Medical Store Business In India, medical stores are registered under Indian Pharmacy Act 1948. The act states that all medical stores & pharmacies must register themselves with all documentation under the state government. After submitting the documents the officials will decide the registration as per the norms. The constitution of medical store is important. A standalone medical store is preferably set up as a proprietorship or as a partnership firm while the hospital, chain, and township medical stores prefer to set up a private limited company. Recently, Limited Liability Partnerships (LLPs) is also a preferred form of company registration among the medical store owners. This change is mainly attributed to the promotion of the rights of the partners that is provided in the LLP form of constitution. 4. Company Registration Depending on how you want to operate your business, registering your business as a partnership or proprietorship or full-fledged company since day one is very important. The following are the available options: Proprietorship Registration Partnership Registration One person Company Registration Private Limited Company Limited Liability Partnership 5. Tax Registration If your aggregate turnover exceeds the threshold limit, then it is mandatory for you to register your business entity with the Goods & Service Tax (GST). The limit specified by the GST Council is INR 20 lakhs for all states other than the North-Easter Hilly states where the limit is INR 10 lakhs. 6. Registering for Drug License Irrespective of the size of the business every medical store requires to attain a drug license from the Central Drugs Standards Control Organization and State Drugs Standard Control Organization. These organizations majorly issues two drug licenses: Retail Drug License Wholesale Drug License Previous Next 6.1. Retail Drug License: To run a general/retail chemist or medical shop, a retail drug license is required. The registration can be done only in the name of an...