Photo Credit: Forum Biodiversity
Pharmacy or drug store business, whether we like or not, has
become an integral part of the Nigerian economy today. In a nutshell,
drugstores are described as retail establishments that market drugs, be it
prescription-based, proprietary, or non-prescription medicine otherwise known
as Over The Counter (OTC).
It is
imperative to note that all drugs are called poison, because, depending on how it
is handled, it can either heal or harm a patient.
However there are good news and bad ones opened to those who are interested in running a pharmacy or
patent medicine store in Nigeria.
The GOOD NEWS...
A pharmacy is very essential to the health sector so much
that a certain pharmacology professor once quipped that of what use are
diagnoses and prescription when drugs are unavailable? To further underscore
its relevance, it is generally believed that it is number three on the list of
human needs after food and shelter. Albeit some often debate that clothing
should occupy that spot, of what use is clothing when you are at the mercy of
certain illness or disease? Absolutely baseless!
You will concur with
me that virtually on every major road you visit in big cities, one can spot at
least one drug store. People will always need multivitamins, painkillers, blood tonic, antibiotics, paracetamol
and suspension for teething babies.
There is a growing awareness globally for people to take care of their health
and directly or indirectly, pharmacies or patent medicine stores are the ones making
the money. First aid treatments can also be gotten from the nearest drug store.
The location/site of your store is equally of utmost importance to its survival.
The BAD NEWS...
When looking for a place to set up your drug store, it is
advisable for you to pay attention to the zoning requirements of the area as
stipulated by the Pharmacists Council of
Nigeria (PCN). It is also stipulated that your medicine shop must have a
licensed pharmacist present at all times.
If you are not a pharmacist, let
alone licensed, you need to hire the services of one. On the average, a fresh pharmacy
graduate that meets such requirement can be employed for a take-home pay of
approximately N50 to N120K per month (based on negotiation). Secondly, pharmacy
stores are expected to give a minimum gap of 200 metres from the nearest
competitor.
It has however been discovered that most drug owners in
Nigeria often enter into a contractual agreement with young pharmacists to use their
positions to get them the licence at an agreed fee. This is one act both the
PCN and the umbrella body of pharmacists
(PSN) seriously frown upon. A number of pharmacists’ licenses have been
withdrawn over the years as a result of this.
On the other hand, there are considerations for patent
medicine dealers whom the pharmacists council strongly believe are
complementing the efforts of the profession in rural areas and other areas not
covered by pharmacists. The only clause here is that you must have practised
the act of drugs dispensing long enough under a qualified chemist or local
patent medicine dealers. Much as most Nigerian Pharmacists don’t like the idea,
they have learned to tolerate them over the decades.
To further shore up the profit margin and cushion overheads
and logistic, most pharmacies in Nigeria are noted to stock other household
items such as toiletries, batteries, beverages, candy, contact lens, cosmetics,
diet aids, disposable diapers, films and audio CDs, fragrances, greeting cards,
hair care/skin care products, magazines/books, novelty items, oral hygiene products,
pet food, small art and crafts items, snack foods, vitamins and many more.
QUESTIONS:
What are the major requirements needed to register you?
What manner of products do you need to stock that would not
make you run foul of the law?
Where do you get your wholesale sale supply to sustain the
retail mart you have in mind?
Above all, how much should be the minimum capital base to
kick-start a drug store mart?
For answers to these questions and many more, get a copy of
the eBook – “Profitable Businesses To
Run With N300,000 & Above”.
Call 07039091674 for enquiries
Labels: Business, Entrepreneurship, news
