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To start a Pharmacy business, the entrepreneur needs to choose or create a business idea, as this is a crucial step for those who want to go ahead with their plan of having a pharmacy business. Nowadays, online Pharmacy business is rapidly increasing on a large scale all over the world. This is happening because Pharmacy business is a lucrative job, as it is not influenced by the cyclic economic downfall. Further, in India, online pharmacies have drastically increased due to the phase of growing E-commerce. Moreover, the numbers of private hospitals and clinics are mounting all over the country. Hence, this is the main reason behind the growth in healthcare and pharmacy industry in the country.
Further, India enjoys an important place in the global pharmaceuticals sector. As, the country has a large number of engineers and scientists working in this sector, who have the potential to take this sector to the next level. At Present, over 80 per cent of the antiviral drugs used worldwide to cure AIDS is supplied by the Indian Pharmacy Industry. Moreover, The Indian pharmacy industry has been rising at a CAGR (compounded annual growth rate) of more than 15 per cent over the last five years and also has significant growth opportunities.
According to Mr Arun Singh, Indian Ambassador to the USA, the Indian pharmacy market is estimated to grow to 55 billion dollars by the end of 2020; hence, becoming the sixth-largest pharmaceutical market globally.
Before going for a traditional pharmacy, the concerned entrepreneur must decide on the type of pharmacy that he or she wants to run. Following listed are the types of available pharmacy from which one can choose or decide for the type of pharmacy business he or she wants to go for –
The registration of a traditional pharmacy business is governed and administered by the Indian pharmacy Act of 1948. This act states that a pharmacist must register all of his required particulars to the state government by way of an official gazette. Also, after the due submission of documents, a registration tribunal will decide on the registration.
At Present, the business structure named Limited Liability Partnership (LLP) has gained immense popularity and recognition among the standalone pharmacists as it encourages the rights of partners, unlike a partnership firm.
Before selling medicines in a market, a drugstore is required to obtain drug license both from the Central Drugs Standard Control Organization (CDSCO) and the State Drugs Standard Control Organization. Normally, there are two types of drug license that are issued by the Drugs Control Organization –
Following are the requirements that are to be fulfilled by the Pharmacist to obtain drug license –
In India, obtaining GST (Goods and Service Tax) registration is mandatory and compulsory whenever the goods or products are being sold by a registered business. Further, Pharmacy businesses are obligated to obtain GST Registration and timely pay GST.
Following are the documents that are required for obtaining a Drug License Registration –
Any individual can start an online drugstore only if he or she is registered with a drug license or if he or she has partnered with a licensed dealer to carry out the online orders. Following listed are the zones describing the practices which are to be followed and the ones that are not to be followed and are illegal –
1: Green Zone – This zone basically depicts the practices that are legal for online pharmacies as per the Indian Law–
2: Grey Zone – This zone depicts those practices that are uncertain according to the Indian Law –
3: Red Zone – These Practices are illegal according to the Indian Law –
Though traditional pharmacies fulfil the medicinal needs of India’s major population, still there is an urgent need for online pharmacy stores that fit into the Indian Legal system as these online pharmacies create a beneficial situation for both the consumers as well as pharmacists.