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A drugstore or a pharmacy is a shop that sells medicines and drugs as per doctor prescriptions, over-the-counter, cosmetics, toiletries and other such products. To run the pharmacy, it is mandatory to have an experienced pharmacist on board.
If you are qualified with a requisite diploma/masters in pharmacy and have relevant experience of working as a druggist or pharmacist and you are contemplating starting your own work, then opening a drugstore is the right thing to do. Or as an entrepreneur you wish to diversify and start a drugstore then it is just the right business to invest into.
Medicines will always be required by human beings as long as civilization exists. That is the reason why there is a surge of hospitals, medical professionals, and pharmacists all around. One important factor to keep in mind while starting one’s own pharmacy is the location of the store and the kind of investment that one is ready to do. One can partner with a hospital and start a hospital pharmacy; have a stand-alone or chain pharmacy or a drugstore at a housing society, commercial complex, etc.
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It has been forecasted that by 2020 India will be amongst the top 6 nations of the world in terms of demand for pharmaceutical devices, medicines, and drugs. With growing medical insurance and enhanced medical facilities in the country, not to forget the growing population of the country, the prediction is bound to realize.
The Indian pharmaceutical industry’s growth rate in the last financial year was recorded at 5.5%. By 2020, the industry is expected to be worth USD 55 billion as against USD 27.57 billion in 2016. The CAGR of the industry is believed to touch 15.92% by 2020.
As is evident, the industry is expected to double up in the next two years; this is one investment that is worth a try.
The mandatory documents that need to be submitted while applying for the license under the Drugs and Cosmetics Act, 1940 are:-
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