How To Start A Pharmacy Business In Nigeria: If you are planning to open a pharmacy shop in Nigeria and you have no idea where or how to start, then I can say that this article is for you. The pharmaceutical business is one of the most lucrative businesses anyone can venture into in Nigeria. It's a thriving business and this is why everyone is rushing into it. This article is going to guide you step-by-step on how to start a pharmacy business in Nigeria.
One of the important things to know while starting a pharmacy business in Nigeria is that, the business law requires that you are a trained/certified pharmacist before you can open and operate a pharmacy. Therefore, you must obtain a certificate that will distinguish you from others who don't know about medicines.
Starting a pharmacy business in Nigeria requires hard work, commitment, and compliance with legal and regulatory requirements. By following the steps in this article, you can start and grow a successful pharmacy business in Nigeria
So, for those who want to know the steps and requirements needed in owning a pharmacy store in Nigeria, below are the steps required.
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How To Start A Pharmacy Business In Nigeria
Here are the steps you should follow to start a pharmacy business in Nigeria:
1. Be a pharmacist or partner with one
This is the first and the most important step to starting a pharmacy business in Nigeria. As I said before, the Pharmaceutical law in Nigeria requires that you are a certified pharmacist before you can own a pharmacy shop, which means that only pharmacists are allowed to own and operate a pharmacy shop. However, there is a way to do it if you are not a pharmacist and you want to own a Pharmacy shop. What you will do is look for a certified pharmacist and partner with such a person to jointly open a Pharmacy shop with his/her certificate. In this case, you own the store but you are using a partner certificate to run it. You both can agree on how to settle each other. Either you share profits or you pay him/her monthly salary.
2. Conduct Market Research
Before starting a pharmacy business, you need to conduct market research to determine the demand for pharmaceutical products in your area. People in rural areas are most in need of pharmacy shops where they can buy medicine before they have access to hospitals. So, you need to look around and make sure that you open your shop where it is needed most.
During market research, You can also identify the competition in that location and analyze their strengths and weaknesses. This information will help you identify the opportunities and challenges in the market.
3. Register Your Business
Register your pharmacy business with the Corporate Affairs Commission (CAC). You will need to provide your business name, location, and other details required for registration.
While registering, you should decide on the legal structure of your pharmacy business. You can register your business as a sole proprietorship, partnership, or limited liability company (LLC). The LLC is the most recommended because it offers the most protection for your assets. So, it is advisable to register your pharmacy business under LLC.
4. Obtain necessary licenses
Obtain a license to operate a pharmacy from the Pharmacists Council of Nigeria (PCN). The PCN regulates the practice of pharmacy in Nigeria and sets standards for pharmacy practice. The license acquired will help to show that you are now a member of the PCN and that you have been authorized to start, own, and operate a pharmacy store in Nigeria. You will also need to obtain a business permit from the local government authority where your pharmacy is located.
5. Find a good location
Choosing a good location for your pharmacy business will not only bring sales, but it will also expose you to many opportunities in the market area. You should choose a location where people will patronize you. A pharmacy should be located in a busy area where people can easily see it. You may also need to consider the proximity to hospitals, clinics, and other healthcare facilities.
6. Get a Store/Shop
Your store or shop as it is fondly called in Nigeria, is the place where you will stock your goods. A good Pharmacy store should be easily accessible, secure, and have enough space to accommodate customers and inventory.
7. Hire Trained/Competent Staff
You can not run the affair of the Pharmacy business all alone because you might have many customers to attend to, so, you need staffs who can as well attend to customers. You should hire qualified pharmacists and support staff who are registered with the PCN to support you. You will need to train them on pharmaceutical products and customer service if need be.
8. Start
After you have registered your business, obtain a license, get a good location, and hire staff, the next thing is to stock your store with Pharmaceutical products and start your business. You have to contact an already well-established Pharmacy store where you can get quality products at an affordable rate.
After starting, you need to be known to get customers. Therefore you should advertise your business. Develop a marketing strategy to promote your pharmacy business. You can advertise on local media, social media, and through word of mouth. You should also offer competitive prices, excellent customer service, and other incentives to attract and retain customers.
Is Pharmacy Business Profitable?
Yes. The pharmacy business is profitable in Nigeria. You just need a good location where you can be accessed easily. With a good location, customers will come and you will make profits.
Can Non-Pharmacist Own a Pharmacy Store?
No. Only certified pharmacists are allowed to own and operate a pharmacy store. However, you can partner with a pharmacist to open a pharmacy store. In this case, you will use the certificate of the pharmacist to register your business. This applies also to registered and auxiliary nurses.
Cost of Starting a Pharmacy in Nigeria
It all depends on how you want it. You can decide to start small and grow later. Whatever the case may be, A standard pharmacy store should cost you #3,000,000 to #5,000,000 to start.
Conclusion:
Just like every other business, starting a pharmacy business cost money and it requires patience and dedication to run a successful pharmacy store. However, I can categorically tell you that your time and money will be worth it at the end of the day because the pharmacy business is very lucrative in Nigeria.
We have discussed in this article the step-by-step guides on how to start a pharmacy business in Nigeria and I believe it will help you to start from somewhere.