This article is about how to start pharmacy business in Nigeria currently in this year 2023. One of the thriving industries in Nigeria right now is the pharmacy industry, which should not be confused with the patent medicine store industry. A pharmacy is a retail establishment that sells pharmaceutical products along with other items. It is similar to an online pharmacy but slightly different in their mode of operation. Kindly look up our article on the best pharmacy schools in Nigeria right now.
Pharmacists are available to provide advice to patients about prescription and over-the-counter (OTC) medications, as well as topics related to health and wellness. They also oversee the fulfillment of medical prescriptions at pharmacies. A typical pharmacy would be located in the town’s business district. Please find a template for starting a pharmacy business below if you desire to do so in Nigeria as soon as possible.
GUIDE ON HOW TO START A PHARMACY BUSINESS IN NIGERIA 2023
The following are the step by step processes on how to start pharmacy business in Nigeria this 2023:
GET THE REQUIRED TRAINING AS A PHARMACIST
The first stage is to complete pharmacy school training before opening a drugstore in Nigeria. You must either associate with a fully licensed and trained pharmacist or be a fully licensed and registered pharmacist yourself. In Nigeria, a pharmacy can only legally be owned by a pharmacist. However, non-pharmacists are permitted to engage in wholesale pharmacy business; although, to register the pharmacy with the Pharmacists Council of Nigeria (PCN), you would still require the assistance of a Superintendent Pharmacist
CARRY OUT A FEASIBILITY STUDY
Executing market feasibility studies is the next phase in your quest to start a pharmacy business in Nigeria today. Ask questions and learn from others who are already operating in the industry. Read books written by different pharmacist authors to learn how you can start as well as conduct necessary study by surfing the internet to obtain the knowledge required.
REGISTER YOUR PHARMACY BUSINESS WITH THE CAC
Another very important step to take when commencing your pharmacy business in Nigeria is to register the pharmacy with the Corporate Affairs Commission of Nigeria (CAC). If you are collaborating with a pharmacist, the pharmacist needs to hold about 60% of the company’s shares; otherwise, you might not be able to move forward. Your documents must be accurate on the pharmacy’s owner (the pharmacist) and the other director(s).
GET A GOOD LOCATION FOR YOUR PHARMACY BUSINESS IN NIGERIA
If you want to succeed in this industry and open a pharmacy in Nigeria, you must locate a good site. A good location with with a high traffic volume of people, particularly in a town’s business district as we have aforementioned can make you more money than at a place where there are low turnouts. Make sure you find a really nice location so that the Pharmacists Council of Nigeria (PCN) can quickly approve it. Obviously, the PCN will inspect and approve your store, so make an effort to choose a spot that is both decent and tidy.
If you are not a pharmacist, you should hire a Superintendent Pharmacist; else, you will not be able to run a pharmacy business in Nigeria. This is so because only licensed pharmacists are allowed to operate pharmacies in Nigeria, according to the regulations governing their operation. In order to reduce stress when the time comes for inspection and approval by the PCN, your Superintendent Pharmacist should be the same pharmacist who is also your business partner. The Superintendent Pharmacist is the one who will register your pharmacy with the Pharmacists Council of Nigeria (PCN).
Your Superintendent Pharmacist will assist you with the following:
The Superintendent Pharmacist (SP) shall write to the PCN Registrar and request the site inspection through the State office. Payment is then made to the bank. The State PCN office should be able to provide the Superintendent Pharmacist with the most recent price for this inspection. As the registration process could take up to six months or more to complete, it is advised that you start this process around June. By doing so, you can avoid having to pay for a license twice before starting your pharmacy business in Nigeria. Alternatively, you can seek local advice from the Superintendent Pharmacist at the State Office of the Pharmacists Council of Nigeria (PCN) to ensure that your location inspection will be successful by starting this procedure at the beginning of December.
COMPLETING THE REQUIRED PCN REGISTRATION FORM
Your Superintendent Pharmacist can assist you in gathering and filling out the required paperwork.
THE SETUP OF YOUR PREMISES
You might be asked to start setting up the premises for business as soon as your location is authorized. You ought to be provided instructions on how to set up your bookshelves, fire extinguisher, pharmacy office, air conditioner, poison box, and other items. At this point, you will be required to pay some fees in order to gather the prerequisites.
REGISTRATION OF PHARMACY PREMISES APPLICATION
You will be requested to pay for the license and registration, and your property will be checked to verify if you complied with the requirements. That person who is involved in all of this is the SP. If you are not a pharmacist, PCN does not wish to work with you. Even so, you are not required to be present during all inspections. Only the Superintendent Pharmacist and, if different, the Pharmacist on the Board of Directors, should be present.
Buying a pharmacy that is on sale when you are certain that you are prepared is the fast route to all of them, but it has drawbacks as well. You must keep in mind that the compensation for this position is different. You must first pay for the license required to register the pharmacy with PCN before beginning to pay the agreed-upon monthly salary.
HIRE STAFF FOR YOUR NEW PHARMACY BUSINESS
Hire capable people who will collaborate with you. For the numerous open posts, you can think about posting an advertisement in the local newspapers and on the notice boards. A pharmacy technician, receptionist, cashier, and stock takers/storekeepers are a few examples of these positions.
START YOUR PHARMACY BUSINESS
Once you have registered your business, you will receive a copy of every paperwork, after which you can start stocking and running the pharmacy business in Nigeria. Make contact with the various pharmaceutical and medication companies. Establish a positive rapport with them before outlining your prescription drug requirements. Most of the time, each pharmacy sets its own price for each medication. The benefit of this business is that it may be combined with a number of other enterprises, such as the sale of cosmetics.
ADVERTISE YOUR PHARMACY BUSINESS IN NIGERIA
Making handbills, calendars, and brochures to distribute to the public as a means of advertising and promoting your pharmacy store is the last step. Additionally, let people know about your new pharmacy and the calibre of your offerings. You can think about providing a group of people with free medication when you initially commence business.
COST OF STARTING PHARMACY BUSINESS IN NIGERIA CURRENTLY
You determine how much it will cost to open a new pharmacy and drugstore. Depending on your financial capabilities, you can choose to enter the industry on a small, medium, or large scale. However, with a capital of between ₦5 million – ₦7 million, you can open a brand-new standard pharmacy in Nigeria. The breakdown of the price to open a pharmacy in Nigeria is as follows:
- POS retail system: ₦180,000
- 2 Fridges: ₦250,000
- Pharmacy Shelves: ₦600,000
- Inventory: ₦1.8 million
- Rent: ₦600,000
- Contingency: ₦300,000
- Cash at hand: ₦400,000
- Other expenses: ₦900,000.