Overview of Pharmacy Business in Nigeria

Beginning pharmaceutical business in Nigeria can be an incredibly helpful business endeavor. This is due to the fact that in Nigeria, people fall sick on a daily basis which has seen the increase for the demand for life saving medications. To benefit from this business concept, you need to lawfully own a pharmacy in Nigeria. It is quite regrettable that in a nation like Nigeria where many people can only afford government owned hospitals; these hospital pharmacies are mainly under equipped. Thus, the operators of neighborhood pharmacies in Nigeria deemed it fit to make these drugs available to the general public. This article will concentrate on ways to begin a pharmacy or patient medicines store (chemist) in Nigeria and offer steps for opening a complete legitimate retail pharmaceutical business as stipulated by the Pharmaceutical Council of Nigeria (PCN).

Potentials of Pharmacy Business in Nigeria

Pharmacy business is an extremely profitable business which can make your account fat every day. As the population of Nigeria is increasing so also is the number of people falling sick is on the rise. No thanks to weather change which has brought a lot changes that affects the body adversely health wise. For example, cancer diseases of different kind are currently on the increase.

Feasibility Study

The next action is to carry out the business feasibility studies. Ask questions and discover what those who are currently in the business are doing. Carry out required research by surfing the internet to get the knowledge required, as well as review books by different pharmacist authors on how you as well may start

Write a Business Plan

A business plan demands no introduction. It is just as essential as a few of the other procedures or things associated with the business. After an extensive and comprehensive research was carried out, business owners should now put all their ideas into paper after, of course, choosing to start the business. The business plan will cover things like the method you plan to operate, the cost of several things, how you plan to market your business, future projections and contingency plans. The business plan serves a variety of purposes. In situations where people may have to get investors and even get a loan, it will prove helpful as it will include all that have to be understood concerning the business. It is also most likely to serve as a point of reference for the proposed business.

3. Capital and Location

The need for capital for the start of a business cannot be overemphasized. It is an actually essential factor and without it you cannot also launch the said business. Capital is what will be used to get a number of things that will be used for the business and among the important things required is the location. You will certainly require a place for this business and it is there the drugs will be sold. You will have to get a great place where pharmacy stores are not actually common or where there are even none whatsoever. Likewise look for competitors and make sure you are not close to anyone. You will likewise have to get registered and get a license from the appropriate regulatory authority.

Hire Staff

Employ qualified candidates that will work with you. You might think about placing up an advert on the neighborhood Advert boards in addition to the newspapers for the different vacant positions. These positions would certainly include the post of a pharmacy, technician, receptionist, cashier, along with stock takers/storekeepers.

Getting the Drugs

This is where the business will begin. You will have to get the drugs you will be selling for the business. It is the main point of the business and without it, there will not also be a pharmacy. You can get certified and licensed distributor for the drugs and you can likewise collaborate with a hospital to get your drugs. Whichever method, make sure you are getting the appropriate drugs. If you will not be able to run the store all on your own, you can get employees that can help with that. You do not truly need too many people, in fact, just a single person may be enough depending on the capacity of the store. If you are not a pharmacist and you will likewise be partnering with one, this will be the right time to get one if you have not already obtained.

Marketing

You can make use of banners and posters positioned in front of the pharmacy store and some areas in the place where you are situated. Word of mouth and recommendations likewise play a big role in getting clients.

Overview and Features of the Excel Template

The excel template comes with a powerful presentation and a thorough financial analysis and model for succeeding in this business venture. The template will enhance your chances of getting grants, attract investors and bank loans.

Inside this template, you will get:

1. 3 years Income Statement.
2. 3 Years Financial Position
3. Cash flow Statements
4. Trial Balance and Account Charts.
5. Automated Macros to make the template faster, user friendly and accurate with little or no manual input.
6. 24/7 Support from our team of financial experts and analysts.