Start a Wholesale Pharmacy business in India

ByApplyly

When starting any kind of wholesale pharmacy business in India, proper planning would be the first step and then correct knowledge about the industry. Using smart ways, you can setup this business in India.

What Licenses do we need?

To have a valid drug license to allow for the legal selling of drugs, wholesale pharmacies require registration from the state drug control authority. In case business turnover goes above the allowed limit, then registration becomes essential. As it forms part of an LLC and requires legal documentation of registration under LLP or Companies Act for better legal and tax benefits.

What is the cost to begin a wholesale pharmacy business?

Investments may depend upon the scale and location of the business. On average, one may need to invest â‚ą5 lakhs to â‚ą20 lakhs to establish a small to medium-scale wholesale pharmacy.

How do I select the right location for my wholesale pharmacy business?

The location of your wholesale pharmacy business should be strategic to easily access it.  Ideally, you should look at areas near hospitals, clinics, and medical centres. And it should have enough storage space and comply with regulations regarding pharmaceutical storage. Also, it should be either a rented or owned property situated in a business district close to suppliers and clients.

What are the main steps for the partnership of pharmaceutical companies?

Getting into the pharmaceutical companies partnership can be done by the following ways:

-Strong connections to be developed among pharmaceutical manufacturers, distributors, and suppliers.

– Offer competitive prices along with a reliable channel of distribution

– Be well-informed about contract and supply agreements in terms of conditions and terms

– Keep good relations with firms and prove that your business is authentic.

How do I ensure compliance with storage regulations of pharmaceuticals?

Compliance with the storage regulations is essential. Ensure that your warehouse maintains proper temperature and humidity controls for different categories of drugs. You have to conduct regular inspections and maintain proper records of stock. Also, follow the guidelines issued by the CDSCO for the storage of drugs

CRM Softwares to be used:

You can use various CRM softwares tomaintain relationship with the clients. These softwares can also be used to manage sales team:

  1. Microsoft Dynamics 365 for Sales
  2. Zoho CRM
  3. Zendesk Sell
  4. Salesforce
  5. Odoo

The AI driven features of the document can help you get more leads and do sales…

What strategies can be used to attract pharmacy clients?

Use the following tactics to attract clients.

  • Offer competitive pricing and bulk discounts.
  • Ensure that the delivery time is proper and product quality is uniform.
  • Develop a healthy connection with local pharmacists, clinics, and hospitals.
  • Use marketing, which will encourage advertisement and mouth-to-mouth to increase the size of your clients.

How do I manage my inventory in the wholesale pharmacy business?

Proper inventory management is one important aspect that results in success. Use an inventory management system where you will note the number of items, their dates, and when to reorder them. Keep on auditing your stock so as not to experience overstocking and running out of necessary drugs. Proper stock rotation such as FEFO will help in avoiding wastage. Some of the free inventory management systems are:

  1. Odoo Inventory
  2. Zoho Inventory
  3. Square Inventory
  4. Sortly
  5. Stockpile by Canvus

What are some potential challenges running a wholesale pharmacy business?

Some Potential challenges include:

– Regulatory compliance and keeping updated with pharmaceutical laws.

– Dealing with huge inventories and maintaining the quality of products.

– Competition with established wholesalers.

– Fluctuation in demand and supply.

To conclude, with proper planning, compliance, and partnership building, establishing and growing a successful wholesale pharmacy business in India is possible.

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