Pharmacy Business Idea with Small Investment: How to Start and Succeed

Today we are going to share with you a low-capital medicine business idea. In this article, I will highlight all the things that are must for the medicine business, what qualifications are required, how much capital is required, etc. If you want to do business in the village, you can read 10 village business ideas.

It is possible to become a millionaire by doing medicine business and pharmacy business with little capital. The pharmacy business is a very profitable business. Many medicines have gains of up to 50%.

Nowadays people need medicine like food. For example, right now before writing this article, I bought 500 rupees worth of medicine for myself. Hope you can understand the need for medicine.

Bangladesh alone exports medicines to 140 countries of the world. Bangladesh produces 95% of the market demand in Bangladesh. So, you don’t have to struggle much to get medicines at a low cost.

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Let’s know more about Pharmacy Business Idea.

How profitable is the pharmaceutical business?

The profit of the medicine business is totally dependent on your capital, the more your capital, the more profit you will get. Generally, if you sell medicines, you get a profit of 12-15%. If you invest 3-5 lakh rupees, you can easily earn 50 thousand rupees or more.

However, you have to adopt several strategies for this business. Which we have discussed at the end of this article. You can get ideas by reading 5 reasons for business failure.

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Pharmacy Foundation Course

Generally, if you want to run a pharmacy, you have to take the pharmacy foundation course. It is usually a 3-month course. Course admission notice will be available on this website www.pcb.gov.bd. Remember, there are 3 categories of registration. Namely:

A – This license is for graduate pharmacists.
B – The license is for Diploma pharmacists.
C – This license is for those who do short-course.

After admission, you can take their course there. And the exam will be taken at the end of the course.

Pharmacy license

You must have a license to operate a pharmacy. What you need to apply for a drug license:

Photocopy of Citizenship Certificate/Voter ID Card
Passport size photograph
Trade license
Bank Solvency
Shop Rent Receipt/Agreement
Photocopy of Pharmacy Foundation Course Certificate

The form should be downloaded and filled out from this site www.dgda.gov.bd. Also, you will find drug license details on this site. You have to spend about 20 thousand taka for the license.

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Initial Capital

Capital depends on you. However, a minimum capital of BDT 2 lakh is required. Sectors in which you will need money:

Renting a shop
Purchasing shelves and furniture
Medicines and medical equipment like thermometers, pressure gauges, etc.

Wholesale Market of Medicines

Can be purchased from pharmaceutical companies. However, you will get less than the pharmaceutical company in Mitford, Dhaka.

Hope you already understood and know the basic requirements and information to start a pharmacy business. Let’s talk about how to materialize this business idea.

Pharmacy Business Strategies

To start a pharmacy business, you first have to choose the best place for the shop. Business is not always a business, it is also a service. You should provide better services to your customer, and help helpless customers.

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What are the pharmacy business strategies? If you can get the pharmacy business strategies right, the chances of losing many businesses will be greatly reduced. The strategies are:

1. Choose the Best Place

The ideal location for a pharmacy shop is in front of a hospital. However, remember that you will have a lot of difficulty in these areas. Besides, if you want to open a shop in these places, you will need a lot of capital. If you have more capital, you can earn a few lakhs of rupees a month by selling shops in these places. How to become a millionaire at a young age.

2. Provide Doctor’s Service in your pharmacy

If not near the hospital, arrange a doctor to sit in your pharmacy. So that patients can see doctors. And after seeing the doctor, usually, they will buy medicine from your shop.

3. Maintain Good Relationships with Customers

Talk to customers with a smile. Explain the prescription. Explain when to take which medicine. Provide seating for sick or elderly people.

4. Offer the Best Price

To build a good relationship you should offer the customers the lowest price of medicines. You can gain more returning customers. Ultimately your sales and profit will boost.

5. Keep all Kinds of Medicines

Don’t turn away any customers from your store. So keep all kinds of good medicines according to the needs of the customers in your locality.

6. Provide free treatment

A pharmacy is not only a medicine store but also a first aid and medical help point. Offer some free treatment to your customers, such as first aid. It will create customer attraction. Besides, you can provide free services in blood pressure tests, weight measurements, instant diabetic tests, etc.

There are some important things to consider when starting a business. So check those key considerations if you are on the right track.