Frequent question: How much does it cost to open a chemist store in Nigeria?

With present economic realities it will take around 5 to 10 million Naira to set up a standard and modern pharmacy shop in Nigeria (don’t forget a pharmacy is different from a chemist shop). The cost of opening a pharmacy is quite high if you want to follow surgical process and legimate means.

How much does it cost to register a chemist in Nigeria?

Licensing Fees

Category Licence Fee
N3,000 10 – 14 Years Post Registration
N1,500 9 Years Post Registration
N1,500 NYSC
$100 Pharmacists resident Abroad

How can I open a chemist shop in Nigeria?

The following are tips and steps to opening your own medicine store in Nigeria today:

  1. Step 1: Draw up a business plan. …
  2. Step 2: Obtain license from PCN. …
  3. Step 3: Register your patent medical store. …
  4. Step 4: Find a reliable drug supplier. …
  5. Step 5: Register business name with CAC. …
  6. Step 6: Rent a suitable shop.

Is chemist shop a profitable business in Nigeria?

This business is very lucrative and so the requirements are a little bit strict. The requirements to own one is similar within the country. However, the ability to keep up in the business may require a little knowledge on the drugs. How You Can Start And Manage A Chemist Business Nigeria.

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How much investment is required to open a chemist shop?

You would require 15 to 20 lakhs of capital to start your pharmacy business on a small scale. You can gradually increase the scale of your business by reinvesting the profits. The initial investment would vary depending on the location and scale of operations.

Can a nurse open a chemist in Nigeria?

“The answer is capital NO. No registered nurse, pharmacy technician, medical doctor or even a CHEW can open a pharmacy in Nigeria according to law. … The non-pharmacists use the license of certified pharmacists (at an agreed fee, say #500,000 Naira or more per year) to open a pharmacy..

How do I start a chemist shop?

The following are minimum requirements for obtaining drug license or starting a pharmacy in India:

  1. Area: The minimum area of 10 square meters is required to start a medical shop or pharmacy or wholesale outlet. …
  2. Storage Facility: The store must have a refrigerator & air conditioner in the premises. …
  3. Technical Staff:

Which degree is required to open a chemist shop?

Which degree is required to open a medical store? Ans- The minimum requirements to open a medical shop in India is Diploma in Pharmacy after completing 12th Std in Science. After completion of your diploma in pharmacy, you’re eligible to apply for a licence for medical shop.

How profitable is a chemist business?

According to Drug Channels, the 2017 profit margin for independent pharmacies was 21.8%. It’s a healthy margin, but one that has been on a steady decline over the last several years. It’s important to note that this is still one of the highest profit margins among any industry in the market today.

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Can a Medical Doctor own a pharmacy?

Although laws vary in many states, a physician can operate a pharmacy in their office and dispense medications for the convenience of their patients and to make a profit as a revenue stream for their business. … – The recipient of the medication must be a patient of the doctor or physician writing the prescription.

Can a chew open a chemist?

Register Nurse, Pharmacy Technician, Medical Doctor And CHEW

However, they can open a patent (chemist) shop.

What is chemist shop?

Definition of chemist’s shop

: a store that sells medicines and various other products (such as newspapers, candy, soap, etc.)

What is the profit in medical store?

How much profit does a medical store make? Retail medical shop profit margins range from 5% to 30%. There are different margins for each type of product, such as profit margins for trapped products, generic medicines, OTC (over-the-counter) medicines, branded prescription products.

Can I rent my pharmacy license?

Renting out registration certificate to others is illegal and has been bringing a bad name to the industry, but pharmacists say they are left with little choice and have to do it out of desperation for money. … People who are renting out their registration certificate have a proper job and are not jobless.

How can I get franchise of medical store?

For starting a store franchisee needs a minimum 200 sq ft area with total investment amount of 6-7 lacs. Davaindia Generic Pharmacy franchise is a nice business opportunity for the Pharmaceutical, Ayurvedic and Nutraceutical medicines market.