An average Nigerian visits a drug store at least once or twice a month. If not for Malaria (In 2019, Africa was home to 94% of malaria cases and deaths), Cough, Catarrh, or pain reliefs. There are good healthcare facilities in Nigeria, however, they are expensive and unreachable for an
Which is one of the reasons Community Pharmacists ( CPs ) and Patent Medicine Vendors (PMVs) commonly called chemists in Nigeria enjoy the patronage of the majority of Nigerians
If you are looking to start a pharmaceutical business in Nigeria, look no further. It's a good business to start. In this article, you’ll learn how to get started.
Who is qualified to own a pharmacy in Nigeria?
To be qualified to run a pharmaceutical store in Nigeria you will first need to be a trained & certified pharmacist or hire/partner with someone who has this training.
Then you will need to obtain a license from the Pharmaceutical Council of Nigeria (PCN). This is the organization responsible for regulating pharmacy practices in Nigeria. You can find different PCN state offices here and the procedure to get fully registered here.
If you don’t want to go through the process of getting your license you could buy a franchise from a licensed pharmaceutical business.
Types of Pharmaceutical stores in Nigeria
There are two prevalent types of pharmaceutical stores in Nigeria
- Hospital Pharmacy: As the name implies this is the type of pharmacies you find in hospitals. Except you own a hospital this is likely not the one you want to start.
- Community Pharmacy: Community pharmacy is the so-called “Chemist” stores you find along the road in your neighborhood.
Create a business plan
Creating a business plan is important for any new business venture as it allows you to set yourself up for success. Allows you to create a roadmap, a vision, and to have a clear understanding of where your business is and where it’s going, how you’ll make profits, etc.
So, it’s a good place to start.
Create a solid business plan that covers as many details as possible to help with the direction you want to see your business in now and in the future.
What you will need to get started with your Pharmaceutical Store
What would you need to get started?
- A store location (Rent cost is dependent on location)
- Business name registration (Cost: N10,000)
- A vendor to supply your drugs. Well, this can be where you’ll need some good capital. It depends on the size of the Pharmacy you are planning to set up.
The good news is that Shelflife.co is willing to help with drug supplies. You can contact them to stock up your store; you pay when you make sales.
So this means you have to double your marketing skills. Making sure you make sales so you stay in a good relationship with them.
This is like buying on credit because they give you their drugs at the current market price. Sounds unbelievable, right?
Note: I am not paid to write about them. However, I have worked with them in the past and I believe they are doing an amazing job and trust this is an opportunity that will benefit you. You have zero risks dealing with them.
So, in the end, to set up your chemist you will need funds for;
- your store rent and furnishing
- the Corporate Affairs Commission(CAC) registration fee
- capital to get your store stocked up with drugs
money to buy a franchise / to get a license.
Then you’ll need to create awareness about your new business around town.
- Print fliers and share them
- Be kind to your customers
- Run marketing campaigns. Just to make sure everyone knows when to buy drugs when they need to.
- always take note of customers demand and stock up with the frequent demands
I hope this is sufficient information to help your pharmaceutical business startup journey