Frequent question: How can I start a pharmacy in Nigeria?

How much does it cost to start a pharmacy in Nigeria?

How much does it cost to open a pharmacy 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).

Can I open a pharmacy without being a pharmacist in Nigeria?

PS: any individual (non-pharmacists) is permitted to open a patent medicine store (chemist store) so long you are ready to join their association – PATENT MEDICINE DEALERS OF NIGERIA.

How much does it cost to open a pharmacy?

It typically costs $400,000 – $600,000 to open your own pharmacy. The average monthly operating expenses for a pharmacy total around $30,000. As a new pharmacy establishes itself, it may not be able to fill enough volume to pay the operating costs each month.

What are the requirements for opening a pharmacy?

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

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

That’s about 23,000 pharmacies. In addition, a 2013 study claimed that the average owner of an independent pharmacy was expected to take home roughly $247,000 a year. Those findings taken together suggest that for many, owning a pharmacy continues to be a profitable venture.

Who is the best pharmacist in Nigeria?

Pharm. Olujimi Kolawole Agbaje, FPSN: He is the Chairman of Epic Pharmaceutical and Managing Director of Jay Kay Pharmacy Ltd, a Fellow of Pharmaceutical Society of Nigeria (FPSN) and West Africa Postgraduate College of Pharmacist (WAPCP).

How much is Nigerian pharmacy license?

Licensing Fees

Category Licence Fee
Free 40 years Post registration and above
N4,500 15 – 39 Years Post Registration
N3,000 10 – 14 Years Post Registration
N1,500 9 Years Post Registration

How many pharmacies can a pharmacist own?

Subject to limited exceptions, only a registered pharmacist, a partnership of registered pharmacists and a pharmacist’s body corporate (as defined in the National Law (NSW)) can hold a financial interest in a pharmacy business in NSW. These entities can hold a financial interest in up to five pharmacies in NSW.

Can a pharmacist open more than one pharmacy?

Response: One Pharmacist can open only one Chemist Shop. You can’t open multiple medical store on the basis of your license.

Can you open your own pharmacy?

If you’re eager to open your own independent community pharmacy, starting one from scratch can be faster and less expensive than buying an existing pharmacy. … Go into it with your eyes wide open; independent pharmacy is not a “just build it and they will come” opportunity.

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Can I open a pharmacy without being a pharmacist?

1- Pharmacy Licence

One of the major requirements for opening a medical store is to be qualified and secure a Pharmacy License. For the person to open a medical store and be a qualified pharmacist, they need to secure the degree of B. Pharm or M.

How much does a pharmacy owner make?

Compared to other industries, that’s below average. But your profit as a pharmacy owner may range far below or beyond it, depending on how you run your business. In 2019, the average revenue for independent pharmacies was $3,400,000. That makes the average independent pharmacy gross profit $‭748,000‬.

How do you get a drug license?

The affidavit from the registered pharmacist/competent person. For a pharmacist at a retail sale: – Proof of qualification – Registration of local pharmacy council – Appointment letter. For a pharmacist at a wholesale sale:: – Proof of qualification – Experience certificate – Appointment letter.

How do I become a medical distributor?

For becoming medical and pharmaceutical distributor, person requires to have wholesale drug license and GST number (if applicable or required). First most important thing to start medicine wholesale business is taking wholesale drug license number.

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.