How do I start a pharmacy shop in Nigeria?

How much does it cost to open a pharmacy shop 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).

How much does it cost to open a pharmacy store?

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.

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 can you use to start a pharmacy?

To start a pharmacy, you’ll need between $880,000 and $1,800,000 a year in your own cash or borrowed cash. This might seem like a lot, but it’s normal for a pharmacy, because you need to consider such costs as inventory, rent and staffing costs.

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How do I open a pharmacy 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:

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.

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.

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.

Is medical shop a profitable business?

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.

How much is Nigerian pharmacy license?

Licensing Fees

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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 do I get a pharmacy license in Nigeria?

Procedures for registration of premises

  1. Application for registration of new premises.
  2. Completed forms B and J.
  3. Certificate of Incorporation.
  4. Memorandum and Article of Association.
  5. Certified True Copy of Form Co7 showing the name of the Pharmacist Director.
  6. Appropriate fee in bank draft.
  7. Inspection report (From DPS or PIC)

How do I get my pharmacy license?

Complete an employer-based on-the-job training program within 180 days of beginning employment in a pharmacy, or; Complete a board-approved pharmacy technician training program conducted by an accredited institution or college, or; Become nationally certified through the PTCB or another approved certifying agency.

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).