Pharmacy Business Plan in Nigeria & Startup Manual

Pharmacy Business Plan in Nigeria & Startup Manual

CLICK HERE TO DOWNLOAD FREE PHARMACY BUSINESS PLAN IN NIGERIA

Pharmacy Business Plan in Nigeria – Besides food, clothing and shelter one other basic necessity of our days is now health. Knowing that without good health one cannot enjoy the best of those basic necessities of life. We see how living in health is of utmost importance to all. Investment in drug business (pharmacy) is quite lucrative because of the need. “Health is wealth” as it is popularly said among people.

Also Read: Hospital Business Plan in Nigeria

To order for our sample pharmacy business plan in Nigeria, pay N10,000 to:

BANK NAME: GUARANTY TRUST BANK (GTB)
ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM
ACCOUNT NUMBER: 0044056891

After payment, send us your email, name and topic of choice (e.g. retail pharmacy business plan pdf) to 07033378184. As soon as your payment is confirmed, your pharmacy business plan in Nigeria will be sent to you immediately.

Poor health and hygiene living also directly mean that people will have to spend more to stay healthy, the lack of consumption healthy food and the non-challant attitude of individuals to their general health has made it easy for them to have on constant ailment or the other. Nigeria today are well over one hundred and eighty million (180,000,000) indigenous people and we still do not have a healthy care system that is working and that can go round these vast number of people in one country, this has resulted to the major patronage of pharmacy, chemist and local drug vendors. With the daily increase in the number of Nigerians we still have less or not enough pharmacy to go round. The few hospitals that are available even have fewer drugs to dispense to those that come in for treatment there by making the sale of drugs one of the most patronized market in the country and

In thinking about starting out a pharmacy in Nigeria there are a few things that must be considered to ensure a successful and hitch free business.

• Do an in-depth study/research about the market (where, how , who, when)

This is different from a business plan this is a way studying the drug market and knowing all that there need to be about the regulatory bodies and the kind of drugs that are allowed in the market, where to purchase them, who they can sold to, why and when. Drugs have to do with the lives of people and so it is advised that you do an in-depth study of these field especially if you are not a qualified pharmacist and are willing to go in to such a business.

• Write a Comprehensive Pharmacy Business Plan in Nigeria
  

Most businesses packs up within the first five years of their inception and this is mostly because of the factor of lack of adequate planning and preparation. So for this business not to be part of such statistics it is advice that a comprehensive business plan is written and calculated step taken to ensure the smooth running of this business. Make sure you are totally ready for the business and that includes the successes, pitfalls or sudden negative turns that were not anticipated. Be determined to ensure that you be the best at the business even if not nationwide at least your locality. Your business plan should cover the following areas: Introduction of your pharmacy, preferred business location, business registrations, management/ staff, partnerships, marketing strategy, cost analysis and future profit projections.

• Must be a registered pharmacist (this is usually much easier if you are)

Only a Pharmacist can own a Pharmacy in Nigeria so it is advised that if you intent going into the pharmacy business you must have read pharmacy to at least a B.Sc. level in any Nigerian accredited universities.  For those that didn’t study pharmacy but are still willing to go into such business they will still need a Superintendent Pharmacist to register the business with the Pharmaceutical Council of Nigeria (PCN) to ensure the smooth legal running of the business.

• Partnership with a pharmacist

Going into a partnership with a registered pharmacist can also be an easier way of ensuring that you get what you want and also avoiding the troubles lurking of getting registered. 

• Company registration with required body (Corporate Affairs Commission)

Every and any business that must stand the test of time and stand out must surely have a unique name, logo, slogan, etc. What is your brand name and how do u stand out from the rest. These can be secured by getting your business registered with the appropriate body (CAC) without this been done you can be assured of been put out of business within a short time. You could do this yourself by going to any branch of the Corporate Affairs Commission or contact your lawyer to get your business registered and also register with PCN (pharmaceutical council of Nigeria).

• Business Location

This is another factor that a lot of business owners do not put into consideration before starting a business which is also one of the major reason why they don’t make as much profit as they anticipated which will lead to moving the business within a short time or ultimately closure. You have to ask yourself these question… who? Why? When? What?  They will determine where you want to situate your business but I recommend close to a hospital or clinic which in most cases don’t have all the drugs they prescribe to individuals or a public place.  This business location also will be inspected by regulatory bodies before you can be open to the public for business.

• Employment of Staff (man power)

Employment of qualified and competent staff is also important. Make sure these people have the required certifications to be employed there. Don’t under employ and don’t over employ. Just get the hands that are needed for the effective running of this venture especially at the initial stage where it is necessary to plug any leak where excess cash will be going out. Take note that if you are not a pharmacist you will need to employ a superintendent pharmacist

• Get adequate training (additional knowledge is good)

Whether you are a qualified pharmacist or not the search for knowledge is always important and is never ending.  Always seek training and added knowledge for you and your staff, it will in the long run give your business the boost.

• Draw up a list of drug/pharmaceutical companies that you want to get your stocks from

Make sure you seek out quality drug manufacturers and suppliers you don’t want to pull into a laws suit because you supplied or sold a fake drug. Make sure you sell and distribute quality products for the safety of the public and continuous running of your venture. NAFDAC approved drugs should be considered alone to avoid any unwanted attention.

• Publicity and Advertisement Plan

After the start of your business you must do some form or publicity and advert. You can go for less expensive adverts like social media which can also reach a wide range of people out there. Looking for other avenues to advertise your business is good, don’t depend just on word of mouth or referral kind of advertisement. Go all out to ensure that you put yourself out there and make the public aware that you can give them the best when it comes to goods and services.

• Security

There is also need for security of your stocks and cash. Pharmacies usually have high inflow of cash in a day so you have to make sure all these are secured to prevent sudden loss. Theft of drugs and cash can easily crumble the business like other factors that also can play a major role. Set security measure to cub the general kind of loss that plagues other businesses of pharmacies.

• Time

This is also an all important factor too. A lot of people want to start making profit overnight in business but a wise business person knows that it take a little more time than you think to start making the big bucks. Don’t go straight away and start spending your gain in the business, if you do that I guarantee the business will not last a few years or maybe months. You need to turn over your capital into the business till the business can run itself from with, then the excess cash can be spent.

• Wholesale

As a retailer of drugs you can also consider been a distributor or supplier of these drugs in wholesale quantity. Once you have established that you sell quality drugs it will be easier to get other smaller pharmacies patronizing your wholesale business.

You will need some form of warehouse for this. Also contact your manufacturer for the requirements to become a distributor, get licensed and you are in business.

• Customer care/ Delivery

This is a system that most pharmacist have not yet adopted in this part of the world, where people can call in for a particular drug or service, make enquiries and place orders if not available. This is another way of reaching out to your customers and broadening the scope of your services.

• Get a referral scheme

When your standard is well known, hospitals can refer patients to your place of business and customers that also refer other customers can get some form of incentives for doing so. This can also increase the already growing customer base.

 Basic Requirement in a Standard Pharmacy by Inspectors

Things that are expected to found in a drug store:

1. Medical reference books
2. An office space for the pharmacist
3. An air conditional system
4. Poison books and books
5. Refrigerator(s)
6. Glass shelves
7. Cashier

Challenges involved in starting up a pharmacy in Nigeria.

• Some factors that may be challenging in starting up this business is licensing, registration and legal requirements for starting.
• Having the necessary financial base to start and sustain the business for a long time
• With the sudden rise in fake and substandard drugs you stand a risk of been shut down if you don’t get your supply from a quality manufacturer or supplier.
• One can hardly keep track with customers’ medical history thereby posing a major challenge which can lead to death and a law suit.
• Quality control
• Constantly dispose of expired drugs to prevent any unwanted incidents
• Make sure the expiration of these drugs are verified. Make sure they are not altered to also prevent law suits and police cases.

How Profitable is Pharmacy Business in Nigeria?

Most Nigerians have an unhealthy lifestyle which make it easy for them to fall ill. Poor hygiene and also poor eating habits and lifestyle also affect the health and therefore increases the number of cases of illness in our surroundings and also taking advantage of the self-medication habit of Nigerians which has become a part of our daily lives not that it is good, thus makes the business of a pharmacy much more profitable than it should naturally me in this part of the world.

How Much Does It Cost to Open a Pharmacy In Nigeria?

There is no actually base line cost of starting up a pharmacy in a place like Nigeria, like starting a pharmacy in a place like Abuja may not be the same with staring about the same business in Kano. What will determine that is how small or big you decide to start. Your location of business also play a major role as to how your starting capital or cost will be, the size of your business location, accessibility, etc.

Here are list of things that may be needed in a pharmacy

• Glass shelves
• Cash counter for bulk cash
• POS point of sale system for cashless system
• Air conditioners
• Refrigerators for drugs that needs a particular temperature
• Security system e.g. CCTV
• Office for the pharmacist
• Furniture
• Television set
• Stand by generating set
• Computers

Do’s And Don’ts of the Business

• Sale Controlled substances should be prohibited
• Poisons shouldn’t be sold indiscriminately
• No major procedure should be performed e.g. Abortion, D&C and other forms of surgery
• Prescription drugs should be sold only to those with valid prescription
• Any form of first aid should be carried out by a trained personnel
• Any case that is beyond the pharmacist should be immediately referred to the hospital.
• Don’t employ staff that are not qualified all because you want to cut cost or out of carelessness you will eventually pay dearly for it.
• Make sure you have some form of daily savings which will help expand the business or cover for unwanted loss that may occur.

To place order for your Pharmacy Business Plan in Nigeria & Startup Manual, Pay N10000 to:

BANK NAME: GUARANTY TRUST BANK (GTB)
ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM
ACCOUNT NUMBER: 0044056891
OR
BANK NAME: FIRST BANK PLC
ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM
ACCOUNT NUMBER: 3066880122

After payment, send us your email, name and topic of choice to 07033378184. Upon confirmation of your payment you will get the business plan immediately.

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