Guide on How to Start a Pharmacy/Drug Store in Nigeria
1. Register Your Business with the Corporate Affairs Commission (CAC) and PCN
Just like any other business, you would need to register your pharmacy to be legit, you will need to register it with the Corporate Affairs Commission (CAC) as a business entity and also with the Pharmaceutical Council of Nigeria (PCN). The PCN stipulates the minimum requirements that must be met before any individual can be permitted to run a pharmacy.
2. Find a Good Location
In selecting a location for your pharmacy, there are two things that you will need to note. First, you have to get your location approved by the Pharmaceutical Society of Nigeria (PCN) and secondly, you would need to consider how profitable the location is to your pharmacy business. You need to also consider how easily accessible is your pharmacy shop to your customers. The best place to locate a pharmacy is near a government owned hospital, since they hardly have the required drugs prescribed for patients.
3. Source for the required capital
To open a pharmaceutical isn’t child’s play. Questions like “How much does it take to open a pharmacy store comes to mind when you want to start off. You have to carry out a feasibility study on this cause, carry out your research so that you will find out the capital that will be needed to start off your own drug store. This will solely depend on the kind of scale you intend to start with.
4. Find a Credible Supplier
This is an important factor that will determine how the business will fare. You would need a steady supply of registered drugs which will be placed on the shelf for display to customers that are willing to patronize you. Find a credible supplier and build a good relationship with such supplier. If it is a wholesaler, the better. Be careful to only display drugs that have been dully registered by NAFDAC and NDLEA so as not to be found wanting with the law.
5. Employ competent staff
If you are going to run a mega pharmacy store, its best you hire qualified staff that will assist you. As earlier said if you are not a trained pharmacist, employ one that have the idea of the functions of the drugs and how to prescribe such drugs to your customers.
6. Publicize your pharmacy business
Once you have successfully opened your drug store, you would have to advertise your business to people to see. Posters, online advertising, newspaper advert are just a few of where you can publicize your pharmaceutical store business. Always try to keep your customers satisfied so that they would always patronize you.