FAQ: How Much Does It Cost To Open A Pharmacy In Nigeria?

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

DRUGS – To properly stock a new pharmacy, you need to budget at least three million naira for drugs alone and another two million for cosmetics. The good news though is that a lot of wholesalers are ready to give you stock on credit if you come with someone they know and buy a significant amount.

How can I open a pharmacy in Nigeria?

The following are tips and steps to opening your own medicine store in Nigeria today:

  1. Step 1: Draw up a business plan.
  2. Step 2: Obtain license from PCN.
  3. Step 3: Register your patent medical store.
  4. Step 4: Find a reliable drug supplier.
  5. Step 5: Register business name with CAC.
  6. Step 6: Rent a suitable shop.

Is pharmacy business profitable in Nigeria?

Pharmacy business in Nigeria is one of the most lucrative businesses that anyone can start.

How much can you make owning your own pharmacy?

In 2018, the average revenue for independent pharmacies was $3,484,000. That makes the average independent pharmacy profit $‭759,512‬. But these numbers are averages. Your profit as a pharmacy owner may range far below or beyond it, depending on how you run your business.

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Can anyone open a pharmacy?

Ans- Anyone who has a Pharmacy Licence is eligible to open a medical store. For becoming a qualified pharmacist you need to acquire a degree of B. Pharm or M. Pharm.

How do I start my own pharmacy?

You’ll need a rental agreement or/and Ownership proof of premises with a minimum area of 10 square meters to start a medical shop or pharmacy or wholesale outlet. In case, the pharmacy store combines retail and wholesale, a minimum of 15 square meters is required.

Can a nurse open a pharmacy?

Answer: Typically the scope of practice laws governing registered nurses permit registered nurses to dispense medications as part of their duties, but not as their sole duties, and do not permit nurses to open a pharmacy.

Can a doctor own a pharmacy in Nigeria?

“The answer is capital NO. No registered nurse, pharmacy technician, medical doctor or even a CHEW can open a pharmacy in Nigeria according to law.

What is the best location to open a pharmacy?

Today, being in a strip mall, shopping center, or free-standing building is good, but being next to a chain store like CVS, Rite Aid, or Walgreens is the best.

How do I run a successful pharmacy?

Follow these keys to running a successful independent community pharmacy business.

  1. Have a plan. In order to make your business sustainable, you need to get to know the industry and decide what your goals are.
  2. Invest in people.
  3. Make a great first impression.
  4. Incorporate mobile technology.
  5. Provide value.

How profitable is a pharmacy?

According to Drug Channels, the 2017 profit margin for independent pharmacies was 21.8%. It’s a healthy margin, but one that has been on a steady decline over the last several years. It’s important to note that this is still one of the highest profit margins among any industry in the market today.

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Do pharmacies make money on prescriptions?

For every dispensed item, pharmacies are reimbursed at an agreed price as listed in the Drug Tariff. Buying profit is generated by ensuring that goods are purchased at a price lower than the listed price. Bulk buying is one obvious way this can be done.

What is the profit margin in pharmacy?

The profit margin in offline pharmacies typically ranges between 15-26% for branded medicines, which may go up to 40-50% in the case of generics. Even with offering 12-80% discounts to attract customers, franchisors ensure that their franchisees gain more than 15% margin.

Is pharmacy a good career?

According to Forbes, the average salary for a pharmacist is $116,700. Many pharmacy graduates are saddled with crushing student loan debt, but this is still good money. And the career options and flexibility mentioned above sweeten the deal. However, it’s a really nice salary to receive immediately out of college.

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