Business Idea: In the current times, the need for health-related services is constantly increasing. Illnesses, regular treatment, and the demand for medicines remain consistent throughout the year. This is why a medical store is considered a stable and secure business. It’s not a business that depends on any particular season. Whether it’s an urban area or a small town, the need for medicines remains the same everywhere. With the right location and proper stock management, this business can provide reliable income for a long time.
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A Medical Store Business
Before opening a medical store, it’s crucial to understand that it’s not just a means of making a profit. Even a small mistake related to medicines can have a serious impact on a patient’s health. Giving the wrong medicine, selling expired stock, or negligence in storage can lead to legal action. Therefore, before entering this business, basic knowledge of medicines, proper handling, and adherence to regulations are essential.
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Different Business Models for Medical Stores
Before starting a medical store, it’s important to decide which business model you will follow. A medical store opened inside or near a hospital caters to the immediate needs of patients. Such stores require a large stock and often need to operate 24 hours a day. Medical stores in residential areas have a higher demand for medicines related to common illnesses, and the investment is relatively lower. Meanwhile, the trend of chain pharmacies or franchise stores in malls or commercial areas is rapidly growing, but this involves higher investment and expenses. Opening a medical store near a hospital is considered a balanced option, where sales are regular, and it’s not necessary to keep the store open all the time.
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Medical Store Registration and Business Structure
In India, medical stores are registered under the Pharmacy Act, 1948. An application must be submitted to the relevant State Drug Control Department. It’s also important to decide whether the business will operate as a sole proprietorship, partnership, or private limited company. Small-scale medical stores are usually opened under the sole proprietorship or partnership model. Registration under the Shops and Establishments Act is also mandatory, which serves as a foundational document for various licenses and government procedures.
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Important Regulations Related to Drug Licenses and Taxes
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The most crucial document for running a medical store is the drug license. Selling medicines without it is completely illegal. Additionally, if the annual turnover exceeds the prescribed limit, GST registration becomes mandatory. Maintaining accurate records of the purchase and sale of medicines is also legally required. Failure to comply with these regulations can result in heavy fines and the closure of the store.