This is a detailed guide on how to start a Patent Medicine Store in Nigeria.
A Patent Medicine Store, also known as a Chemist shop is an establishment that offers drugs and medications to customers over the counter to meet their medical needs in exchange for money.
Such establishments are situated in various street corners and business areas in Nigeria.
They tend to make dispensing of drugs easier to reach the public within the comforts of their vicinity and this makes people rarely go to hospitals for minor health concerns.
Getting these drugs for health challenges has been a major problem for members of the public given the high cost of getting these drugs and medications at hospitals.
The presence of these Patent Medicine Stores in Nigeria has made it easier for these people to get their drugs and medications at cheaper costs.
In Nigeria, Patent Medicine Stores are known as Chemist shops or drug stores.
The body responsible for regulating and approving the start-up of any Patent Medicine Store in Nigeria is the Pharmacist Council Of Nigeria (PCN).
They are responsible for granting approval to anyone who intends to start up a Patent Medicine Store in Nigeria after carefully screening and ensuring the individual has met up to all the requirements for starting up a Patent Medicine Store.
The Pharmacist Council Of Nigeria ensures that all the requirements for starting up any Patent Medicine Store in Nigeria are met.
They do this through the National Association of Proprietary and Patent Medicine Dealers (NAPPMED) to ensure the safety of lives and maintain the standards of setting up a Patent Medicine Store in Nigeria.
Setting up a Patent Medicine Store in Nigeria is quite lucrative and capable of earning you a good sum of money every month after balancing your books.
It is also dependent on the quality of drugs and medications you administer over the counter.
If you wish to learn how to start a Patent Medicine Store in Nigeria, this guide will help.
Knowing how to set up a Chemist Shop in Nigeria is not difficult; and in this guide, I will be showing you how to open a Chemist Shop in Nigeria.
How To Start A Patent Medicine Store In Nigeria
A well-established Patent Medicine store in Nigeria is one that met the requirements of the Pharmacist Council Of Nigeria and operates within the confines of its guidelines.
The first thing you must know in learning how to start a Patent Medicine Store in Nigeria is that there are certain guidelines you must follow in setting up a Patent Medicine Store in Nigeria.
Below are 8 tips on how to start a Patent Medicine Store in Nigeria.
1. Create A Business Plan
Before you start a Patent Medicine Store or Chemist Shop in Nigeria, you should understand the kind of business it is, while also taking into consideration the pros and cons of running such an establishment.
You should understand that the first period of start-up may not be as rosy or financially stable as you would like.
You should carefully draw out a business plan going by your intended starting capital. The business plan for your Patent Medicine Store should include:
- The size of the drug store you have in mind
- The means of getting the drugs from your supplier
- The location you intend starting the Patent medicine store
- The number of staff that you would want to employ at the business and how best to manage them
- The registration fee and so on.
All these areas properly put into consideration and drawn out would help you make a good decision on starting up your own Patent Medicine Store in Nigeria.
2. Obtain A License
When you have finally decided to start up your own Patent Medicine store in Nigeria, you should proceed to ensure you obtain an operating license that is issued by the Pharmacist Council of Nigeria (PCN) to eliminate any problems in the future.
Operating without a valid license is criminal and can attract disciplinary actions from the council or worse jail time because you would be seen as a potential threat to human lives as regards health and drug administration.
The Pharmacist Council of Nigeria (PCN) issues the above license under the authority of the Federal Ministry of Health in Nigeria and is taken seriously to prevent unauthorized medical practitioners from setting up Patent Medicine Stores in Nigeria or risk being sealed up or banned from practicing the profession permanently.
3. Register With NAPPMED
It is important that you get your Patent Medicine Store in Nigeria registered under the National Association of Proprietary and Patent Medicine Dealers in Nigeria (NAPPMED) which is authorized by the Pharmacist Council of Nigeria (PCN).
To register under the National Association of Proprietary and Patent Medicine Dealers, you are expected to present the licensed certificate obtained from the Pharmacist Council of Nigeria.
After this, you are required to make a registration payment of about ₦200,000 along with certain refreshment items as customary by the association.
This is done in form of a celebration where all the members are present and you are introduced officially to the entire house.
After the registration, you would be expected to renew your registration yearly with a sum of about ₦30,000 or more depending on your location.
4. Register with CAC
The next step you must take when starting a Chemist business in Nigeria is to register the business with the Corporate Affairs Commission (CAC).
The Corporate Affairs Commission of Nigeria is a body responsible for registering companies and businesses.
After deciding to start up your Patent Medicine Store in Nigeria and have obtained the license from the Pharmacist Council of Nigeria, it is important to register the business with the Corporate Affairs Commission (CAC).
This would give your business the legal right to run and be recognized in Nigeria.
The Corporate Affairs Commission would request for the license you obtained from the PCN during the registration, amongst other documents as proof that you have been authorized by the regulatory body to operate a drug store in Nigeria.
Registering a business with CAC is very easy and can even be done online. Here is a detailed step-by-step guide on how to register a business with CAC in Nigeria.
5. Secure A Reputable Supplier
After meeting the above requirements and completing the registrations, it is important to get a reliable supplier for your drugs with a reputable image.
It is no use starting up a Patent Medicine Store in Nigeria without a list of drugs for your Patent Medicine Store and an adequate supply of these drugs to your store.
On this note, it is very important to secure the services of a good supplier who would provide you with all the drugs you need for the store and on time to enable you meet the needs of your customers.
You should be careful while choosing a supplier to avoid selling fake drugs or harmful drugs that would in return ruin your business image and probably lead to legal actions against you.
6. Choose A Good Location
It is important to choose the best location for your Patent Medicine Store in Nigeria because if it is situated in the wrong location, you will run into loss and probably lead to business fold up.
Patent Medicine Stores are mostly set up in areas where there are fewer or no medical centers and hospitals.
This is because the people in such areas would rather come for medical attention at the Patent Medicine stores instead of going a long distance to get medical attention.
This guarantees higher income to your chemist business which ensures the success and stability of the business.
Make your business known to the public by employing various forms of publicity.
Although, there are guidelines for publicizing this type of business so it is important to contact already established Patent Medicine Store owners in Nigeria for help.
Publicizing your Patent Medicine Store would ensure increased customer numbers and that in turn guarantees more income to the business.
8. Attend Seminars
The PCN and NAPPMED organize programs and seminars from time to time to enlighten its members on the latest innovations and improvements in the industry.
It is important to always attend such seminars because various ideas and techniques for running a Patent Medicine Store in Nigeria would be discussed and this would help you stay on the radar.
Opening a Patent Medicine Store in Nigeria is quite easy when the above guidelines are implemented. So, with that in mind, you can start up a successful Patent Medicine Store in Nigeria.
If you followed the above guidelines carefully, you would have learned how to start a Patent Medicine Store in Nigeria.
That’s all on how to start a Patent Medicine Store in Nigeria. I hope this guide on how to start a Patent Medicine Store in Nigeria helps.