₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 1,914,201 members, 3,920,553 topics. Date: Sunday, 19 November 2017 at 04:12 AM

Opening A Pharmacy - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Opening A Pharmacy (36885 Views)

British guy opening a pharmacy In Nigeria / Requirements For Opening A Pharmacy Shop / What Is Required To Open A Pharmacy Store In Nigeria (1) (2) (3) (4)

(0) (1) (Reply) (Go Down)

Opening A Pharmacy by spicie: 10:19pm On Apr 20, 2007
smileyHEllo Nairalanders,
Pls I need an advice or Your opinion, I want to open a pharmacy in nigeria with 2 million naira, do u think it will be enough for a start?
Secondly, What are the procedures? Are there disadvantages? SINCERE REMARKS PLS.
Re: Opening A Pharmacy by tEsLim(m): 10:05am On Apr 21, 2007
2million naira is enough to start a pharmacy. Renting a big shop in a good location in Lag wont cost more than 250k for two years.

The problem you'll be facing is unfair competition with (Ibgo boys) so called chemists around the neighborhood selling fake/expired an relabelled drugs cheaper.

I've once taken tetracyclene capsules that is filled up with baby food or some unexplainable powder.
Re: Opening A Pharmacy by spicie: 12:23pm On Apr 21, 2007
Tnx, but am intending opening in the north.
Re: Opening A Pharmacy by layi(m): 12:57pm On Apr 21, 2007
Pharmaceutical retailing is good business in terms invstment security cos whilst people can starve themselves

of other luxuries (or even necessities) of life, no one wants to remain sick regardless of the threat level of

such ailment. You wont loose except u r in 1 obscure village where all they know is "agbo".
That said, i also believe that capital isnt as important as the human resources manning a business cos a bad

manager can pull down a conglomerate within days. All it takes is "ebbing" passion. So you've got to have a

passion for the business venture and physically present to make a start up succeed. Never run a start up by

Proxy.
Note also that Location matters a lot. Your store has to be accessible and close to related services

(clinics,schools,gyms etc). If u can get a location near a general hospital, better, cos they hardly hav drugs

tongue .
Procedure:
- Get shop
- Furnish with drug shelves and get a small standby generator(1.5kva)
- Register business name
- Register businees with Nafdac
- Get drugs distributors (used directory at Nafdac or DDAs)
-Stock shop wit all types of drugs from anagelstics to prophylatics.
- Hire 1 or 2 knowledgable staff. A resident pharmacist is preferable but wit ur budget, i dont think u can

afford 1 except u dont mind running at a loss, seriously

However I know of several businesses that are more profitable that pharmacy anyway.

2 Likes

Re: Opening A Pharmacy by DisGuy: 1:46pm On Apr 21, 2007
If u can get a location near a general hospital, better, because they hardly hav drugs
shocked

Tell the Nurses and Doctors around the state about your store and if possible give them a calender with your store and address logo on it wink
Re: Opening A Pharmacy by saintchux(m): 2:59pm On Apr 21, 2007
tEsLim:

2million naira is enough to start a pharmacy. Renting a big shop in a good location in Lag wont cost more than 250k for two years.

The problem you'll be facing is unfair competition with (Ibgo boys) so called chemists around the neighborhood selling fake/expired an relabelled drugs cheaper.

I've once taken tetracyclene capsules that is filled up with baby food or some unexplainable powder.

mmmmmmmmmmmmmm!

When u patronize quack what do u get?
Who recommended tetracyclin for u? Are a medical officer?

@
topic
I hope you are a pharmacist? If not get a pharmacist before you go into this business. This is purely a professional area that involves human lives.

1 Like

Re: Opening A Pharmacy by spicie: 4:42pm On Apr 21, 2007
@layi
        How much is d cost for Nafdac and Bussiness name registration? wat r d other profitable bussiness? how much do yu think my budget shoul be + hiring a resident pharmacist?
Re: Opening A Pharmacy by spoilt(f): 6:12pm On Apr 21, 2007
tEsLim:

2million naira is enough to start a pharmacy. Renting a big shop in a good location in Lag wont cost more than 250k for two years.

The problem you'll be facing is unfair competition with (Ibgo boys) so called chemists around the neighborhood selling fake/expired an relabelled drugs cheaper.

I've once taken tetracyclene capsules that is filled up with baby food or some unexplainable powder.

you gave your advice to the guy who wants to open a pharmacy but my dear im sure you've heard its possible to give advice without being tribalistic. blaming the igbo boys for everything possible.
igbo boys sell fake drugs, they caused the virginia tech killings, they dried up the red sea, they killed stella obasanjo when she went for tummy tuck, they are causing global warming, they caused sheryl crow's cancer, they leaked paris hilton's sex tape, those same igbo boys had the guts to vote obasanjo into power again and encouraged him to take more wives and make more children. Haba!

its just downright ridiculous.

2 Likes

Re: Opening A Pharmacy by hbrednic: 8:16pm On Apr 21, 2007
@+Eslim
the baby food serves you right,it was mearnt for you to grow up mentally.

1 Like

Re: Opening A Pharmacy by Nobody: 9:51pm On Apr 21, 2007
In case someone didn't know, any pharmacy is required BY LAW to have a qualified pharmacist in charge.
Else, you may get into trouble with NAFDAC and co.
Re: Opening A Pharmacy by archie7: 10:04pm On Apr 21, 2007
Until recently,the law for non-pharmacists owning pharmacies was that they were required to have the premises registered and covered by a registered pharmacist,and that at all times "working hours",the pharmacist must be present.this entailed getting a pharmacist and paying him/her for registering the place,and then for working there.these 2 fees could be paid together or seperately depending on what agreement was reached by the proprietor and the pharmacist.
recently,what i've heard is that its been made a lot more difficult for non-pharmacists to own pharmacies.according to what i heard,the law now requires that for a non-pharmacist to own a pharmacy,in addition to the requirements described about,they must have a pharmacist as the major shareholder of the company(chairman of the board),and he/she must be related to the proprietor by blood.The fees for the pharmacist therefore increase,cos he/she will be paid a sitting allowance as chairman of the board,and is paid a percentage of annual profits.at least 60% proprietor,and 40% pharmacist(could be much more).this is what i was told recently.
please correct me if i'm wrong.
so the truth is that its no longer really worth it for non-pharmacists.i wonder if its a good or a bad thing for the profession.
Re: Opening A Pharmacy by Icon(m): 11:26pm On Apr 21, 2007
I think that's a good thing for the profession. It's in underdeveloped countries where pharmacies are bastardized. In some countries, no body will sell drugs to you without a Doctor's prescription. This ensures that pharmacists don't face undue competition from "quacks" like they do in Nigeria.
@Spicie, I'll advise you to get a pharmacist (probably a practicing one) and get his/her advice. I'm sure there are some here @ Nairaland.

1 Like

Re: Opening A Pharmacy by spicie: 12:23am On Apr 22, 2007
Well, tnx alot to all of you.
Re: Opening A Pharmacy by Seun(m): 5:08am On Apr 22, 2007
Completely closing the business to people who are not pharmacists is a completely idiotic idea.
What if I am not a pharmacist but I have good ideas about how to make original drugs affordable for all? angry
Re: Opening A Pharmacy by Icon(m): 9:01am On Apr 22, 2007
Then I believe there should be a kind of notice that'll make people know you're not a pharmacist so that they'll deal with you at their own risk. If there was no such measure, what lucrativeness will there now be in studying pharmacy?
Just like the different Doctors we have nowadays (eg. Yemkem, etc). People know they are not "trained" doctors, they neither have MBBS nor housemanship experience. So people deal with them at their own risk. This is not to say that the methods proferred by such people won't work medically, at times it even works better than medical solutions, but people should just be made aware of what they're dealing with.
Re: Opening A Pharmacy by Seun(m): 10:07am On Apr 22, 2007
What if a Pharmacist owns 60% of my business but doesn't stay in the shop? Isn't that inferior to a shop that is owned by a businessman but employs a pharmacist to stay in the shop at all times? This is just an anti-competitive.

Then I believe there should be a kind of notice that'll make people know you're not a pharmacist so that they'll deal with you at their own risk.
That would be much more sensible than this measure that clearly aims to give pharmacists undeserved ownership.
Re: Opening A Pharmacy by archie7: 11:06am On Apr 22, 2007
its not compulsory that the pharmacist who owns a percentage of the place (the at least 60%) be the same one to oversee the day-to-day affairs of the pharmacy.its all subject to the arragements agreed on.if he's gonna attend to the running of the pharmacy and see patients,he'll be paid for that as well.
and about a non-pharmacist putting up a sign that hes not a pharmacist but owns a pharmacy and will attend to patients-on what knowledge base will he counsel patients.the law clearly prohibits that from happening,thats wh for a non-pharmacist to sell medicines,he can only either sell wholesale,or patent (non-prescription) medications such as cough syrups,paracetamol,etc.
Re: Opening A Pharmacy by Seun(m): 11:13am On Apr 22, 2007
It makes sense for the law to require the presences of an on site pharmacist. Anything else makes no sense.
Re: Opening A Pharmacy by osegwu(m): 12:03pm On Apr 22, 2007
Hnmmmm Interesting
Re: Opening A Pharmacy by spoilt(f): 4:35pm On Apr 22, 2007
it simply doesnt make any sense for a non pharmacist to own a pharmacy. how would he even interprete prescriptions.

1 Like

Re: Opening A Pharmacy by DisGuy: 6:33pm On Apr 22, 2007
spoilt:

it simply doesnt make any sense for a non pharmacist to own a pharmacy. how would he even interprete prescriptions.

that should be the responsibility of the on site pharmacist
Re: Opening A Pharmacy by spicie: 12:46am On Apr 23, 2007
I dont see anything bad in a non pharmacist owing a pharmacy, where he/she has an employed pharmacist to attend the customers/patients. But d best way is the reverse the ownr gets 60% nd the pharmacist get 40%.
Re: Opening A Pharmacy by DisGuy: 12:55am On Apr 23, 2007
I dont know about the pharmacist getting 40% if he is there as an employee he should get the going rate for a pharmacist and a buyer cheesy

1 Like

Re: Opening A Pharmacy by sweetchick(f): 11:28am On Apr 23, 2007
I am a pharmacist though I have on experience with community pharmacy. My advice is go to the Pharmacists Council of Nigeria. They will tell you all the requirements. The fees are not that high. However, they will also come to inspect your premises before you start. They have an office at Yaba where you can pick up the forms for registration. Am not sure where the Abuja office is. Good luck
Re: Opening A Pharmacy by asolacool(m): 11:27am On Apr 24, 2007
I would not advise you to start a retail pharmacy if you are not a pharmacist. The law does not approve for some reasons which i would want Seun to take note of. But as a non-pharmacist you can open a pharmacy for wholesale (distribution) or importation. The laws governing these are clearly spelt out by the Pharmacists Council of Nigeria (PCN). Among others it involves you having a pharmacist on the board of the business (the % is not important) as reflected in form CO7. Also a superintendent pharmacist will have to process your application with PCN. Details of requirements for such registration i can send to whoever is interested.

PCN is charged with the following responsibilities among other:
Setting standards for those seeking to become pharmacist
Laying down the code of conduct desirable for the practice of the profession
Inspectorate activities
Disciplining erring pharmacist
Registering pharmacist
Maintaining a register of PATIENT AND PROPRIETARY MEDICINE LICENSE(POPULARLY KNOWN AS "CHEMIST"wink

Now, a retail pharmacy (quite different from a "chemist"wink is where you can purchase and obtain information about drugs including dosage,possible side effects and general counsel on drugs and disease process because the operator is required to have undergone training for such purpose. IT IS NOT A PLACE FOR DRUG CASH AND CARRY (pls escuse my choice of words). It is a place where vital health issues are solved. Such sensitive and important responsibilities can not be left in the hands of just anybody. That is why Law chambers are opened and run only by lawyers and the same way hospitals by doctors. To maintain this sanity PCN requires that ONLY PHARMACISTS should open a retail pharmacy so that if any problem arise as a result the owner (the pharmacist) can be held responsible by the Council.

2million is quite sufficient to start a modern retail pharmacy. Most of the tips given already are quite o.k except that registration with NAFDAC is not required. The Agency plays only a complimentary role in the running of the business. For instance, only drugs registered by NAFDAC can be offered to patients in a pharmacy.

1 Like

Re: Opening A Pharmacy by adconline(m): 8:14pm On Apr 24, 2007
[color=#006600]@ Teslim
The problem you'll be facing is unfair competition with (Ibgo boys) so called chemists around the neighborhood selling fake/expired an relabelled drugs cheaper.
[sup][/sup][/color]


Always tribalizing issues? Igbo boys are fakers  so are police and custom officers who collude with them. Igbos introduced corruption in Nigeria. By the way Dr. Dora Akunyili , NAFDAC Boss- is a Nigerian ok.  We always see faults in other tribes except ours. Grow up and live beyond ethnic  hartred.
Re: Opening A Pharmacy by mubowa(f): 7:17pm On Apr 27, 2007
i personally think you need 2 more million to run a proper phamacy store. but if you are talking about a medcine store or chemist, you don't need up to a million. but phamacy, you need up to 4 million naira.

hope i haven't jump by saying the truth
Re: Opening A Pharmacy by asolacool(m): 5:13pm On Apr 30, 2007
i personally think you need 2 more million to run a proper phamacy store. but if you are talking about a medcine store or chemist, you don't need up to a million. but phamacy, you need up to 4 million naira.

hope i haven't jump by saying the truth

It will be really nice if the 4million is available to start. But i assure u, with a million naira u can open a RETAIL pharmacy. And u can take that to the bank. U see, all depends on what u have ur expertise and of course, ambition.
GOOD LUCK.
Re: Opening A Pharmacy by tayog(m): 4:25pm On May 02, 2007
Hey, thats a very thoghtful idea. But i`d say why dont you hire a business planner who can work along with you and help do all the necessary research so as to validate the imaginations. That might require just a little fee!
Re: Opening A Pharmacy by bobidinc(m): 3:56am On Sep 28, 2011
also thinking of doing this and i need advice, i'm a pharmacy technician

1 Like

Re: Opening A Pharmacy by Starfruit(f): 4:44am On Sep 28, 2011
Any one should be able to open a pharmacy however only qualified personnel should dispense certain medications. If a pharmacy can not afford to pay for qualified personnel full time then hours could be set for part of the day and medication locked away when closed. The pharmacy could then still sell cough medicine and other over the counter remedies. The business pays for the hours worked. Any other payments should be on the basis of business involvement. Here in the UK we have a prescription system so you can only get medication with a prescription. My local pharmacy, we call them chemists in the UK opens late two evenings a week and no qualified personnel on the premises but you can leave your prescription and collect the following day. You are given a receipt which is printed out and the other kept by the chemist. When the chemist comes in the following day they dispense the medication according to the prescription, place it in a bag and attach your details. Providing you have your receipt wherever the chemist is there or not you can collect your medication. This is very basic the way I have laid out the information but it give the bare bone and makes for a very efficient system which can be very cost effective. We also have one chemist chain that does not dispense any medication and rely on associated products and personal care merchandise.

What do you guys think of our system here in the UK.

1 Like

Re: Opening A Pharmacy by page9(m): 10:59pm On Oct 01, 2011
D system is obviously o.k for UK
But here, most pple don't go to d hospital until d sickness has gone out of hand.
In such a sitution, any delay in getting d drugs for whatever reason could b extremely dangerous

(0) (1) (Reply)

Billionaire Wife Shade Okoya Dazzles In New Photos / Yaba Market Demolished By Lagos State Government (Photos) / Emeka Offor Is Now Broke - SaharaReporters

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2017 Oluwaseun Osewa. All rights reserved. See How To Advertise. 116
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.