How to set up a chemist shop in Nigeria? Starting a Patent Medicine store in Nigeria is highly lucrative and rewarding. This is because it is one of the basics needs for wellness. Almost every day, there will be a person who requires drugs. As humans are infallible, we get tired and sick every day. Hence, taking an advantage of this to start a patent medicine store in Nigeria will be highly rewarding.
Therefore, this article will show you everything you need to know about starting a successful chemist shop in Nigeria. But before we highlight the steps needed to start a profitable patent medical store in Nigeria, let’s differentiate between a pharmacy store and a patent medicine store.
Read Also: How to Start a Successful Pharmacy Business
What is a Patent Medicine Store?
Most people confused a pharmacy or drugstore to be the same as a patent medicine store(also called a chemist store). In honestly, there is a huge difference between the two. Not everyone can open a drugstore or a pharmacy but almost everyone can run a chemist shop. Before you can run a retail pharmacy business in Nigeria, you have to either be a trained or certified pharmacist or hire one. While owning a chemist store requires you to only undergo some training and join the National Association of Proprietary & Patent Medicine Dealers (NAPPMED).
Hence, running a Patent medicine store requires a minimum of training or apprenticeship under a registered patent medicine dealer. Mostly these stores are found in minor streets in cities or rural areas. They mainly bring drugs closer to communities where pharmacy stores, hospitals, or primary health centers are far.
Steps to Set up a Chemist shop/ Patent Medicine Store in Nigeria
Many people are curious and ask questions like how to start a chemist business? Who can open a patent medicine store? Requirements for a patent medicine store? Fortunately, this article addresses all, you just need to read this article finish to find answers to your questions.
1. Apprenticeship/ Training
Undergoing training under a registered patent medicine store owner is one of the requirements for a patent medicine store. This is to help you gather the knowledge required to run your store.
It’s through this apprenticeship that you will learn about different drugs and what are used for. You also learn about pricing, sales, and genuine suppliers of these drugs.
2. Get Licensed
As mandated by the Pharmacy Council of Nigeria (PCN), you will need a license before you can operate a Patent Medicine store in Nigeria. This will be issued by PCN through your state ministry of health after finishing the required training. Hence, you can open your chemist shop in Nigeria after obtaining this license.
3. Register Your Business
You can register your business after opening your patent medicine store with the regulating association. The National Association of Proprietary and Patent Medicine Dealers (NAPPMED) is the main body that regulates the activities of patent medicine stores and chemist shops.
Depending on your location or state you may be required to pay N200,000 or more to join the association. Afterward, a fee of N20,000 or more is paid yearly for renewal.
Apart from being a member of NAPPMED, you can also register your business with Corporation Affairs Commission (CAC) to make it recognized. For this, you may be required to present your license as well as other important information.
Read Also: The Cost of CAC Registration Fees in Nigeria, 2021
4. Choose a Good Location
After obtaining the necessary license and registering your business, the next step is to rent a shop for your business. You need to choose a good location to ensure profitability.
A good location for a patent medicine store or chemist shop will be villages, minor streets, and rural areas. Ensure your chosen location is far away from the primary health care centers, hospitals, or even big pharmacies.
5. Buy Drugs and Other Necessary Materials
After renting a good shop for your chemist business, the next thing is to look for genuine suppliers. With your training and associations, you should be prepared to get contacts of genuine and credible suppliers/ wholesalers to buy from.
In all you do, ensure you stay away from fake and expired drugs as this can tarnish your business image. Also, you can be sanctioned by NAFDAC and other related bodies if caught. Hence, you need to ensure you fill your store with credible and legal drugs.
6. Attend Meetings and Orientation
The last step in opening a patent medicine store in Nigeria is to attend necessary meetings and seminars regularly. An important example of that is the yearly orientation organized by the Pharmacy Council of Nigeria. It’s mainly to increase your knowledge and inform you about new trends and drugs in the industry.
Also, as a registered member of NAPPMED, you will have to attend their meetings regularly for further information.
Cost of Starting a New Chemist Shop in Nigeria?
There is no definite cost for starting a new chemist shop in Nigeria. It depends on a lot of things like location, preferences as well as capability. From the above-mentioned steps we highlighted steps to start a patent medicine shop in Nigeria, you should be able to determine the cost of capital you will need to set up your chemist business in Nigeria.
With all these tips, starting a profitable patent medicine store won’t be a problem.