In this boge post frequent asked question discussed about Medicine Store.
Do you prefer online medicine stores or local chemist shop & why?
India is a price concious market and nowadays when we are flooded with cashbacks & discounts,
our purchase decisions are based on these offers.
Till 2016-2017, local medicine stores sold medicines on MRP only and people were also reluctant to
purchase medicines online because of delayed (2-4 days) delivery & almost same pricing.
But now with the change in buying pattern of users and the fast delivery of logistics, people are buying medicines online.
Moreover, to compete with the online stores, local stores are also offering home delivery of medicines by receiving prescription
on whatsapp and with 10-15% discount.
When it comes to my preference, it totally depends on 3 factors :
1. Urgency of that medicine
2. Quantity
3. Availability
Urgency : If the medicine is very urgent then I purchase it from Local store only.
If the medicine is not that urgent like Multivitamins, Calcium or some medicines which
need to be given on weekly basis then I prefer Online.
Moreover, If I go to doctor during morning hours and the medicine has to be taken during night,
then also I prefer Online because nowadays some online stores are providing same day delivery if ordered before 1-2 PM.
Quantity : Online stores provide Full strip only and if I do not need full strip then I prefer Local stores.
But if the prescribed quantity is equal to the quantity of strip then I prefer Online.
Availability : Doctors in multi-chain hospitals usually write those medicines which are available in Hospital’s pharmacy only.
So You can check the medicine online, if it is not available then You can opt for in-house pharmacy only and till now You have not seen a single in-
house pharmacy who offer discount on medicines.
If the medicine is available online and satisfies the above 2 points also then I prefer Online.
Have online medicine stores effected chemist shop sales?
Answer is Yes & No both,
For regular medicines, health supplements, daily health supplies like diapers etc.,
Yes, Online stores have effected the sales of Local chemist shops.
With 20%-30%-35%-50% cashbacks or discounts, 30-day return policy and free online
consultation from doctors has made online stores a preferable choice for millenials.
Although this Advertisement shows embarrassment due to Gas medicines but
in this 21st century, it is a sad reality of our society that many people are still afraid of
asking/buying Condoms, Sanitary Pads, 72 hour pills or any sexual health related items
from nearby pharmacy shops. So, they also order through online stores without any fear.
Now, when it comes to medicines during emergency or injections which require Ice-pack or cooled environment,
No, online stores haven’t effected the sales.
Currently, Online stores have delivery time limitations and they are trying to overcome that by connecting with nearby pharmacy shops.
But still, many people prefer to buy from their family chemist shops from whom they are buying for years.
Moreover, there is a common trend nowadays that medicines prescribed by doctors are usually available
ONLY at the nearest pharmacy shop of the doctor’s clinic or in Hospital’s pharmacy only.
As people are reluctant in buying medicine with same salts but different drug company, nearest pharmacy
shops to the clinic still has an edge over nearby pharmacy shops to your home & online stores as well.
So, in the end its completely your choice to choose any medium or to maintain a balance between
both but as a regular medicine buyer on behalf of my family, I would say Online stores have saved a lot of money for me and my family.
What are the common advantages of the best Indian medicine store?
It is time so that it will deliver a 2d concept with the Best Indian Medicine Store in case you suppose that
the blessings you’re presently availing with the drug keep aren’t sufficient.
Well, the benefit which you may get from the quality scientific store on your locality will in no way be to be
had from any on-line or different shops.
From the pinnacle scientific store, you can actually count on extra things.
For the valued and generalized clients, the scientific store leaves no stone unturned in turning in the exact provider.
Over the years, it’s far those efforts that have helped them in growing lots of clients.
The customer-centric provider makes the store particular in nature.
# Attending The Customer Individually
It is the character of India’s Best Pharmacy Store to offer significance to the clients.
Along with affordability, scientific shops offer lots of things. For powerful treatment, the skilled workforce will offer exact advice.
# Providing Commendable Service
With a neighborhood presence, you may capable of experiencing a number of the best blessings from the scientific store.
The store gives fast offerings thru unfastened domestic delivery, preserving in minds the ease of the patients.
The clients have the alternatives to purchasing nonprescription and prescribed drugs at once from the keep.
# Facilities Provide By The Store
- Assistance In Procuring Imported Medicines
- Conduct Free Health Check-Up Camp
- Twenty 4 hours serviceable outlet
- Incredible discounts
- Special schemes for bodily challenged people
# Affordable Price Range
For the overall buyers, the neighborhood keep can offer the drugs at a low priced value.
For each over-the-counter drugs, the store gives higher charges for all of the tablets.
This may be a terrific preference for all of the buyers, who’re shopping for tablets on an everyday basis.
The charges of medication are much less from the neighborhood keep.
# Ease Of Buying The Drugs
This is usually a vital part of the neighborhood keep.
Suppose you’ve got long past to the scientific store through estimating a sure charge for a selected medicine.
The value of the drugs is just too excessive often. This is performed if the man or woman is known.
What is the scope of starting an online medicine store in India?
At an age where everything is going online and people are buying almost everything from grocery to gadgets on web stores, it is time that the medical and pharmaceutical market catches up to the trend and indeed it has. You can now fulfill all your medicinal needs online, at well, an .
Formalities to be made when opening an online pharmacy
- As stated above, certain laws are to be followed while opening an online pharmacy and these rules are quite stringent.
- All laws have been well established and any online pharmacy must comply with all the rules and regulations, however, there are many loopholes that these pharmacies are utilizing for their profit and illegal drugs have been on the rise.
- Because of its vastness, medical laws cannot be all encompassing hence causing circulation of illegal drugs and pharmaceuticals.
Scope of Online Medicine store In India(current situation):
online pharmacy model is getting more and more attention of investors and entrepreneurs.
According to industry experts, this sector has great business potential and is believed to grow from $18 billion markets to $55 billion by 2020.
Since Pharmacy is a healthcare sector, it comes with its own rules and norms which are to be followed strictly to ensure the quality and safety of drugs as well as human lives. When I first heard about this new concept of online purchasing of drugs,
The number cannot be exactly estimated, however, based on a search, around 3000 online pharmacies were found, and
half of them were based in the USA and 19% in UK and the balance in other countries like India, Canada, etc.
In another finding, B-2-B companies also offered online pharmaceuticals of which 19% are from India.
POINTS TO REMEMBER
Online pharmacies offer drugs at low cost or at discounted prices to lure customers.
If the online pharmacy gives cheaper alternatives of drug/s prescribed, this violates the doctor-patient-pharmacist relationship,
which is based on trust.
Pharmacy laws in India do not allow a pharmacist to substitute a brand written by a doctor.
Pharmacists are also not authorized to change potency of the prescribed drug, even if the patient asks for it.
Refilling of a prescription is not allowed by pharmacists unless authorized by the doctor.
If the doctor has prescribed a drug, e.g., 3 days, the pharmacist cannot dispense drugs for more than this duration.
Online pharmacies may provide rebates and commissions to doctors to provide prescriptions on the basis of
online information that has been filled by the patient.
This way doctors will be vulnerable to malpractice suits. Regulation 6.4 of MCI Code of Ethics prohibits doctors from giving
“It is largely about the interpretation of law.
The Pharma Act had no clarity on electronic copy of a prescription.
However, the IT Act says that any digital copy of a document will be valid if there is an original copy which can be presented at the time of verification,” said Bhardwaj, adding that he launched Zigy only after getting a green signal from the law firms.
So, after considering all the possible aspects I hold consent to the whole idea of online pharmacy and looking forward to its full-flowing and positive contribution to Healthcare sector.
Can a retail medicine store sell medicine through online portal?
Selling medicines online is not a easy task.
First of all you have to fulfill all the compliance set by Govt. of India whether you are selling offline and online.
Let me guide you by giving you the rough idea of the cost to run online portal (drug license, stock and other things are not included).
- Cost of a website
- Website maintenance cost
- Website promotion
This is only website cost (staffing, warehouse maintenance, space renting/purchase are not included).
Golden tip: Starting medicine business online just for the sake of following the trends is not advised.
Better you have proper plan(cost, estimation) on the paper first, analyse your risk taking capability then jump into selling medicine online.
Follow some big giants of online medicine such as Flipkart health plus, 1 mg , Pharmeasy, Retailershakti etc.
What is the cost of setting up a medicine store in india?
Cost of staring a medical shop could be broadly divided into 3 parts.
- Cost of premises (owned/rental), cost of furniture
2) cost of stocks
3) admn expenses like cost involved in obtaining licences.
Cost of premises is the major expense and is variable depending on locality, size of shop, owned/rental.
In furniture again depends in taste and presentation.
Basics on these are a refrigerator, basic shelves to stock medicine, a cup board to keep documents and purchase bills.
Computer and air conditioning is optional.
On stocks, again it depends on what kind of stocks, just medicines or medicine and cosmetics or medicines,
cosmetics and medical furniture like walkers, stands etc. If its simple medicines it should cost around 2 lacs, for cosmetics another 50k.
Licencing and other paper work in Delhi is relatively economical.
With nominal fee one can manage licences.
Medical retail shop business is relatively less risky and easy to operate.
It’s about establishing business later wholesale shops offer stocks on credit and the credit period is around 30days.
One can comfortably do business with wholesalers money but retailers sell stocks on upfront payment.
Buying on credit and selling on cash is a win-win situation
Why is it called a drug store instead of a medicine store?
Because it’s where you get your drugs from. No but I believe it has something to do with the word medicine.
For example doctors practice medicine but they don’t sell medicine.
I did find out what the difference between a pharmacy and a drug store is:
drugstores commonly sell medicines, as well as miscellaneous items such as confectionery, cosmetics, office supplies, toys, hair care products
and magazines and occasionally refreshments and groceries (which is more common in the United State).
Pharmacy: An establishment in which pharmacy (in the first sense) is practiced is called a
pharmacy(this term is more common in the United States) or a chemist’s (which is more common in Great Britain)
Which medicine store will survive in the future, generic or branded?
According to WHO statistics, almost half of the world’s population is deprived of standard health coverage.
Within the same,more than 95 million are poverty ridden because of their medical bills and nearly 800 million use maximum of their household
budget on the medicines.India is also included in this list and is loaded with an abundance of generic medicines available in the market.
The proliferating confusion and misinformation about generic medicines across stakeholders, prescribers, pharmaceutical trading agencies and
policymakers has accelerated and so amongst the patients.
The term ‘generic’ word in India denotes the medicines which are marketed under a generic name.
Then there is another term called ‘Branded generics’, to connote medicines which are now off patent and sold under a brand name by companies,this
represents almost all the drugs in the Indian Pharmaceutical market.
On October 2012, Government of India issued a direction that the drugs will be sold within a generic name instead of their brand names.
It caused an uproar in the medicines manufacturing communities in India.
Brand Scam:
Several pharmaceutical trading agencies and drug makers portray branded generics are superior to unbranded generics via advertising and
promotion.
Patients emphasize and value safety, quality and cost effectiveness of medicine and it doesn’t matter to them whether the drug is branded or
unbranded.
Drug makers in India market same molecule under several brand names at different prices.
Medical professionals have added to this confusion by indicating they trust drugs made by reputed companies.
The debate continues as many companies often argue how chemists and pharmacists promote & market, drugs which are affordable than that
prescribed by doctors.
It helps to keep a margin and don’t have to share the incentives.
In a recent study, India’s trade margin for several branded medicines varies from 200% to more than 2000%.
Not only this, the practice of self-medication is widespread in the nation among several socio-economic groups is similar to the practice of over the
counter drug dispensing.
Indian patients end up paying exorbitant prices for over the counter drugs bought from local chemists as they are unaware of the profit margins on
simple antibiotics, painkillers, cough syrups or antihistamines
-BOTH GROUP OF MEDICINES HAVE THEIR OWN ASPECTS,TERMS & IMPORTANCE IN MEDICAL ERA!
What documentations are required to start an Ayurvedic clinic with a medicine store?
Ayurveda degree certificate with state or central registration will do.
If you are not an Ayurveda Doctor, you can use one of your friend’s or the consulting Doctor whom you will appoint at your clinic.
If you are looking for selling Ayurveda products primarily then you can try to get Dealership from Ayurveda companies
Amazon company is going to provide home delivery of medicines.
What will be its impact on the business of medicine stores?
Not a whole lot. In the US a bunch of pharmacies are already running home delivery services, and
have been since long before the pandemic exacerbated things.
At a bare minimum, walk-in retail pharmacies will still be needed for things like antibiotics or schedule II drugs in the US; medicines that need to be
taken immediately and medicines that have strict oversight.
I would imagine the pharmacies will also still do a healthy trade in over-the-counter remedies like cough drops, nasal saline, or similar products.
The biggest impacts will probably be felt for customers who want to keep a rolling 4-week supply of maintenance medications, which mail-order
pharmacies are reluctant to fulfil (if they allow single-month fills at all!), or those whose home address shifts around frequently like military personnel
since it might be easier to set up a forwarding address than to find a branch of their pharmacy in each new location and request to have all of their
prescriptions moved each time.
On the other hand, one effect Amazon getting into the market might have would be putting pressure on the mail carriers the mail order pharmacies
rely on to perform at peak levels, since there would be a viable alternative.
How much money is required to open a medical store ?
After taking premises for running the shop, getting furniture which may cost you around 75000–100000/-
and getting a drug license, you will need a stock of around 4–5lakh to attain an average sale of around 10,000/day in an average locality.
If your locality is a village area or a small sub-urban are where self dispensing practice is prevalent then the stock of 100000 would be sufficient,
in a area where number of doctors or nursing homes is high the value of stock will be higher as you need to maintain a bigger stock.
For online pharmacy concept if you have a tie up with an agency you would have yo maintain bigger stock, returns would be lesser but turn over
What are some interesting business models?
These types of Medicine store with Doctor, you would have definitely seen :
Image source:Google
Have you ever thought about its business model.
If you observe there are two visible partners here-Doctor and medicine shop owner,but there is one invisible partner-Local pharma company(in maximum cases).
Suppose there is a doctor who works somewhere and is having some off day/free time in evening and thus wants to do practise.
As it is bit tough to find patients for a limited amount of time/certain day in a city,so best option is to practise at a place where there is scarcity of
doctors.
So,one of the local pharma companies will tell sir,we will find a place for you where you can go to one day/week or for certain time daily.
Medical stores are present in each and every nook and corner of country and generally they keep extra space/chamber where doctor can sit,so the
mediator work is done by pharma company.
Since ,local pharma companies are contact with them as they provide medicines ,so they will ask the medicine store that from next week they will
arrange one doctor who will come on certain day /time.
Generally such stores are choosen far from main city,in bit interiors where there are no doctors(about 40–50 km from main city).
Medicine stores have generally no issues as it will give them extra income.
So,stage is set.
The medicine store owner will put the board of doctors name,will advertise through pamplets in local newspaper or in auto rickshaw.
The doctor will come on the specified date /time and see the patients.Remember one thing ,doctor have” not to pay any rent” to the medicine store
owner for using his chamber.Pharma company will bear the cost of transportation,accomodations(if required) and fooding of doctor for
which doctor will write medicines from that particular company only.
So,see the model-medicine store owner is happy as medicines will be sold and he will get consolidated
customers in one go(as in 99% of cases a person will buy medicine from that store only where doctor is sitting),
doctor is happy as he will be getting his consultation fee and his free day will be utilised and pharma company is also
happy as the medicines of their company are being sold.
This is one of the interesting business model which is running successfully in all peripheral part of country.