Medical Store In Haryana

[Adriana Gowen]

Hospitalmedical stores, chain pharmacies, and township medical stores are generally established under a larger corporate hospital or entity such as a company. The standalone and township medical stores are usually set up as shops by proprietors or partners. A person wishing to open a medical store must first decide the type of medical store they want to set up and apply for its registration and other licences.

Storage facility: Medical stores must be equipped with an air conditioner or refrigerator since the labelling specifications require that certain drugs, like insulin injections, vaccines, sera, etc., should be stored in the refrigerator.

Hospital medical stores, chain pharmacies, and township medical stores are generally established as a company or LLP. The standalone and township medical stores are usually set up as partnership firms or sole proprietorships. The medical store owner should decide the type of business structure for the medical store and apply accordingly for its registration. Below are the types of business structures that a medical store owner can choose for opening the store:

In a sole proprietorship business, there will be only one person as the owner of the medical store. The sole owner runs and manages the medical store. There is no specific registration required to be obtained to establish a sole proprietorship. The sole proprietor or owner should get a PAN card and open a bank account to run the business.

A partnership firm means the medical store is established by two or more partners who manage the business together as per the partnership deed executed by all partners. It should be registered with the Registrar of Firms.

A One Person Company (OPC) is a company registered by a single person as the sole member of the company. An OPC can have only one member who runs the medical store. When a medical store is registered as an OPC company, it will get all the benefits of a company, such as limited liability to the company member, perpetual succession, separate legal entity, etc. An OPC should be registered with the Registrar of Companies (ROC).

A medical store can also be registered as a private limited company with the Registrar of Companies. A private limited company is started by a minimum of two members and two directors. However, the company cannot issue a prospectus inviting the public to subscribe to its shares.

Recently, Limited Liability Partnerships (LLPs) have gained popularity. Medical store owners are considering it to set up their businesses as an LLP. Two or more partners establish an LLP under an LLP agreement executed by all the partners. The functioning of an LLP is similar to a partnership firm, but it has the features and advantages of a company. An LLP should be registered with the Registrar of Companies.

Apart from the medical store registration, many other registrations and licences are required by a medical store owner to run the business. The other significant registrations which a medical store owner must obtain after registering the medical store as a sole proprietorship, partnership firm, LLP, or company are as follows:

A pharmacy licence is one of the major licences required to operate a medical store. The medical store owner or the appointed pharmacists should be qualified pharmacists with a degree of B. Pharm or M. Pharm to secure a pharmacy licence.

Any business, including a medical store, requires a Goods and Service Tax (GST) registration if the aggregate turnover of the business exceeds the threshold limit in a financial year as prescribed under the GST Act. Under the GST Act, any business supplying goods having a turnover beyond the threshold limit of Rs.40 lakhs for normal category states and Rs.20 lakhs for special category states in a financial year must obtain GST registration.

Every medical store needs to obtain a drug licence before commencing business. Since medical stores are involved in procuring and selling drugs, they will have to obtain a drug licence from the Central Drugs Standards Control Organisation (CDSCO) and State Drugs Standard Control Organisation (SDSCO). There are two types of drug licences that a medical store needs to obtain depending on the type of store:

Establishing a medical store is a good option since the medical sector is growing in India. To open a medical store, an individual must obtain a partnership, proprietorship, LLP or company registration. Once the store is registered, the individual must mandatorily obtain other licences and registration to run the business smoothly, such as the drug licence, shop and establishment licence and pharmacy licence. The individual must also comply with store requirements as per the Drugs and Cosmetics Act, CDSCO and SDSCO rules and regulations to operate the business of selling medicines and drugs.

Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice. It should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.

The nearest chemist shop or medical store is where we rush to when we need to buy medicines. Be it in the morning or at night or any other time in the day, chemist shops are our saviors in time of need.

The best pharmacies in Faridabad are generally open during weekends, holidays, and for additional hours so that people can get the required medicines at any time of the day. Keeping this list handy can be of great use, especially in case you are looking for a chemist shop near your place.

Medicines are the need of the hour. Since the dawn of COVID-19, every other person searches for a medical store near me. The entire world relies on medications to fight diseases every day.

It is no doubt that every one of us must have come across the thoughts of owning a pharma shop. But how many of us have done some research around the same Today, we will learn about starting a medical store in India in a step by step manner.

It is no doubt that the pharmacy business is a booming business in India, a business model that stays intact and is solid against economic cycles. Interestingly, as per stats based on the pharma industry's revenue, it generated a total of around 70 percent of the overall market revenue back in 2018.

Considering the increasing potential in this business, owning a medical store is a dream for many. Before you think about things like how to start a medical store, you must be aware of the type of medical shop you want to own. Below are some of the commonly available options-

One of the major requirements for opening a medical store is to be qualified and secure a Pharmacy License. For the person to open a medical store and be a qualified pharmacist, they need to secure the degree of B. Pharm or M. Pharm.

The second step after securing the pharmacy license is to go ahead with the land registration process. Now, this is where the investment factor comes to play. You can have your own piece of land to be registered as a medical shop or can rent one for the same purpose. It depends on the type of investments or the assets that you currently have. To register your land for a pharma-shop, you need to present the rent deed or a sales agreement. This process might require you to seek help from legal entities.

Once you have registered your business by showing it as a proprietorship or partnership or a company, registration is very important. However, there is again a situation when it comes to the registration of a company. You can have the following options when it comes to the registration of a company:

Listed here are the types of registration that an applicant can apply for. Now, as far as the municipal corporation's rules go, you need to amend the regulations laid out by your respective municipal corporation. When it comes to running a business, you need to establish a registration. Getting a registration not only supports your business but is also a liable factor for obtaining a supporting document required for other licensing and registrations.

As India's Government has it, the application of Goods and Services Tax is a must for every business entity. A medical store is no exception, as well. So, if you plan to open a medical store, you need to acquire the Goods and Service Tax registration. Now, you need to know the different threshold limits that are available in a GST registration. The Government has specified the GST limit to be of INR 20 lakhs besides the for North-Eastern Hilly states where the GST threshold limit is set to INR 10 lakhs.

The last legal formality you need to clear before opening a medical store is the registration of a drug license. Irrespective of the turnover, every pharmacy, despite its size, requires you to acquire a drug license from the Central Drugs Standards Control Organisation and State Drugs Standard Control Organisation. The two major drug licenses issued by them are:

A license is required to run the general chemist shop, which requires you to deposit a minimal fee to begin operations. However, it should be noted that the process of registration can only be carried out by an individual who has achieved the degree or diploma in pharmacy from a university or an institute that is listed.

If you are planning to supply or sell medicines in wholesale, you need to issue a license for the same. Unlike Retail Drug License, the applicant does not have to follow a specified set of rules and regulations. Certain restrictions are levied under the issue of this license.

Having the right documents is just the beginning of settling your pharma store business. Even after securing all the documents, certain eligibility criteria need to be met. Looking at the figures that indicate that the pharma industry will grow by 754% by 2060, it is indeed the right time to get started.

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