Putting Up A Drugstore In The Philippines
More and more people must buy medicine for their daily needs. Since the demand is growing , the potential of the pharmacy business is brighter than ever. The popularity of inexpensive generic medicine has also opened up new opportunities. Less capital is needed for generics and they are also more profitable to sell than branded medicine.
Here are some tips on starting a drugstore:
First, look for an ideal location. The most important factor in the success of a retail pharmacy is a good location. The regulations state that there must be at least 15 square meters of floor area. Look for a place where there are a lot of potential customers living nearby. Consider if there is already too much competition in the area. If you will be renting, make sure to compute if the projected sales and profits would justify the rental amount.
Get your business name registered. If you plan to be a sole proprietor, go to the DTI (Department of Trade and Industry); for a corporation, register with the SEC (Securities and Exchange Commission). Then get clearance from the local barangay and obtain a mayor’s business permit before proceeding to the BIR to register and have the authority to print receipts.
Hire a pharmacist. Before proceeding to the FDA, you must already have a pharmacist. All drugstores must have a pharmacist for every hour it is operating. Note that a pharmacist can use his/her license for only one establishment. To improve productivity, the pharmacist should be given the tasks he/she is expected to perform. A small company should require that the pharmacist must help also in the selling.
Get the list of requirements from FDA (Food and Drug Administration). Besides the requirements standard for all businesses, a drugstore must comply with the rules of the FDA. The FDA has an extensive checklist that you must comply with in order to get their approval.
Study your market to determine the ideal product assortment. In planning what items you are going to sell, you must study the buyers in your area and the product lines and prices they carry. It is suggested that you have a large amount of generic items because they are very cheap and can be sold with a good profit margin. In fact, many drugstores specialize in generic items almost exclusively.
Hire capable personnel. Since you will be selling products that affect health, it is critical that you hire only those who are mentally able to perform their tasks well. It is preferred that you get those who already have experience working under good management.
A drugstore is not an ordinary business because it directly involves the health of many people. It is this opportunity to be of service, besides the profit motive, that should be the objective of those who plan to go into this business.
To know more about this, BusinessCoach, Inc., a leading business seminar provider, conducts a seminar entitled, “How to Start a Drugstore Business.” Contact (02) 727-5628, (02) 727-8860, (0915) 205-0133 or visit www.businesscoachphil.com for details.
Click here to view details of the seminar: How to Start a Drugstore Business»
*Originally published by the Manila Bulletin. C-6, Sunday, October 20, 2013. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.