Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
Pharmaceutical sector is a regulated sector and regulated under drug and cosmetic act & rules. Pharmacy is related to pharmaceutical retail business and for starting pharmacy business, you will require to take Retail drug license.
Most of times, we misunderstood the pharmacy term and we consider a pharmacy as a drug store and chemist shop. But there is difference between chemist shop and Pharmacy. Licensing requirements and documents also differ to some extent in both. But most of times they are used as a synonyms for each other.
Pharmacy is the pharmaceutical retail business that employs the services of a registered Pharmacist and maintains the compounding of medicines along with dispensing of pre-packed formulations against prescription of registered medical practitioner.
The term Pharmacy shall be held to mean to include every store or shop or other place:
Most of Pharmacies are also involve in dispensing of pre-packed medicines only. For very rare cases, compounding is necessary. So, Healthcare professionals also avoid this practice and believe in only prescribing pre-packed medicines. That’s why Chemist shop concept is much more popular in India as compare to setting-up Pharmacy.
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Most of times, we misunderstood the pharmacy term and we consider a pharmacy as a drug store and chemist shop. But there is difference between chemist shop and Pharmacy. Licensing requirements and documents also differ to some extent in both. But most of times they are used as a synonyms for each other.
Pharmacy is the pharmaceutical retail business that employs the services of a registered Pharmacist and maintains the compounding of medicines along with dispensing of pre-packed formulations against prescription of registered medical practitioner.
The term Pharmacy shall be held to mean to include every store or shop or other place:
- Where drugs are dispensed, that is, measured or weighed or made up and supplied ; or
- Where prescriptions are compounded; or
- Where drugs are prepared; or
- Which has upon it or displayed within it, or affixed to or used in connection with it, a sign bearing the word or words Pharmacy, Pharmacist, Dispensing Chemist or Pharmaceutical Chemist‖; or
- Which, by sign, symbol or indication within or upon it gives the impression that the operations mentioned at (1), (2) and (3) are carried out in the premises; or
- Which is advertised in terms referred to in (4) above.
Most of Pharmacies are also involve in dispensing of pre-packed medicines only. For very rare cases, compounding is necessary. So, Healthcare professionals also avoid this practice and believe in only prescribing pre-packed medicines. That’s why Chemist shop concept is much more popular in India as compare to setting-up Pharmacy.
Licensing and Requirements:
- Premises should not have less than 10 square meter area. The areas of the section to be used as dispensing department shall be not less than 6 square meters for one pharmacist working therein with additional 2 square meters for each additional pharmacist. The height of the premises shall be at least 2.5 meters.
- At least appointment of One Registered Pharmacist
- Retail Drug License Number
- Goods and Service Tax Number (If turnover is more than 40 lakh or deals in online selling of medicines)
Along with requirement necessary for chemist shop, A Pharmacy shall be provided with the following minimum apparatus and books necessary for making of official preparations and prescriptions:
Apparatus:
- Balance, dispensing, sensitivity 30 mg.
- Balance, counter, capacity 3 Kgm., sensitivity 1 gm.
- Beakers, lipped, assorted sizes.
- Bottles, prescription, ungraduated assorted sizes.
- Corks assorted sizes and tapers.
- Cork, extracter.
- Evaporating dishes, porcelain. Filter paper.
- Funnels, glass.
- Litmas paper, blue and red.
- Measure glasses cylindrical 10 ml, 25 ml, 100 ml and 500 ml.
- Mortars and pestles, glass.
- Mortars and pestles, wedgwood.
- Ointment pots with bakelite or suitable caps.
- Ointment slab, porcelain
- Pipette graduated, 2 ml, 5 ml and 10 ml.
- Ring, stand (retort) iron, complete with rings.
- Rubber stamps and pad
- Scissors
- Spatulas, rubber or vulcanite Spatulas, stainless steel.
- Spirit lamp
- Glass stirring rods. Thermometer, 0oC to 200oC.
- Tripod stand
- Watch glasses.
- Water bath
- Water distillation still in case Eye drops and Eye lotions are prepared.
- Weights, Metric, 1 mg. to 100 gm.
- Wire Gauze.
- Pill finisher, boxwood
- Pill Machine.
- Pill Boxes.
- Suppository mould.
Books:
- The Indian Pharmacopoeia (Current Edition).
- National Formulary of Indian (Current Edition).
- The Drugs and Cosmetics Act, 1940.
- The Drugs and Cosmetics Rules, 1945.
- The Pharmacy Act, 1948.
- The Dangerous Drugs Act, 1930.
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