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How to grow your Pharma Business?

  Growing a pharma business requires a strategic approach considering the specific context of your company and the pharmaceutical industry as a whole. Here are some general pointers to get you started: Market and Customer: Identify your target customer: Deeply understand the specific needs and challenges of your target audience, whether it's doctors, patients, hospitals, or other healthcare providers. This helps tailor your products, services, and marketing efforts. Focus on unmet needs: Look for gaps in the market where existing solutions are inadequate or unavailable. Addressing unmet needs can give you a competitive edge and drive innovation. Track market trends: Stay updated on regulatory changes, technological advancements, and emerging diseases to adapt your approach and anticipate future opportunities. Products and Services: Invest in R&D: Develop innovative products or differentiate existing ones through unique formulations, delivery methods, or combinations. Remember
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How to start online pharmacy in India?

Online pharmacy is a latest trend and has only 1 percent share in Indian retail market but it is growing with CAGR of 13.6% and expected to surpass US$105 billion by 2025 globally. The global E-pharmacy market was valued at US$ 36.7 billion in 2017. In India, it is expected to grow at CAGR of over 20% to surpass US$ 3 billion mark by 2024.

List of top most online pharmacy companies:
  • NetMeds
  • 1mg
  • Apollo Pharmacy
  • Healthkart
  • PharmEasy
  • MyraMed
  • MedsonWay
  • Care On Go
  • Metapharmacy.in
  • Medidart.com
  • Buydrug.in
  • Medplusmart
  • mChemist

Pharmaceutical sector is regulated in India under Drug and Cosmetic Act & Rule, 1940. From manufacturing to dispensing, every step is regulated and has to take license for it before entering into business. Drug and Cosmetic Act & Rule doesn’t differentiate between Offline and Online pharmacies but it also fall under Drug and Cosmetic act & rules as it is related to medicines and pharmaceutical products.

In this article, we will discuss about how you can start online pharmacy business in India.
Online Pharmacy has to fulfil requirements of two Acts; one is Drug and Cosmetic Act & Rules and second is Information Act, 2000. Before opening online pharmacy, you have to compile with both laws rules and regulations. Drug and cosmetic act & rule are applicable because its deal in pharmaceutical preparation and IT act is applicable because it is E-commerce business.

Before Starting of Starting of online sale of medicine and pharmaceutical products, you need to fulfil following requirements:
  • Appointment of Registered Pharmacist if you or your partner is not a registered pharmacist
  • Fulfilment of minimum area requirement and other requirements
  • Set-UP an offline pharmacy store by taking retail drug license
  • Take Goods and Service Tax Number
  • Own online selling app or has to opt for seller at existing online pharmacy portals

After setting up online pharmacy business, you require to fulfil following requirements for online selling of medicines and other pharmaceutical products:
  • A valid prescription
  • Presence of registered pharmacist for handling of prescription and prescription drug should be dispensed under supervision of registered pharmacist only
  • Registration at government portal
  • Customer care centre for handling customers query for at least 12 hours and all seven days in a week.
  • Prohibition of sale of schedule X drug and other habit forming drugs
  • Prescription drugs (including Schedule H and Schedule H1) can’t be sell out without prescription
  • Comply with provisions of IT act, 2000.
  • Online pharmacies can’t advertise any medicines and drugs through electronic and social media.

Stepwise procedure for setting up online pharmacy store:
  • Prepare a business plan
  • Search for a premises having not less than 10 square meter area with cemented walls, floor and concrete roof. Location doesn’t matter in online pharmacy store but if you are also interested to sell offline along with online than you can choose a prime location for your store.
  • Appoint a registered pharmacist
  • Complete all requirement discussed in detail at our article: Retail drug license procedure
  • Visit Drug Control office, generally located at main city of district
  • Apply for retail drug license
  • Drug department will inspect your premises and if satisfy with requirement, will issue retail drug license number.
  • Apply for Goods and Service Tax Number
  • Apply for registration to the central licensing authority in form 18AA through the online portal of central government.
  • Set-up own website or mobile app for selling medicines online or become seller at any existing online pharmacy.
  • Start selling of medicines and other pharmaceutical products online.
Hope above information is helpful to you....
For any query and suggestion, mail us at pharmafranchiseehelp@gmail.com


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