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The Complex Factors that Influence Drug Prices

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
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Pharmaceutical Retailers

Pharmaceutical retailers deal into retailing of pharmaceutical products. They are in direct contact with patients or their caretakers. Pharmaceutical sector is regulated sector. Pharmaceutical Manufacturing, marketing, distribution and retail all is regulated through drug and cosmetic act & rules.

For becoming pharmaceutical retailer, one should have retail drug license from drug department. For applying for retail drug license, applicant should have fulfilled predefined requirements and documents.

Pharmaceutical retailers are Chemists, Drug Stores, Pharmacy Store, and online Pharmacies etc. There are little bit different between all these pharmaceutical retail businesses.

Pharmacy stores are the pharmaceutical retailers who employ the service of registered pharmacist and are engaged into compounding, preparing and dispensing of drugs against prescription of registered medical practitioner.

Chemists are the pharmaceutical retailers who employ service of registered pharmacist but don’t engaged in compounding and preparation of drugs, only engaged into dispensing of pre-packed drugs against prescription of registered medical practitioner (in case of OTC, without prescription).

Drug stores are the pharmaceutical retailers who do not employ service of registered pharmacist

Online Pharmacies are the pharmaceutical retailers who employ the service of pharmacist and engaged into online selling of drugs against prescription of registered medical practitioner (in case of OTC, without prescription).

General Requirements for Pharmaceutical Retail Business:
  • Premises and Shop: Minimum of 10 Sq. Meter areas
  • Registered Pharmacist
  • Retail Drug License
  • FSSAI registration (If deals in food and dietary supplements also)
  • Shop Registration
  • GST Number (If turnover above 40 lakh annually or compulsory for online pharmacies)

Read Related: Difference between Drug Store, Druggist, Chemist and pharmacy

Documents required for Applying for retail drug license:
  • Application form
  • Fee Receipt
  • Pharmacist appointment letter and qualification & registration documents of registered pharmacist
  • Shop possession proof (Ownership proof or rent agreement)
  • Affidavits of proprietor/partners/directors and pharmacist
  • Blue print/layout of premises etc
  • Refrigerator purchase bill
  • Other documents whatever asked by drug authority

Hope above information is helpful to you....
For any query and suggestion, mail us at pharmafranchiseeehelp@gmail.com
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