Cost of Starting a Pharmacy Shop in Nigeria 2021
Interestingly, we are going to analyze the cost of starting a pharmacy shop in Nigeria in 2021 and what you need to start your own shop.
In this article, we are going to check how much it cost to set up a pharmacy shop and the capital required for a start.
So if you are have questions like, ‘how much does it cost to start a pharmacy shop in Nigeria’, then here is a great cost analysis for you.
Before we further, let’s quickly check out some of the benefits attached to owning a pharmacy in Nigeria.
Benefits and Profit in Starting a Pharmacy Shop.
As a business analyst, it is always important to take a pause and ask few questions like, what is the benefit in the business that I am about to start.
Secondly and most importantly, you also have to consider how much profit you can make and how valuable the business will be to humanity.
In case you never knew, pharmacy business or sometimes referred to chemist is very lucrative and profitable in Nigeria.
Pharmacy is one of the most valued professions in Nigeria and pharmacist are highly valued persons.
If you wish to start a pharmacy shop that you have made a good decision and there are so many benefits and profit attached to your decision.
Some of the benefits of owning a pharmacy in Nigeria include but not limited to the following;
To Save Lives:
Medical personnel are highly valued for their profession because of help towards the sustainability of human lives.
While starting your pharmacy, have in mind that your sole interest should be on saving human lives.
Considering that, you have to make sure you are, or you employ high professional pharmacists to work for/with you.
To Create Employment:
Considering how demanding this profession is, you should also have in mind that starting your pharmacy shop will create employment to others that may choose to work with/for you.
To Establish an Investment:
You wish to build a secured future and leave something behind for generation to come, right? If so, then investment is where you should start with.
Starting a pharmacy shop is a very simple way of investing for the future and establishing a legacy/business for your future generation to start with.
To Generate Profit:
Of course, we can’t talk about business without considering profit. All business persons wish to make a profit.
So while running your pharmacy, it will also be important to draw out a well structured business plan that will generate profit for you.
Requirements for Opening a Pharmacy Shop in Nigeria 2021
Owning a pharmacy in Nigeria is not as simple as establishing any other business. This is because Pharmacies have to do with human lives.
As such, the are laws, rules and regulations governing the establishment of any kind of pharmacy shop in Nigeria.
This ranges from getting authorization and operational permit from governing bodies, legalization from regulatory bodies and approval from NAFDAC. That will as well help to;
- Boost your product trust
- Avoid having operation issues with the Government.
Procedures for Registering a Pharmacy in Nigeria.
Before we summarize that amount needed to start a pharmacy shop in Nigeria in 2021, let’s first of all consider individual expenses like expenses for registration.
Getting NAFDAC Approval and Reg. No:
If your pharmacy is to engage in the manufacturing of drugs, then you must acquire a NAFDAC approval/Reg. No. for each of your products.
In Nigeria, all pharmacy or other production companies that engage the production of drugs and food must be inspected and approved by NAFDAC.
Registration With The Pharmacists Council of Nigeria (PCN)
To apply and register your new premises (Pharmacy store) you must submit the following:
- Completed forms B and J
- Certificate of Incorporation
- Memorandum and Article of Association
- Certified True Copy of Form Co7 showing the name of the Pharmacist Director
- Appropriate fee in bank draft
- Inspection report (From DPS or PIC)
- Current Annual Licence to practice of Pharmacist Director
- Letter of resignation and acceptance of resignation from former employer of Pharmacist it previously employed
- Particulars of first Directors of Company
- NYSC discharge Certificate for new pharmacist
How Much Does it Cost to Start a Pharmacy Shop in Nigeria?
Starting a small Pharmacy Shop in Nigeria may cost as low as One Hundred Thousand Naira (N100,000) to Three Hundred Thousand Naira (N300,000) excluding registration fees and shop.
Setting up a medium Pharmacy Shop in Nigeria may cost between Four Hundred Thousand Naira (N400,000) to Eight Hundred Thousand Naira (N800,000) including shop fee and some registration fees.
Opening a large and luxurious Pharmacy Shop in Nigeria will cost between One Million Naira (N1,000,000) to Two Million Naira(N2,000,000) including shop and registration fees but all depending on what you desire.
Below are the list of the major expenses in setting up a pharmacy shop in Nigeria especially in 2021:
Analyzed Expenses in Setting up a Pharmacy Shop
The procedures for starting a Pharmacy shop in Nigeria are few and below are the list of the major expenses in starting a pharmacy shop in Nigeria;
Getting a Shop:
You will need a well constructed and standard shop to use for your business. At this point, you may choose to rent a shop if you do not have enough money to build your own.
Importantly, let your shop be located in a clean and serene environment to promote hygiene and avoid pollution.
Register Your Business:
There are laws, rules and regulations governing the establishment of pharmacy shop in Nigeria.
So make sure you register your pharmacy and get authorization from governing bodies, legalization from regulatory bodies, operational permit from appropriate agencies and approval from NAFDAC.
- Cost of registering a Barbing Salon Business name
- POS business and the amount needed to start
- Amount needed to start Bread Bakery
- The cost of starting a Cosmetics shop business
Get the Needed Equipment:
After getting a shop, you need to buy the required machines and other equipment needed to carry out everything activities in the shop.
If necessary, you may choose to employ professional pharmacists to assist you in both production, prescription and responding to patients.
With this analysis, we believe you have known the cost of starting a pharmacy shop in Nigeria in 2021. Thanks for reading and feel free to read more below.