How to Start a Pharmacy Business in Bangladesh
Start a Pharmacy Business in Bangladesh
Pharmacy business in Bangladesh is one of the most profitable business. Owning a pharmacy business in Bangladesh is not only a profitable endeavor but rewarding for you as well. This is the business for those who want to provide a valuable service to a community. But, starting the business is a challenging process. Things to do in this process are such as market research, financial arrangement, trade license and drug license, hiring essential staff etc.
So, make sure you educate yourself extensively on what this will entail before trying to open a drug store. If you want to personalize the kind of service you offer your customers in various ways, a retail pharmacy gives you the full freedom. Moreover, you may be able to offer your customers a drug store where they will shop when you execute the process just right.
An Overview of Pharmacy Business in Bangladesh
It’s preferred as the first point of contact for a majority of the population of pharmacy business in Bangladesh. There are more than 1, 03, 451 licensed pharmacy business holders currently in Bangladesh. They fall easy prey to the aggressive marketing strategies of the pharmaceutical companies because those drug shop salespeople have no other channel of information beyond the formal sectors open to them.
Because of these issues, there is a great problem in the public health sector of the country. That’s why it’s a crying need to enter the qualified persons into the pharmacy business in Bangladesh. This is the point that forces us to write the article about this concern.
Steps to Start a Pharmacy Business in Bangladesh
Starting a pharmacy business in Bangladesh is somehow tough currently, but not impossible. Because of the improved regulation of this sector offers an important opportunity to improve community health. It means that the government has given the importance of the informal sector, including retail drug shops in Bangladesh. This is good news for the healthcare industry of the country.
As it involves the greatest amount of work, this is one of the most challenging options. Actually, you can build a great drug store with the potential to become a franchise one day with enough diligence. Now, let’s know the steps that need to start a pharmacy business in Bangladesh.
Find a Great Location to Start a Pharmacy Business in Bangladesh
This is not only the first and initial step but also the most important one for your pharmacy business in Bangladesh. You’ll need to build lasting relationships with drug wholesalers and other vendors when it’s done. Also, you have to negotiate good discounts in the process. When you’ll get the right location where a lot of traffic runs every day, the business must run in full swing doubtlessly. If you find it near a government or private hospital, that’s the best location for a pharmacy business.
Market Research & Analyze the Local Community’s Needs
You have two choices When opening an independent pharmacy, either build one from scratch or buy an existing one. Although each option has unique challenges and advantages that you should weigh carefully before making a decision, there are different opinions on which option is better. If you spend some time talking to the local resident, you’ll find the real image of their healthcare needs. When the local population has any unique needs that your drug store can cater to, you’ll see that this way. So, you can successfully compete with chain stores while tailoring your services to the local community.
Create a business plan
You’ll need to create a plan for your business before obtaining a loan or finding financial resources. So, draw up a plan for opening and growing your business with the help of your accountant and any other financial/legal advisers you may have. What a good business plan should at least do is:
- Bank Loan Application for a loan
- Get Private investors if necessary
- Pharmacy business insurance
Get Necessary Licenses, Permits
Although you can start a pharmacy business in Bangladesh without a good plan, location and market research, you can’t start it without a drug license, trade license, and pharmacist certificate.
It means that you must arrange all these papers, sometimes you may need to get training, before starting this business. There is an option for you to consult local laws to ensure that you are meeting all the necessary qualifications.
Also, the license and certifications vary depending on the location of your pharmacy. If you meet a lawyer who is familiar with the laws for your industry, you can be sure you’re getting all the paperwork you need.
Buy a Pharmacy
Although it’s not always available, it’s better in many ways than starting your own from scratch buying an established pharmacy. You’ll gain the employees and customers of your predecessor as a starter. Also, there are benefits from the established goodwill and prime location.
And it’s to be a member of an existing pharmacist association when there is a good place to start in your search. What you have to do if you want to buy a running pharmacy, keep a keen eye on the web and newspapers where come the ads for them.
Being Partner with Others
If you don’t want to be fully exposed to overhead and other liabilities then this is the best option for you. It’ll be helpful for you by reducing liabilities, continuing expenses etc. Apart from these, you’ll benefit from the expertise and time of your partners. Also, since your partners will share some of the burdens, you’ll likely spend much less time running the pharmacy. But, before moving forward, you need to engage in extensive planning to make sure you and your partners are all of one mind.
What more you can do to start a pharmacy business in Bangladesh as extra steps are below:
- Write a manual for employees
- Hire a pharmacist
- Hire pharmacy technicians
- Set up your store effectively
- Set up a security system
Market your store before it opens