The business of a patent medicine store in Nigeria (chemist and pharmacy)
A long-standing divide exists between chemists and pharmacists in Nigeria, primarily due to differences in their practices and qualifications.
Chemists, also known as patent medicine stores, operate with relative ease. They can:
1. Purchase drugs from markets or wholesalers
2. Open a store
3. Begin selling medications
Often, chemists have a basic understanding of medicine, acquired through auxiliary nursing training or self-taught skills. However, their knowledge may be limited.
Pharmacists
In contrast, pharmacists undergo extensive education and training to acquire the necessary skills and knowledge. They:
1. Attend school to study pharmacy
2. Operate within a regulated system
3. Take responsibility for providing accurate prescriptions
4. Ensure patient safety
Roots of the Conflict
The primary issue between chemists and pharmacists stems from the chemists’ lack of in-depth knowledge about the medications they sell. This disparity in expertise creates tension and raises concerns about patient safety and the responsible sale of medications.
Requirements and considerations for opening a pharmacy section
While you don’t need to be a pharmacist to open a pharmacy, having a licensed pharmacist on board is essential. Here’s how it works:
– A non-pharmacist investor can partner with a licensed pharmacist.
– The investor provides funding, while the pharmacist provides expertise and licensure.
– The pharmacist’s license is used to register the pharmacy with relevant authorities.
– A certificate of registration is issued, allowing the pharmacy to operate.
Key Requirements
1. Pharmacist’s Presence: A licensed pharmacist must oversee pharmacy operations.
2. Minimum Store Size: The pharmacy must meet minimum size requirements.
3. Location Restrictions: The pharmacy cannot be located too close to another pharmacy store.
By meeting these requirements, investors and pharmacists can collaborate to establish a legitimate and operational pharmacy.
Capital required in setting up a pharmacy section
The cost of opening a pharmacy in Nigeria can be substantial. Here’s a breakdown of the estimated expenses:
1. Registration with PCN (Pharmacy Body): ₦300,000 – ₦400,000
2. Pharmacist’s Fee (for non-pharmacist owners): ₦750,000 – ₦800,000 (some may charge more)
3. Store Rent (depending on location):
– Lagos or Abuja: ₦1 million per year
– Other locations: variable costs
4. Initial Stock of Medications: ₦2 million
Total Estimated Cost: ₦4 million (a good starting point)
In contrast, a patent medicine store in Nigeria can start with a lower initial investment of around ₦500,000 and gradually stock up on medications over time.
Where to source for drugs
In Nigeria, there are several locations where you can purchase medications at discounted rates. Some of these places include:
1. Onitsha Head Bridge: Marketers buy directly from drug manufacturers, offering competitive prices.
2. Kano (Northern Nigeria): Another hub for affordable medications, with various marketers and suppliers.
3. Lagos State: Multiple options for sourcing medications at discounted rates.
Additionally, medical representatives from pharmaceutical companies often sell to:
1. Patent medicine stores
2. Licensed pharmacies
These representatives can provide access to affordable medications, making it easier for businesses to stock up on essential drugs.
Mistakes to avoid in the pharmacy business
To ensure the success and sustainability of your pharmacy or patent medicine store, avoid the following mistakes:
1. Lack of Inventory Management: Failing to track inventory can lead to losses. Keep a record book or use a laptop to log:
1. Incoming items
2. Daily sales
3. This helps track items and prevents stock discrepancies.
2. Poor Financial Management: Overspending can lead to financial difficulties. Monitor your income and expenses to ensure you’re not spending more than you’re earning.
3. Overstaffing: Having too many workers can increase expenses, making it challenging to pay them during slow periods.
4. Inadequate Security: Install CCTV cameras to prevent theft and ensure a secure environment for your business.
By avoiding these common mistakes, you can establish a well-managed and successful pharmacy or patent medicine store.
