Home Business Ideas Patent Medicine Store in Nigeria: Guide on How to Start (2020)

Patent Medicine Store in Nigeria: Guide on How to Start (2020)

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Before opening a patent medicine store to start selling over the counter drugs in your community, you should be aware that patent stores are similar to chemist stores but have no pharmacist running its operations. Usually, patent medicine stores are found in villages and rural communities, and they are managed by people who stock over the counter (O.T.C) drugs and sell them.

patent medicine stores in Nigeria

Patent stores can also be found in streets of cities where pharmacy/drug stores are limited. Aside complementing the services of pharmacist in bigger towns, patent medicine stores help make drugs accessible to people of the vicinity easily. Starting a patent medical store in Nigeria has been dully approved by the Pharmacists Council of Nigeria (P.C.N) and can only function within states of the country.

Who Can Manage A Patent Medicine Store

Not everyone is permitted to run or open a patent medicine store in Nigeria. According to the Pharmacists Council of Nigeria, only individuals who has undergone training about drugs and their uses can manage a patent medicine store. Those who are knowledgeable also can also be allowed to do same. PCN, through National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D) made sure that the requiremets to start a patent medicine store are dully obeyed because of its delicate nature.

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How Lucrative Is Opening A Patent Medicine Store

Since medicines and drugs are essential to the human health, starting a patent medicine store is very profitable just like food business. One can earn over N500,000 or N1, million as profit per month depending on the stock available and patronage received at your store. You should know that running a medical store of any sort is subtle, as it involves the lives of people you are administering the drugs to.

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How To Start A Patent Medicine Store in Nigeria (2020)

The following are tips and steps to opening your own medicine store in Nigeria today:

Step 1: Draw up a business plan

This is the first step to owning your patent store. You have to have a business plan detailing how you want to run the store, the amount you want to invest in registration and renting of a shop. You might also want to include employing staff in your business plan, such as a pharmacy technician to aid in managing the medicine store.

Step 2: Obtain license from PCN

Its very compulsory to obtain valid license from the Pharmaceutical Council of Nigeria before starting your patent medicine store in any state in Nigeria. Note that there are laws which must be obeyed in order to start a patent store. Its PCN that regulates and issues certificates via the ministry of health in every state of the federation. Without this license, you can’t operate your patent business or join other proprietary medicine vendors and distributors in Nigeria.

Step 3: Register your patent medicine store

There are requirements you must meet to join the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This is the regulatory body legally approved by the Pharmacist Council of Nigeria to regulate and control patent medicines stores in the country.

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To join, you would submit your certificate of proof and license from the PCN, after which you make compulsory payment for registration to be a member of the body. Aside this fee, a yearly amount is collected by all member of the National Association of Proprietary and Patent Medicine Dealers (N.A.P.P.M.D). This amount varies on location and area where you want to set up your store.

Step 4: Find a reliable drug supplier

The next step is to look for a credible supplier of drugs to your store. To achieve this, you must have registered with NAPPMD, the body in charge of patent medicine dealers. Its here you might have connections to meet retail/wholesale drug suppliers that would sell original and not fake sub-standard drugs.

Step 5: Register business name with CAC

Since you are independent and would run the patent business with a unique name, its important to register your business name with the Cooperate Affairs Commission (C.A.C). The process of registering a business name in Nigeria isn’t difficult as they would require that you provide two unique business names, provide evidence of license from Pharmacist Council of Nigeria, proof of payments to the CAC, and other documents to identify your business.

Step 6: Rent a suitable shop

You have to rent a store in the vicinity you wish to start a patent medicine store business. Target areas that lacks access to primary health care services. This would increase the demand for your business. Also make sure that the environmental condition is conducive for customers by making your store is neat. Try to observe the necessary hygienic practice. Do not situate your patent medicine store at unhygienic locations where garbage are dumped.

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Note that patent stores should not be in close proximity to one another. The minimum distance of 200 meters must be observed from one store in busy areas to another. While 400 meters is permissible for less busy areas.

Step 7: Advertise your business

Unlike other businesses, there are strategic laws guiding patent store adverts. Although, getting people to know about your business is key for higher patronage, you have to know these laws guiding patent stores and apply them so that you will have more customers to patronize you.

Step 8: Attend orientation programs

The Pharmacist Council of Nigeria has in its yearly schedule to organise orientation programs for patent medicine dealers on a biannual basis. Always attend to gather more knowledge.  These programmes is vital to keep patent dealers up to speed with latest trend and findings in the drug industry.

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