Is pharmacy business profitable in Nigeria?

A market survey we carried out in Abuja, Lagos, Enugu and Ogun state shows that the retail pharmacy business is a profitable business although competitive and capital intensive. The net profit margin is up to 40% on many drug products and annual ROI is over 65%.

How much profit does a pharmacy business make?

The profit margin in offline pharmacies typically ranges between 15-26% for branded medicines, which may go up to 40-50% in the case of generics. Even with offering 12-80% discounts to attract customers, franchisors ensure that their franchisees gain more than 15% margin.

How much does it cost to start a pharmacy in Nigeria?

With present economic realities it will take around 5 to 10 million Naira to set up a standard and modern pharmacy shop in Nigeria (don’t forget a pharmacy is different from a chemist shop). The cost of opening a pharmacy is quite high if you want to follow surgical process and legimate means.

Is pharmacy business lucrative in Nigeria?

Pharmacy business in Nigeria is one of the most lucrative businesses that anyone can start. Pharmacy business is a business that if you start it well can make you a multimillionaire in a very short space of time.

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Is pharmacy a good business in Nigeria?

Pharmacy business is a very lucrative business which can keep your account fat on a daily basis. As the population of Nigeria is growing so also is the number of people becoming sick increasing.

Is it worth owning a pharmacy?

But the fact that pharmacy is less profitable than it used to be doesn’t mean it isn’t profitable. In fact, compared to other businesses, independent pharmacies make a healthy profit. The average independent pharmacy profit margin in 2018 was 21.8 percent. … And many independent pharmacies make much more than that.

How do I start my own pharmacy business?

You’ll need a rental agreement or/and Ownership proof of premises with a minimum area of 10 square meters to start a medical shop or pharmacy or wholesale outlet. In case, the pharmacy store combines retail and wholesale, a minimum of 15 square meters is required.

Can anyone open a pharmacy?

Ans- Anyone who has a Pharmacy Licence is eligible to open a medical store. For becoming a qualified pharmacist you need to acquire a degree of B. Pharm or M. Pharm.

How much do I need to start a pharmacy business?

It typically costs $400,000 – $600,000 to open your own pharmacy. The average monthly operating expenses for a pharmacy total around $30,000. As a new pharmacy establishes itself, it may not be able to fill enough volume to pay the operating costs each month.

How much do I need to start a pharmacy?

To start a pharmacy, you’ll need between $880,000 and $1,800,000 a year in your own cash or borrowed cash. This might seem like a lot, but it’s normal for a pharmacy, because you need to consider such costs as inventory, rent and staffing costs.

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How much do pharmacies make in Nigeria?

On the average, an entry level Pharmacist earn between N100, 000 – N170, 000 in Nigeria. However, the starting salary for Government staff is between N165, 000 – N300, 000 per month which is renewed after three to four years. There are also other basic bonuses and allowances.

Can a nurse own a pharmacy in Nigeria?

A nursing degree can also be used to pursue roles in other professions, including fields such as the social sciences. You can own your pharmacy store without having to worry about all the processes involved from Business registration to daily operations IN NIGERIA.

Can a biochemist do masters in pharmacy?

Yes. Of course! A person who studied biochemistry as an undergraduate student can definitely study to become a pharmacist after they graduate. Vice versa, a person who is a pharmacist can also become a biochemist.

Who can own a pharmacy in Nigeria?

Also, only trained & certified pharmacists have the legal right to set up a pharmacy in Nigeria. If you have the capital and want to venture into this business, you would have to employ a qualified pharmacist or go into partnership with one.

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