The demand for affordable and quality medicines along with the government’s efforts of lowering its prices paved the way for aspiring entrepreneurs to venture into selling generic medicines.
Generic medicines are always less expensive. It cost about thirty percent to eighty percent lower than the branded medicines. Quality and efficacy of generic medicines now are guaranteed by BFAD. Thus, it means more choices and great savings for consumers. This is indeed a big help for those taking several medicines on a daily basis.
Such demand for generic medicines opened a great business opportunity for those who want to start a business of their own. Requirements for putting up a drugstore are the following:
- Minimum store space of 15 square meters
- Licensed Pharmacist
- License to Operate from BFAD
- Business Permit
- Business Name from DTI (if Sole Proprietorship) or SEC Registration (for partnership and corporation)
- Other Government Permits (barangay permit, fire permit, etc.)
Initial investment can be as low as Php 550,000.00 and can be as high Php 700,000.00 with an ROI of around 1 ½ years. Overhead expenses will include rent, salary and utilities (water, electricity and telephone).
Just like any other business, it is recommended that you put up your drugstore where there is high-traffic such as public markets, near churches, near hospitals and inside malls. It is also an advantage if the store is located in a high populated area.
It is recommended that store-owners familiarize themselves with different kinds of generic medicines, this will help them in deciding which medicines are in demand or not. For additional income, you may include related items, for example, alcohol, cottons, mineral water, etc.
Franchising a Generic Drugstore
Such demand for generic medicines opened a great business opportunity for those who want to start a business of their own. Putting up a drugstore requires a minimal space, low initial investment and standard government licenses and permits, it is easy to operate and has a big profit potential. As opposed to other types of business (ex. food carts, clothing), generic drugstores are not as many, there is still room for new players to meet the demand of consumers. Aside from profit, this type of business will also give you a different level of satisfaction knowing that you are promoting health and wellness in the community you are a part of.
Generic drugstores can now also be franchised, ensuring that start-up, stocks and operations are in place. Franchise fee will include the right to use trademark name and logo, site evaluation assistance, store planning and design, training, opening assistance and ongoing guidance and support.
For more information, contact:
2nd Floor, Unit 202, STK Building
681 Aurora Blvd., Quezon City
Telephone: (02) 723-8142, Fax: (02) 723-2443