This is the most Complete Pharmacy business plan in Nigeria Guide to Building a Successful Pharmacy in Nigeria
The Nigerian pharmaceutical industry is one of the largest and most profitable in Africa. This is because Nigeria has a large population, and it helps people have good access to healthcare in Nigeria.
The pharmaceutical market in Nigeria is expected to grow by around 10% annually over the next few years. Creating more avenues and earning potential in the pharmaceutical industry for entrepreneurs
Pharmacies in Nigeria are mainly owned by either individuals or small and medium-sized enterprises (SMEs).
What is a Pharmacy?
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A pharmacy is a place where you can buy medication, get advice from a pharmacist and other healthcare professionals, and get health information, About your current health status.
Pharmacies are often found at the back of supermarkets or in the same shopping mall as other types of shops. There are also some pharmacies that specialize in specific types of medicine like allergy medications or pain relief. But most pharmacists in Nigeria generally focus on drug retailing as well as syringes and other small medical needs, this does not apply to small pharmacies because they majorly sell local medical needs and a big pharmacy that deals in all medications for hospitals and local needs.
Now Who is A Pharmacist?
A pharmacist is someone who has studied to help people with their health care needs. They can give you advice about your medicines and make sure that you understand how to take them properly. They can also answer any questions about your general health and wellbeing such as how to manage stress, quit smoking, or maintain a healthy diet.
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Why You need A Pharmacy Business Plan in Nigeria and The Business of Pharmacy in Nigeria
How to Build a Successful Pharmacy Business in Nigeria is a question many medical orientated entrepreneurs do ask, to provide a suitable answer to the questions we must first lay down some ground factors to aid easy assimilation.
The pharmaceutical industry is expected to grow by 10% annually, and it was worth $2 billion by 2020, according to the World Bank.
There are a number of factors that make this industry such a lucrative one:
- The population of Nigeria is growing rapidly, with an average growth rate of 2.5% per year The Nigerian government has been making efforts to improve the health care system in Nigeria, which makes it easier for people who cannot afford private healthcare to get access to pharmaceuticals
- There are many opportunities for entrepreneurs who have the right skills and knowledge
A pharmacy is a business that provides medical drugs and supplies to patients. Pharmacies are often the first point of contact for those without access to healthcare, such as the homeless. Pharmacies provide a wide range of health services, including vaccinations, diabetes management, birth control and other reproductive health services, HIV testing and counselling and treatment for sexually transmitted diseases.
The pharmacy business in Nigeria is booming with an increasing number of people getting access to healthcare. The population in Nigeria has been steadily growing over the years which means more people need medicine daily.
Pharmacology training and pharmacy employment
For you to successfully start a pharmacy business it is necessary to go through some medical training to have ground knowledge and be beneficial to the medical industry.
Having done this, one should consider taking up employment as an assistant pharmacist or nurse practitioner under the supervision of appropriate health professionals in order for them not only to get acquainted with their local pharmacies but also take any other position that might become available once they are licensed by Health care union in Nigeria (Health Professions Commission).
These positions can provide opportunities to perform important duties when working on drug-related work such as weeding out unneeded drugs from products that otherwise would prove ineffective due to time-limitations, without adequate treatment options; helping patients access proper medications safely during times requiring special monitoring procedures so prescriptions may be dispensed appropriately since certain pharmacists do more than just sell drugs.
How to Start a Pharmacy Business in Nigeria with (Pharmacy business plan in Nigeria
1. Get Training & Preparation:
If you’re looking into joining pharmacies then before starting any kind of pharmaceutical work, please get an overview of pharmacology from one or two excellent doctors who are experts (in their respective fields) about each topic related to drug resale.
In summary, you need some sort of training but you can employ a nurse or a pharmacist with years of experience in pharmacology and medicine. This also helps you and saves lots of time going to a medical school or training which can take years to acquire a medical license to operate as a business.
Differences between Manufacturing and Retail Pharmacies
Pharmacies have always been a necessity in the healthcare industry. However, there are two different types of pharmacies that exist today: retail and manufacturing.
Manufacturing pharmacies
These are primarily used by hospitals, long-term care facilities, and clinics. They provide drugs for inpatient use or for patients who need a more specialized pharmacy service.
Retail pharmacies:
These are where people go to pick up their prescriptions as well as other over-the-counter medications. They also provide health advice and general medical information to customers who may not have a primary care physician or who want to speak with someone about their medications or health status
About Our Pharmacy business plan in Nigeria
Pharmacy business is a health business and Unlike other businesses, it will require a business plan. The risk of not getting a business plan doesn’t not only include failure in business but risk of imprisonment and a bad reputation, because this business deals with human life and without proper planning and training could result in the loss of many lives.
Inside our Pharmacy business plan in Nigeria, you’ll get all the core knowledge and insight that you’ll need to build a successful pharmacy business in Nigeria.
Table of Content of Our Pharmacy business plan include:
Table of contents:
- Executive Summary
- Description of Problem and Solution
2.2 Vision
2.3 Mission
2.4 Value Proposition
2.5 Business Objectives
2.6 Critical Success Factor
2.7 Current Status of Business
2.8 Legal Requirement
2.9 Contribution to Local and National Economy
2.10 Contribution to SDG - SWOT Analysis
- Market Analysis
- Competitive Analysis & Risk Analysis
- Marketing Plan
6.1 Description of Product (S) or Service (S)
6.2 Potential challenges in the business industry
6.3 The Opportunity
6.4 Target Market
6.5 Marketing and Sale Strategy - Production Plan/Operational Plan
7.1 Description of the Location/Factory
7.2 Raw Materials/consumables
7.3 Production Equipment/Capital Expenses
7.4 Equipment/Depreciation Table
7.5 Pricing strategy
7.6 Record/Stock Control Process
7.7 Pre-operating Activities and Expenses - Organization Structure and Responsibilities
5.1 Salary Schedule - Financial Plan
9.1 Start-Up Capital Estimation (Expansion Capital Estimation)
9.2 Loan Details
9.3 Business Risk and Mitigating Factor
9.4 Financial Projections
9.5 Sales Forecast And Sales Assumption
9.6 Income Statement (P&L) Account - Conclusion
How to Make Your Own Successful Pharmaceutical Company in Nigeria?
The pharmaceutical industry is one of the most lucrative industries in Nigeria. The pharmaceutical industry has grown tremendously in the past few years. This is because many people are now aware of the benefits of taking medication for their illnesses and diseases.
However, if you want to make your own successful pharmaceutical company in Nigeria, you will have to get a license from the Nigerian regulatory authority before you can start selling any products to Nigerians and other countries.
Nigeria is one of the most populated countries in Africa. The healthcare industry in Nigeria is growing at a fast pace, with many people seeking treatment for diseases that were once considered rare. This has led to an increase in the number of pharmacies and doctors in Nigeria.
The Nigerian Pharmacy Association (NPA) was founded on October 8th, 1983 to help regulate and improve the Nigerian pharmacy sector. The NPA aims to create a unified voice for pharmacies and pharmacists by providing training and education opportunities for pharmacists, technicians, pharmacy assistants, pharmacy students and other stakeholders in the sector.
Conclusion
In conclusion, starting a pharmacy business in Nigeria can be easy than you think when you apply the right principles and with our NaijaCEO Pharmacy business plan in Nigeria, you can understand the necessary forecast to know if this business is worth setting up right now or now.
