Have you realized the high demand for medication? Maybe, you are thinking of venturing into the pharmacy business in Ghana, but you don’t know how to go about it, then in this guide, we are going to inform you on how to start a pharmacy business in Ghana.
The pharmacy has always been one of the frequently visited places because sicknesses have become part of our lives.
The constant contraction of minor illnesses like headaches, malaria, or cold is common among the public, and many don’t see the need to visit the hospital for such minor treatment.
Therefore, the pharmacy has become the place for immediate first aid treatment for some minor diseases.
Many public hospitals lack enough medicine for patients who come for treatment. Therefore they prescribe medicines to patients to buy from a nearby pharmacy.
These factors have put a high demand on pharmacy shops for their services, and there will always be a high demand on the pharmacy business due to the trust the public has gain in them.
Types Of Pharmacy Business In Ghana
The following are the two types of pharmacy business in Ghana:
1. Wholesale operation
2. Retail operation
In the next step below, we are going to elaborate on how to start a pharmacy business in Ghana.
Things You Must Do Before Starting Pharmacy Business In Ghana
Here are some of the things you’ll need to do before starting a pharmacy business in Ghana:
1. Register business under the Registrar General’s Department
2. Also, register under the Pharmaceutical Council of Ghana. The Pharmaceutical Council of Ghana issues two types of licenses which are the wholesale license and retail license.
3. Build a good business plan that you can afford to implement
4. Choose a good location for your business
5. Build, buy or rent a better structure for your business to help keep medicines safe from spillage.
6. Choose the right manufacturers, distributors, or suppliers when stocking your shop
7. Choose qualified staffs in business operation
How Much Does It Cost To Start Pharmacy Business In Ghana
Starting a pharmacy business in Ghana can be of a high cost, considering the cost of structure, stocking, and staffing.
Many pharmaceutical shops are run by investors alone, and this type of operation falls under the retail operation system and can cost 5,000 Ghana cedis to start.
But running a wholesale pharmacy business in Ghana comes with a high cost of between (40,000 – 50,000) Ghana cedis.
Is The Pharmacy Business In Ghana Profitable
The pharmacy business is one of the most lucrative to invest in. The high demand for medicine for treatment has made the business an important asset to the Ghanaian public.
An investor can make a mind-blowing profit when good measures are taken in starting and running the business.
Therefore the profit made in the pharmacy business ranges from (50 – 80) percent profit.
What Are The Best Places To Start Pharmacy Business In Ghana
The following are some of the best places to start a pharmacy business in Ghana:
1. Along busy roads
2. Market centers
3. Business centers
4. Government institutions like hospitals, tertiary schools, etc.
The Right Staff To Employ For Your Pharmacy Business Operation In Ghana
Below are some of the types of staff you must employ for pharmacy business in Ghana:
3. Stock worker
5. Security Guard
How To Run A Successful Pharmacy Business In Ghana
The following are some of the things that can help run a successful pharmacy in Ghana:
1. Choose from a wide range of medicines when stocking your shop. That will make people who patronize you recommend your services to others
2. Stock your shop with good and quality products
3. Check the pricing of products when running the business
4. Good customer relationship must be practiced
5. Good customer care is must be ensured
6. Qualified staffing must be ensured because this is a health-related business
7. Do well to educate people who patronize you about the right medicine for their situation, the dosage required, and the right time to take medicine.
Challenges Facing The Pharmacy Business In Ghana
The following are some of the challenges faced by pharmacy business investors in Ghana:
1. The youth indulging in hard drugs are using the pharmacy as a source for their hard drug
2. High electricity cost in running the business
3. Stocking shop with uncertified medicine is causing great harm to the public
4. High cost of running the business
Benefits Of Setting Up Pharmacy Business In Ghana
Below are some of the benefits of setting up a pharmacy business in Ghana:
1. The steady flow of financial income
2. It generates revenue for the government
3. It has created job opportunities for many professionals like pharmacist, security guards, and many others
4. It has improved upon lives
5. The business has help ease pressures off the health institutions
That is all the information we have at our disposal on how to start a pharmacy business in Ghana.