Quick Answer: How profitable is a pharmacy business in Nigeria?

It is very profitable, this is a business you can get about 100% return on investments. Assuming you bought drugs of #100,000 you can make #200,000 and above profits. The business is not crowded. The demand for drug is high.

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

How much does it cost to open 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).

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.

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.

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Is pharmacy business lucrative?

In fact, compared to other businesses, independent pharmacies make a healthy profit. The average independent pharmacy profit margin in 2018 was 21.8 percent. How profitable is that? Well, it’s among the highest of any industry.

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.

Can anyone own a pharmacy in Nigeria?

Technically, only a Pharmacist can own a Pharmacy drug store in Nigeria. Non Pharmacists can however deal in Wholesale pharmacy though you will still need the assistance of a Superintendent Pharmacist to register the Pharmacy with the Pharmacists Council of Nigeria (PCN).

Which job is the highest paid in Nigeria?

The ten highest paying jobs in Nigeria are:

  • CEO/BUSINESS MOGUL. One of the most demanding jobs of our day is the job of the CEO or a business owner. …
  • PETROLEUM ENGINEER. …
  • AERONAUTIC ENGINEER. …
  • SURGEON. …
  • PILOT. …
  • TELECOMS ENGINEER. …
  • INVESTMENT BANKER. …
  • MUSICIAN.

Who is the richest pharmacist in Nigeria?

Stella Okoli, a Nigerian Pharmacist who Is worth 180 billion Naira. Stella Okoli is estimated to worth $500 million. He is one of the richest if not the richest man in south south Nigeria.

Is generic medicine shop profitable?

Retail medical store profit margins range from 5% to 30%. There are different margins for each type of product, such as profit margins for trapped products, generic medicines, OTC (over-the-counter) medicines, branded prescription products. … After that your benefit margin can be around 5% to 25%.

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How do I start my own pharmacy business?

Area: The minimum area of 10 square meters is required to start a medical shop or pharmacy or wholesale outlet. In case, the pharmacy business combines retail and wholesale, a minimum of 15 square meters is required. Storage Facility: The store must have a refrigerator & air conditioner in the premises.

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