If you are interested in starting a business, you might have questions such as Can an MBBS doctor open a store? The answer to this question depends on your personal circumstances. If you are a qualified MBBS doctor, there are certain requirements to open your own store. You should choose a location that is not crowded by other medical stores. If possible, choose a location near a private clinic or hospital. This way, you will be assured of regular flow of customers.
First, you should consider the business model you want to operate. You can set up a sole proprietorship, partnership, or Limited Liability Partnership. The latter is preferable if you plan to set up a hospital medical store, chain store, or township pharmacy. Once you have decided on the business model, register your medical store with the relevant local body. The average cost of the process is around Rs 4,50,000 a year.
Next, you should obtain a pharmacy license. The state government has strict laws about pharmacy ownership. In India, pharmacies can only operate if they have a pharmacy license. As such, it is mandatory for all medical stores to be registered under the Indian Pharmacy Act, 1948. During the registration process, you must submit certain documents, including a sale deed, and a lease deed. If you can meet these requirements, you may apply for a bank loan.