- Market Watch
- February 12, 2022
- 3 minutes read
Why Starting A Pharmacy In Kenya Is The Easiest Way To Be Rich
The "Sick Enterprise" in Kenya is very lucrative and people who realized this are making a killing with huge returns.
The easiest way to get rich in Kenya is to start a pharmacy. The “Sick Enterprise” in Kenya is very lucrative and people who realized this are making a killing with huge returns. People will always buy medicine, daily, no matter what.
Initially, you needed to have a background in medicine or pharmacy to set up a chemist in Kenya. Not anymore. Anyone can set up a chemist provided they get someone with the knowledge in the field to run and manage it. It is as simple as that.
Requirements you must have:
You must have a registered business either as a sole proprietorship, company, or partnership.
You will be required to present Academic certificates of pharmaceutical Technologists who will take care of the business.
You will also be required to get the Enrollment certificate from the Pharmacy and Poison Board of Kenya.
At the same time, the Equipment should be in place, as well as the business floor plan of your pharmacy premise. The equipment is only needed if you will be carrying out the tests. But if your goal is just to sell medicine, it is not required.
Steps to setting up a pharmacy in Kenya:
Research: Know your market. If you do not have the knowledge, get someone who has to help you out. It is not just about setting up and running. Know your market.
Business plan: Have a plan to guide you. This will help you remain on the cause and sell only what is required. For instance, do not sell abortion pills, however lucrative the business might be.
Location: Location matters a lot. Do not set up your pharmacy where there is stiff competition. Look for a place that you will dominate. Near a public hospital will be a huge plus for you.
Licenses: Make sure that you have all the required permits/licenses with you. The sector is delicate and it deals with human life. You, therefore, need to be very careful.
NOTE: Please note that there is a slight difference between a chemist and a pharmacy. A pharmacy is more sophisticated and needs more equipment. It is also more profitable. A chemist only deals with the sale of prescribed medicine, is easy to set up, and needs a small budget. It is profitable too.