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Tag: medical

  • How to Open a Diagnostic Centre in India: Business Plan, Requirements, Licenses & Setup Cost Explained

    Accurate treatment needs accurate diagnosis. Diagnosis is the first step towards curing disease or disorder. The need for labs is increasing day by day as the number of patients and life-threatening diseases are increasing. The availability of medical diagnostic centers in all parts of the nation is very important. This is a great opportunity for someone who wants to start a medical diagnostic center.

    The global medical diagnostic centre business services market is big and growing fast. In 2023, it was worth $211.27 billion and is expected to reach $449.78 billion by 2033. This means it could more than double in the next 10 years. The market is growing at an average rate of 7.9% each year from 2024 to 2033. This shows that more people are using medical tests and services around the world. Starting a diagnostic center business requires proper planning, investment in equipment, and meeting all regulatory requirements. Before starting operations, it’s important to understand all diagnostic centre requirements, including licenses, equipment, trained staff, and proper infrastructure.

    Facts and Details about Diagnostic Centers
    Steps Involved in Starting Diagnostic Centers

    1. Registration and Licenses
    2. Qualification Requirement
    3. Choose Your Location
    4. Setup Requirement
    5. Infrastructure Requirement
    6. Hiring Staff
    7. Space Requirement
    8. Software Tools
    9. Equipments

    Facts and Details about Diagnostic Centers

    Indian Diagnostic Labs Market
    Indian Diagnostic Labs Market
    • Growing Demand: More people now focus on preventive care due to rising cases of cancer, diabetes, and heart disease.
    • Health Awareness: Early detection and regular health checkups are becoming a priority, leading to higher use of diagnostic services.
    • Stronger Economy: With more middle-class families and higher incomes, spending on health is increasing.
    • Better Insurance: Wider health insurance coverage is making diagnostics more accessible to the public.
    • COVID-19 Effect: The pandemic showed how important testing is, pushing more demand and lab expansion.
    • Tech Upgrades: New tools like molecular diagnostics and genetic testing are making tests faster and more accurate.
    • AI and Automation: Labs are now using automation and AI to speed up processes and improve results.
    • Home Testing Trend: The rise of telemedicine and home care has boosted demand for at-home test kits and mobile labs.
    • Improved Standards: Big diagnostic chains are bringing better quality, consistency, and trust to the industry.
    • What’s Ahead: With growing focus on health and wellness, the diagnostic market in India will continue to grow in the coming years.

    Types of medical tests performed in diagnostic center

    • Clinical pathology – Tests are performed on blood to identify the presence of disease-causing organisms.
    • Bio-Chemist – a laboratory that analyses body fluids such as urine and blood
    • Radiology – Medical tests using imaging techniques such as CT scan, x-rays, MRI, PET, and ultrasound.

    Steps Involved in Starting Diagnostic Centers

    Steps Involved in Starting Diagnostic Centers
    Steps Involved in Starting Diagnostic Centers

    Registration and Licenses

    Creating a strong diagnostic centre business plan is essential for setting up a successful and profitable healthcare venture. The first step towards starting your medical diagnostic center is to get your business registered and acquire licenses in order to earn credibility. The medical industry is all about safety and hygiene. There are many rules and regulations to ensure the same. Following those rules will increase credibility, gain customer trust and satisfaction. To get your test reports accepted at hospitals and nursing homes, a license is required.

    Getting registered:

    • Trade license (Shop Establishment Act) – At nearest Municipality or Panchayat office
    • Clinical Establishment Act
    • Biomedical waste disposal body

    For clinical establishment act Biomedical waste disposal body you can apply online on their respective websites.

    The license required for diagnostic centre are as follows:

    • Accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) – This license is optional, it is applicable or large center only.
    • Accreditation from Good Clinical Practices (GCP)
    • Waste generation approval from the pollution board in your state
    • Fire Department NOC
    • Municipality NOC

    Qualification Requirement

    You must be a qualified pathologist and must have the required license to practice from the Medical Council of India. You will require a biochemist, pathologist, and microbiologist. Lab technicians must have a Diploma or Bachelors’s in medical lab technology.

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    Setup Requirement

    The setup cost of the lab purely depends on the service offered and the investment you make. A good business plan is necessary to grow your business. As normal lesser investment then lesser will be the number of patients for whom the service offered. If there is more investment and most importantly that spend adequately on infrastructure, staff, machinery, and software tools the higher will be serviced, and the higher will be the incoming and outgoing of patients from your lab. Here we understand that the most important five parameters like infrastructure, space. staff, equipment, and software tools which decide the total entire setup planning and organization.

    Choose Your Location

    After planning your setup, the next important thing when starting a diagnostic clinic in the Philippines is choosing the right location. If you’re the only clinic in the area with complete services, many people will come to you. But it’s also a good idea to open your clinic near a hospital or other clinics. This way, you can attract patients who are looking for better services than what others offer. Your location can help bring in more customers.

    Infrastructure Requirement

    The setup was due to give focus on the infrastructure of the lab because it may help staff work efficiently without any disruption. There should be a very clear layout planned for various rooms and treatment areas so that all the planned activities of each department are done smoothly. There must be the availability or accessibility of various services of the lab should be well communicated to the patients who visit the lab for tests.

    The other most important thing is that the level of cleanliness should be always kept high. As this relates to the medical activities, there may be some minor deviation from healthy surroundings which will lead to serious problems for both the patients and the staff working there.

    Some facilities are necessary:

    • Clean restrooms
    • Waiting area
    • Blood collection lab
    • Lab equipment
    • Processing
    • Examination
    • Storage and waste disposal
    • Wheelchairs
    • Other basis elements of hospital
    Diagnostic center and work process
    Diagnostic center and work process

    Hiring Staff

    Any organization is nothing but a reflection of its staff. You will need a highly-skilled team of professionals. Doctors, nurses, technicians, pathologists for the success of your pathological center. The staff who is selected to work in the lab must have standard qualifications for respective designations. The recruiting process must go with various rounds if screening and the final resulting staff are efficient enough o handle the complex problems in the medical field.

    The lab technicians who are appointed must have enough control and knowledge over the machines used in the lab. They should be provided with training and induction programs during the initial stages of their appointment.

    The work and other operations of the lab will be achieved well if the training is given properly. The staff who are regularly working in the lab must be vaccinated with necessary medicines to protect them from the communicable diseases of the patients.

    The staff who are appointed must be assisted by a medical representative who will perform the activation of updating the staff with changing techniques. The medical representative will be informing you and the staff regularly about the dynamic conditions in the medical field. Innovations, new medicines, and new techniques will be informed so that you make necessary changes in the methods of finding results.

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    Space Requirement

    Space should be able to accommodate at least 100 patients. Patients should not be left to merge and sit together or have a congested environment due to insufficient space. Space planning is necessary to place things right at their place. Clubbing to two or more departments performing various activities should not happen possibly that may give misplaced results or any undesirable condition.

    Software Tools

    To set up a modern and hi-tech lab everything becomes computerized. This helps in working in an organized manner. This will eliminate errors in results and will be an efficient time-saving opportunity. Having a record of their medical history will be possible with strong software tools and staff with adequate knowledge in this field. Diagnosis will also require efficient systems and programming to arrive at the results.

    Here is a list of modern software that helps in lab management:

    • Thinklab – it is an easy-to-use software that keeps a track of medical records, scheduling & appointments, specialization based EMR, prescription management, case-based tracking, billing, inventory, analytics & MIS, alerts and notification, private chat, etc.
    • ThinkWide– A fully automated laboratory solution that helps in the supervision of nursing homes, polyclinics, medical shops, pathology, and radiology labs.
    Indian Diagnostic Industry – Market Structure
    Indian Diagnostic Industry – Market Structure

    Equipments

    The equipment required for the pathology lab has a different range of items. The smartest way to purchase them all by having a checklist otherwise you might miss one or two important items. If your lab is short of necessary equipment then it will be rated as low. Having a various range of testing tools is the only way to make your lab more productive for the patients coming. We all know that the basic expectation of any patient will be the availability of all the required services in one place. From this, the most important part is the safety aspect of the purchased equipment. It is a better option to carry out preventive maintenance, than breakdown maintenance.

    Some of the most important equipment needed in a pathology lab are as follows:

    • Full auto analyzer
    • Semi-auto analyzer
    • Elisa washer
    • Elisa reader
    • Blood cell counter
    • Microscope
    • Centrifuge
    • Regent and chemicals
    • Deep fridge
    • Dispensing scale
    • Blood gas analyzer
    • Colorimeter

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    Marketing Plans

    Making locals aware of your services is another big task. A good marketing plan ensure an increase in awareness about services provided by your lab. By implementing a good strategy, you can attract more patients to your lab. In today’s modern world everything and everyone is connected to the internet. Generally, people rate the medical sector on the basis of services provided.

    • Having tie-ups with hospitals will be a very effective method of marketing.
    • Tie up with hospital or organization for mass checkup of locals provided at little lower costs.
    • A Functional Website
    • Facebook and Other Social Media
    • Search Engine Optimization of your website
    • Word of Mouth and Internal Marketing
    • Automate your Operations

    FAQs

    How to open diagnostic centre in India?

    For starting a diagnostic center, you will first need to register your business and get required licenses. There are many rules and regulations in India for starting diagnostic center. You will need to follow all the rules and laws to gain credibility, customer loyalty, satisfaction, and results acceptance at hospitals and nursing homes. Hire qualified staff and find a right location for your business. Plan and design space to keep patients comfortable and at a safe distance. Make a good plan and you are all set to launch your diagnostic center.

    License required for diagnostic center

    • Accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL) – This license is optional, it is applicable or large center only.
    • Accreditation from Good Clinical Practices (GCP)
    • Waste generation approval from the pollution board in your state
    • Fire Department NOC
    • Municipality NOC

    Marketing plan for Diagnostic center

    Your product should speak for itself. Keep your customers satisfied with good services and they will be spreading word of mouth for your business. Also technology will be very helpful in this context. You can increase your reach using SEO and digital media.

    • Having tie-ups with hospitals will be a very effective method of marketing.
    • Tie up with hospital or organization for mass checkup of locals provided at little lower costs.
    • A Functional Website
    • Facebook and Other Social Media
    • Word of Mouth and Internal Marketing

    What are the requirements to open a diagnostic centre?

    To open a diagnostic centre, you need medical licenses, certified staff, quality equipment, proper space, and government approvals.

    What are the documents required for diagnostic centre?

    Documents required for a diagnostic centre in India include a trade license, pollution control certificate, lab registration, NOC from the fire department, and approval from local health authorities.

    What is diagnostic center setup cost in India?

    The diagnostic center setup cost in India can range from INR 15 lakhs to INR 1 crore or more, depending on the size, location, and type of services offered. Basic pathology labs cost less, while centers with advanced imaging like MRI or CT scans require higher investment.

    What is the qualification required to open a pathology lab?

    To open a pathology lab in India, you typically need a pathologist with an MD or DNB in Pathology. Additionally, you must have qualified lab technicians (DMLT/BMLT) and appropriate licenses from health authorities like the Clinical Establishment Act and local municipal bodies.

  • How Machine Learning Is Revolutionizing the Healthcare Industry?

    What if, you are told that in near future surgeries will be performed by Machines. Yes, machine learning has advanced rapidly that  in near future it will be possible to perform medical surgeries with minimum or no interventions by a Physician. Machine learning is widely used in healthcare industry in 2022.

    When we hear AI or machine learning the first thing that comes in our mind is Robots but machine learning is much more complicated than that. Machine learning has advanced in every possible field and revolutionized many industries such as healthcare, retail and banking. In this article, we will talk about how machine learning is bringing a change in the healthcare industry. So let’s get right into the business.

    What Is Machine Learning?
    Machine Learning in Healthcare
    How Machine Learning Is Used in Healthcare?
    Pros of Machine Learning in Healthcare
    Cons of Machine Learning in Healthcare
    In-Med Prognostics Launches Neuroshield
    Future of Machine Learning in Healthcare

    What Is Machine Learning?

    Machine learning is an application of AI that provides the system with the ability to learn and improve from experiences without being programmed. The primary focus is to allow the computers to learn automatically without any human intervention or assistance. The process of learning begins with observations of data and finding patterns in data and making better decisions in the future. Machine learning has started making it place in India.

    Machine Learning in Healthcare

    The Healthcare industry has seen many advancements, but machine learning is one such advancement that has enhanced the performance of healthcare businesses. Machine learning has advanced a lot but the best machine learning tool in healthcare industry is a doctors brain. Many physicians worry that machine learning will dominate the healthcare industry.

    Machine learning should be focused on how it can be used to augment patient care and employed as a tool by physicians to improve clinical use. Machine learning can never replace physicians because even if it reached supremacy, the patient always needs the human touch and caring of a physician.

    How Machine Learning Is Used in Healthcare?

    Machine Learning is taking turns and has entered into various industries and it looks like its not going to stop at any moment. It has also started showing its caliber in the Healthcare industry. Some of the ways it is used there are:

    Identifying Disease and Diagnosis

    Scientists are already working on machine learning models that predict disease or early diagnosis of disease and illness. A UK based technology startup feebris is working on artificial intelligence algorithms for precise detection of complex respiratory conditions. MIT’s Computer Science and Artificial Intelligence Lab has developed a new deep learning-based prediction model that can predict the development of breast cancer in advance up to five years.

    Robotic Surgery

    The application of robotics in healthcare is rapidly growing since it began in 1980. Robots performing surgery still might sound untrustworthy to many but in near future, it will be commonly used in surgeries. Robotics is also used in hospitals to monitor the patients and alert the nurses if there is human interaction required.

    The robotic assistant can locate the blood vessel and draw the blood with less pain and anxiety for the patient. Robots also prepare and dispense medications and vaccines in pharmacological labs. In large facilities robotics are used as a cart to carry medical supplies. Speaking about robots replacing humans is not happening anywhere soon, robotics can only assist the doctors but can never replace them.

    Medical Imaging Diagnosis

    Medical imaging diagnosis is a process or technique in which visual representation of tissue or internal parts of organs are created to monitor health, diagnose and treat diseases. It also helps in creating database of anatomy and physiology. Surgical interventions can be avoided if medical imaging technology like ultrasound and MRI are used.

    Uses of Machine Learning in Healthcare Industry
    Uses of Machine Learning in Healthcare Industry

    Machine learning algorithms can rapidly process massive amount of medical images and they can be precisely trained to identify the details in CT scans and MRI’s. A deep learning team from US, France and Germany have developed algorithm that can diagnose skin cancer more accurately than a dermatologist.

    Pros of Machine Learning in Healthcare

    More and more healthcare companies are choosing Machine Learningbecause pf its benefits. Some of the benefits are:

    Patterns Are Easily Identified

    A great ability of machine learning is that it can identify patterns and data precisely which might not be possible by a human. It can process massive amount of patterns and data rapidly with ease. With new innovation all of these are possible.

    Smart Health Records

    Maintaining health records is an exhaustive process so machine learning is used to ease the process and reduce the time and efforts required for maintaining health records. Machine learning in today’s world is working on cutting edge technologies for maintaining smart data records.

    Minimum Human Intervention

    Machine learning adapts overtime by learning from patterns and data. The primary benefit of machine learning is that it requires minimum intervention by humans and it can perform surgeries with ease.

    Cons of Machine Learning in Healthcare

    There is also a hesitation as well because with benefits Machine Learning has some cons as well. Some of them are:

    Data Acquisition

    Machine learning adapts through patterns and data sets and it requires a massive data sets and patterns to train its algorithms. The data should be precise and of good quality.

    Take Time to Learn and Adapt

    Machine learning requires enough time for its algorithms to learn and adapt to the patterns and data so that it can deliver accurate results. It requires additional computer power to function.

    High Error-Susceptibility

    Machine learning is highly susceptible to errors, it requires massive amount of data and if it is not provided with sufficient amount of data it may not function properly. Any inaccurate data fed to the machine may end up in undesirable result.

    In-Med Prognostics Launches Neuroshield

    InMed Prognostics Logo
    InMed Prognostics Logo

    One of the prime example of Machine Learning in the health industry is how In-Med Prognostics, a health tech company developing AI based brain health diagnostic and prognostic tools, launched NEUROShield, a cloud-based Clinical Decision Support Tool for neurological disorders. The NeuroShield technology uses pattern recognition and deep learning for the development of clinical biomarkers for early prognosis and differential diagnosis.

    NEUROShield, powered by state-of-the-art AI, utilizes 3D based MRI images to their full potential by extracting data and providing volumetric analysis for the brain and its various structures. Use of cutting edge, AI technology enables them to perform analysis, on both Indian and Caucasian brains, thus unlocking a global scalability potential for their platform. AI is increasing innovation in the enterprises.

    Future of Machine Learning in Healthcare

    The development in machine learning will be  able to automatically detect most of the diseases in its early stage. It will also increase the efficiency and accuracy in disease detection to reduce the burden on doctors. AI and Machine Learning will revolutionize the future healthcare industry.

    Machine learning has advanced rapidly in every field such as navigation, business, retail, and banking but progressing in the healthcare industry is difficult because of the limited availability of data and lack of highly skilled scientists. Machine learning still requires improvements and several factors need to be improved.

    Conclusion

    Machine learning in the healthcare domain has become more popular and widely used in the healthcare industry. ML is helping patients and clinicians in many different ways by making their work easy. Some of the most common applications of machine learning are automating medical billing, clinical decision support, and the development of clinical care guidelines. There are a lot of applications of machine learning that are under research and development. In the future, we’ll be seeing a lot of applications of ML in the healthcare sector getting implemented and making the lives of humans easy.

    FAQs

    What is ML healthcare?

    Scientists and researchers are using machine learning (ML) to churn out a number of smart solutions that can ultimately help in diagnosing and treating an illness.

    How is machine learning used in medical diagnosis?

    Studying physiological data, environmental influences, and genetic factors allow practitioners to diagnose diseases early and more effectively. Machine learning allows us to build models that associate a broad range of variables with a disease.

    What is machine learning in medicine?

    Machine learning (a subset of artificial intelligence) plays a key role in many health-related realms, including the development of new medical procedures, the handling of patient data and records, and the treatment of chronic diseases.

    What are the benefits of AI in healthcare?

    Integrating AI into the healthcare ecosystem allows for a multitude of benefits, including automating tasks and analyzing big patient data sets to deliver better healthcare faster, and at a lower cost. According to Insider Intelligence, 30% of healthcare costs are associated with administrative tasks.

    How is Machine Learning used in hospitals?

    Machine Learning analyzes data throughout a healthcare system to mine, automate and predict processes. It has been used to predict ICU transfers, improve clinical workflows and even pinpoint a patient’s risk of hospital-acquired infections.

  • Buy Medical Supplies Online With Top Medical Equipment Store In India

    Medical equipment is used to treat, diagnose, and monitor patients, and as medical research advances, better technology is becoming available to assist patients to recover quickly. Medical devices play an important role in helping health care providers diagnose ,treat patients and helping patients improve their quality of life. The ongoing global pandemic has made the importance of the Health care infrastructure of a country very clear.

    Hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance, and medical equipment are all part of India’s healthcare sector. It’s not good that the healthcare business is growing Instead, it’s good that the technology is getting advanced. The healthcare sector is increasingly bombarded with new medical equipment. It is important to maintain equipment efficiency for providing quality care at economical costs.  

    Benefits of Buying Medical Equipment Online
    The Online Medical Equipment Stores Available In India.
    Conclusion
    Frequently Asked Questions

    Benefits of Buying Medical Equipment Online

    1. Lower Price

    Buying medical types of equipment online is cheaper than buying from conventional vendors. There are numerous vendors offering products online which helps the buyer to compare the prices of medical equipment/supplies and buy them at a competitive price. To increase the count of its customers, online suppliers keep coming up with discounts and offers.

    2. A vast variety of products

    In the case of a traditional vendor, only a limited stock is available to choose from and quantity to order. Whereas, buying medical supplies online allows one to view numerous products in a single go and choose the product of their choice. One can educate themselves about different medical equipment and features offered by different companies for the same product.

    3. Latest Technology

    Online medical supplies shopping helps one to know what news has come into the market. Online one can view, buy, and try any new medical equipment in the market and offer better service and treatment to your patients.

    4. Convenience

    Buying medical supplies online offers the convenience of purchasing products without having to step out. Online shopping allows one to check various websites anytime and make a purchase with convenience. With online shopping of medical supplies, one can make the full and final payment after receiving the order instead of paying some advance as in the case of most local medical stores.

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    5. Replace and Refund

    Another great feature of online shopping is the refund and replacement policy. If the buyer is not satisfied with the medical supplies or have any issue with the quantity, quality, expiry details, etc. they can anytime place a request for the refund or replacement of the product.

    The Online Medical Equipment Stores Available In India.

    Medika Bazaar
    Kogland
    Smartmecialbuyer
    Hospitalsstore
    Meddeal
    Colmed
    Surgicalshop
    Drstore
    Industrybuying
    Moglix

    Medika Bazaar

    Medikabazaar is a B2B online platform for medical supplies and equipment. Medikabazaar started from a one-room office in Mumbai with a simple vision which was to help improve Indian healthcare by making it accessible and affordable. Since their inception, they have been connected with more than 30,000 medical establishments.

    Kogland

    Kogland is a team of medical professionals and technology experts who came together to solve the issues of medical equipment procurement. It has a variety of products available under one roof. It has a tedious vendor incorporation mechanism ensuring the best quality products and economical rates.

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    Smartmedicalbuyer

    Smart Medical Buyer (run by Allumer Medical Pvt. Ltd.) is an online B2B platform that enables the distribution of medical consumables and hospital supplies across India. It has more than 8000 products listed on its site and various different brands.

    Hospitalsstore

    Hospitals Store- A Division of Medsun Healthcare Solutions is one of the leading medical device treading and distribution companies. It has an all India service network with products Services available round the clock 24×7 and has a top medical equipment company with all equipment and services under one roof.

    Meddeal

    MedDeal.in, founded in the year 2011, is India’s fastest growing online portal for selling non-notified medical devices, hospital equipment, personal and non-patient care & clinical products. It has a wide range of Hospital Equipment, Surgical Instruments, Laboratory Equipment, Diagnostics Equipments, Rehabilitation Aids, and much more.

    Colmed

    Collateral Medical is a leading medical device marketing and distribution company in India and was founded in the year 2010. It delivers products in India as well as overseas which makes it one of the leading online medical equipment stores.

    Surgicalshop

    Surgical Shop is a one-stop online store for personal health care products, medical equipment, and surgical instruments for home and hospitals and delivers to the customer’s doorsteps.

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    Drstore

    DrStore is India’s first & only Group Purchase Organisation (GPO) for clinics, small to medium size nursing homes & hospitals, and is the one-stop shop for all hospital supplies and surgical instruments with a wide range of products available.

    Industrybuying

    Founded in the year 2011, Industrybuying.com is a leading Business e-commerce platform, selling a wide range of business and industrial products to SMEs as well as large businesses. The company has over 5,000 registered sellers and more than 85,000 registered businesses.

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    Moglix

    Moglix is an Asia-based Ratan Tata backed E-commerce company, headquartered in Singapore, which is inclined towards B2B procurement of industrial supplies. The company has 10,000 suppliers across 25 states and in several countries. It was founded in the year 2015 and has headquarters in Noida.

    Some other Online Medical Equipment stores in India are:

    • Narang
    • Quickmedical
    • Healthklin
    • Indiamart
    • Indianmedicalmart
    • Coinfycare
    • Microchip
    • Gpcmedical
    • Microsidd
    • Indosurgicals
    • Medicalsupplydepot
    • Jaypeescientfic
    • Cashkaro
    • medicalequipmentIndia

    Conclusion

    The growing awareness has made it necessary for everyone to move with technology. And the above-mentioned benefit of buying medical supplies online and the list of Online medical equipment stores available in India is an example of the advancement in the medical sector. I hope that you find this article informative and helpful.

    Frequently Asked Questions

    Where can I buy medical equipment?

    Medical supplies are available online and you can find them in the local market as well. But if you want to import and have a large quantity prefer the online mode. To buy medical equipment online you can visit the official websites of the companies mentioned above.

    Which is the best online site to buy medical equipment?

    MedikaBazar is the best B2B online website to buy medical equipment. Along with medical types of equipment they supply consumables, lab diagnostics and instruments, surgical instruments etc.

    What are the top medical device companies in India?

    Medtronic, Johnson and Johnson, Thermo Fisher Scientific, Abbott and GE healthcare are some of the best companies for medical devices.

  • Practo- Business Model & Revenue Model | How Does Practo Make Money?

    Numerous technological innovations and advancement has made the world a smaller place. Irrespective of type of business, online services is booming. The demand of online service has taken over the healthcare industry as well. Online doctor consultation is rising popularity and growing with high speed after Covid Pandemic. There has been 500% increase in online doctor consultations in India in 2020.

    Practo is one of those online doctor consultation platform which has revolutionized the healthcare industry. Practo enables consumers to find the best doctors, book appointments, and consultations for better health care decisons and treatment. The bangalore based healthcare platforms has gained tremendous popularity. Here are insights of Practo’s Business model, its revenue model, and more to know about Practo.

    About Practo
    Services Provided by Practo
    Business Model of Practo
    Why Should Doctors Use Practo?
    Practo’s Customer Segments
    Key resources for Practo
    How Practo makes money?
    Acquisitions of Practo
    Revenue Model of Practo
    FAQs

    Practo Business Model | How Practo earns money?

    About Practo

    Practo is an Indian based company that is now established in about 15 countries. It is an application that works as a bridge between doctors and patients and is mainly focused on booking interactions with doctors. It was founded by 2 Indian B.Tech students, Shashank ND and Abhinav Lal. They aimed to come up with a way to save or keep reports and other medical prescriptions. Their idea was then put into action and they came up with an online platform where the patients can interact with the best online doctors, book appointments and so on.

    Services Provided by Practo

    Their major value proposition for patients was to make online healthcare search easier. The application must be able to help patients look for various medical help like doctors, hospitals, clinics, laboratories, check-up and scan bookings and so on. This must be done through the app or website and without any issue. They should be able to get a virtual doctor on demand.

    The next plan was Practo Plus, which is a subscription-based membership. This is to provide perfect 24/7 care.

    Practo not just helps book appointments but also consult a doctor online. This is a cost and time-saving attribute in the app. In this case, the communication can be through audio call, video call and also image sharing through the app. This can help the doctors diagnose and give necessary medical advice.

    Just like Google drive helps us save details and records for future use, Practo drive helps patients store the necessary medical records like test results, prescriptions, schedules, etc. This is highly secure and safe.

    Business Model of Practo

    Practo Logo
    Practo Logo

    The first thing that a business has to do is to figure out the major activities and value propositions and make a perfect, working business model. Practo, being a common platform for patients and doctors, they had to make sure there was proper value provided to both sides.

    Why Should Doctors Use Practo?

    Practo competitors
    Practo competitors

    Practo helps the doctors get more patients and grow their practice online. They can hence maintain a better relationship with the patients and also chat with them whenever necessary. A prescription can also be uploaded through the app. Follow-ups and other notifications can also be given by the doctors to the patients. They can also publish health-related articles and tips. Practo makes the entire system easier and efficient.

    Practo provides a complete tool for clinic management for doctors which helps in generating invoices, reminders, storage of bills and prescriptions, etc. On the whole, the online visibility of the clinic and the doctor grows with the use of Practo.

    Practo’s Customer Segments

    Practo has segmented their customers into 3. Which are:

    Practo's customer segment
    Practo’s customer segment

    Key resources for Practo

    The major resources that they use are the website, the app, their staffs and manpower and Information technology.

    Their major activities are:

    • Marketing and advertising, through which they promote their product and services. With the growing use of social media, they use those platforms to promote Practo.
    • This, being a technology-based app, their another major activity is to develop an easy to use software.
    • They also had to bring in and enhance the network between patients, doctors, labs, clinics and so on.

    They also have the perfect customer relationship management strategies. They provide 24/7 customer service through mails, chat and also phone calls and their automated services, like notification system and SMS services have helped them maintain customer relationships.

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    How Practo makes money?

    Any company thinks of how to increase revenues and hence generate more profits. Practo also has its way to make huge revenue. We know that Practo has a few products and services and using this they generate the revenue.

    They initially started by taking a certain percentage of money for every booking that takes place. As they expanded, they found more opportunities to get better revenues.

    Practo charges the doctors and hospitals some money for getting listed in the app or the website. This also gives them some revenue. They are now expanding their domain and are now connecting bigger hospitals, labs and pharmacies and take commissions from all these. This is their basic revenue model. Over this, there are a few other ways by which they generate revenue.

    Acquisitions of Practo

    They get revenues through their acquisitions. Practo has acquired 4 companies.

    • QikWell: It is an online appointment booking software
    • FitHo: It is a disease prevention app
    • Genoo: A software development firm
    • InstaHealth: Hospital management software

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    Revenue Model of Practo

    Over the years, Practo has helped doctors reach a lot of patients and also helped them practice medicine.

    Just like there are search results on search engines, Practo has a search result. Doctors need to get on top of the list to be able to do more online consultations and hence earn more. Practo Profile sells premium listing and for this, the doctors have to pay some money. This is a part of their revenue.

    The next way of generating revenue is through Practo reach wherein, Practo provides ad spaces on their website and app. It is available in various sizes and the payment depends on various factors. Displaying ads on their website also gives them good revenue as we know that Practo has a lot of users.

    There is another division in Practo which is called as Practo Ray. This helps the doctors Manage the hospital or clinic. It is a PMS (Practice Management Software) for the doctors. For doctors to use this, they need to pay a fee, monthly. This is the largest source of revenue for Practo.

    Next comes Practo Plus. It is a subscription-based yearly healthcare plan for patients. It offers unlimited online doctor consultation and Practo gets some revenue from this too.

    Practo earns from medical deliveries too. Now that they have tie-ups with labs and pharmacies, they get some commission for bookings and also from delivering medicines to the patients. They also make the sale of medicines to drug stores and chemists.

    The main reason for Practo to be able to attract the customers is because they can cover the right audience. They know that there is no big point in covering famous doctors as they would have already established themselves and would not pay much for Practo and so, they started by approaching new doctors and clinics who will need to get patients. Also, there are not many competitors in the field as Practo has already attracted most doctors and patients and it is well established.

    FAQs

    What is the revenue of Practo?

    Practo has recorded a revenue of Rs 124.3 crore for the financial year ended March 31, 2019.

    How does Practo work?

    Practo offers a secure and encrypted platform for patients to connect with doctors online to interact at their own convenience.

    What is the valuation of Practo?

    Practo valuation stands at $904 Million (April, 2021).

    Who are the top competitors of Practo?

    The top 10 competitors of Practo are:

    • Lybrate
    • DocsApp
    • 1mg
    • Goqii
    • Portea

  • Why E-pharmacy firms saw huge order surge in second wave of pandemic

    The second wave of the Covid-19 pandemic in India has led to the significant growth of online pharmacies. The lockdown being implemented in various states and the strict restrictions have led to the surge in for medical devices and PPE kits by the consumers through e-pharmacies. Let’s look at the growth of e-pharmacies in India.

    Growth of E-pharmacy market
    Growth of 1mg
    Wellness Forever Medicare
    Other E-pharmacy companies
    Reason for the order surge
    Demand for Covid-19 related products
    FAQ

    Growth of E-pharmacy market

    The growth of the e-pharmacy sector has increased by up to 35 % compared to last year according to Industry trackers which is almost 3 times the expansion in the number of consumers ordering medicines and the essential substances for Covid-19 online. They claim that the sector is expected to witness much more growth in the current year as well.

    Ankur Pahwa who is the Partner and National leader for the E-commerce and Consumer Internet sector of EY India had said that since the base is much more larger, they expect the growth to slow down. He added that the sector will not be able to see a growth of 40-45 % this year, but is still expected to remain high because of the increase of digitalization in the country.

    EY has an estimation that the online pharmacy sector in India will grow to around USD 2.7 billion by the year 2023 from USD 360 million in 2019.

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    1mg is one of the top 3 e-pharmacy firm in the country. The company has said that there has been an increase in the medicines such as Fabiflu and Doxzee which is said to treat the mild cases of Covid-19. The company said that there was an increase of around 40x to 50x in the month of April 2021 compared to March 2021.

    The company said that the sales of these drugs would have been higher if they wouldn’t have faced challenges regarding the supply of the drugs. 1mg reported that the demand for the Covid-19 related products was 5 times more in the month of April 2021 compared to the previous month March 2021.

    Wellness Forever Medicare

    Wellness Forever which is an omnichannel pharmacy chain has said that their orders have increased due to the second wave by around 25 %. The company has said that they have seen an increased demand for medical devices such as thermometers and oximeters, medicines and FMCG products.

    Gulshan Bhaktiani who is the co-founder of Wellness Forever Medicare said that the company has seen a similar rise in order over different mediums such as walk-ins, app and calls. The company’s revenue had seen an increase of around 25 % for the year ended March 2021.

    Indian pharmaceutical sector growth
    Indian pharmaceutical sector growth

    Other E-pharmacy companies

    Pharmeasy which is backed by Prosus and the leader of the online pharmacy market in India said that the company is looking forward to provide vaccination for around 30 million people. The company wants to become the largest private player in the vaccination drive in India.

    It is planning to work with Corporates, healthcare providers and resident welfare associations.

    Even the healthcare booking platform Practo has said that it is planning to largely work with corporates in order to provide vaccination to around 10 million people. The company has already confirmed that around 500 corporates have shown interest and have an employee strength of 1 million.

    The company said that it is looking forward to work with around 1,000 companies for the first round of the vaccination drive.

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    Reason for the order surge

    The increase in the cases due to the second wave in most of the metro cities and this leading to lockdown and strict curfews have made the consumers to order the medicines and the Covid related items online rather than visiting offline pharmacies and diagnostic centers.

    According to the company executives and industry experts, this is the major reason for the increase in sales by up to 25 – 65 % for online pharmacies.

    Prashant Tandon who is the co-founder of 1mg said that there is an unlimited need by the consumers currently and the company is investing on an active basis to ensure the supply chains can reach the demand of the consumers.

    He added that the consumers are very anxious and fearful about exposure as they get their lab tests and medicines.

    The demand for Covid-19 related products such as pulse oximeters, oxygen cans, masks, PPE kits, supplements such as Zincovit and Limcee is similar in all the major online pharmacies according to experts.

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    FAQ

    How do online pharmacies operate?

    Customer requests for products on an online platform. The request is sent to an off line brick and mortar store. The prescription is validated and verified by pharmacists and only then the order is accepted for fulfilment.

    Does online pharmacy require drug license?

    Yes, online pharmacy businesses require drug license.

    What is an online prescription?

    Online prescription enables people to compare treatment prices, find a healthcare provider, and schedule an appointment all in the comfort of their own home.

    Conclusion

    The second wave of the Covid-19 pandemic is the main reason for the growth of the e-pharmacy business around the country. We may be able to see an increase in the growth of industries in the coming years.

  • List of Companies developing Covid 19 vaccine around the World

    The vaccination drive for Covid 19 has been started across the globe. Vaccines have been developed and manufactured by a lot of companies around the world. Below are the top companies which are involved in the development and manufacturing of Covid vaccines.

    Pfizer
    Astra Zeneca
    Serum Institute of India
    Bharath Biotech
    Moderna
    BioNTech
    Novavax
    Sinovac
    CanSino Biologics
    Johnson & Johnson
    Inovio
    R-Pharm
    BIOCAD
    Pharmasyntez
    FAQ

    Pfizer

    Pfizer is an American based pharmaceutical company. It was founded in the year 1984 and has its headquarters in New York. Pfizer is one of the world’s largest pharmaceutical company. The company develops and manufactures vaccines and medicines for a wide range of medical disciplines.

    Pfizer is in the process of development and manufacturing of mRNA vaccine for Covid 19.

    Astra Zeneca

    Astra Zeneca is a British-Swedish multinational biotechnology and pharmaceutical company. The company has its headquarters in Cambridge, England and was founded in the year 1999. Astra Zeneca has a portfolio of products for major diseases in areas such as oncology, cardiovascular, infection, respiratory, etc.

    Astra Zeneca is well known for its involvement in developing the Oxford-Astra Zeneca Covid 19 vaccines.

    Serum Institute of India

    Serum Institute of India is an Indian Pharmaceuticals and Biotechnology company. It is the largest manufacturer of Vaccines around the globe. The company was founded in 1966 by Cyrus Poonawalla and is based in Pune, India. Adar Poonawalla is the Chairman, President, and CEO of the company.

    Serum Institute of India has tied up with Astra Zeneca which is a pharmaceutical company. The company has released a vaccine called Covishield.

    Bharath Biotech

    Bharath Biotech International Limited is an Indian company which deals with biotechnology. The company has its headquarters in Hyderabad, India. The company is involved in drug development, manufacture of vaccines, drug discovery, bio-therapeutics, healthcare products, and pharmaceuticals.

    It has partnered with the state-run Indian Council of Medical research in developing a vaccine against Covid-19 called as COVAXIN.

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    Moderna

    Moderna is a an American-based biotechnology and pharmaceutical company. The company has its headquarters in Cambridge. The company focuses on discovery of drugs, development of drugs and vaccine technologies.

    Moderna is in the process of developing mRNA vaccine for Covid 19.

    BioNTech

    BioNTech is the short form for Biopharmaceutical New Technologies. It is a German based biotechnology company which has its headquarters in Mainz Germany. The company was founded in the year 2008.

    BioNTech is also in the process of developing mRNA vaccine for Covid 19.

    Novavax

    Novavax is an American based Pharmaceutical company which is involved in the manufacturing of vaccines. The company was founded in the year 1987 and is located in Gaithersburg United States.

    Novavax is in the process of development and manufacturing NVX-CoV2373 which is a vaccine for Covid 19.

    Sinovac

    Sinovac Biotech Ltd is a Chinese based biotechnology company. The company was founded in the year 1999 which is located in Beijing, China. The company focuses in the research and development, commercialization and manufacturing of vaccines which will protect against human infectious diseases.

    Sinovac Biotech Ltd is in the process of development and manufacturing of CoronaVac which is a vaccine for Covid 19.

    CanSino Biologics

    CanSino Biologics is a Chinese vaccine company. The company was founded in the year 2009 and is headquartered in Tianjin, China. The company is in the process of development and manufacturing of Ad5-nCOV which is a vaccine for Covid 19.

    Rate of COVID-19 vaccination worldwide as of April 10, 2021
    Rate of COVID-19 vaccination worldwide as of April 10, 2021

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    Johnson & Johnson

    Johnson & Johnson is an American multinational corporation. The company was founded in the year 1886 and has its headquarters in New Jersey, New York. It focuses on developing medical devices, consumer packaged goods and pharmaceuticals.

    Johnson & Johnson is in the process of developing Ad26.COV2.S which is a type of vaccine for Covid 19.

    Inovio

    Inovio Pharmaceuticals is an American based biotechnology company. It was found in the year 1983 and has its headquarters in Pennsylvania. It focuses on the development, discovery and commercialization of synthetic DNA products. The products are used for treating Cancer and infectious diseases.

    Inovio Pharmaceuticals is in the process of developing INO-4800 which is a DNA based plasmid Covid 19 vaccine.

    R-Pharm

    R-Pharm is an international pharmaceutical company. It has its headquarters in Russia. The company was founded in the year 2001 by Alexey Repik. The company concentrates on areas which include research, development, production and marketing of drugs which is primarily on inpatient and medical care.

    Their main focus is on activities such as production of finished dosage forms, research and development of drugs and technologies, introduction to Russian market of pharmaceuticals, etc.

    In December 2020, the company had got into a memorandum of understanding (MOU) with Astra Zeneca in the manufacturing of Oxford Astra Zeneca Covid-19 Vaccine.

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    BIOCAD

    BIOCAD is a Russian based pharmaceutical company. The company has its headquarters in Saint Petersburg, Russia. The company has offices in Belarus, India, China, Brazil and even United States.  It is said that 40% of the company’s employees are scientists.

    The company focuses on discovering, developing and manufacturing vertically integrated drugs. The company has around 50 products in its portfolio. BIOCAD is currently developing a mRNA vaccine for Covid-19.

    Pharmasyntez

    Pharmasyntez is a Russian based Pharmaceutical company. The company was founded in the year 1997 in Irkutsk. The first factory of the company was opened in the year 1999.

    The company has more than 50 products in its portfolio. The company also supplies medicines to the largest pharmaceutical distributors in Russia. It is one of the top 3 fastest growing pharmaceutical companies in Russia.

    Pharmasyntez is expected to start the production of Covid-19 vaccine Sputnik V.

    FAQ

    Is India exporting Covid vaccine?

    Indian government has decided not to ban the commercial export of Covid-19 vaccines by the two manufacturers based in India, for now.

    Who issued the official name of COVID-19?

    The official names COVID-19 and SARS-CoV-2 were issued by the WHO on 11 February 2020.

    Is the US using AstraZeneca vaccine?

    AstraZeneca’s Covid-19 vaccine has not yet been rolled out in the U.S. as the Food and Drug Administration (FDA) has only authorized the use of vaccines developed by Pfizer, Moderna and Johnson & Johnson.

    Conclusion

    These are the top companies in the world that is involved in the manufacturing and development of Covid 19 vaccines.

  • How to Obtain a Pharmacy Business License in India

    Indian pharmaceutical market has been one of the largest markets in the world in terms of volume as well as value. Also, India is the largest provider of generic drugs with around 20% to 25% of global exports in volume. Since the business in the pharmaceutical industry of India is great, one can have a decent opportunity to start it in the local market.

    If you are someone who is interested to open a medical store or obtain a pharmacy license in India, this write-up is for you. Pharmacy business has been eternal in our country. Even when all other businesses suffered huge losses due to the Covid-19 pandemic, pharmacy businesses kept on growing and flourishing and will continue the same in the future as well.

    In India, the pharmacy business doesn’t get affected by economic cycles or financial hiccups. With minimum investment and space you can set up your pharmaceutical business is it a franchise or your own store. Read this article to know more about how to get a pharmacy license in India.

    Types of Pharmacy Business in India
    Types of Drug License
    Prerequisites of obtaining a pharmacy business license in India
    Documents required for starting a Pharmacy Business
    List of Application Forms
    FAQ

    Types of Pharmacy Business in India

    When you decide to obtain a pharmacy license in India, you should first decide the type of pharmacy that you would want to run as there are different types of pharmacy businesses in India.

    In our country mostly all the pharmacy businesses fall under the category of standalone pharmacies who operate their business in the unorganized sector. However, the popularity of township pharmacies has been growing in recent years. It is observed that the majority of the standalone pharmacies are set up under a partnership or sole proprietorship.

    These days pharmacies can now register themselves as LLP or a Private Limited Company for around Rs. 8000/-

    Types of Drug License

    Since there are various types of dealings and businesses in India in the pharmacy sector, there are various types of drug licenses. As mentioned below

    Sales License

    This license is to be obtained by the businesses that plan to make sales of drugs. These include Wholesale Drug License, Retail Drug License, and Restricted Drugs Sale License.

    Manufacturing License

    Those businesses who plan to manufacture drugs allopathic and homeopathic need to obtain a manufacturing license.

    Loan License

    A business that uses manufacturing facilities of some other license and does not own a manufacturing unit, requires a loan license.

    Import License

    When one wishes to deal in the import of drugs, an import license is issued.

    Multi-Drug License

    If one places to operate the pharmacy business in multiple regions with the same name, he/she a multi-drug license will be issued.

    Revenue of Indian Pharma Sector
    Revenue of Indian Pharma Sector

    Prerequisites of obtaining a pharmacy business license in India

    There are a few essential things that are to be acknowledged before obtaining a pharmacy license in India.

    1. Qualification

    If you are planning to have your own pharmacy business, you must be qualified. If your business operations are in wholesale it is imperative that you have completed your post-graduation with one year of experience or have an under graduation degree with four years of experience.

    2. Place

    When you wish to have a pharmacy business, it is important that you have adequate space too.

    Pharmacy License
    Pharmacy License
    • To obtain a wholesale or retail pharmacy business license you must have a minimum 15 square meter space.
    • In all other types, you would have to have a minimum of 10 square meters of space.
    • Also the National Building Code of India, 2005 has laid a few guidelines on the clear height of the premises of the sale which are to be followed accordingly.

    3. Storage

    There are many drugs that are required to be stored in low temperatures, refrigerators, or under air conditioners. You must have such important storage facilities for the same.

    4. Tax registration

    In our country, all pharmacy businesses are required to obtain GST tax and pay GST timely. Since these businesses will be selling drugs and medicines, they are going to be registered under GST 2017.

    Documents required for starting a Pharmacy Business

    Starting a pharmacy business in India comes with certain formalities and responsibilities that vary from state to state. It is suggested that whenever you apply for a pharmacy business license, keep the following documents ready with you.

    1. Application form for the pharmacy license which is in the prescribed manner.

    2. A covering letter would be required with the intent of the applicant. It should be signed by the applicant along with his/her name and designation.

    3. For obtaining the drug license, you would be required to produce the receipt of challan fees.

    4. A declaration in the prescribed format mentioned in the form.

    5. The blueprint of the premises regarding the key plan and the site plan.

    6. The grounds or basis of possession of the premises.

    7. Any authorized Identification proof and photo of the owner/s of the pharmacy.

    8. If the premise is taken on rent, then you would be required to show proof of the ownership of the premises.

    9. Proofs of the constitution of a company like an Incorporation Certificate or Memorandum of Association or Article of Association or Partnership Deed are to be presented while obtaining the drug license.

    10. An affidavit of non-conviction of proprietor or partners of the pharmacy business under the Drugs and Cosmetics Act 1940 is essential.

    11. Along with the above-mentioned affidavit, you also need to produce an affidavit of a registered pharmacist or a competent person working full time.

    12. If the person is employed, an appointment letter of a registered pharmacist or a competent person is required.

    All these documents are required to be produced in order to become eligible for obtaining a medical store license. Once you complete all these formalities, you will be required to file the application for granting the pharmacy business license. For the same, you will have to visit the drug inspector’s office where all the proceedings would be taken ahead.

    List of Application Forms

    Sr. No

    Form No.

    Purpose

    1.

    Form 19

    Application for grant or renewal of a license to sell, stock, exhibit or offer for sale, or distribute drugs apart from those specified in Schedule X.

    2.

    Form 19A

    Application for granting or renewing a restricted license to sell, stock, exhibit or offer for sale, or distribute drugs by retail via dealers who don’t engage the service of a qualified individual.

    3.

    Form 19B

    Application for license to sell, stock or exhibit or offer for sale, or distribute Homoeopathic Medicines.

    4.

    Form 19C

    Application for grant or renewal of a [license to sell, stock, exhibit or offer for sale, or distribute] drugs specified in Schedule X.

    5.

    Form 24

    Application for either the grant of a license or for the renewal of a license or to manufacture for sale or for distribution of drugs other than those which are specified in [Schedule C, C (1) and X].

    6.

    Form 24A

    Application for either the grant of a loan license or renewal of a loan license to manufacture for sale or distribution of drugs other than those specified in Schedule C, C (1) and X.

    7.

    Form 24B

    Application for grant or renewal of a licensee to repack for sale or distribution of drugs, being drugs other than those specified in Schedule C and C (1) excluding those specified in Schedule X.

    8.

    Form 24C

    Application for the grant or renewal of a license to manufacture for sale [or for distribution] of Homoeopathic medicines or a license to manufacture potentized preparations from back potencies by licensees holding a license in Form 20-C

    9.

    Form 24F

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule X and not specified in Schedule C and C(1).

    10.

    Form 27

    Application for grant or renewal of a license to manufacture for sale or for distribution of drugs specified in Schedule C and C (1) excluding those specified in part XB and Schedule X

    FAQ

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

    A pharmacy franchise requires an initial investment starting from INR 8 – 10 lakhs, which includes licensing and documentation.

    How long does it take to become a pharmacist in India?

    To practice pharmacy in India one atleast requires a diploma in pharmacy, which is awarded after only 2 years and 3 months of pharmacy studies.

    Which is the number 1 pharmaceutical company?

    Sun Pharmaceutical Industries Ltd is the number 1 pharmaceutical company.

    Conclusion

    Health is the most important part of everyone’s lives and is certainly a business sector that is evergreen. Pharmacy business in India is currently at the growth stage and will continue to flourish in the coming years as well. By following the procedure mentioned in the above write-up, you can easily obtain a drug license and open your own pharmacy store.