How much a Pharmacist earn in India? Know how much you can earn after getting a Pharmacy degree in India

Whenever we recover from an illness, we always thank doctors and nurses. But, the fact is that we must thank Pharmacists equally for providing crucial medicines to cure diseases. The pharmaceutical industry of India is globally renowned. It is receiving immense appreciation for the commendable work it has done in the mass production of Covid vaccines. But, do you how much a pharmacist earns In India?

As a pharmacist in India, you have plenty of career options to choose from. You can work in industry, supply chain management, Research & Development or start your medicine business. Today’s post is curated just for you if you are a student looking to pursue a pharmacy course. Here, we will let you know about the amount of money that a pharmacist can earn in India after opting for a career in different fields.

Career options in India after a Degree in Pharmacy

Now, let’s discuss how much you can earn if opting for various career options in India after getting a pharma degree.

• Job in Industrial Sector – If you start a job in the industrial sector in the field of Pharma then you might have to struggle in the starting phase of your career. The average initial salary is around 2 lakh per annum to 3 lakh per annum. But, you can get a lucrative salary package and earn a salary package of Rs. 17 lakh per annum as you gain experience. The posts that you can opt for are Quality control executive, Stability and Quality Assurance, Product Development Technology (PDT), etc.
• Marketing – Marketing is one field that always offers great salaries irrespective of the domain. If you have the zeal and talent to sell then you can earn big in Pharmaceutical marketing. It is normal for a good marketing executive to get a starting salary package of 4 lakh per annum. However, if you are opting for marketing then you should be ready for fieldwork and achieve monthly targets.
• R&D (Research and Development) – To be able to get a good post in the Pharma Research and Development field you should have a master’s degree in Pharma. The starting salary package will be modest. But, if you get a high post then you can earn a very good amount of money.
• Global Supply Chain Management – If you can deal with vendors and suppliers then you can go for Global Supply Chain Management. In this field, you should shoulder the responsibility of ensuring that your medicine reaches the market so that customers can buy them. A large number of employees in Global Supply Chain Management have salary packages of more than 10 lakh per annum.
• Teaching – If you have an M.Pharma degree and you like teaching then you can become a teacher in a Pharma/ medical college. You can join as an assistant professor then go on to become a department head. The starting salary package will be modest but it will gradually increase with experience. However, if you want to enjoy your college days once again then this is the job for you.
• Drug Inspector – This is a dream job for many pharmacists in India. It is a government job with a handsome salary package. After the implementation of the 7 pay commission regulations. The salary package of a Drug Inspector in India has become very impressive. However, you should be ready to face fierce competition in order to get selected for this post.

How much a pharmacy or Medical Store owner earns in India?

In the last few years, the retail market of medicine has shown exceptional growth. It is expected that this market will grow at the rate of 15% in the next five years. So, there are chances of exceptional growth in this field in the coming years. You may start the Pharmaceutical industry business at the medical store level or wholesale level.

Pharmacy and Medical Store Business Profit Margin

There are many students who like to start their own venture after getting a pharmaceutical degree in India. The profit that you can earn after starting a pharmacy shop/ medical store in India is explained below.

• Generally, a medical store makes a gross margin of around 20% to 25% by selling generic medicine.
• On the other hand, the gross margin on selling brand name medicine is around 16% to 22%.
• Apart from the margins, Medical store owners enjoy other benefits and perks that pharmaceutical drug manufacturers provide.

Profit Margin in Medicine Wholesale Business

The story of margin profit is different if we talk about the Wholesale Business. Check out the following points to get more clarity.

• The margin of a distributor for branded medicine is around 8% to 12%. The same margin for generic medicine is around 10% to 20%.
• Apart from the margin, distributors also enjoy other benefits from the drug companies such as credit facilities and other offers.
• The stockist’s margin is around 6% to 10% for branded medicines and 8% to 15% for generic medicines.
•  A typical stockist should also provide not only credit facilities to distributors but also up-front payments for inventory.
• Those who work as carrying and forwarding agents are middlemen whose margins are around 4% to 8%. These agents’ job is to receive stocks from the companies in large quantities and distribute them to other stockiest in small increments.

Important Note: You should also note that the earnings of the Pharmacy business owner also depends upon the factors like Volume of sales, Operational costs, and Inventory management.