Firstly lots of good wishes for focussing on Pharmacy as your career option. Yes , AIPMST is a very good channel to secure scholarships for further studies, specially for such course like B.Pharmacy. But my suggestion would be apart from trying for this scholarship , you should also try some other ones which can be beneficial for you to pursue your studies with B.Pharmacy. They are:

AISEE

AIMSET etc.

All the best for your future!