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Pharmacy Business Plan Template

Written by Dave Lavinsky

Pharmacy Business Plan

You’ve come to the right place to create your pharmacy business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their pharmacies.

Pharmacy Business Plan Example

Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan.

Executive Summary

Business overview.

Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina. The company is founded by Stephen Harris, a licensed pharmacist who has spent more than fifteen years working in the pharmacy industry. Stephen is confident that his strong communication skills combined with his keen attention to detail when preparing prescriptions will help him quickly grow a loyal customer base for his new pharmacy. Stephen has recruited a team of highly qualified professionals to help manage the day-to-day complexities of running a retail pharmacy including marketing, sales, customer service, financial reporting, and operations management.

Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with a better price and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more.

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

  • Over-the-counter (OTC) medications
  • Prescription medications
  • Immunizations
  • Travel medications
  • Point-of-Care (POC) Tests
  • Compounding

Customer Focus

Healthy1 Pharmacy will target all individuals in Charleston. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis. No matter the customer, Healthy1 Pharmacy will deliver the best communication, service, and prices.

Management Team

Healthy1 Pharmacy will be owned and operated by Stephen Harris. He has recruited Emily Jackson, an experienced retail pharmacy manager to be his Store Manager and help to supervise the staff and run the day-to-day retail operations.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized by his former employer as a top performing pharmacist for five years in a row.

Emily Jackson has been a store manager at a local retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Success Factors

Healthy1 Pharmacy will be able to achieve success by offering the following competitive advantages:

  • Friendly, knowledgeable, and highly qualified team of sales associates and pharmacy technicians who will assist customers, answer questions, and provide a personalized approach not found in larger pharmacies.
  • Comprehensive array of products and services that includes everything you would expect from a large pharmacy, only with attentive customer service and lower prices.
  • Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy’s pricing structure is the most cost effective compared to the competition.

Financial Highlights

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its new pharmacy. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

  • Pharmacy and retail space build-out: $100,000
  • Equipment, supplies, inventory, and materials: $100,000
  • Three months of overhead expenses (payroll, rent, utilities): $160,000
  • Marketing costs: $25,000
  • Working capital: $15,000

The following graph below outlines the pro forma financial projections for Healthy1 Pharmacy.

pharmacy financial plan

Company Overview

Who is healthy1 pharmacy.

Healthy1 Pharmacy is a newly established independent retail pharmacy located in Charleston, South Carolina. Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with lower prices and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more. Healthy1 Pharmacy will be able to provide Charleson customers with the experience of a friendly, neighborhood drugstore while ensuring each prescription is handled with the highest standards of quality and care. The team of pharmacy technicians and sales associates will be highly qualified and experienced in helping customers find the right over-the-counter solutions for their individual needs as well as ensuring each prescription is filled accurately and efficiently.

Healthy1 Pharmacy History

Healthy1 is owned and operated by Stephen Harris, a licensed pharmacist with over fifteen years of experience working in the pharmacy industry. Stephen has worked for a large pharmacy chain and managed a team of pharmacy technicians for several years. Stephen’s tenure with the pharmacy chain combined with his pharmaceutical education has given him the skills and knowledge required to start his own pharmacy.

Since incorporation, Healthy1 Pharmacy has achieved the following milestones:

  • Registered Healthy1 Pharmacy, LLC to transact business in the state of South Carolina.
  • Has a contract in place to lease the retail storefront he will use for his pharmacy.
  • Reached out to numerous contacts to include experienced pharmacy technicians and sales associates to advise them of the upcoming opportunities at his new pharmacy.
  • Began recruiting the management team members including a store manager, an accountant/bookkeeper, and a marketing director.

Healthy1 Pharmacy Services

The following are the pharmacy products and services that Healthy1 Pharmacy will provide:

Industry Analysis

The pharmacy industry in the United States is valued at $534.2B and is projected to grow to $862B by 2028. Major market drivers include a growing number of types of diseases, an increasing percentage of people with chronic illnesses, an aging population, and higher healthcare costs.

There are more prescription medications being developed, and the demand for more prescriptions is growing faster than ever before. In 2020, there were an estimated 860M medications prescribed by physicians and 336M prescribed by hospitals. This prescription demand is resulting in more pharmacies opening across the U.S. The National Council for Prescription Drug Programs (NCPDP) reports an estimated 20,400 independent pharmacies in 2010. This number has grown to over 23,000 by 2019, a 12.9% increase in the number of independent pharmacies for that time period.

Industry operators in the pharmaceutical market can benefit from providing above average customer service, lower prices than competitors, and products or services that aren’t being offered elsewhere.

Customer Analysis

Demographic profile of target market.

Healthy1 Pharmacy will target all individuals in Charleston, South Carolina. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis.

The precise demographics for Charleston, South Carolina are:

Customer Segmentation

Healthy1 will primarily target the following customer profiles:

  • Parents of pediatric patients
  • Geriatric patients
  • People taking medications on a regular basis
  • People needing compounding services
  • People looking for vaccines or immunizations
  • People who need lab tests

Competitive Analysis

Direct and indirect competitors.

Healthy1 Pharmacy will face competition from other companies with similar business profiles. A description of each competitor company is below.

Charleston Care Pharmacy

Charleston Care Pharmacy provides a wide variety of pharmacy products and services including OTC medications, lab testing, and compounding. Located in a senior neighborhood, Charleston Care Pharmacy specializes in serving the geriatric population, but welcomes customers of all ages. Charleston Care Pharmacy’s promise is to deliver effective communication, honesty, and integrity in every transaction. Charleston Care Pharmacy’s team of experienced pharmacy technicians assures customers are well taken care of and prescriptions are filled quickly and correctly.

FeelBetterNow Pharmacy

FeelBetterNowPharmacy is a Charleston-based neighborhood pharmacy that provides a full suite of services including compounding, vaccines, lab testing, local delivery, and more. The owners of FeelBetterNowPharmacy are licensed pharmacists who have extensive experience working for independent retail pharmacies so they understand what customers are looking for in a neighborhood pharmacy. Customers who choose FeelBetterNowPharmacy can rest assured they are getting the best quality products at reasonable prices.

Care Better Pharmacy

Care Better Pharmacy is a trusted Charleston pharmacy that is known for providing superior customer service. They are able to provide a one-stop shop for customers looking for convenient OTC and prescription medications, durable medical equipment, vaccines, and immunizations. Care Better Pharmacy is also able to serve customers in need of compounding, recurring prescriptions, and lab testing. They have expert pharmacy technicians to provide information about each medication and answer all of their customers’ questions.

Competitive Advantage

Healthy1 Pharmacy will be able to offer the following advantages over their competition:

  • Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy offers its customers low prices on all of its products and services compared to the competition.

Marketing Plan

Brand & value proposition.

Healthy1 Pharmacy will offer the unique value proposition to its customers:

  • Highly-qualified team of skilled pharmacy technicians and sales associates will be able to provide personalized customer service and ensure all prescriptions are handled with care.
  • Unbeatable pricing to its clients – Healthy1 Pharmacy does not mark up its products and services at a large percentage. The pharmacy will offer the lowest prices guaranteed. If a customer finds a cheaper price elsewhere, Healthy1 Pharmacy will give the customer a better price.

Promotions Strategy

The promotions strategy for Healthy1 Pharmacy is as follows:

Healthy1 Pharmacy will create and maintain a company website that is well organized, informative, and lists all the products and services that Healthy1 is able to provide. The website will also list promotions and discounts, informative healthcare articles, and pharmacy-sponsored community events.

SEO/Google Marketing

The company’s marketing director will manage Healthy1’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Charleston pharmacy” or “pharmacy near me”, Healthy1 Pharmacy will be listed at the top of the search results.

Social Media Marketing

Healthy1 Pharmacy’s marketing director will also manage the company’s social media presence on several platforms including Instagram, Facebook, Twitter, YouTube, TikTok, and LinkedIn. The goal of the social media strategy is to attract new customers while engaging with current customers to encourage referrals, reviews, and feedback.

Content Marketing/Email Marketing

The company will post blogs and other promotional content on a regular basis with informative health and wellness information to keep people coming back. Healthy1 will post informative content on the website, social media platforms, and through email newsletters.

Professional Associations/Networking

Healthy1 Pharmacy will become a member of professional associations such as the Independent Retail Pharmacy Association, the National Community Pharmacists Association, and the Tennessee Pharmacists Association. The company will focus networking efforts on expanding its customer base.

Print Advertising

Healthy1 Pharmacy will invest in professionally designed print ads to display in programs or flyers at industry networking events, in magazines, direct mailers, and in local newspapers.

The pricing will be lower than competitors so customers feel they receive value when they choose Healthy1 products and services.

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

  • Stephen Harris will be the Owner and Lead Pharmacist. He will oversee pharmacy technicians. Stephen has spent the past year recruiting the following staff:
  • Emily Jackson – Store Manager who will oversee all retail operations, sales associates, supplier relations, and inventory management.
  • Jessica Johnson – Staff Accountant/Bookkeeper who will provide budgeting, tax payments, and financial reporting.
  • Tim Thompson – Marketing Director who will provide marketing and sales campaigns for Healthy1 Pharmacy.

Milestones:

Healthy1 Pharmacy will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the Healthy1 Pharmacy team.

10/1/2022 – Finalize contracts with suppliers.

10/15/2022 – Network at industry events and initiate the marketing and promotional campaign.

10/22/2022 – Begin moving into the Healthy1 Pharmacy storefront.

11/1/2022 – Healthy1 Pharmacy opens for business.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized for his commitment to excellence in filling prescriptions accurately and efficiently as well as his communication skills and positive rapport with customers.

Emily Jackson has been a store manager at another retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Financial Plan

Key revenue & costs.

The revenue drivers for Healthy1 Pharmacy are the fees charged to customers in exchange for the pharmacy’s products and services.

The cost drivers will be the overhead costs required in order to staff a pharmacy. The expenses will be the payroll cost, rent, utilities, inventory, supplies, and marketing materials.

Funding Requirements and Use of Funds

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its pharmacy business. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Number of prescriptions filled per month: 2,000
  • Average fees collected each month: $50,000
  • Retail lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, what is a pharmacy business plan.

A pharmacy business plan is a plan to start and/or grow your pharmacy  business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your pharmacy business plan using our Pharmacy Business Plan Template here .

What are the Main Types of Pharmacy Businesses?

There are a number of different kinds of self storage business , some examples include: Pharmacy, Home Care Pharmacy, Mail Order Pharmacy and Compounding Pharmacy.

How Do You Get Funding for Your Pharmacy Business Plan?

Pharmacy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Pharmacy Business?

Starting a pharmacy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Pharmacy Business Plan - The first step in starting a business is to create a detailed pharmacy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your pharmacy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your pharmacy business is in compliance with local laws.

3. Register Your Pharmacy Business - Once you have chosen a legal structure, the next step is to register your pharmacy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your pharmacy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Pharmacy Equipment & Supplies - In order to start your pharmacy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your pharmacy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful pharmacy business:

  • How to Start a Pharmacy Business

Where Can I Get a Pharmacy Business Plan PDF?

You can download our free pharmacy business plan template PDF here . This is a sample pharmacy business plan template you can use in PDF format.

We earn commissions if you shop through the links below.  Read more

Back to All Business Ideas

How to Start a Pharmacy

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on May 4, 2022 Updated on November 30, 2023

How to Start a Pharmacy

Investment range

$204,550 - $709,100

Revenue potential

$365,000 - $912,000 p.a.

Time to build

Profit potential

$73,000 - $183,000 p.a.

Industry trend

If you’re a licensed pharmacist, it may be the perfect time to quit your day job and start your own pharmacy. It’s a growing US industry, having expanded 28% in the last decade and expected to add nearly 5% more in 2022. It will take a sizable investment to get started, but by selling convenience items as well as prescription drugs, you can make a good living while helping people get the medications they need. 

But in addition to your pharmaceutical knowledge, you’ll need some business know-how as well. Fortunately, this step-by-step guide will teach you the entrepreneurial process involved in launching a successful pharmacy. 

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Starting a pharmacy has pros and cons to consider before deciding if it’s right for you.

  • Critical Service – All communities need crucial medications
  • Growing Market – Demand for meds is rising due to US’ aging population
  • Good Money – Profit margins on many pharmacy items are high
  • Large Investment – Stocking a pharmacy is expensive
  • Insurance Hassles – Deal with multiple insurance companies
  • Strict Regulations – Licensing required, plus FDA regulations

Pharmacy industry trends

Industry size and growth.

  • Industry size and past growth – The US pharmacies and drug stores industry is worth $351.6 billion in 2022 after expanding nearly 28% in the last decade.(( https://www.ibisworld.com/industry-statistics/market-size/pharmacies-drug-stores-united-states/ ))
  • Growth forecast – The US pharmacies and drug stores industry is projected to grow 4.6% in 2022. 
  • Number of businesses – In 2022, 28,813 pharmacies and drug stores businesses are operating in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/pharmacies-drug-stores-united-states/ ))
  • Number of people employed – In 2022, the US pharmacies and drug stores industry employs 744,869 people.(( https://img.ibisworld.com/industry-statistics/employment/pharmacies-drug-stores-united-states/ ))

pharmacy industry size and growth

Trends and challenges

Trends in the pharmacy industry include:

  • Mail order prescriptions are declining due to the availability of 90-day prescriptions from drug stores, driving more people to retail outlets.
  • More pharmacies are adding mini-clinics to their stores, which is an additional cost and revenue opportunity for pharmacy owners.

Challenges in the pharmacy industry include:

  • People are increasingly opting for the lower prices of generic drugs, which decreases revenue and profit for pharmacies.
  • The market is becoming more and more saturated with pharmacies, creating intense competition.

pharmacy industry Trends and Challenges

Demand hotspots

  • Most popular states – The most popular states for pharmacists are Maine, New Hampshire, and California.(( https://www.zippia.com/pharmacist-jobs/best-states/ ))
  • Least popular states – The least popular states for pharmacists are South Dakota, Arkansas, and Wyoming.

pharmacy industry demand hotspots

What kind of people work in pharmacies?

  • Gender – 56.8% of pharmacists are female, while 43.2% are male.(( https://www.zippia.com/pharmacist-jobs/demographics/ ))
  • Average level of education – The average pharmacist has a bachelor’s degree.
  • Average age – The average pharmacist in the US is 42 years old.

pharmacy industry demographics

How much does it cost to start a pharmacy business?

Startup costs for a pharmacy range from $200,000 for a small community pharmacy to $700,000 or more for a larger pharmacy. The largest cost is the inventory of drugs and other items.

You’ll need a handful of items to successfully launch your pharmacy business, including: 

  • Dosage measures and measure racks
  • Material safety data sheets
  • Compounding equipment
  • Personal protective equipment
  • Tablet bottles and cartons
  • Refrigerator

How much can you earn from a pharmacy business?

Prices for pharmacy items vary greatly. Some drugs cost hundreds of dollars, and pharmacy convenience prices also vary. These calculations will assume that the average customer in your pharmacy will spend $50 (some of which will be paid by insurance companies). Your profit margin after rent, overhead, cost of goods, and labor should be about 20%.

In your first year or two, you might have 20 customers a day, bringing in $365,000 in annual revenue. This would mean $73,000 in profit, assuming that 20% margin. As you build a strong reputation, you might have 50 customers a day. With annual revenue of $912,000, you’d make a fantastic profit of nearly $183,000.

pharmacy business earnings forecast

What barriers to entry are there?

There are a few barriers to entry for a pharmacy. Your biggest challenges will be:

  • Required education and licensing 
  • Getting credentialed by insurance companies
  • Funding the high startup costs

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Step 2: hone your idea.

Now that you know what’s involved in starting a pharmacy, it’s a good idea to hone your concept in preparation to enter a competitive market.

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research pharmacies in your area to examine their products, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing a small independent pharmacy, a pharmacy with a clinic, or a pharmacy with a delivery service. 

pharmacy start up business plan

You might consider targeting a niche market by specializing in a certain aspect of your industry, such as controlled substances or discount prescription medications.

This could jumpstart your word-of-mouth marketing and attract clients right away.

What? Determine your products or services

In addition to prescription medications you can offer a host of other items from over-the-counter drugs, to snacks, to cosmetics, and much more.

How much should you charge for pharmacy items?

Prices vary greatly based on items. Check the prices other pharmacies charge to make sure you’re competitive. After all costs, you should aim for a profit margin of about 20%.Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will be extremely broad. You should spread out your marketing to include sites like TikTok, Instagram, and Facebook.

Where? Choose your pharmacy location

The location of your pharmacy is an important factor in attracting customers and ensuring your business’s success. Look for a spot in a busy commercial district or near a medical center or hospital.

Consider accessibility and convenience, ensuring that the location is easily reachable by public transportation and has ample parking.

By strategically choosing the right location, you can establish a profitable and successful pharmacy that provides essential healthcare services to customers and stands out in the competitive healthcare industry. You can find commercial space to rent in your area on sites such as Craigslist , Crexi , and Instant Offices .

When choosing a commercial space, you may want to follow these rules of thumb:

  • Central location accessible via public transport
  • Ventilated and spacious, with good natural light
  • Flexible lease that can be extended as your business grows
  • Ready-to-use space with no major renovations or repairs needed

pharmacy business idea rating

Step 3: Brainstorm a Pharmacy Name

Your business name is your business identity, so choose one that encapsulates your objectives, services, and mission in just a few words. You probably want a name that’s short and easy to remember, since much of your business, and your initial business in particular, will come from word-of-mouth referrals.

Here are some ideas for brainstorming your business name:

  • Short, unique, and catchy names tend to stand out
  • Names that are easy to say and spell tend to do better 
  • Name should be relevant to your product or service offerings
  • Ask around — family, friends, colleagues, social media — for suggestions
  • Including keywords, such as “pharmacy” or “drugstore”, boosts SEO
  • Name should allow for expansion, for ex: “Vitality Pharmacy” over “Mental Health Meds”
  • Avoid location-based names that might hinder future expansion
  • Use online tools like the Step by Step Business Name Generator . Just type in a few keywords and hit “generate” and you’ll have dozens of suggestions at your fingertips.

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

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Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Pharmacy Business Plan

Every business needs a plan. This will function as a guidebook to take your startup through the launch process and maintain focus on your key goals. A business plan also enables potential partners and investors to better understand your company and its vision:

  • Executive Summary: A concise overview of the pharmacy business plan, summarizing key elements and objectives.
  • Business Overview: Detailed information about the pharmacy, including its mission, vision, location, and legal structure.
  • Product and Services: Outline of the pharmaceutical and healthcare services offered, including any additional products or specialized services.
  • Market Analysis: Examination of the local and broader market, identifying target demographics, trends, and potential opportunities for the pharmacy.
  • Competitive Analysis: Evaluation of competitors in the area, highlighting strengths, weaknesses, and strategies to differentiate the pharmacy.
  • Sales and Marketing: Strategies for promoting the pharmacy’s products and services, attracting customers, and building a loyal clientele.
  • Management Team: Introduction of key personnel involved in the pharmacy, emphasizing their skills and roles.
  • Operations Plan: Details on day-to-day activities, workflow, and logistics of running the pharmacy efficiently.
  • Financial Plan: Comprehensive financial projections, including income statements, balance sheets, and cash flow forecasts for the pharmacy.
  • Appendix: Supplementary materials such as resumes, licenses, permits, or any additional documentation supporting the business plan.

what to include in a business plan

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to pharmacies. If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your pharmacy will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

  • Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
  • General Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
  • Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
  • C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends, which is sometimes referred to as double taxation.
  • S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.

types of business structures

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2023

pharmacy start up business plan

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

pharmacy start up business plan

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

  • Bank loans: This is the most common method but getting approved requires a rock-solid business plan and strong credit history.
  • SBA-guaranteed loans: The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
  • Government grants: A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
  • Friends and Family: Reach out to friends and family to provide a business loan or investment in your concept. It’s a good idea to have legal advice when doing so because SEC regulations apply.
  • Crowdfunding: Websites like Kickstarter and Indiegogo offer an increasingly popular low-risk option, in which donors fund your vision. Entrepreneurial crowdfunding sites like Fundable and WeFunder enable multiple investors to fund your business.
  • Personal: Self-fund your business via your savings or the sale of property or other assets.

Bank and SBA loans are probably the best option, other than friends and family, for funding a pharmacy business.

types of business financing

Step 8: Apply for Pharmacy Business Licenses and Permits

Starting a pharmacy business requires obtaining a number of licenses and permits from local, state, and federal governments.

In addition to being a licensed pharmacist in your state, you’ll also need a pharmacy license. Check with your state for licensing requirements. You’ll also need the following:

  • Association of Boards of Pharmacy/National Council for Prescription Drug Programs (NABP/NCPDP) number
  • Drug Enforcement Agency (DEA) number and controlled substance registration
  • National Provider Identifier (NPI) number

You’ll also be subject to state prescription drug monitoring programs. Failure to comply with licensing requirements and regulations can result in severe disciplinary actions. 

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money, you’ll need a place to keep it, and that requires opening a bank account .

Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your pharmacy business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

  • General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
  • Business Property: Provides coverage for your equipment and supplies.
  • Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
  • Worker’s compensation: Provides compensation to employees injured on the job.
  • Property: Covers your physical space, whether it is a cart, storefront, or office.
  • Commercial auto: Protection for your company-owned vehicle.
  • Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.

Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of the above insurance types.

types of business insurance

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business.

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks. 

You may want to use industry-specific software, such as DATASCAN , EnterpriseRX , or Liberty , to manage your tasks, records, refills, billing, and payments.

  • Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
  • If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Website development is crucial because your site is your online presence and needs to convince prospective clients of your expertise and professionalism.

You can create your own website using services like WordPress, Wix, or Squarespace . This route is very affordable, but figuring out how to build a website can be time-consuming. If you lack tech-savvy, you can hire a web designer or developer to create a custom website for your business.

They are unlikely to find your website, however, unless you follow Search Engine Optimization ( SEO ) practices. These are steps that help pages rank higher in the results of top search engines like Google. 

Starting a pharmacy business requires a well-thought-out marketing approach to attract and retain customers. In addition to creating a website and networking, here are some practical strategies to enhance your pharmacy’s visibility and success.

  • Community Engagement: Actively participate in local events, health fairs, and sponsor community programs to build trust and awareness within your target market.
  • Educational Workshops: Host workshops on health-related topics, offering valuable information to customers and positioning your pharmacy as a knowledgeable and trustworthy resource.
  • ** Loyalty Programs:** Implement a customer loyalty program with discounts, rewards, or exclusive deals to encourage repeat business and foster customer loyalty.
  • Collaborate with Healthcare Providers: Establish partnerships with local doctors, clinics, and hospitals to receive referrals and create a seamless healthcare experience for patients.
  • Online Presence Optimization: Optimize your online presence through review platforms, ensuring positive customer reviews and responding promptly to any feedback or concerns.
  • Health Screenings: Offer free or discounted health screenings in your pharmacy to attract foot traffic and demonstrate your commitment to community well-being.
  • Personalized Marketing: Utilize customer data to personalize marketing efforts, such as targeted promotions or reminders for prescription refills, enhancing customer engagement.
  • Branded Merchandise: Create branded merchandise like reusable bags or promotional items to increase brand visibility and encourage word-of-mouth marketing.
  • Social Media Engagement: Leverage social media platforms to share health tips, promotions, and engage with the community, creating a dynamic online presence.
  • Collaborate with Local Businesses: Partner with local businesses to cross-promote products or services, expanding your reach and attracting new customers from complementary industries.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your pharmacy meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your pharmacy business could be: 

  • A neighborhood pharmacy for all your prescription needs
  • More than medication – convenience, savings, and a warm welcome  
  • Prescription medications, medical equipment, and supplies

unique selling proposition

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a pharmacy business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in pharmacies for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in pharmacies. You’ll probably generate new customers or find companies with which you could establish a partnership.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a pharmacy business include:

  • Pharmacy Clerks – make sales, customer services
  • Pharmacy Technicians – assisting with filling prescriptions
  • General Manager – scheduling, ordering, accounting
  • Marketing Lead – SEO strategies, social media

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.

Step 13: Run a Pharmacy – Start Making Money!

Owning a pharmacy can be very fulfilling. You’re helping your community and meeting a critical need for countless locals and families. Pharmacies are also a growing industry, which means this is a lucrative opportunity as well. If you have a passion for prescriptions, and for serving others, starting a pharmacy could be a brilliant entrepreneurial decision. 

You’ve now added business knowledge to your resume, so it’s time to get to work and launch your successful pharmacy!

  • Pharmacy Business FAQs

Yes, pharmacies can be profitable. More importantly, though, a pharmacy serves the community in a valuable way, which can be much more rewarding than profit.

A Doctor of Pharmacy (PharmD) degree program requires at least two years of specific undergraduate college study followed by four academic years (or three calendar years) of professional pharmacy study. You can find continuing education opportunities on the National Community Pharmacists Association website. 

To create a pharmacy app, you’ll need to outline the desired features and functionality, work with app developers or development tools, ensure regulatory compliance, integrate secure payment options, and conduct thorough testing to ensure a smooth user experience.

Specialty pharmacies that focus on high-cost medications or niche therapeutic areas often have the potential to generate higher profits. However, the profitability of a pharmacy can also depend on factors like location, target market, and services offered.

Differentiate your pharmacy by focusing on personalized customer service, offering additional services like medication therapy management or health consultations, providing convenient online prescription refills and delivery options, and emphasizing a strong commitment to patient education and wellness programs.

Effective marketing strategies for a pharmacy include establishing an online presence through a professional website and social media channels, partnering with local healthcare providers for referrals, offering loyalty programs or discounts to attract and retain customers, conducting health screenings or informational events, and utilizing targeted advertising to reach specific demographics.

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  • Decide if the Business Is Right for You
  • Hone Your Idea
  • Brainstorm a Pharmacy Name
  • Create a Pharmacy Business Plan
  • Register Your Business
  • Register for Taxes
  • Fund your Business
  • Apply for Pharmacy Business Licenses and Permits
  • Open a Business Bank Account
  • Get Business Insurance
  • Prepare to Launch
  • Build Your Team
  • Run a Pharmacy - Start Making Money!

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  • Pharmacy Management

How to Start a Pharmacy: A Complete Guide

Last updated Dec 11, 2020 | Pharmacy Management

Starting any new business can be daunting and pharmacies come with their own unique learning curve. In a competitive market, pharmacists have to work hard to stand out from the crowd and scale their business successfully.

There are a lot of components to a good pharmacy, but it starts with creating a solid business plan and brand. To help you prepare, we’ve created a guide that walks you through how to start a pharmacy, from business plan to grand opening.  

Create a Business Plan

Before getting into the nuts and bolts of opening your pharmacy, it’s important to start with an overview of the business you want to build. A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth.

How to Start a Pharmacy Business Plan

A pharmacy business plan should contain the following:

Executive Summary

A high-level summary, highlighting the important points to give potential investors all the information they need on a single page. 

Description of Business 

Includes details like your:

  • Pharmacy niche and branding
  • Target market/audience
  • Location and space
  • Potential team members and titles
  • Potential expenses

Description of Service(s)

What services do you plan to offer your target market? This section covers your future pharmacy’s sources of revenue, including potential prescription stock, retail products, or specialty and healthcare services.

Marketing Plan 

You need to have a good handle on the competition and a plan for promoting yourself. This section should contain an in-depth competitor analysis, ideas for marketing and sales strategies, and a SWOT analysis of your business .

Financial Plan 

Projected revenue, expenses, and major costs, such as lease timelines, mortgage payments, and estimated payroll go here. Also include any financing information and an exit strategy, if possible. 

To get you started, here is an excellent example of a pharmacy business plan , broken down by section in detail. 

Define Your Pharmacy Brand

A brand encapsulates your business and determines how customers will identify you, interact with you, and use your products or services. 

What Makes a Good Brand?

Many people think of a brand as the visuals, the logo, and color schemes you see on any website or business card. But there’s a lot more to it.

Key factors of a brand include:

Mission and Vision Statements

A mission statement defines your purpose and values as a company, spelling out what you do, how, and why. Your vision statement breaks down future goals for your business and how you will act on your mission.

Value Proposition

In order to stand out in the market, you need to identify your unique value as a business and define it in a value proposition statement . This could be anything from location (“the only pharmacy in town”) or background (“family-run pharmacy”), to competitive pricing, standout customer service, or specialized services.

Naming and Trademarking

Choosing a name can be difficult, and you want it to be easy to remember and tell people who you are and what the business is about. If you pick a unique name or want to make sure no one else can use it, consider applying for a trademark before you open.

Visual Identity

The face of your brand, visual identity covers your logo, brand color palette, typography, images, graphics, and other elements businesses use to market and promote themselves.

Set up Your Website

Now you have branding in place, it’s time to introduce your business to potential patients online. Every successful pharmacy business owner should have a website and social media accounts that patients can visit to access location and service information. 

Getting Your Domain and Social Handles

The first step to setting up your pharmacy website is buying a domain name. Make sure that your ideal domain name is available by plugging it into a domain search database, such as Instant Domain Search .

Social media accounts can boost your position in search engine results and help draw visitors to your site. Set up profiles on Twitter and Instagram and a Facebook Business Page with user names that are as close to your business name as possible. 

Pharmacy Website Basics

If you plan to offer digital tools and services or collect patients’ health information, make sure that your pharmacy website is HIPAA-compliant .

A successful pharmacy website should contain your: 

  • Brand identity
  • Location and contact information
  • Introduction to products, services, and staff
  • Links to social media accounts

For more tips on marketing your pharmacy business online, check out our latest ebook .

Pick a Pharmacy Location

Before you start scouting, it’s a good idea to ask yourself a few questions about your area of choice:

  • How many other pharmacies are there?
  • What services do nearby pharmacies offer and are they direct competitors with you?
  • Is the prescription base big enough for everyone?

Assessing the level of competition in your ideal locations can help you narrow things down and assess potential opportunities. 

What Makes a Good Business Site

Real estate agents say it’s all about “location, location, location,” but what does that mean for a pharmacy business? Here are a few factors to consider when searching for a pharmacy site :

Accessibility 

The amount of daily foot and car traffic, visibility from the road, convenience of parking, entrances, and exits, and whether the site has room for a drive-thru or curbside pickup.

Is there room enough to operate and grow? Think about how many locations you want and the services, stock, and staff you’ll need to maintain. 

Previous tenants 

If there were other pharmacies in the same space, try to figure out what made them leave or close. It could mean there’s an active customer base or it could be a warning sign. 

Other business sources 

Look for sites located near complementary businesses, like doctor’s offices or other medical facilities which help guarantee good foot traffic and offer opportunities for future collaboration. 

Determine Your Financials

Your business plan should include an estimate of startup and working costs for your pharmacy , as well as the types of funding you plan to pursue. Determining your pharmacy’s financial needs will help prepare you for applying for loans or approaching potential investors. 

Here are some of the costs you should keep in mind:

Build-out costs: Includes mortgage down payment, construction, renovation, fixtures, and interior design.

Inventory: Covers your initial stock of prescription and OTC drugs and other retail or healthcare products. 

Operating expenses: Calculate how much you’ll need to cover day-to-day expenses for at least 6 months after you open to allow time for the pharmacy to make a profit.

Once you have funding in place, keep track of current and future costs with a pharmacy income statement , which calculates your:

  • Sale deductions
  • Cost of goods sold (COGS)
  • Gross profit
  • Net profit and profit margins
  • Operating expenses

Get Your Licenses in Order

All new businesses require paperwork and that’s doubly true of pharmacies, which tend to be heavily regulated. Get started by registering as a business entity in your state , requesting your federal Employer Identification Number (EIN) , and opening your first business bank account . 

After you complete the business basics, check for state and federal pharmacy operating licensing requirements and permits , which will vary by location. 

Typical requirements include:

  • State pharmacy license or permit
  • Controlled substance registration
  • National Council for Prescription Drug Programs (NABP/NCPDP) number
  • Drug Enforcement Agency (DEA) number
  • National Provider Identifier (NPI) number

Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well. 

Prep for Opening

You’re nearly ready to open for business, but before you do, there are some important last-minute details you’ll need to oversee. 

Investing in Digital Tools

To simplify operations, start off strong by streamlining your workflow and offering patients a multichannel digital experience. Install a pharmacy management system (PMS) to keep you running efficiently and an interactive voice response (IVR) solution to manage inbound calls. Digital communications software can offer secure messaging and help you identify clinical opportunities.

Contact us today for a free demo of our IVR solution. 

Inventory Ordering

Look for wholesalers you can develop long-term relationships with , not just ones that offer lower costs. Try and ask for sample orders of prescription and OTC medications initially to keep costs down and tide you over while your pharmacy grows.

Front of Store Flow and Design

Think about what you want patients to see when they walk through your door. Consider the overall store layout and how best to position products, staff, and counters. Generous aisle spacing and clear paths to checkout lines can make a big difference to traffic flow and revenue . 

Online and Offline Advertising 

Try to position signage towards high-traffic areas so people will see it as they drive by and contact local publications for a new business interview. If you haven’t already, start working on a digital marketing strategy , leveraging social media channels and paid ads to generate interest in your brand opening and attract visitors to your website. 

Last but not least, don’t forget to celebrate your new achievement! Throw a party for yourself and your staff to kick off this new phase of your life. 

More Pharmacy Management Resources

For more about running a successful pharmacy, check out our resources for pharmacy management . 

Pharmacy Digital Playbook

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In an age where technology is advancing at an exponential rate, it’s no surprise that traditional methods of communication are gradually being phased out. One such example is the shift away from copper wire landline services, a move that has been gaining momentum across various regions in the United States. This transition signifies a significant shift towards a more modern and efficient telecommunications infrastructure, but as with any change, is sure to be accompanied by some challenges as well. Today we will explore what you need to know about the shift away from copper lines and how to minimize any potential interruptions in your pharmacy.

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Ready to Transform Your Pharmacy?

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Existing customer looking for help? Head to our contact us page and fill out the form, or give us a call: 877-959-7550

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Pharmacy Business Plan

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Many pharmacists dream of opening their pharmacies. But more often than not, the collection of funds and resources becomes an overwhelming and off-putting process.

But it doesn’t need to be. A pharmacy business plan can help you at every step of setting up your pharmacy business.

If you are planning to start a new pharmacy business, the first thing you will need is a business plan. Use our sample Pharmacy Business Plan created using Upmetrics business plan software to start writing your business plan in no time.

Before you start writing a business plan, spend as much time as you can reading through some samples of medical and health-related business plans .

Industry Overview

The pharmaceutical industry stood at a market value of 1.27 trillion dollars in 2020 and has shown remarkable growth in the past two decades.

The advancement of research and development in the medical field has played a significant role in the growth of the pharmaceutical industry. Also, better production and distribution have changed the way people get medicines.

From online pharmacies to home deliveries, the face of the pharmacy industry has changed and become more convenient.

Also, with the growth of access to information, it has become more competitive too. But if done the right way, the pharmacy business is an extremely profitable one as well.

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

pharmacy start up business plan

Things to Consider Before Writing a Pharmacy Store Business Plan

Check your legal requirements.

A pharmacy business requires a fair amount of licenses and permits. It is good to have a checklist of all the required licenses and to see if you have to get any of them.

Research what permits your state requires as well as the ones mandatory for everyone. It helps you stay on the good side of the law.

Pick a good location

A pharmacy setup requires a fixed minimum area. Also, a pharmacy that is easily accessible is more likely to succeed than one which is unreachable during emergencies. Hence, picking a good location is important .

Also, you can pick between starting a physical store or going online. Both business structures would have their pros and cons. You should pick the one that is the best for you.

Have a proper storage facility

Different medicines and formulas have different storage requirements. You’ll keep most of them in cool and dry places though. Bad storage can cost a pharmacy business dearly, even if you do everything else right.

Hence, it is important to have a good and ideal storage facility before you get started.

Check if your staff has the proper technical knowledge

You need technical knowledge and attention to detail to fare well as a pharmacist and so does your staff. As dealing with medicines is quite a critical job and can have consequences if not done right, it is important to find staff who know what they are doing and are well-trained and up to the job.

After you figure out some of the technical requirements, it is essential to figure out the business side of running a pharmacy. Planning, in the beginning, can save you from a lot of trouble later on.

Chalking Out Your Business Plan

A business plan helps you stay prepared for challenges, make better decisions, and formulate better business strategies. A pharmacy business takes a fair amount of legal procedures and competitive strategies, a pharmacy business plan can help you with that.

Reading some sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample pharmacy business plan for you to get a good idea about how perfect a pharmacy business plan should look and what details you will need to include in your stunning business plan.

Pharmacy Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

  • Keys to Success
  • Business Ownership
  • Summary Chart
  • Business Model Description
  • Mail order customers
  • Walk-in customers
  • Target Market Analysis
  • Target Market Segment Strategy
  • Competitive Edge
  • Marketing Strategy
  • Sales Forecast
  • Development Requirements
  • Personnel Plan
  • Important Assumptions
  • Break-even Analysis
  • Projected Profit and Loss
  • Projected Cash Flow
  • Balance Sheet

Let’s understand how you can write each section of the pharmacy business plan.

1. Executive Summary

The executive summary section forms the first page of your business plan. It summarises all that your business stands for.

The executive summary section consists of the following subsegments:

  • Objectives : This segment consists of the reason you started your business in the first place. What is your idea behind it and what problem do you plan on solving with it?
  • Mission : Your mission statement should reflect how your pharmacy business can help people, apart from providing them with medicines. It reflects how your idea can deal with a problem more optimally.
  • Financial Summary : This section would consist of the funding requirements of your business, and how the said funds would be put to use. It serves the main purpose of the executive summary, which is to get your business funded.

As a pharmacy business, your executive summary would consist of the type and size of your pharmacy business, your team, your qualifications and licenses, and a summary of your financial plan.

2. Products and Services

This section consists of a description of all the products and services your pharmacy offers.

For example, apart from your general products, this section can also consist of services your pharmacy offers like home delivery of medicines, subscription packages, online orders, etc.

3. Market Analysis

Market analysis helps you understand what you are getting yourself into. It also helps you make sense of all the research you have done and how you can put it to use for your business.

It consists of the following subsegments:

  • Market Segmentation : Through market segmentation, you separate your target audience from the rest of the market based on their age, gender, income, occupation, medical conditions, etc.
  • Market Positioning : In this segment, you can add an analysis of where you stand in the current market. And what would be the best marketing strategy for you as per your position?
  • Target Market Analysis : In this section, you’ll write down an analysis of your target market, and their tastes and preferences.

As a pharmacy business, you can list down the type of pharmacy you own, your target customer base, the kind of services they like, the location they’ll prefer, and how they buy their medical supplies.

4. Strategy And Implementation

After you carry out market analysis, the next step would be to create a marketing strategy based on the same. This section helps you promote your business to your target audience.

This section consists of the following subsegments:

  • Competitive Edge : Include your competitive advantage in this section. Include how your product is better than your competitor’s and how you’ll use that to your advantage.
  • Marketing Strategy : Your marketing strategy should speak to your target audience. Your campaign should show your customers how your business solves a pressing problem.
  • Sales Strategy : A sales strategy should be formulated after surveying what works best for your specific industry.

As a pharmacy business, you can center your marketing around safe products, better service, and availability. According to various surveys, KAM, clinical sales force, and service rep model are three of the most successful strategies for pharmacies.

5. Web Plan

With everything going online, a website strategy is of utmost importance. With online pharmacies like mail, my prescriptions, and Amazon pharmacy coming up, having an online presence is crucial to being seen by your consumers.

Moreover, an eCommerce website can also serve as a good alternative if you don’t want to go through the hassle of owning a physical store.

Nonetheless, building your online presence can help you in getting noticed. It is also a good method of promoting your brand idea.

6. Financial Plan

This section would consist of everything about your company’s finances. From your financial history to your projected profits, your financial plan would cover it all.

A good financial plan helps your business survive and thrive.

This segment consists of the following subsegments:

  • Financial Resources : This segment would consist of the investment you can put in your business, as well as other resources for meeting your funding requirements.
  • Funding Requirements : This would consist of the funding requirements to set up your pharmacy and keep it going.
  • Projected Cash Flow and Profits : This section would consist of your business’s expected cash flow and profits in the long term.

Download a sample pharmacy business plan

Need help writing your business plan from scratch? Here you go;  download our free pharmacy business plan pdf  to start.

It’s a modern business plan template specifically designed for your pharmacy business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

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Pharmacy Business Plan Summary

In conclusion, though a pharmacy business might take a lot of work, you can make running your business a lot easier and smoother with a business plan.

A business plan helps you stay organized and updated as per market trends and changing environment of the industry.

After getting started with Upmetrics , you can copy this sample pharmacy business plan template into your business plan and modify the required information and download your pharmacy business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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pharmacy start up business plan

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Pharmacy Business Plan

Start your own pharmacy business plan

The Discount Pharmacy

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.

People need to be able to buy prescriptions at reduced prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions. 

The Discount Pharmacy’s mission is to provide our customers with the best prices for their prescription medications. Our convenience and services will exceed the expectations of our customers.

The Discount Pharmacy’s target market consists of two different groups, local customers or walk-ins, and mail order customers.

Competition

Competition takes many different forms in the pharmacy industry. They are: chain pharmacies, local pharmacies, mail in pharmacies, canadian pharmacies. 

The Discount Pharmacy’s we have superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.

Expectations

Costs will be minimized by maintaining only one pharmacist and filling the void with pharmaceutical techs. We expect to reach profitability by our third year and will generate substantial sales by year three

Financial Highlights by Year

Financing needed.

We will need $115,000 to start, we will be able to pay the investment back at the end of year 4

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Problem & solution, problem worth solving.

People need to be able to buy prescriptions at accessible prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions. 

Our Solution

The Discount Pharmacy’s main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves. By focusing on this segment it gives us additional efficiencies – we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication.

The Discount Pharmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, The Discount Pharmacy will appeal more and more to the customer’s sense of value and convenience.

Target Market

Market size & segments.

The Discount Pharmacy will seek to attract two different groups of customers and will thus have two strategies to attract them.

We anticipate that by far our largest group of customers will be those who order through the mail. These customers will be targeted through an advertising campaign in magazines and newsletters that have an older (>55) audience who regularly need medication and are aware in advance of their needs. For example, one of the main advertising vehicles will be the A.A.R.P monthly newsletter.

Walk-in customers will be targeted through advertisements in the local paper, "The Oregonian."  Ads will raise awareness for the The Discount Pharmacy and our low prices.

Current Alternatives

Competition takes many different forms in the pharmacy industry.

  • Chain pharmacies.  These are state or national chains such as Rite-Aid.  The advantage to these chains are better prices through economies of scale, as well as personalized service.  The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you have disclosed to them.
  • Local pharmacies.   These are the pharmacies where you typically know the pharmacist and they know your medical history.  This option is high in personalized service and convenience, and high in price.
  • Mail order and Internet pharmacies.  These are similar to The Discount Pharmacy.
  • Canadian pharmacies.  These pharmacies are located in Canada where the cost of drugs is lower than in the U.S.  These pharmacies can be accessed through mail order, the Internet, or via travel.  Recently there has been the trend for trips arranged for senior citizens in Northern States to travel up to Canada for the day to pick up their medicines.

Our Advantages

The Discount Pharmacy’s competitive edge is superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.

We will be able to do that by eliminating some of the services traditionally offered by pharmacies. For example, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use pharmacists. Other efficiencies are created by having only a small store front and conducting most of our business through mail order.

Finally, The Discount Pharmacy is not designed to hold the patient’s hand during their purchase. We expect that the vast majority of our customers will already be informed of how to take the medication, and any side effects or drug interactions that should be avoided. We will simply provide each patient with a print out of all the relevant information for consumption of the medication.

Keys to Success

The keys to success are:

  • Satisfy our customers so they will return again and again
  • Maintain low overhead and operating costs
  • Provide better prices than all our competitors

Marketing & Sales

Marketing plan.

The marketing strategy will be based on social media, mainly Facebook and Twitter, offering useful information and opinion while quietly appealing to the customer’s sense of value. The marketing campaign’s goal will to be increase awareness of The Discount Pharmacy with their target market.

The sales strategy will be based on generating long-term relationships with customers. To facilitate that, we will provide medications at superior prices, have medicines in stock for both quick shipment and store front pick up, and provide superior customer service. All sales agents will be trained to provide friendly, knowledgeable customer service. By keeping to these simple, yet effective, business practices, we expect that our customers will make The Discount Pharmacy their exclusive source for medications. For some, medications are an integral part of their lives, so establishing long-term relationships will ensure a large, loyal customer base

Milestones & Metrics

Milestones table, key metrics.

Our key metrics are: 

  • The # of customers that walk in to the pharmacy 
  • The # of customers that choose to mail in 
  • The # of reviews saying that people could go to our pharmacy 
  • Facebook page views, Twitter retweets  and website shares 
  • Total customer traffic on the website 
  • Total customer traffic in and out of the store 

Ownership & Structure

The Discount Pharmacy is an Oregon limited liability corporation. The majority stock holder is John Reeleaf.

Management Team

John Reeleaf has experience working with a major drug manufacturer, Eli Lilly, as a drug representative. He was able to see first hand the profitability associated with the prescription drug industry, as well as the inefficiencies with which most companies are plagued.

John graduated with an MBA from the University of Oregon’s innovative entrepreneurship program. While there he was awarded a $50,000 no interest loan through a business plan competition. That seed money will be parlayed, along with some other investments, into start up expenses for The Discount Pharmacy. John received an undergraduate degree in chemistry from the University of Oregon.

Personnel Table

Financial plan investor-ready personnel plan .">, key assumptions.

Key assumptions: 

Of course our main assumption is legality. Regulations affecting our business can change very fast. 

People appreciate:

  • The mail in order option for their convenience 
  • Prescription at affordable prices 

Revenue by Month

Expenses by month, net profit (or loss) by year, use of funds.

The Discount Pharmacy will incur the following start-up equipment costs:

  • Office equipment including chairs, file cabinets, and desks.
  • Front counter, storage bins, cash register.
  • Three computer terminals.
  • Main computer server with a laser printer, and back-up system.
  • Software: Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software detailing side effects and other information pertinent to the customer.
  • Assorted bottles, boxes, envelopes, etc. for dispensing and shipment.
  • Scales for shipping.
  • Telecom system.
  • Storefront build-out.
  • Start-up inventory.
  • Rent, utilities, insurance.

Please note that these items will be used for more than one year and will therefore be labeled long-term assets, depreciated using G.A.A.P. approved straight-line depreciation.

Startup expenses – $24,100 listed as net earnings in dec 2017 

Start-up Expenses

Legal $1,000

Rent $2,000

Utilities  $400

Telecom System $400

Insurance $300

Storefront Build-out $15,000

Expensed Equipment $4,000

Website development $1,000

TOTAL START-UP EXPENSES $24,100

Sources of Funds

Planned Investment

Seed Funding $50,000

John $51,000

Friends and Family $82,100 

Projected Profit & Loss

Projected balance sheet, projected cash flow statement.

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pharmacy start up business plan

How to Start a Pharmacy

Many neighborhood pharmacies also feature a convenience store that stocks health and beauty aids, food, greeting cards, and processes images. However pharmacies are also found inside hospitals, urgent care facilities, and as part of big-box chain stores.

Learn how to start your own Pharmacy and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Pharmacy Image

Start a pharmacy by following these 10 steps:

  • Plan your Pharmacy
  • Form your Pharmacy into a Legal Entity
  • Register your Pharmacy for Taxes
  • Open a Business Bank Account & Credit Card
  • Set up Accounting for your Pharmacy
  • Get the Necessary Permits & Licenses for your Pharmacy
  • Get Pharmacy Insurance
  • Define your Pharmacy Brand
  • Create your Pharmacy Website
  • Set up your Business Phone System

We have put together this simple guide to starting your pharmacy. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

  • What are the startup and ongoing costs?
  • Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Pharmacy Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

  • Your state's business records
  • Federal and state trademark records
  • Social media platforms
  • Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your pharmacy?

Business name generator, what are the costs involved in opening a pharmacy.

You will need to lease or buy a storefront, hire staff, purchase a variety of computers for POS and prescriptions, and invest in your initial pharmaceuticals order. For a typical neighborhood pharmacy, expect to need $1 million to $2 million dollars for your first year. For your five-year business plan, a $10 million investment is required.

What are the ongoing expenses for a pharmacy?

Your largest expense is maintaining your prescription medication supply. You must always have enough on hand to meet monthly demand while ensuring that no medicine expires before it is dispensed. Salaries and payroll will come in a distant second.

Who is the target market?

In a neighborhood pharmacy, your customers come from every age and demographic. While some prescriptions may have a higher profit margin than others, your commitment is to the health of your community, not your bottom line.

How does a pharmacy make money?

Profit is gained by purchasing medications for as low a price as possible, as co-pays and insurance reimbursements are fixed and cannot be altered by your practices. Knowledge of generics and name brand medicines is useful. The most profit is found in the name brands, but government regulations often dictate that generics must be issued.

There is a little wiggle room for pricing your prescriptions, but those costs are largely determined by the pharmaceutical and insurance companies. Customers will pay anywhere from a couple dollars for a common medicine to thousands for rare drugs to treat chronic illnesses. You will need to constantly monitor the competition to stay relevant in your neighborhood.

How much profit can a pharmacy make?

Once you are reimbursed by the insurance companies, drug stores typically see a profit of 10-30% on most prescription medications. Should your location be doing steady business, it is possible for the business owner to see an income of $300,000 per year.

How can you make your business more profitable?

The relationship that dictates your profit margin is the one you create with your pharmaceutical supplier. Large chain stores buy in bulk and are able to negotiate a lower wholesale price. As a small pharmacy, you will need a talented negotiator willing to so some entertaining for the business in order to get the best deal from a variety of vendors.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your pharmacy is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

  • Separates your personal assets from your company's assets, which is necessary for personal asset protection.
  • Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

  • Separate personal and business expenses by putting your business' expenses all in one place.
  • Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

Federal Business Licensing Requirements

Here you can find information on FDA regulations regarding the licensing of pharmaceutical distributors .

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a pharmacy. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

A pharmacy is generally run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

  • If you plan to lease a location :
  • It is generally the landlord’s responsibility to obtain a CO.
  • Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a pharmacy.
  • After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
  • If you plan to purchase or build a location :
  • You will be responsible for obtaining a valid CO from a local government authority.
  • Review all building codes and zoning requirements for your business’ location to ensure your pharmacy will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Pharmacy needs and how much it will cost you by reading our guide Business Insurance for Pharmacy.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a pharmacy

Your marketing program will be two-fold. For your convenience store section, you will want to take out inserts in the local newspaper, use direct mail campaigns, and place ads on radio and TV. Attend community events that promote good health such as road races, family festivals, and neighborhood programs to become a familiar face. A more professional approach must be taken to become a recognized member of the medical community. Visit doctor offices, hospitals, clinics, and urgent care facilities to spread the word.

How to keep customers coming back

Convenience and low prices will draw your first customers in the door. More drug stores are offering drive-thru windows for easy and fast pick-up of prescription. Common prescriptions can be offered at very low prices for your first six months to generate foot traffic. Your customers will keep coming back with no problems are encountered with their insurance, they receive good medical advice, and experience positive customer service each time they visit.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

  • All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
  • Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
  • Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

TRUiC's Startup Podcast

Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.

Is this Business Right For You?

The right entrepreneur seeking to open their own pharmacy will have a deep commitment to supporting the health of their neighbors. The owner may or may not have a Doctorate of Pharmacy and will have a good understanding of how insurance companies and Medicare reimburse pharmacies. They will have a good background in business management.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a pharmacy?

  • Receiving and filling prescriptions according to FDA regulations for a wide variety of patients with many different medical conditions
  • Inventory medications and place orders to maintain stock
  • Stock products in the over-the-counter displays in an easy to use and attractive manner
  • Provide medical advice to concerned customers such they are able to use their medications safely and effectively
  • Work with doctors offices to refill prescriptions or obtain a different script that is supported by an insurance plan
  • Submit scripts to insurance companies for reimbursement
  • Hire clerks and staff to maintain the front of the store
  • Hire trained technicians able to support the required PharmD behind the counter
  • Maintain the physical store
  • Balance your books, issue payroll, work with a variety of vendors

What are some skills and experiences that will help you build a successful pharmacy?

Every successful pharmacy will have an individual who:

  • Has a Doctor of Pharmacy
  • Has extensive knowledge of insurance company procedures for reimbursement of prescription medicines
  • Has garnered full comprehension of FDA regulations regarding controlled substances and how to issue prescriptions
  • Is trained in business management skills regarding inventory, ordering, and accounts receivable/payable
  • Understands payroll procedures
  • Can hire qualified pharmacy technicians to support the PharmD
  • Is able to explain dosage, use, side effects, and dangers of all medications to every customer with compassion and understanding

What is the growth potential for a pharmacy?

Customers often come to rely on their local pharmacist as a source of reliable information that they value beyond the price of their prescription. By providing superior service, more people will return to your store if only to purchase OTC cough medicines. When you develop an attractive store that surpasses your clients' expectations, you may be able to expand into multiple locations.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a pharmacy?

Not only do you need to get the word out to the local community that you opened the doors, doctors offices must be made aware that you exist. Before opening you ought to attend medical conventions, seminars, and social mixers hosted by pharmaceutical companies. Make sure to pass out plenty of business cards, rent a table, and work the room. Many doctors recommend a particular pharmacy if their patient is unfamiliar with the neighborhood.

How and when to build a team

If you are not a Doctor of Pharmacy, it is wise to hire yours before you start building your location. The PharmD will have the knowledge and contacts to expand your presence in the local medical community. Store management, clerks and technicians can be hired up to one month before opening for training and stocking of the store.

Useful Links

Industry opportunities.

  • American Pharmacists Association
  • National Community Pharmacists Association
  • Franchise opportunity with Medicine Shoppe

Real World Examples

  • Florida business
  • New Jersey/Ohio business

Further Reading

  • Advice for starting a pharmacy
  • Profile on a startup
  • Find more  Business Ideas  perfect for Small Towns!

Have a Question? Leave a Comment!

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Business plan essentials for opening a new pharmacy

SRRX – 329-January 2020_Business-Plan_BANNER (1)

Opening a successful new pharmacy starts with a well-thought-out business plan

  • RxOwnership® has helped thousands of pharmacy owners get started.
  • Key lessons learned: understand the basics, develop a business plan, assemble a team and pick a good location.
  • A business plan is foundational. Understand all of the essential elements.
  • Focus on financing; lack of working capital is the #1 reason for failure.
  • After developing your plan, regularly review and revise it.

Turning your passion into reality

Have you thought about opening your own independent pharmacy?

Perhaps you work at a chain and want to run your own business. Maybe you’ve worked at an independent pharmacy and want to go out on your own. Or, perhaps you own one pharmacy and see an opportunity to acquire another.

It is important to know the positives and challenges of starting an independent pharmacy.

The rewards of starting and running a successful independent pharmacy can be significant. But just opening a pharmacy and simply expecting it to automatically be successful is unrealistic. It takes hard work and careful planning.

Lessons from RxOwnership

pharmacy start up business plan

To date, RxOwnership has been involved in more than 6,000 transactions involving independent pharmacies. Chris Cella, R.Ph., national vice president for RxOwnership, states, “We’ve seen it. We understand it.”

RxOwnership has found there is much to consider before opening a new pharmacy.

Business plan essentials

Among RxOwnership’s tools and resources is a list of essential elements of an effective business plan. Also, Cella points out, “There’s no need to do it alone.” Whether you choose to work with RxOwnership or another resource, “use the expertise of people who have done this before.”

  • Mission statement
  • Executive overview
  • Ownership structure (sole proprietorship, partnership, etc.)
  • Financial plans and projections
  • Competitive analysis
  • Demographic analysis
  • Competitive advantage: what will differentiate you?
  • Pharmacy services and offerings
  • Marketing plans
  • Future plans/exit strategy

To highlight a few business plan essentials:

  • Demographic analysis : This is about determining the opportunity in a location. It entails understanding the age, income and ethnic makeup of a community to understand who you would be serving.
  • Competitive analysis : Understand how many competitors are in a market and the strengths and weaknesses of each. A “SWOT analysis” (strengths, weaknesses, opportunities and threats) is a good exercise. Cella says, “Just because there’s somebody in a market doesn’t preclude you from going in, but you need to identify their weaknesses to find your pharmacy’s advantage.”
  • Differentiation : The pharmacy landscape is already competitive. So, how will your pharmacy attract and retain enough customers to build a successful business? What will set you apart? Define how your pharmacy will be different and better. For example, your pharmacy may be in a clinic setting that will fill prescriptions and work with prescribers to keep patients healthier. Also, think about distinctive services such as medication synchronization, compliance packaging, compounding, immunizations and unique offerings like DME and/or nutraceuticals.

Focus on financing

RxOwnership has seen that the #1 reason start-up pharmacies fail is not lack of intelligence or effort. It is lack of working capital.

“It can take 15–24 months to break even,” Cella said. “During that time the pharmacy still needs to pay staff, rent, utilities and its wholesaler. Better to get plenty of funding up front. Having your project properly capitalized will help keep your business plan on the right track,” he said.

Budget for marketing before and after you open

Not budgeting enough for marketing is another common mistake. “You need to build in a marketing budget both pre- and post-opening,” Cella said. At least three months before opening, you need to market to prescribers and the community, explaining when you will open and what services your pharmacy will offer. Then, budget for grand opening events and for the rest of the year.

Learn and revise your plan

After your pharmacy opens, review the plan at least quarterly. Compare where you are with what you expected and make adjustments. “Your business plan should not be created and shelved,” Cella said. “It’s a living document that needs to be changed and massaged as your business grows.”

ConfigRX

How To Start A Pharmacy & Open A Pharmacy Business – A Detailed Guide

by configrx | Oct 10, 2023 | Blog

Pharmacist are at front desk while discussing about How to start a pharmacy and open a independent pharmacy

  • How to open a pharmacy business?

Start your pharmacy business journey today! Be your own boss, help your community.

Are you thinking of starting a pharmacy? Knowing the requirements to open a pharmacy helps. The independent pharmacy world offers a lot of opportunities for pharmacy owners. You can be your own boss. No more 60 hour work weeks for a large pharmacy chain. Actually serve customers and help them take control of their health.

This all sounds great but the truth is.. it’s a lot of work to start a pharmacy . No matter what you read, it’s a long journey from start to finish. You will encounter issues along the way. For example: City permits are always a pain. Finding a GC (general contractor) who actually cares about your project. Dealing with your state board of pharmacy, oh and expect a lot of delays. Our pharmacy consultants can ease out these procedures for you with their experience and expertise.

I personally have been involved in the opening of over 50+ pharmacies across the country. I am writing this article based on my personal experiences. Remember every state is different and some are easier than others to open a pharmacy.

  • Key Takeaways

Gain an understanding of the different types of pharmacy businesses and their services.

Conduct market research to identify target demographics, analyze competition, and gather customer feedback.

Create a business plan with legal/financial considerations in mind, choose ideal location, set up pharmacy w/ software & supplies. Market & promote effectively for successful opening day & ongoing success.

  • 20 Steps To Open a Pharmacy Business

Here are the 20 steps for running a pharmacy store

  • Define your business goals, mission, and vision.
  • Outline your pharmacy’s services, target market, and competitive advantage.
  • Choose a legal structure (e.g., LLC, Corporation) and register your business with the appropriate state and federal authorities.
  • Determine your startup costs and secure funding through personal savings, loans, investors, or grants.
  • Find a suitable location for your pharmacy that meets zoning requirements and has good visibility and accessibility.
  • Apply for the necessary state and local licenses and permits to operate a pharmacy legally.
  • Establish partnerships with pharmaceutical wholesalers and distributors.
  • Design your pharmacy’s interior layout for efficiency and customer flow, complying with accessibility regulations.
  • Recruit licensed pharmacists and support staff. Ensure they are properly trained and certified.
  • Set up inventory management systems to track medications, supplies, and expiration dates.
  • Invest in pharmacy management software for prescription processing, billing, and record-keeping.
  • Obtain business insurance, including liability and professional indemnity coverage.
  • Comply with state and federal regulations, including the Drug Enforcement Administration (DEA) requirements.
  • Develop a marketing strategy to promote your pharmacy in the local community.
  • Negotiate contracts with insurance providers and pharmacy benefit managers (PBMs) to accept prescription plans.
  • Implement measures to ensure patient data privacy and comply with Health Insurance Portability and Accountability Act (HIPAA) regulations.
  • Network with local healthcare providers to establish referral relationships and enhance your pharmacy’s reputation.
  • Offer over-the-counter (OTC) products, vitamins, and other health-related merchandise to increase revenue.
  • Focus on excellent customer service to build a loyal customer base.
  • Develop marketing campaigns to attract new customers and retain existing ones.
  • Continuously evaluate and improve your pharmacy’s operations, services, and inventory based on customer feedback and industry trends.

Remember that opening and running an independent pharmacy is a long-term commitment that involves a combination of business acumen, healthcare expertise, and regulatory compliance. Seek legal, financial, and pharmaceutical advice when necessary to navigate the complexities of the industry successfully.

Table Of Contents

Talk to us about your idea.

What areas should you be familiar with when starting a independent pharmacy, how to initiate the development of a pharmacy business plan for starting a pharmacy, financing options, how much money is needed to kick off a pharmacy .

  • How to navigate the loan process when opening a pharmacy?Have your business plan and documents ready: We recommend you are well prepared and ready to submit any document asked. A business plan will be required. This is a well thought out presentation that includes: Projections, projected revenue, all costs associated with your business, how you will make money and more.  To obtain a business plan we recommend following this guide from the SBA. You may also reach out to pharmacy advice consultants such as ConfigRX.

Location and Market Research is vital

Leave a lasting impression to your new patients, what are the licenses required, how long does it take to open a pharmacy, pharmacy marketing and designing your brand, what is a good marketing plan for a new pharmacy, latest technologies to be used in pharmacy business, reliability and uptime are key, acquire stock and materials, which pharmacy systems should i use, be sure to include future growth when evaluating.

  • Register with your state labor department:
  • Workers’ Compensation :
  • Post a job description online:
  • Interview your potential team members:

You’re Not Alone in your Journey

Ready to open a pharmacy here’s what you need to do, not selecting right pharmacy location, not understanding target audience .

  • Absence Of A Business Plan 

No Focus On Community Building –

Lack of expert consultants-, no marketing strategy –, ongoing success and growth, in conclusion, other interesting reads about pharmacy, how much does it cost to start a pharmacy, what is the best location to open pharmacy, how expert advisors can help new pharmacy owners, who can open a pharmacy, how to long does it take to open a pharmacy, how do pharmacies make money, how much does it cost to open pharmacy, how profitable is owning a pharmacy, where is the best place to start a pharmacy, what are pharmacy operating expenses.

Interested to learn more about our Start A Pharmacy IT Package ? We guide our clients from beginning to end and we come on-site to your pharmacy startup. We have helped over 50+ pharmacies across the country start a successful pharmacy. Don’t hesitate, start your business journey today!

Lets first go over some essential pharmacy terms needed to create a successful pharmacy operation. Understanding each of these key terms and how they relate to each other will require a bit of research. Be sure you have a solid understanding of these terms before you decide to move forward with your pharmacy project. We will cover a few of these items later in the post.

  • Pharmacy Systems  – Which is best for my services and workflow?
  • Location  – Is my location clearly visible to potential patients?
  • Construction  – I need a contractor who is familiar with HIPAA/HITECH regulation?
  • Inventory  – What’s a good starting inventory to have?
  • Financing/loans  – How do I secure my loan or do I even need a loan?
  • Technology  – How can I use technology to better reach my patients?
  • Marketing  – What works in the pharmacy world in terms of marketing?

Any savvy business owner will create a business plan for their idea. A startup pharmacy needs a solid business plan that clearly defines the business. You will need to present your business plan to investors, banks and others. Your pharmacy business plan should clearly layout your goals for opening a pharmacy today . For example: Most pharmacies business plans include a mission statement about caring for patients by offering free delivery, one on one counseling and more. Pretty much offer something they can’t get at a large chain pharmacy. Separate yourself and give customers a reason to choose you over a chain.

In addition to the overall goals of the pharmacy there are additional items to include in the plan. Some other items to include in your pharmacy business plan:

  • Services offered:  Is your pharmacy more of a retail community pharmacy that focuses on it’s patients? Perhaps you offer in-home or delivery services with home medical items? There are many different services a pharmacy can offer. We suggest finding out what could the community benefit most from by looking at the competition and demographic in the area
  • Financing : In this section you will need to state if you are working with a  bank , self financing,  etc.. You also will need to layout your total budget and banks usually want these items as line items. Be sure to include your building renovations, contractors, cabinets, drug inventory, technology, marketing etc.. These can easily go over $500k+
  • Marketing:  A good marketing plan is a must for any pharmacy. How you will grow your pharmacy is of interest to investors and banks. What is your plan to acquire new patients and keep them? You can include items like direct mail, signage, grand openings, meeting prescribers face to face and more. Marketing is key to growing your pharmacy and you must have a sound marketing plan for your pharmacy to survive.

Don’t expect it to be cheap : You can easily spend at least  $450,000  for a small pharmacy. Loan officers will request you are willing to add your own cash as well. This tells the loan provider you are serious about your project. Be ready to have your background checked, credit and work history. These banks are dealing with you directly. Talk to a financial advisor if you have any concerns about financing your pharmacy.

Obtaining an EIN (Employer Identification Number) : Any business needs an EIN to operate a business and hire employees. Be sure to get your EIN from the IRS. You will want to fill out an SS-4 form that you can download from  irs.gov

Finding the right bank for your loan : There are few pharmacy specific banks that provide loans to pharmacy owners. The first two off the top of my head are  Live Oak Bank  and  First Financial Bank . These banks know the loan process for a pharmacy start up better than most banks. We recommend you give them a call to discuss a loan for your start up pharmacy. Don’t forget the check the SBA (Small Business Administration) for loan options as well.

Starting your pharmacy is going to cost you some money. You need to be able to know how to apply for business loans with banks within the pharmacy industry to get approved. Once you open you will need to speak the language of business. That means understanding your cash flow. Balancing a budget for your pharmacy. Managing expenses and bringing in new revenue to keep your pharmacy breathing.

How to navigate the loan process when opening a pharmacy? Have your business plan and documents ready : We recommend you are well prepared and ready to submit any document asked. A business plan will be required. This is a well thought out presentation that includes: Projections, projected revenue, all costs associated with your business, how you will make money and more.  To obtain a business plan we recommend following  this guide  from the SBA. You may also reach out to pharmacy advice consultants such as ConfigRX .

Have enough money to get you through a few years : Most pharmacies will not turn a profit the first year or two. You need to account for this in your loan. Be sure to have enough money to pay your bills, employees, insurances etc.. If needed there are plenty of financial advisors you can consult with.

entry view of baham pharmacy after they open a pharmacy

Location of your pharmacy is tied to the success of your pharmacy. I cannot stress this enough. Your pharmacy location must be thoroughly researched. Many pharmacies fail simply because nobody even knew it existed.

Finding the right location : Look for other pharmacies in the area. Are they independents or large chain pharmacies? Just because there is a CVS in the town doesn’t mean there isn’t opportunity. Large chains have plenty of angry patients that are ready to switch for one reason or another.

Medical offices and prescribers:  Look for locations near medical offices and other prescribers. Stop in and ask them if they think the community could use an independent pharmacy in the area.

Be visible with access availability : Try to be near busy intersections with clear visibility of the pharmacy.  You want people driving by to clearly see your pharmacy  and know that they have options. Also consider LED signage if your city allows it.

Research your target audience : Be sure you understand your community and what services they may need. Some communities can really benefit from services such as free delivery or medication synchronization.  You can easily pull this information online.

These are just some of the items required in a pharmacy business plan. There are other items to include and you should be as detailed as possible. If you need help creating a pharmacy business plan check out a checklist by  NCPA here .

How to design your pharmacy?

A very fun but expensive project is pharmacy layout design . This includes the layout, construction and all your fixtures. Everyone wants a nice and vibrant looking pharmacy, while not spending a fortune for their pharmacy decoration. The trick is to find the right people at the right prices.

Think about your workflow : How will your workflow flow? This is what you need to figure out before you start designing the inside of your pharmacy. Will everyone pass everything to the left, center or right? Will you have an extra data entry station in the back? Where will your point of sale be located? Don’t forget about drive-thru. Most pharmacy workflows are based on the pharmacy software and technology. We will address this later.

Find a general contractor that actually cares : As a pharmacy consultant I personally have worked with many contractors. I can honestly say about 70% of them are overpriced and inefficient. You will want to ask other business owners who they recommend. Another option is to check with the BBB in your area. Consider the contractors relationship with the city. This is often where delays happen. Some city permits are submitted through your general contractor. If your contractor has a good relationship with the city, your process should move along quicker.  Note: It is always preferable to use wooden dining chairs in pharmacies as they are very comfortable.

pharmacy cabinet to open a pharmacy

Choose a cabinet company : There are a few pharmacy specific cabinetry companies. A few that I personally have worked with are  Pharmacy Design Services  and  Pharmacy Design Group . A good cabinet company will work with you to come up with a design that fits your workflow and layout space. Often, these cabinetry companies will visit your pharmacy on-site to get a better idea.

Be ready to expect a hefty price tag for your cabinetry. Most pharmacy cabinet projects are at least $30,000 and easily go above $150,000 for larger pharmacies.

Comply with ADA and HIPAA : You will want to be sure your pharmacy is compliant and easily accessible for everyone. We recommend following the guidelines from the  ADA checklist here . A great read at The Pharmacy Times  here  talks about why your pharmacy needs to be ADA compliant.

Do you know how to make a hipaa compliant website ? HIPAA guidelines should also be considered. A good cabinet designer will know these guidelines and apply them to your project. Usually after the cabinets are installed you can apply for your state license and DEA number.

Every emerging business necessitates documentation, and this holds especially accurate for pharmacies, given their substantial regulation. To begin, initiate the process by enrolling your business as a legal entity within your state, securing your federal Employer Identification Number (EIN), and inaugurating your initial business bank account.

Once you’ve tackled the foundational aspects of your business, make sure to review the state and federal prerequisites for pharmacy operations, including licenses and permits. Keep in mind that these requirements can differ based on your specific location.

Typical requirements include:

  • State pharmacy license or permit
  • Controlled substance registration
  • National Council for Prescription Drug Programs (NABP/NCPDP) number
  • Drug Enforcement Agency (DEA) number
  • National Provider Identifier (NPI) number

Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well.

Most people start out thinking it will take a few months to open a pharmacy . Reality is it takes 8+ months or even years to open a pharmacy. Be ready to be delayed by landlords, city permits, insurances, state boards, bank loans and more.

A good piece of advice is  do not open until you have ALL of your important contracts . The last thing you want is a new customer to come into the pharmacy just to find out you can’t accept his/her insurance. Odds are that customer isn’t coming back.

You can often research to see which insurance is popular in your area. Do everything you can to have this contract before you open.

Just like any other business, pharmacies need precision marketing to reach new patients  and prescribers . Most pharmacies think they only need to market to patients and forget about the prescribers who can send you patients! Having a good and trustworthy brand will certainly help. Your marketing goal should be to find and keep loyal customers.

Be sure people know you exist, including prescribers. Have unique and customizable services that will benefit your patients. Let’s go over some key details about marketing and designing your brand.

desert-life-pharmacy-logo

Pharmacy Name and Brand Design : Choosing a pharmacy name is a lot more difficult than most think. You can choose a traditional name or go for a more modern short name. Take a look at our  article on choosing a pharmacy name . Once you pick your name be sure to register your domain with GoDaddy, BlueHost or another Internet domain registrar.

Designing your logo and website : Every pharmacy needs a professional and trustworthy logo and website. We recommend having a professional design your pharmacy logo and website. Successful pharmacies create and spread brand awareness through professional design. Take a look at some of our  logos  and  websites  we have designed for our clients. We would be glad to help you get started with your pharmacy brand.

Before and after you open you will want to have a solid marketing plan. A marketing plan includes different ideas to grow your pharmacy, increase your customer base and reach new patients. These can include mailings, social media postings, Google Ads, grand openings and more. Take a look at our  marketing plan blog post . A good marketing plan can start a pharmacy off on the right foot. Here are a few ideas for marketing your pharmacy:

  • Services – Delivery, Medication sync, medication packaging, MTMs, vaccines, short wait times, travel health etc..
  • Staff – Promoting your staff is great way to show how genuine your pharmacy is. If you’re in a small community this is very effective.
  • Pricing – Most people think a community pharmacy is more expensive than a large chain pharmacy. Show potential customers it saves to shop local.

Know the community : A great way to market your pharmacy is to be involved in local events. Be sure to check out all local business events in your area, especially related to healthcare. Try to join local city boards and attend meetings in your community. Talk to other business owners to get their perspective on running a business in the community. Social Media : I’m sure by now you know everyone is on social media. However, did you know you can market on most social media platforms with a small marketing budget?  We advise you to take advantage of this, especially on Facebook. Target a radius around your pharmacy address and keep your page updated weekly with organic fresh content. Check out our pharmacy marketing company PharmacyLive.com . Offering digital marketing including social media marketing, SEO and Google Ads

Pharmacy app : Think about having an app for your pharmacy. A pharmacy mobile app will provide convenience to your patients. Most pharmacy and IVR systems offer mobile app development.

Technology is vital to pharmacies. Having the right technology in your pharmacy is very important because your pharmacy revolves around tech. There are many pieces of technology in a pharmacy. For example: Pharmacy systems, automation (robots), workstations, printers, networking devices,   IVR systems , internet/phone providers, internet service lookup , Point of Sale, delivery routing and more. We invite you to take a look at our  Technology Learning Center  to learn more about pharmacy technology. Each piece of technology helps shape your pharmacy, lets take a look at some of them.

IVR Systems : An IVR is menu that callers hear when they call into your pharmacy. IVR also allows your patients & prescribers to request refills 24/7. This is very important and many patients and prescriber expect this. Therefore, all pharmacies should have some sort of IVR in their pharmacy .  IVR services can also do outbound notifications. For example, when a script is ready to be picked up. The IVR service can automatically notify the patient. Some IVR services work better with certain pharmacy systems. Here are a list of IVR services:

  • Advanced Innovative Solutions
  • Ateb/Omnicell

pharmacy-it-rack-with-computers

Pharmacy Hardware : When it comes to computers, printers, scanners, tablets etc.. You have a few options. Purchasing directly from the pharmacy system or buying items yourself. If you decide to purchase directly from your pharmacy system, expect to overpay because their equipment is outdated and overpriced. Pharmacy systems make money off the hardware you purchase from them,

If you are looking to save some money however, purchase the equipment yourself. Often doing this will result in newer equipment at a better price. To make it easier for you, we created a list of the popular hardware in pharmacies. Take a look at our  list of hardware  and pharmacy  networking items  to save some cash purchasing items yourself.

Note: Certain items for example, the pharmacy server and POS items we recommend purchasing from the pharmacy system.

Phone and Internet : Pharmacies utilize both phone and internet services to operate. You will want to make sure you have a consistent internet and phone connection. A backup internet is always recommended because there will be times your internet goes down. Another item to mention is VOIP phone services. VOIP is newer technology allowing phone calls to go through the internet. VOIP often has much lower prices than traditional phone services.

Be sure you get a good rate on both services. Take a look at our  free  pharmacy internet and phone search  here . We developed this page for pharmacy owners to receive discounted rates from all major phone and internet providers.

Security : A must have in any pharmacy is security. Therefore, we recommend having cameras and alarms in all pharmacies. Most states require an alarm system but cameras are optional. Alarms and cameras these days are controlled and viewed on your smart phone. They don’t cost an arm and a leg anymore. We have partnered with most major alarm companies in the country, feel free to contact us  here . We will make sure you are not overpaying and you have the right alarm system.

Certainly, acquiring stock and materials is a crucial aspect of starting a pharmacy in the USA. Ensuring a steady supply of pharmaceutical products and other necessary items is essential for the successful operation of your pharmacy business. Here are some key points to consider when it comes to acquiring stock and materials for your pharmacy:

Supplier Research : Research and identify reputable pharmaceutical wholesalers and suppliers. Look for distributors that offer a wide range of products, competitive pricing, and reliable delivery services.

Product Selection: Determine the types of pharmaceutical products you intend to offer in your pharmacy. This could include prescription medications, over-the-counter drugs, medical supplies, and healthcare-related products.

Inventory Management : Implement effective inventory management practices. Utilize inventory management software to track stock levels, monitor product expiry dates, and optimize the ordering process.

Regulatory Compliance : Ensure that the products you acquire adhere to all regulatory guidelines set by the Food and Drug Administration (FDA) and other relevant authorities. Only purchase products from licensed and authorized suppliers.

Bulk Purchasing : Consider bulk purchasing for commonly used items to benefit from volume discounts. This can help reduce costs and improve profit margins.

Diversification: Don’t rely solely on one supplier for all your stock. Having multiple suppliers can provide you with options, flexibility, and a backup in case of supply chain disruptions.

Quality Control : Prioritize the quality of the products you acquire. Your pharmacy’s reputation will be built on the effectiveness and safety of the medications you provide.

Product Rotation: Follow a first-in, first-out (FIFO) approach to ensure that older stock is dispensed before newer stock. This helps prevent product expiration and wastage.

Negotiation Skills : Develop negotiation skills to secure favorable terms with suppliers. This could involve negotiating pricing, delivery schedules, and payment terms.

Emergency Preparedness: Have contingency plans in place for unforeseen circumstances that might disrupt the supply chain. Maintain a stock of essential medications to meet patient needs during emergencies.

Track Trends : Stay informed about industry trends and new product releases. Offering innovative and in-demand products can give your pharmacy a competitive edge.

Ethical Considerations : If you stock complementary and alternative medicines (CAM), supplements, or other non-pharmaceutical products, ensure they meet ethical and safety standards.

Remember, the success of your pharmacy business is closely tied to your ability to efficiently manage your stock and materials. By ensuring a consistent supply of high-quality products, you can provide the best possible care to your customers and build a strong reputation in the industry.

Choosing the right pharmacy system is a long process full of demos and research. You may be going to pharmacy trade shows and seeing amazing booths and tons of freebies. That’s all great, but what really matters is how the software helps you reach your pharmacy goals. Don’t be fooled by flashy new features, do your research and choose the right pharmacy software for your business. Remember, we are also  here to help  you with choosing a pharmacy system for your pharmacy. Below we take a look at some items to consider when choosing a pharmacy system.

What are your offered services? : A pharmacy system you choose should have modules for all of your services. For example, if you plan on offering compounding and mailing, be sure your pharmacy software offers great modules for these services. Some pharmacy systems have better modules for certain services than others. We recommend talking to other owners and asking them their opinion.

Spend a week on demos : Take a full week and demo 4-5 different pharmacy systems. Learn and ask questions about each product. Remember to have your workflow in mind and how this software can help make it more efficient.

Learning curve : How long does it take to train a technician or pharmacist on the software? I personally can tell you some systems are so robust it will take you 4-6 months to fully understand. However, some systems you can learn in a few days. Do you plan on having multiple pharmacies? If so, perhaps a easier and simpler system is more appropriate for training purposes.

Mobile : Does the pharmacy system offer mobile functionality? Can you access your pharmacy system on a laptop from a health fair or a physicians office while you are working a flu clinic? How about mobile payments at their front door during prescription delivery? Speaking of delivery, some pharmacy systems can actually map your delivery route for you.

What training is available? : Every pharmacy system should offer some sort of training on their system. Some will come on site to your pharmacy while others will offer training over the phone.

Point of Sale system : One aspect of pharmacy software that is always overlooked is the POS system. The pharmacy system should have a clean, straight to the point POS system with great reporting. There are some really terrible POS systems out there, make sure you ask to see the POS system for any software you evaluate.

Which system to choose?  Here is a list of some pharmacy systems available for start up community pharmacies. We are available to help you choose which system, feel free to  contact us . We are pharmacy owners and have installed and worked on most systems available to independent pharmacies.

Consulting Team to give you idea about starting pharmacy business

Start the hiring process

If you’re at this stage congratulations! You’re almost finished and can open your pharmacy soon. It is important to hire the right employees for your pharmacy. There are rules involved with hiring and you want to make sure you stay within those rules. Get advice on tax forms, government regulations and insurance requirements before you start.

Perhaps you have some experience hiring employees at your previous job, that is great. However, as you may know hiring is an art form. Your first employees should be excited about the start up pharmacy. Lets explore some hiring requirements and tips.

Register with your state labor department :

This is a requirement for any employer hiring employees. Once registered you will have to pay state unemployment compensation taxes. Your payment goes to your states compensation fund for unemployment. Check out the  Department of Labor’s page  for a list of state unemployment insurance tax agencies.

Workers’ Compensation  :

Another requirement is workers’ comp in most states. This protects workers from on the job injuries.

Setup a payroll system : There are many options when it comes to payroll. Online payroll companies like  Paycor  and  ADP  are great options for this.

Patients  are an employees  priority

Post a job description online :

This is always a challenge for most pharmacy owners. You don’t want to forget anything in a job description. Therefore, you should write a detailed job description for your pharmacy. Most independent pharmacy employees wear many hats unlike the large chains, be sure to include as much as possible in your job post.  Here is a great guide  on writing job descriptions for business owners.

Interview your potential team members :

Before you meet the applicant in person have a 10-15 minute phone call. During this call make sure they meet the basic requirements and listen to their phone etiquette. During the in-person interviews be sure to ask the right questions. Ask about their history in pharmacy. What are their strength and weaknesses? Be sure to emphasizes patients come first in community pharmacy.

In the interview process determine if they will be a good fit with you and your team. Making sure employees work good together is probably the most important factor.

Pharmacy consultants are great resources. Consultants have experience opening their own pharmacies or helping others. A pharmacy consultant helps you make accurate business decisions. They should be able to tell their clients to pursue or walk away from opportunities.

Pharmacy consultants offer a variety of services. Check out Independent Rx Consulting if you are looking for a full consulting service. Including location analysis, inventory management, loan consulting, business plans, market analysis, lease negotiations and more. Consultants can often save their clients thousands through their partners/vendors. Consultants receive better deals from vendors and this deal gets passed along to their clients.

If you are considering a pharmacy startup you should consider our  Start A Pharmacy Package  where we come onsite to your location to setup your pharmacy. I also recommend you check out our article on  hiring a pharmacy consultant .

So, you’re thinking about opening a pharmacy? That’s a fantastic idea! It can be a rewarding and important service to your community. But before you jump in, there are some important things you need to do to get ready. Let’s break it down in simple terms.

1. Education and Licensing: To open a pharmacy, you need to be a licensed pharmacist. That means you need to go to pharmacy school and pass some exams. It’s like getting your driver’s license but for pharmacists.

2. Business Plan: Just like planning a road trip, you need a map for your pharmacy. Create a business plan that tells you where you’re going, who your customers are, and how you’re going to make money.

3. Find the Right Spot: Location, location, location! It’s not just about where you want to be; it’s where people need your pharmacy. Look for a place where there aren’t too many other pharmacies, and where people can easily reach you.

4. Legal Stuff: There are rules and regulations you need to follow. You’ll need a special license from the government to run a pharmacy, and there are rules about the drugs you can sell.

5. Decide How to Run Your Business: You can run your pharmacy on your own or with others. You might want to talk to a lawyer about this part.

6. Design Your Pharmacy: Think about how you want your pharmacy to look. How will it be set up inside? Where will the shelves go? It’s like decorating your room, but with medicines.

7. Stock Up: You need medicine and products to sell, right? Find suppliers who can give you the stuff you need to help people feel better.

8. Hire a Team: You can’t do everything on your own. You’ll need a team of people, like other pharmacists and technicians, to help you out.

9. Get Tech-Savvy: Technology is your friend. Get a computer system to help you keep track of prescriptions and make sure things run smoothly.

10. Money Matters: You need money to start your pharmacy. You’ll have to figure out how much you need and where it’s coming from. It’s like budgeting for a big trip.

11. Protect Your Business: Just like you lock your house when you leave, you need to keep your pharmacy safe. Install alarms and cameras to protect your pharmacy.

12. Tell People About Your Pharmacy: Nobody will come to your pharmacy if they don’t know about it. Create a website, use social media, and tell everyone in the neighborhood.

13. Offer Extra Services: Make your pharmacy special by offering services like checking if people are taking their medicines right, giving shots, or doing health check-ups.

14. Follow the Rules: The government has rules to make sure people are safe when they get their medicine. Make sure you follow these rules and keep everything in order.

15. Take Care of Patients: Finally, always put your patients first. Be kind, answer their questions, and help them feel better. Happy patients come back!

As you approach the launch of your pharmacy, it’s crucial to plan and execute a successful soft opening and grand opening event to introduce your pharmacy to the community, gather feedback, and make a lasting impression. This segment will address the advantages of a soft opening and provide guidance on preparing for a triumphant grand opening event.

A soft opening, typically held a few weeks before the grand opening, allows you to open your pharmacy to a select number of customers to:

Evaluate and optimize your procedures

Become acquainted with patients

Respond to inquiries

Collect feedback

This period provides an opportunity to ensure that everything is running smoothly before the official grand opening.

To plan and execute a successful grand opening event, devise a timeline, establish a budget, craft promotional materials, and arrange the event itself. Ensuring a remarkable experience for customers, providing outstanding customer service, and guaranteeing that your pharmacy is adequately stocked and arranged will leave a lasting impression.

So, there you have it! Opening a pharmacy is a bit like planning a big trip. You need to be prepared, know where you’re going, and have everything in place. Good luck on your journey to open a pharmacy and help people in your community!

Remember, it’s a big step, but with the right preparation, you can make it happen. Now go out there and make your pharmacy dream a reality!

What are the Mistakes to avoid while opening a new pharmacy ?

While opening a pharmacy you should avoid below mistakes  

Your pharmacy location is probably the most important factor to determine how successful your pharmacy business will be. Make sure you are clearly visible near a main road or intersection . Check out where CVS and Walgreens choose their pharmacy locations, always on the busiest roads in town, there is a reason for that. Avoid the business district and non-main roads. You want your potential patients and prescribers to know who you are and what services you offer.

Know your market and what services you need to offer to fit your market. Don’t just assume your customers know what services you offer. Clearly display your services as much as possible on signage and marketing materials. A good example is your window decals, building sign and on your delivery vehicle. Always try to emphasize delivery, compounding, educational services and any packaging you offer.

Absence Of A Business Plan  

Having a sound business plan is always important. You need to know your financial options and what to expect along the way. Any loan provider will need you to provide a business plan that clearly outlines your strategy to create a profitable business. 

Understand that community pharmacy is different from a chain pharmacy like CVS or Walgreens. No longer will you just be filling prescriptions but you will be expected to know your patients on a personal level. Community pharmacy customers are expecting a little more from their pharmacy than a chain pharmacy customer. Be prepared to answer questions from your patients and have an understanding for their health.

Unless you have opened a pharmacy in the past, consider using a consultant. Usually consultants can guide you through the process and help you avoid costly mistakes. ConfigRX has helped pharmacies through technology start and buy pharmacies. Feel free to contact us directly at 937-907-0078

Plan on dedicating 2-4 days a month to marketing your business at the start. A common mistake that pharmacy owners make is that they do not focus enough time and effort on growing and marketing their pharmacy. This means going out to prescribers and community events.

To ensure long-term success, it’s crucial to continuously evaluate and refine your pharmacy’s operations, marketing strategies, and services. This segment will underscore the need for consistent evaluation, detailing its role in helping you adapt to evolving market conditions and broaden your community reach.

Consulting with advisors, mentors, and pharmacy consultants can provide invaluable insights and guidance based on their experience in the pharmacy industry. Additionally, investing in insurance coverage, such as professional liability insurance, cyber-risk insurance, and product liability insurance, can protect your pharmacy from potential legal and financial risks. As a pharmacy consultant, their expertise can help you navigate the complexities of the industry and ensure your business thrives.

By staying vigilant and proactive in refining your operations, marketing strategies, and services, you can ensure the ongoing success and growth of your own pharmacy business.

As mentioned in the first paragraph, opening a pharmacy or starting a pharmacy business is a challenging endeavor. You will experience both highs and lows both before and after you open your pharmacy. Achieving profitability for an independent pharmacy typically takes 1-2 years. However, if you are determined and ready to invest the necessary time, your pharmacy will succeed. It’s important to remember that there are numerous resources available to you, such as books, consultants, blogs, workshops, and more.

The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.

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Frequently Asked Questions

The cost of opening a pharmacy is between $900 to $1,500K (as of May 2023) that includes inventory, renting or buying a store, and licensing fees. However, there are major factors to open a pharmacy which includes location, staffing costs, and mainly inventory.

The best location to open a pharmacy is: 1. Near an upscale neighborhood 2. Area with near doctors, hospitals, and nursery homes 3. Heavy retail areas 4. Near schools, hotels, and shopping malls 5. In that area where there is no other pharmacy

Just like any business, a pharmacy expert advisor or consultant helps make sure you start your business on the right foot. From helping secure your business loan to choosing the right software and technology for your pharmacy. Advisors are there to make smart financial decisions that will grow your pharmacy business.

Anyone who has legal pharmacy license are liable to open a pharmacy. However, to open a pharmacy you need to become a qualified pharmacist by acquiring a degree of Bachelors in pharmacy (B. Pharm) or Masters in pharmacy (M. Pharm).

Most pharmacies take about a year to open from start to finish. There are a lot of items that could delay this such as city permits, loan delays, insurance contracts, construction and more. Be sure to plan enough time ahead for any possible delays, and there almost always is a delay.

Pharmacies mostly make money from reimbursement or prescriptions filled but there are other items that can add to your revenue line and profit margins. For example: Vaccines, Medication Packaging, Over the Counter items, Compounding, MTM Services and more.

The average cost to open a retail pharmacy is around $500,000. This number fluctuates obviously depending on location, fixtures, services etc.. However it is much cheaper to start a pharmacy than to buy a successful pharmacy. A good pharmacy with high script volume could easily cost millions of dollars.

Owning a pharmacy can be profitable, as demonstrated by the stable overall gross margin of 21.9% in 2020.

For a successful pharmacy, experts suggest selecting a spot adjacent to an upscale residential area for maximum access and profitability.

Operating expenses for a pharmacy refer to the costs of running its business operations, such as rent, employee salaries and benefits, utilities, equipment, marketing, office supplies, and bank fees.

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ConfigRX is an Independent Pharmacy Technology Consultant. We offer a variety of IT and Design/Marketing services for independent pharmacies.

Phone : 937-907-0078 Fax: 937-412-0176

Check out some of our services below:

– Start A Pharmacy Package – Pharmacy IVR – Pharmacy Telecom – 4G/5G Backup Internet – Managed Services – Pharmacy Websites – Pharmacy Logos – VOIP (Voice Over IP) – Pharmacy IT Audit – Pharma Hardware Save $

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Pharmacy Marketing – Creating a pharmacy marketing plan

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When you sample plan on opening up a business, it’s very important that you know what it is that’s supposed to happen. You’ll need to figure out everything that needs to transpire for your business to reach the success that it’s supposed to. This is especially true if you plan on running your pharmacy. Similar to a marketing plan or a financial plan, a business plan for a medical store, drug shop, or new pharmacy branch can help you make a strategy for details like organizational responsibilities, risk management, education for chemist workers, and wholesale proposal. You may also check nonprofit business plans .

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3. Point Out Who Your Target Audience Is Going to Be

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Pharmacy Business Plan Template [Updated 2024]

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Pharmacy Business Plan & Example

If you want to start a pharmacy or expand your current pharmacy business, you need a business plan.

The following pharmacy business plan template gives you the key elements to include in a winning pharmacy business plan.

You can download our Pharmacy Business Plan Template (including a full, customizable financial model) to your computer here.

Sample Pharmacy Business Plan

Below are links to each of the key sections of your pharmacy business plan: I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Pharmacy Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

pharmacy business plan template

PharmaGroww

How to Write Pharmacy Start-up Business Plan with Example and Proven Success Tip

How to Write Pharmacy Start-up Business Plan with Example and Proven Success Tip

Table of Contents

Are you a passionate Pharmacist? Or are you a soon-to-be entrepreneur? If yes, then you have come to the right place because nothing is possible without a clear plan of action. So here I am going to share how to write a pharmacy start-up business plan with samples and some success tips to spice it up!

You need a business plan whether you are opening a retail pharmacy, a franchise, a wholesale store, an online store, or a manufacturing unit. The aim of this article is to discuss the pharmacy business plan for the wholesale pharmacy business. Let me know in the comments if you want me to discuss a pharmacy business plan for any other pharmacy business besides the one here.

Let’s say that you are interested in establishing ABC company.

Excited? Let’s jump into it!

Start-up business plan

What is a Start-up business plan? 

Start-up plan is the primary plan for any business to start. It details the exact steps that you need to follow like what your business is, who will be your prospects, financials, market, products, sales, and what not! This is the complete package to start your business. In other words, start-up business plan is a bridge between a business idea and implementing that idea.

Start-up business plan - pharmacy business plan ideas

  • Exexutive summary
  • Company description
  • Market research
  • Products/ services
  • Management structure
  • Marketing strategy
  • Financial plan

What is an Executive summary?

The executive summary provides a short overview of your business plan. A good executive summary describes your business, products and services it provides, the problems it solves, your target market, and financial highlights.

Company Description

ABC Company is a wholesale distributor serving the retail pharma industry, hospital pharmacies, and home healthcare companies.

Retailers, hospital pharmacies, and home healthcare companies are under intense competitive pressure to provide best deals to their customers. As a consequence, sometimes they need to compromize with their profit margins. To align with this requirement, they expect the best prizes from their service provider that is, wholesalers. To provide our clients with the best cost in the market, we must provide our products at low cost.

We will give our clients the best deal in the market.

Target market

ABC company's target market consists of two main groups; local customers and mail order customers.

We will thus have two different strategies to attract these two groups.

Local customers can be targeted by building a communication network within the industry in various ways like attending trade shows, exhibitions, etc. In addition to targeting local customers, it will also help us establish ourselves as an industry leader and build great networks with manufacturers as well.

We will target mail order customers via technology. We will create our online presence using a website, social media platforms advertisements, etc. where potential customers can find us.

Financial highlights

The following are the financial highlights to understand the company's finances in a nutshell. However, in the financial plan section, you will find the detailed financial plan.

We will now set our sales goals for the next three years.

Following will be our financial goals / assumptions for the next three years:

Sales forecast goal

We will operate our business with a 10 % increase in sales monthly with a gross margin of 30% . 

Expense budget

We will create different expense budgets for fixed and variable expenses. We ill try our level best to lower the fixed cost to operate the business smoothly and reach sales goals.

Fixed budget will include:

  • Sales and marketing
  • Depreciation
  • Payroll taxes
  • Other expenses

Variable budget will include:

  • Advertising and promotional expenses

Break-even analysis:

Break-even analysis will indicate the monthly revenue required to reach the break-even point.

We will need $10000 in monthly revenue to reach break-even point.

Cash-flow statement projections:

Since we are a start-up and don't have historical profit-loss statements, we will make cash-flow statement projections for the next three years.

We will get 60% of cash-flow from our net earnings. 

(Detailed plan is discussed in financial plan section.)

ABC company is a wholesale distributor of medical products and other related products. The warehouse is based in Los Angeles, US . ABC company serves the retail pharma industry, hospital industry, and home healthcare services. 

Ownership & Structure

ABC company is a sole proprietorship founded and owned by Mr. Robert Smith. The administration office of the company is located in Los Angeles, US.

Mr. Robert Smith is an innovative leader of the company having lots of experience in the wholesale industry. Mr. John is a responsible manager of the company. He is a Doctorate in Business Administration and has worked with many successful organizations.

Personnel required

Annual salary w.r.t. owner 

Company description persennel required - pharmacy start-up business plan

Start-up summary

ABC company will include the following start-up costs :

  • File cabinet
  • Phone lines
  • Computers, desks, etc.
  • Administration office
  • Personnel safety equipment
  • Conveyor system
  • Stationery and other

Items under a threshold value of $2500 are considered as company expenses and the rest are the company's assets according to the GCT accounting method .

Start-up summary - pharmacy business plan ideas

Start-up expenses

File cabinet ------------------------- $80

Phone lines ------------------------- $20

Computers, desks ----------------- $2000

Personnel safety equipment -- $100

Stationery and other ------------- $200

Total --------------------------------- $2400

Start-up assets

Administration office ------------- $25000

Warehouse -------------------------- $20000

Logistics ------------------------------ $20000

Inventory ----------------------------- $10000

Conveyer system ------------------- $8000

Total ---------------------------------- $83000

Start-up funding required

Start-up expenses to fund -------- $2400

Start-up assets to fund ------------ $83000

Total funding required ------------- $85400

Liabilities & capital

Liabilities

Current liabilities ---------------------- $50000

Long-term liabilities ------------------ $0

Accounts payable --------------------- $0

Other current liabilities -------------- $0

Total liabilities ------------------------- $50000

Mr. Robert Smith ----------------------- $30000

Friends and family --------------------- $5400

Loss at start-up (start-up expense) - $2400

Total capital ------------------------------ $33000

Total liabilities and capital -------------- $83000

Our target market consists of retail pharmacies (independent and chain), hospital pharmacies, and home healthcare companies all accross the United States.

Market segmentation

ABC company will target the following segments -

Independent pharmacy - There are over 30000 independent pharmacies in US. These are owned by pharmacists. These will be our main focus.

Chain pharmacy - These are all big box companies like Walgreen. There are over 88000 chain pharmacies in US. They are very certain about their supply chain and have consistency in product offering at the expense of profit margin. 

Hospital pharmacies - Hospital pharmacies serves for hospitals and their patients. So, along with medications, they also provide stuff required in hospitals.

Home healthcare companies - Home healthcare companies provide various services to patients. So, along woth medications they also need supply of other stuff like dietery supplements, medical equipments, etc.

Market analysis

Market Analysis - pharmacy business plan ideas

Target market segment strategy

ABC company will target potential clients through the following strategies -

Trade shows: Attending good trade shows within our industry will allow us to establish contacts with manufacturers, retailers, and service provider contacts as well as expand our market reach.

Sales pitch: Being a start-up, we need to let the market know that we exist. So, our sales team will be reaching out to clients by cold calling and emailing in order to educate them about our products.

Online presence: Today, most wholesale companies are selling their products online. This allows them to reach a much broader audience. We can build a website through which clients can contact us and make purchases. Furthermore, social media promotion of products and services will be a great move!

Industry advertising: We can place our advertisements in industry publications like magazines or websites. Additionally, we can use brochures, postcards, and catalogs. 

Industry analysis

Currently there are more than 30 wholesalers in the pharmaceutical market in US. They offer a wide range of products and services within their niche. Retail pharmacies usually keep their profit margins from 16 to 22%. Home healthcare companies profit margins range from 3% and reach upto 25%. 

Competition and buying patterns

McKesson - This is the oldest and the largest wholesale distributor in US. 

UnitedHealth Group - Apart from having great networks this company provides various other services to their customers through their multipurpose optum unit.

AmerisourceBergen - This is a very strong competitor as they have the strongest customer base and wide range of services.

Retailers, hospital pharmacies, as well as home healthcare companies require a variety of products in their inventory. For cost-cutting during shipping, discounting, etc., it is beneficial for them to take all of the items from one wholesaler. 

A business's choice of a wholesaler is driven by a number of factors, such as delivery time, cost, customer service, credit facilities, and availability.

ABC Company will be distributing the following products -

  • Vitamins and supplements
  • Skincare products
  • Haircare products
  • Sanitary napkins
  • Medical supplies like the diabetic testing kit

ABC Company will be providing the following services to the manufacturers and clients -

  • Wholesale Logistics - prompt delivery of goods to clients
  • Provide the best deal to clients
  • Credit facilities to clients
  • Provide clients with expert knowledge of changing market conditions so that they can choose their inventory wisely
  • Provide manufacturers with expert knowledge about which products are in demand and which are not, so they can adjust their manufacturing processes accordingly.

Management summary 

Robert Smith founded and owns ABC company. He has worked as a consultant with many well-known wholesale industries. Having gained 5 years of exclusive experience in the wholesale industry, he finally decided to start his own wholesale company. 

A successful analysis of his idea led him to contact Mr. John, who is now a manager at the company. Mr. John has a lot of expertise in management. He has a doctorate in business administration and has held senior management positions in various well-established companies.

Personnel plan

As a start-up, Mr. Robert (owner of the company) and Mr. John (manager of the company) will handle administration procedures like hiring.

Personnel plan - pharmacy business plan ideas

Marketing strategy summary

ABC company will be solving the major concern of most of the businesses and that is the profit margin. Businesses have to compromise with their profit margins to stand strong in the competition. We will implement a deep discounting strategy to solve their problem and to attract the market towards our company.

Competitive edge

The most important competitive advantage of ABC company is its low cost. Pharmaceutical companies are currently struggling to keep their profit margins high. Customers complain that the costs are too high, so they can't do so. ABC company, however, is starving to offer the lowest prices on the market to its clients. This way, we will help our clients get large profits without even increasing their profit margin. Furthermore, this will allow them to give tempting discounts to their customers, increasing their revenue. 

Due to this, clients will enjoy building loyal customer bases by providing them low-cost products.

Sales strategy

We will implement a deep discounting strategy to accomplish this mission. Our goal as a start-up is to build a customer base by keeping our profit margin low. As a result, clients and sales will increase. Even if the profit seems the same, we'll still get incredible benefits. Here are some of them:

  • Sales will increase. Due to the discount, we will be able to sell 20000 units of shampoo instead of 10000.
  • As our inventory becomes empty more often due to more sales, we will be able to replenish it more often. Fresh stock will be available more often.
  • As a result of constant purchases from manufacturers, we will be able to negotiate more discounts, increasing our profits and still providing the best rates to our clients.

Our clients will be encouraged to purchase from us if we do this. Our clients will then make mock promotions within their network.

Sales forecast

During the first month , we will secure space for the warehouse, install a conveyor system, and establish logistics through the signing of a contract with a logistics company. We will then set up an administrative office. Finally, we will conduct a hiring procedure.

By partnering with well-established manufacturing industries, we will establish our industry authority within the next six months . We will then pitch our products to our prospects and with the help of our deep discounting strategy, we will make sure that we get maximum sales from various clients.

Following will be our monthly and yearly sales goals for the next three years.

Monthly sales projection - pharmacy business plan ideas

There will be the following milestones for ABC company early on:

  • Completion of business plan - There will be constant tracking of ongoing performance and improvements
  • Warehouse setup 
  • Logistics setup
  • Establishment of vendor relationships
  • Establishments of customer base
  • Profitability

Sales forecast goal - financial plan - pharmacy business plan ideas

Pro forma profit and loss

Pro forma profit and loss - financial plan

Break-even analysis

Break-even analysis

Projected Cashflow  

Projected cashflow

Proven Success Tip

Power of Cost Cutting   - IKEA case study

The furniture we buy usually comes assembled from the manufacturer's hub. It is then delivered to retailers and then to our homes. Unsurprisingly, a large truck could only carry one or a maximum of two sofa sets. 

IKEA came up with an innovative idea: instead of assembling the furniture, why not let the end-users do it themselves?

Boom! This business model proved to be more than successful for a so-called unscalable business. One truck could now fit 100s of furniture sets, resulting in significant cost savings. Customers could now even carry their sofa sets in their own cars! Those cost-cutting initiatives led IKEA to become the world's biggest furniture brand with a revenue of $40 Billion. 

Because of this cost-cutting, they could sell furniture at a much lower price. 

These are enough reasons to go to IKEA and buy your furniture!

Also Read: How to Write Pharmacy Internal Business Plan with Example and Proven Success Tip

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How to Make Your Start Up Pharmacy More Successful

What are patients in your area looking for? Which tech tools does your business plan need the most? How else can you improve your odds? This eBook reveals four keys to a successful pharmacy startup.

Sponsored by: Liberty Software

Liberty Software

There are no guarantees when starting a pharmacy. Pharmacy start-ups have approximately a 40% chance of surviving 10 years. 1 Four key steps can help tip the odds in your favor.

"Plan ahead financially, because you're probably going to have no to low income for 12 months," warned Enrique Reynoso, RPh, MBA, BCMTMS, owner of Beacon Wellness Pharmacy in Beacon, New York. " Look ahead to how you are going to do your marketing, because without marketing, you’re not going anywhere. Listen to your patients and your community and deliver what they want, not what you think they need. And use every technology tool you can get to make those first 3 things happen.”

Reynoso spent 20 years learning how to get new pharmacies moving while opening more than 60 stores for Walgreens. He opened his own pharmacy in Beacon, in New York’s Hudson Valley, in December 2019.

The basics of opening a pharmacy haven’t changed. Solid financial planning is as essential today as it was decades ago. So is marketing.

The vast majority of potential customers for any start-up pharmacy are already taking medications that they get from some other pharmacy. Every start-up pharmacy has to be expert in no-hassle prescription transfers. The basic marketing pitch is “we do it for you.”

"As pharmacists, prescription transfers are simple, but our patients don't know that," said Max Caldwell, RPh, owner of Caldwell Pharmacy in Wynne, Arkansas. Caldwell and 3 partners have opened 15 pharmacies in the northeast corner of the state in towns with populations as small as 800.

“A lot of people believe that if it says Walmart on the pill bottle, they have to go back to Walmart for a refill,” Caldwell explained. “It takes some education on our part. That’s one of the challenges of opening a new pharmacy “

It’s just as important to provide services and products that your patients want and need. What patients want most is convenience.

“Patients want fills and refills on their schedule, not ours,” said Lisa Wells, PharmD, pharmacy director for Apothecare Pharmacy, a group of 340B pharmacies co-located with Community Health Center (CHC) of Southeast Kansas, which operates 20 Federally Qualified Health Centers (FQHCs) in rural Kansas.

Many of the CHC clinics had no pharmacy within easy driving distance, which meant many patients saw a provider, got a script, and went home. The nearest pharmacy was too far away or they feared it would be too expensive. Simply opening a pharmacy steps from their prescriber eased a major pain point for patients.

Technology takes convenience beyond initial fills. Apothecare Pharmacy uses Liberty Software’s Pharmacy Management System, and after Apothecare rolled out a phone app, which is part of Liberty Software’s platform, refill rates surged.

“Patients may not have home internet connections in our part of rural Kansas, but almost everyone has a smart phone,” Wells said. “If they remember to refill at midnight, or while they’re out during the day, they just do it. And we get far fewer phone calls. The app helps our patients and it gives us more time use our knowledge of pharmacy to be a more active part of their total health care, not just a part of their prescription.”

Reality Check

Opening a new pharmacy is a gamble. According to the National Community Pharmacists Association, the number of independents has fallen by approximately 5% in recent years, from 23,029 stores in 2012 to 21,767 stores in 2018. 2,3

Or maybe the picture isn’t quite so grim. The Pharmaceutical Care Management Association (PCMA) used data from the National Council of Prescription Drug Programs (NCPDP) to conclude that independent pharmacy numbers increased by 12.9% between 2010 and 2019. PCMA said chain outlet numbers declined by 4.0% over the same period. 4

Either way, starting a business is risky. Bureau of Labor Statistics (BLS) data show that of new businesses started between 1994 and 2015, 54.3% survived 5 years and 35.7% survived 10 years.5 Health care start-ups, including pharmacies, fared somewhat better.

BLS found that 56.8% of health care start-ups born between 2004 and 2015 were still in business at 5 years and 42.6% at 10 years. 1

Pharmacists are opening their own businesses anyway. In business operations as in medication management, success is about risk management, not risk avoidance.

All 3 of the start-up veterans Drug Topics ® talked with agreed that the major risks in opening a pharmacy are inadequate financial planning and resources, inadequate or inappropriate marketing, and an inappropriate mix of services and products for the patient population. All 3 can be managed. And technology, from pharmacy operating systems to point-of-sale, perpetual inventory, medication synchronization, repackaging, robotics, analytics, and more, are an essential part of managing business risks as well as medication and health risks.

Start-Up Process

New pharmacies don’t suddenly open like flowers bursting from a tightly closed bud. Opening a new store is a process that begins long before the first patient walks in the door.

“There is a waiting time for everything, and you are starting from ground zero with a start-up,” Reynoso said. “You have to anticipate what those delays are going to be, how long they might take. And be sure that you have the capital it takes to get through that preopening period and the first year or 2 of operations.”

Don’t expect to turn a profit the first year. NCPA regularly surveys pharmacies during their first 5 years of operation. The latest results were reported in the 2020 NCPA Community Pharmacy Start-up Benchmarking Report . An important take-away: The typical start-up pharmacy breaks even in the third year of operation. 6

That 3-year breakeven is based on building from 0 scripts the first day to 30,000 scripts annually in year 3. Dispensing represents over 90% of total revenue for the typical startup.6 The most effective ways to turn a profit sooner than 3 years are to build Rx volume more quickly or boost non- dispensing revenue. Or do both.

“I personally like to buy an existing pharmacy because you have money coming the very next day,” Caldwell said. “It takes less money to start a store from scratch, but it takes longer to find the profit. You can make it work either way, but you have to know what you are getting into, financially and in the community, and plan for it.”

Caldwell’s business plan is opening pharmacies in small towns in economically depressed rural areas. It’s a market that most chains avoid and few independents consider. Some towns have a few hundred people, some have a few thousand.

The key factors are prescribers in the area, so the store has scripts to fill, and at least 20,000 people within a 10-mile radius to provide a reasonable Rx volume and delivery area.

Wells opens pharmacies in FQHCs. Scripts from providers in the center create an almost-automatic patient population for the co-located pharmacies. Proximity and familiarity helps create eager medical partners for clinical services such as INR monitoring, diabetes care, and more.

Reynoso serves a small town that has been growing steadily as multi-ethnic professionals and artists trade the crowded streets of New York City for the Hudson River Valley.

“My prescription volume has doubled every month, everything from diabetic to hypertension and some pain management,” he said. “When the coronavirus came, I saw a jump in immunizations with people coming in late for their flu vaccine.”

Traditional marketing channels, TV/radio broadcast, newspapers, direct mail, are the most expensive channels and the least effective for start-ups, Reynoso continued. Digital channels such as Google, Facebook, Instagram, and BeaconWellnessPharmacy.com, are both more effective and less expensive.

“Everybody is glued to their phones all day,” he said. “So I’m actively reaching out to people where they are. I have a place on every page to go if you have a question, wonder if maybe I can do something special. The town has a community webpage, so I write articles to get feedback and questions. It’s all about being part of the community and reminding people to come to me for their pharmacy needs.”

Service Mix Matters

Reynoso’s pharmacy is across the street from a busy chain outlet. Rather than focus on prescriptions, which chains can fill more cheaply than most independents, Reynoso is building a different kind of practice. Good marketing can get new customers in the door once, he noted, but it takes standout service to get them back again. And again and again.

“Rite Aid doesn’t do durable medical equipment, I do,” he said. “I’m building a compounding center, I offer delivery, I take the time to talk with my patients. If you’re just getting started with diabetes, you may not know you’ll need hand holding and training, but I know. We have gourmet lollipops and supplement lines that are sold only in pharmacies. I’m the only pharmacy in town that takes the time to personalize the business.”

Refills are bread and butter for pharmacies. Higher refill rates translate to increased revenues, faster inventory turnover, more compliant and healthier patients. Higher refill rates also boost Medicare star ratings and help minimize direct and indirect remuneration clawbacks. That’s where medication synchronization (med sync) can make a significant difference.

Caldwell puts med sync patients on a 28-day cycle so they run out of medication every fourth Friday. A technician calls each patient the week before they run out to be sure there are no changes. The pharmacy orders early the week meds are due and delivers on arrival from the wholesaler or calls the patient for pick up. Caldwell piloted med sync in 2013 and was the first pharmacy in the state to enroll more than 1000 med sync patients.

“We synchronize meds for the whole family—adults, kids, dogs, everybody in the household,” Caldwell said. “Our stores are on perpetual inventory, so med sync helps minimize inventory. We order the day after the billing cutoff for next week, which gives us 10 to 12 days to pay instead of 4 days. Technology makes it all happen.”

Similar to Apothecare, Caldwell’s pharmacy uses Liberty Software’s Pharmacy Management Platform technology to enhance its services.

Technology also powers unit-of-use packaging, which Caldwell tailors to the patient. When he realized a patient who takes meds both morning and night could not read, he split refill packages into 2 boxes. One box has a sun, for morning doses, the other a moon for evening doses.

“Take care of the patient, that’s what you do as a pharmacist,” Caldwell said. “And when you take that extra step, that’s when they tell their family and friends. Word gets around in a hurry and brings you more customers.”

1. US Bureau of Labor Statistics. US Bureau of Labor Statistics Business Employment Dynamics, Entrepreneurship and the US Economy, Chart 4. Survival rate by selected industries, 2004 birth cohort, 2004-2015, in percent. Last modified April 28, 2016. Accessed July 14 2020. https://www.bls.gov/bdm/ entrepreneurship/bdm_chart4.htm

2. NCPA. 2019 NCPA Digest. Changing the Pharmacy Payment Model. NCPA Digest. 2019. Accessed July 14, 2020. http://www.ncpa.co/pdf/di- gest/2019/2019-digest.pdf

3. Mom and Pop Pharmacies Dwindle Amid Competition. PYMNTS. Published May 12, 2020. Accessed July 14, 2020. https://www.pymnts.com/news/re- tail/2020/mom-and-pop-pharmacies-dwindle-amid-competition/.

4. PCMA. Independent Pharmacies in the US are More on the Rise than on the Decline. March 2020. Accessed July 14, 2020. https://www.pcmanet.org/ wp-content/uploads/2020/03/FINAL_Independent-Pharmacies-in-the-U.S.- are-More-on-the-Rise-than-on-the-Decline.pdf.

5. US Bureau of Labor Statistics. Business Employment Dynamics, Entrepre- neurship and the US Economy. Chart 2, Survival rates of establishments, by year started and number of years since starting, 1994-2015, in percent. Last modified April 28, 2016. Accessed July 14, 2020. https://www.bls.gov/bdm/ entrepreneurship/bdm_chart3.htm

6. NCPA. 2020 NCPA Community Pharmacy Start-up Benchmarking Report. 2020. Accessed July 14, 2020. http://www.ncpa.co/pdf/2020-ncpa-start- up-report.pdf

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ProfitableVenture

Retail Pharmacy Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Pharmacy

Retail Pharmacy Business

Are you about starting a pharmacy (chemist shop)? If YES, here’s a complete sample wholesale / retail pharmacy business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a retail pharmacy . We also took it further by analyzing and drafting a sample retail pharmacy marketing plan template backed up by actionable guerrilla marketing ideas for pharmacies. So let’s proceed to the business planning section.

Being in the pharmacy trade is a very good thing. This is because of the great returns on investment that is being guaranteed.

Starting a retail business is a very right step to take if you are looking to delve into the retail pharmacy business. It is important that you are a pharmacist ; this is so that you can get a proper hang of the business, as well as bring in your hands-on prowess into the venture.

A Sample Retail Pharmacy Business Plan Template

1. industry overview.

What really is the pharmaceutical business all about? The pharmaceutical industry is known for developing, producing, and marketing medicine (drugs). Retail pharmacy business is known to be involved in the sale (retailing) of generic or brand medications; some big pharmaceutical stores even engage in the sale of medical devices.

All over the world, the pharmaceutical industry is highly regulated. This is so because of the devastating effect of fake drugs and drug abuse which can’t be quantified. As a matter of fact, there are several universal laws and regulations that govern the patenting, testing, safety, efficacy and marketing of drugs.

For example; in the united states, new pharmaceutical products must be approved by the Food and Drug Administration (FDA) as being both safe and effective before they can be allowed to go into the market. Any entrepreneur (investor) who has a plan of starting his or her own retail pharmacy business must comply with the Regulation of Retail Pharmacy Businesses that was passed into law in 2008.

Anyone who wants to establish a retail pharmacy business must follow the regulations that guides the sourcing, storage, sale, supply and keeping of records, in respect of medicinal products. Other requirements that they are expected to comply with are; requirements that relates to staff, premises, equipment and procedures are also stipulated.

No doubt retail pharmacy business is indeed a profitable industry; at the end of 2011, there were just over 23,100 independent retail pharmacies operating domestically.

For instance; in 2012 about 62,000 retail, mail and specialty pharmacies operating in America filled more than 4 billion prescriptions. As a matter of fact, in 2012 alone, statistics indicated that the total industry revenues was between $275 billion and $290 billion.

Statistics has it that global spending on prescription drugs grew to a whopping sum of $954 billion in 2011 and The United States accounts for more than a third of the global pharmaceutical market, with an estimate of $340 billion in annual sales.

It is on record that the retail pharmacy industry is growing at an annual rate of 1.6 percent. Retail pharmaceutical stores are amongst the top beneficiaries; they have experienced high sales growth in the first aid, eye care, sun care, smoking deterrent, foot care and home healthcare categories.

Over and above, the retail pharmacy industry is indeed a growing and a profitable industry and it is open to any aspiring investor (entrepreneur) to come in and establish his or her retail pharmacy outlet.

2. Executive Summary

Kingsley Greeno Retail Pharmacy Store will be located in one of the busiest streets in Baltimore, Maryland, U.S. We have been able to lease a facility for 5 years with the option of acquiring the property once the property is put up for sale.

The facility is well positioned and it matches the ideal picture of a community retail pharmacy store. We are not going to spend much to revamp the facility because before taking over the facility, it was used as a retail shop. Although the business is launching out with just one outlet, but we have plans to open other outlets in key locations around Baltimore, MD.

Kingsley Greeno retail pharmacy store will be involved in the retailing of prescription drugs and over-the-counter drugs. We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.

We are in retail pharmacy business to retail a wide range of pharmaceuticals for our customers, at the lowest prices they can get anywhere in Baltimore, MD. Our employees are well trained and qualified to handle the wide range of customers that we are positioned to serve. We will engage in the sale of prescriptions at reduced prices both at the counter and online order.

Kingsley Greeno Retail Pharmacy will operate a 24 hours, 7 days a week pharmaceutical store. We shall also have customers like; walk – in customers and mail order customers. Our work force is going to be well trained to operate within the framework of our company’s corporate culture and also to meet the needs of all our customers.

Kingsley Greeno Retail Pharmacy Store will ensure that all our customers are given first class treatment whenever they visit our shop.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when make some business decisions.

Kingsley Greeno Retail Pharmacy Store is a family business that is owned and managed by Kinsley Greeno and Family. Mr. Kingsley Greeno is going to be the Chief Executive Officer of the business; he has a first Degree in Pharmacy and an MBA from Harvard University.

He has well over 10 years of experience working as a pharmacist with the United States’ government. His son who is an undergraduate is currently studying pharmacy, with the hope of taking over the family business when he (Mr. Greeno) retires.

3. Our Products and Services

Kingsley Greeno Retail Pharmacy Store will retail a wide range of prescription drugs from different manufacturing brands to customers who are based in Baltimore, MD. We also engage in the sale of beauty products, cosmetic, postcards (greeting cards), baby products, convenience foods and other related products (small scale medical equipment / instruments et al).

4. Our Mission and Vision Statement

  • Our vision is to become the largest retail pharmacy store in the whole of Maryland, U.S.
  • Our mission is to establish a first class retail pharmacy store that will make available a wide range of generic and branded prescription drugs from top pharmaceutical manufacturing brands at affordable prices to the residence of Baltimore, MD.

Our Business Structure

Kinsley Greeno Retail Pharmacy Store is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified people to man various job positions in our organization. We are quite aware of the rules and regulations governing the pharmaceutical industry which is why we decided to recruit experienced and qualify employees as foundational staff of the organization.

We hope to leverage on their expertise to build our business. When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. This are the positions that will be available at Kingsley Greeno Retail Pharmacy Store;

  • CEO (pharmacy owner, superintendent pharmacist and supervising pharmacist)
  • Pharmacist (Manager)

Merchandize Manager

  • Pharmacist technician (3)
  • Information Technologist (Contract)
  • Sales agents (3)
  • Cashier (Counter Agent).

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for recruitment
  • Responsible for payment of salaries
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

  Pharmacist (Manager):

  • Responsible for managing the daily activities in the restaurant
  • provides advice about health issues, symptoms and medications in response to customer enquiries
  • recruits, trains and manages staff
  • processes prescriptions and dispensing medication
  • orders, sells and controls medicines and other stock
  • meets medical representatives
  • manages budgets
  • keeps statistical and financial records
  • prepares publicity materials and displays
  • markets services
  • Interfaces with third – party providers (vendors)
  • Controls the sales floor inventory
  • Supervises the entire sales staff and workforce
  • Any other duty as assigned by the CEO
  • Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure consistent quality of drugs and products on our rack
  • Responsible for the purchase of goods and products for the organizations
  • Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
  • Ensures that the organization operates within stipulated budget.

Pharmacy Technician

  • Ensures that the store facility is in tip top shape and conducive enough to welcome customers (This includes turning on equipment such as computers, scales, printers and fax machines)
  • Ensures that goods and products are properly arranged
  • Responsible for processing prescriptions
  • Responsible for sterilizing the counter tops, scales, pill counting trays, and other medication measuring devices.
  • Handles administrative and bookkeeping tasks, inventory control, stocking shelves, and data entry
  • Performs monthly inventory counts, file paperwork, and stock inventory
  • Handles any other duty as assigned by the floor manager (Pharmacist)

Sales Agents

  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer purchases
  • Sources for clients for the company
  • Responsible for promoting the company’s image
  • Responsible for creating marketing and sales strategies, etc.
  • Represents the organization in some strategic business meetings

Information Technologist

  • Manages the organization website
  • Handles ecommerce aspect of the business
  • Responsible for installing and maintenance of computer software and hardware for the organization
  • Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
  • Manage the organization’s CCTV
  • Handles any other technological and IT related duties.

Cashier (Counter Agent):

  • Receives payments on behalf of the organization
  • Issues receipt to customers
  • Prepare financial report at the end of every working week
  • Handles financial transaction on behalf of the company
  • Interfaces with our bankers
  • Responsible for payment of tax, levies and utility bills
  • Responsible for cleaning the pharmacy facility at all times
  • Ensures that toiletries and supplies don’t run out of stock
  • Cleans both the interior and exterior of the pharmacy facility
  • Handle any other duty as assigned by the floor manager (Pharmacist)

6. SWOT Analysis

Kingsley Greeno Retail Pharmacy Store is not looking forward to operate a regular retail pharmacy store, because we want to become the biggest retail community pharmacy in Baltimore. We want our pharmacy to be the number one choice of all residence of Baltimore.

We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up our retail pharmacy store.

Despite the fact that our CEO (owner) has a robust experience in retail pharmacy business, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business. This is the summary of the SWOT analysis that was conducted for Kingsley Greeno Retail Pharmacy Store;

Our location is one of our strength. The Business model we will be operating on (physical store and online store) will be opened for 24 hours daily and 7 days in a week. There would be multiple payment options; wide range of prescription drugs, home delivery services and our excellent customer service culture will definitely count as a strong strength for us.

Our perceived weakness is the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.

  • Opportunities:

The opportunities that are available to retail pharmacy business is unlimited and we are going to position our business to make the best out of the opportunities that will be available to us in Baltimore, MD.

Just like any other retail business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new retail pharmacy outlet in same location where ours is located (Baltimore, MD.).

7. MARKET ANALYSIS

  • Market Trends

The market trend in retail pharmacy industry is directly influenced by a country’s healthcare reform policies. The fact that the pharmaceutical industry is highly regulated means that any entrepreneur who wants to run a retail pharmacy store must be ready to play by the book.

Loads of other factors influences the market trend in the industry and it is normal to see bigger retail pharmacy stores (especially those with chains of outlets) weathering the storm whenever there are major shaking in the industry. In essence, the easiest way to build a solid and highly profitable retail pharmacy business is to engage in opening various outlets in key cities around the U.S. and the

No doubt the industry will continue to grow and become more profitable because the aging baby-boomer generation in United States are expected to drive increasing demand for prescription drugs.

Retail Pharmacies are now making use of technology to effectively manage their business by plugging financial leakages which happens to be one of the biggest challenges that retail businesses faces. The use of technology, i.e. CRM software et al are very effective in helping retail businesses manage their clientele base.

8. Our Target Market

Kingsley Greeno Retail Pharmacy Store is in business to service a wide range of customers in Baltimore, Maryland. We will ensure that we target self – pay customers (who do not have drug plans), mail order customers, and walk in customers et al.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from demanding and screening prescriptions as required by the law. Our staff are trained to effectively service our customers and still play by the rules governing the industry. Our customers can be categorized into the following;

  • Corporate Executives
  • Business People
  • Elderly people
  • Expectant Mothers
  • Sports Men and Women

Our Competitive Advantage

The retail pharmacy industry is known to be highly competitive in the U.S and in most parts of the world. The industry is growing and there are alternative ways through which clients / patients can get their medications / prescriptions / drugs.

There are alternative provides like mail-order firms, grocery chains, mass merchants and dollar stores; these are the real competitors in the industry. These competitors ensures that they do all that lies within their powers to gain favorable market share of the available market in any given region.

It is a fact that small retail pharmacy stores will always struggle with larger pharmacy chains when it comes to pricing power and brand recognition, which is why smaller retail pharmacy store always go out of their ways to deliver excellent customer service. It is through top notch customer service that they can secure a fair share of the available market.

Smaller retail pharmacies ensures that each order carries a printout. The printout accompany the medications providing directions on how patient are expected to take the medications, other drugs that should be avoided concurrently, and other useful information.

Kingsley Greeno Retail Pharmacy Store is coming into the market well prepared to favorably compete in the industry. Our pharmacy is well positioned and visible, we have enough parking space with good security. Our management staff are well groomed in retail pharmacy and all our employees are trained to provide customized customer service to all our clients.

We are going to be one of the few retail pharmacies in Baltimore that will be opened 24 hours a week and 7 days a week. We have enough staff that are ready to run a shift system. Kingsley Greeno Retail Pharmacy we will ensure that we have a wide range of products (prescription drugs and over-the-counter drugs.

We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goals is to make our pharmacy a one stop pharmacy shop.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Our source of income will be majorly in the retailing of prescription drugs and over-the-counter drugs. Kingsley Greeno Retail Pharmacy will also generate income from the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.. Below are the sales projections that we were able to come up with for the first three years of operations;

  • First Year-: $200,000 (From Walk – in customers) + $250,000 (From Mail Order customers)
  • Second Year-: $450,000 (From Walk – in customers) + $470,000 (From Mail Order customers)
  • Third Year-: $700,000 (From Walk – in customers) + $800,000 (From Mail Order customers)

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

The marketing and sales strategy of Kingsley Greeno Retail Pharmacy Store will be based on generating long-term personalized relationships with customers.

In order to achieve that, we will ensure that we offer medications at lower prices, compared to what is obtainable in Baltimore. We will also ensure that we have a wide range of drug supplies in stock for both quick shipment and storefront pick up.

All our employees will be well trained and equipped to provide excellent and knowledgeable customer service. We know that if we are consistent with offering high quality drugs and excellent customer service we will increase the number of our customers by more than 25% for the first year and then more than 30 percent subsequently.

Before choosing a location for our pharmacy store, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Baltimore, MD.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Baltimore, Maryland. In summary, Kingsley Greeno Retail Pharmacy Store will adopt the following sales and marketing approach to win customers over;

  • Introduce our business by sending introductory letters to residence, business owners and organizations
  • Advertise our business in community based newspapers, local TV and radio stations
  • List our business on yellow pages ads
  • Leverage on the internet to promote our business
  • Direct marketing
  • Word of mouth marketing (referrals)
  • Enter into business partnership with hospitals, healthcare provider and health insurance companies.
  • Attend pharmaceutical related exhibitions / expos.

11. Publicity and Advertising Strategy

Regardless of the fact that our retail pharmacy store is well located in Baltimore, MD., we will still go ahead to intensify publicity for the business. We are going to explore all available conventional and non – conventional means to promote our retail business.

Kingsley Greeno Retail Pharmacy Store has a long term plan of opening outlets in various locations all around Maryland which is why we will deliberately build our brand to be well accepted in Baltimore before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Kinsley Greeno Retail Pharmacy Store;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
  • Install our BillBoards on strategic locations all around Baltimore, MD.
  • Engage in road show from time to time
  • Distribute our fliers and handbills in target areas
  • Position our Flexi Banners at strategic positions in the location where our retail store is located.

12. Our Pricing Strategy

Kingsley Greeno Retail Pharmacy Store will work towards ensuring that all our products (prescription drugs and over-the-counter drugs and beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) are offered at highly competitive prices compare to what is obtainable in Baltimore.

The fact that we are going to be offering our products at cheaper prices does not in any way means that we will sell sub – standard goods. Selling our products at a lower price than what is obtainable in our competitors store means that we will only reduce our profit margin.

  • Payment Options

At Kingsley Greeno Retail Pharmacy Store, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

  • Payment by cash
  • Payment via Point of Sale (POS) Machine
  • Payment via online bank transfer (online payment portal)
  • Payment via Mobile money
  • Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital on;

  • The Total Fee for Registering the Business in Maryland – $750.
  • Legal expenses for obtaining licenses and permits- $1,500.
  • Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • Cost for hiring Consultant – $2,500.
  • Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
  • Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
  • Cost for Shop remodeling (construction of racks and shelves) – $20,000.
  • Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
  • The cost for Start-up inventory (stocking with a wide range of products) – $150,000
  • Storage hardware (bins, rack, shelves,) – $3,720
  • The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
  • Cost for Supplies (Assorted bottles, boxes, envelopes, etc. for dispensing and shipment)- $3,000
  • Cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • Cost of purchase and installation of CCTVs: $7,000
  • The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
  • The cost of Launching a Website: $700
  • The cost for our opening party: $7,000
  • Miscellaneous: $10,000

We would need an estimate of $500,000 to successfully set up our retail pharmacy store in Baltimore, MD. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital

Kingsley Greeno Retail Pharmacy Store is a private business that is solely owned and financed by Kingsley Greeno and family.

They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas Kingsley Greeno Retail Pharmacy Store intends to generate our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it may not be too long before the business closes shop.

One of our major goals of starting Kingsley Greeno Retail Pharmacy Store is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to sell our product a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin.

Kingsley Greeno Retail Pharmacy Store will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check:>Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the shop: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • writing of business plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Compilation of our list of products that will be available in our pharmacy store: Completed
  • Establishing business relationship with vendors (wholesale pharmaceutical companies): In Progress

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Pharmacy Business Plan Sample

APR.29, 2017

Pharmacy Business Plan Sample

When someone is found doing workouts at home how to start a pharmacy, he must need relevant information, charts, table of content, independent pharmacy business plans, pharmacy business plan as well as few sample templates for pharmacy business branding. So, the entire business plans for pharmacy must include the most important points which must be well covered to start pharmacy business in full fledged.

Pharmacies must have stock of the best medications, and valuable healthcare accessories including sanitary pads, contraceptive pills and many more. Be modern and try to design a good pharmacy marketing plan before going for investment of financial resources in the industry. Get more new pharmacy business plan ideas from different sources.

Diseases, infections and virus attacks are very dangerous to shorten up the span of life of a guy. So, medications are needed to remove injuries, reinforce the immune system and increase the life expectancy to a great extent. For this reason, pharmaceutical agencies and drug manufacturing companies supply new drugs to people to resist the diseases in advance. Pharmacy business is really lucrative and profitable to an entrepreneur. Drugs are needed in hospitals, clinics, healthcare centers and in residential houses for preventive care.

Drugs are used to cure feeble patients. Children need a number of boosters and antibiotic shots to overtake a number of complicated health hazards. In large scale, medications and potions for patients are required in hospitals. Therefore, pharmacies have the jobs of selling drugs to customers. As an entrepreneur you can also start a small pharmacy or drug store in your locality. Sample pharmacy business plans and template will guide you. We, at OGSCapital, help you with this. Our executives have all the expertise for helping you to develop an appropriate strategy to fulfill your all objectives. If you wish to initiate the process, you just need to fill a contact form.

Choose Top Pharmacy Business Plans to Start Pharmacy Successfully

Well, are you a pharmacist to have licenses for running pharmacies in any town? This question is asked by many enthusiasts who are eager to know whether anyone has the permission to open a local drug store in the vicinity. Certainly, opening local drug stores, you must have an experienced pharmacist to check the prescribed drug lists. Pharmacists have the ability to read the prescriptions and identify the drugs at a first glance. His expertise in prescription reading, drug list checking and familiarity with new drugs helps the vendor to sell drugs comfortably.

If you are not a pharmacist, you need a specialist to hire in the case of inaugurating pharmacy in any popular area. He will help you to read prescriptions, handpick particular medications and understand the medical terms. Drug manufacturing companies in America have to sell only FDA approved medications. They must get authentic papers, citations and drug selling licenses from FDA as well American government.

Therefore, be familiar with local rules to starting a retail pharmacy business plan commercially. Go through a top sample pharmacy business plan and free template for more information.

Basic Requirements to Start Pharmacy Business

  • A complete retail pharmacy business plan
  • A preliminary financial budget
  • Specific site for posting retail pharmacy business plans
  • A specialist/experienced pharmacy
  • Good stock of new drugs in
  • Healthcare accessories like sanitary pads
  • Basic amenities like refrigerators, electricity, water and good air vents
  • Pharmacy needs to have a site for industry promotion
  • Site map with a sample Pharma business plan as well as template
  • Information brochures
  • Medical aids kits to supply
  • Initial affordable drug selling packages to attract customers to have drugs at low price
  • Free quotes to do comprehensive studies for opening up a pharmacy.

Understand the Innovation in Pharmacy Business

Pharmacies must not be dirty and poorly managed. Expensive drugs should be stored in safer place which is much more eco-friendly. Heat, fire, rain water and bacteria destroy life saving drugs. The drug store should have excellent air ventilation, clean ambience, least toxins inside the shop and soothing ambience. Refrigerators keep stored medications in good condition.

Internet browsing is not harmful. So, regular data checking must stand you in good stead. The more you research the more you will get new ideas to launch a compact pharmacy business project with bright expectation to have excellent returns. Initially, as a newbie, your ability to design a pharmacy business plan must be limited. You are an educated person with enthusiasm to stand resilient financially. You went for getting advices from seniors to open pharmacies.

Maybe you have had dream of becoming a good pharmacist with your own outlet to sell qualitative drugs. Fake and spurious medications, potions and medical aids are destructive. These fake drug dealers must be punished. In the open market, low quality, sub-standard medications and expired healthcare tonics are sold at low prices. Therefore, every year, the death toll increases due to the exposure to the drug adulteration. Perhaps you have the setback or previous caustic experience. Someone might have died due to consumption of bad drugs. Your dream must be fulfilled.

Online planners in pharmaceutical industry have pre-designed samples, fact sheets, research papers and documents to train newcomers. Novice financers have no industry expansion ideas. Especially pharmacies are different projects to highlight. Drug is the most valuable product as it saves lives. So, definitely lot of care is needed to run pharmacies or drug stores in the city. What type of pharmacy business do you need to opt for? Basically, drug retailers, individual sellers and small size company partners like to have free consultation before establishing a start-up drug store in any known area. The advantages of opening drug stores or local pharmacies in the residential areas include

  • Known ambience
  • Good familiarity with local citizens
  • Be accustomed to local administration
  • Good relationship with doctors, patients and oldies
  • Easy to find customers
  • Better options to enlarge pharmacy business in the home town

However, most probably, you are trapped because you must struggle to find more genuine options to expand your drug stores to have lot of money. So, geographical barrier must not be a problem. Often, it is a lucrative business for you in case you have the plan and templates to take your drug store to backcountry. There are not many drug stores. Competition is low. You can buy and sell expensive drugs to rich persons. Poor people will get affordable medications from your shop.

So, it is good business to manage in the rural areas. However, drug stores in cities are always dazzling in vanity. The buying strength of local people is obviously higher. City based pharmacies are equipped with modern infrastructures. In villages, poor people are not able to buy costly drugs. The availability of sumptuous medical aids packages is also not good in rural belts. Urban areas are developed. Therefore, locate the place and start evaluation. Pros and cons must be checked before deciding to deal with pharmaceutical industry. Retail pharmacy business plan writers are also helpful to people to have guidance in designing the independent plan for starting retail drug store business plan .

Brand medications are not cheaper. These drugs have qualitative components used by manufacturers to produce standard medications in the market. The effect of intake of brand medications is really awesome to help patients to avoid disaster. Doctors prescribe brand medications. Great. Well, one of the best ways to sell brand medications is to find the high profile class. Online ventures must bring a new customer to you. This is a different industry for entrepreneur as there is little chance to meet vendors face to face.

Customers hit the online sites to check the pharmacies for buying the branded drugs recommended by experts. All are not financially sound to buy brand drugs. Pack of Viagra (branded) costs a customer around $1000. Or a pack of 60 pills of Soma is equivalent to $400 inclusive of overnight shipment cost. So, economical buyers find generic medications which are affordable to some extent. Therefore, your drug stores must have both branded medications for the rich and generic medications for the economical class.

It will be a strategy to win customers by providing alternative medication buying option. Generic medications are cheap and components used in manufacturing these affordable drugs are not low in quality. The impact of consumption of generic medications is equal to the effect experienced by a person who takes brand medications. Retail pharmacy business plan writer has many ideas/ template to precise the process of industry inauguration smoothly.

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Discount Pharmacies

In the pharmaceutical industry, scientific probing, research and deep analysis are inseparable. Scientists in the medical arena are trying to invent more cost efficient products which must be vehicles for economical customers to save money. Pharmacists will emulate new technologies to increase the cost effectiveness and quality of the drugs. So, doctors, scientists and pharmacists are closely connected for making a convenient customer support portal for better drug supply at low cost. Discount pharmacies are byproduct of the innovative thoughts nurtured by experts.

The collaborative venture in the pharmaceutical industry has made a strong platform for pharmacy business owners to sell affordable medications at discounts. Customers get promotional codes on different types of generic medications. It is much more cost efficient. It is much affordable to a young guy. Result is also same. So as a pharmacist, offer your customers what you have in stock. Discount pharmacies are the places for buying cheap generic medications. Brick and mortar discount drug stores reduce the cost of buying valuable medications.

Well, think whether you are fitted to drug selling industry. A discount drug store needs to have only cheap medications which must be good. Customers will get their drugs by showcasing prescriptions. Now, tailor a business plan identifying the trend in the market. You have handful options to use. As a local guy, you can apply for loan for industry running. Banks will give you support to invest in the pharmaceutical industry.

Next steps include the easy refinancing, recruitment of competent employees, assistants , the availability of good medications at discounts and drug safety programs to minimize the threat. People need proper medical assistance from a vendor. As being a professional pharmacist, it is your concern to prioritize the table work/ground work to inaugurate the drug store in your residential area. Innovation can’t be stopped. Americans are habituated to consume sleeping pills, anti-anxiety drugs and self-boosting capsules to have energy in excess.

They are fast, sophisticated and crazy to travel for exploration. Well, most of American customers are seen buying drugs from online pharmacies which offer discounts. These online discount pharmacies assist busy Americans to have affordable qualitative medications at considerably cheap prices. So, you must have a compatible optimized online shop with an inventory storing only new drugs/ prescribed medications/non prescription medications at discounts. The local stores for drug selling are not permitted to sell non prescription drugs.

They need prescriptions. However, comparatively online pharmacies have good options to help customers to purchase non prescription drugs. Customers don’t need to send the scanned photocopies of prescriptions to pharmacists to buy packet of Soma or Viagra. Buy medications from vendors at any point of time. So, if you want to modernize your retail drug store, design an affordable business plan to start selling generic medications at discount drug stores without putting a band of legal obligation. The online pharmacy is not a local departmental store.

Customers don’t need to visit the store for product purchasing. The virtual shopping cart or pharmacy is actually run through internet. Its customers place orders at the shopping cart and complete transactions instantly. Vendors are liable to ship products to the customers. Now you must have a site which supports mobile phones, computers and different smart devices. Consumers will cross check list of drugs available in their areas. You have a group of employees who manage customers online. Usually, online pharmacies have no go-down or small warehouses.

They are professional and hire moving companies for product shipment. It is a chain for drug supplying. No manual paperwork is conducted. Nor is there any option for meeting customers physically. So, the whole transaction is done via internet. E-commerce infrastructure is easy to operate. This marketing strategy is extensive to help local traders to go for vast venture to reach million customers on a single go. Around $829 billion is invested in global pharmacy business. So, this opportunity is also open to you to have scum of the profits to upgrade your own life.

Online discount pharmacy is open regularly round the clock. Customers from different locations hit the online drug store and buy medications. Prices of these lifesaving drugs, sanitary pads, healthcare pills and antibiotic pills are affordable. Discounts of these medications are attractive to impress economical class. Like Rite Aid, you can also have a chain meds service to bring more fluent drug delivery options to customers. Give individualized service by keeping personal records of patients after clearing transactions.

In future, if the customers have allergies or infections, try to avoid supplying medications which are not prescribed. Besides, help them to choose the prefect meds from the inventory. Unlike local drug store, online discount pharmacies have multi channels to get customers. If you have licenses or permit to export medications to market abroad, strategy vastly. Then, you are also a good exporter with permits to deal with overseas clients. Online platform for medication selling is now modernized.

The shopping carts online must have fast content management, instant credit checking while making payment, quick transactions and free registration. The prescription refill process must be fast and easy. On the other side, the non prescription generic or brand medications should be supplied to have more positive visitors to hit your e-commerce website.

So, you will also have lot of sources to track the best retail pharmacy business plan/ templates, pharmacy start up business plan, pharmacy business plan pdf and innovative pharmaceutical sales business plans. Go through ins and outs of pharmaceutical business plan, pharmaceutical business plans sample, and retail pharmacy business plan including new templates.

Product Quality – Must

In the pharmacy business, the product quality is a must. A vendor or pharmacist should not earn money by delivering expired meds to patients. He should have social obligations to maintain for fairness in pharmacy business. Same way, he is also responsible to process the orders. If meds are delivered late then patients can die. If it is urgent, then shipping process must be fast. Overnight drug supply is not cost effective. Extra processing charges are borne by the buyer.

When your pharmacy business blooms, you must have some better options to make your customers happy. Your online pharmaceutical has few exceptional features which are unbeaten to take your pharmaceutical to million customers outperforming rivals. Pharmaceutical companies must facilitate customers to have their drugs at discounts. Quality of the drugs must not be low. For this reason, there must be analysts and experts to make their comments based on the products meant for sale. Customers will talk to consultants for getting pharma template.

They will go through reports, comments and reviews to have ideas about the quality of meds kept for being sold. Your online med supply stores should be compatible with multiple devices including smart phones. Customers are interested to cross check regular information and updates on their mobile phones. Your e-commerce portal is connected with vast network to support such a sophisticated device. Online customer management center assists new customers to buy products.

For this reason, people feel free to go for buying expensive brand meds from the best pharmacy online. Jot down pros of running a discount pharmaceutical online. Why do people want to buy products online? What is the difference between a local med store and the pharmaceutical on internet? What type of med is sold online? What are the most important pros of buying meds from online pharmacies? Is it cost effective or less time consuming to make deals with online vendors? Well, there are more such questions which can be highlighted for discussion.

Basically, internet based online med stores don’t need manual paperwork. Nor is there any need to entertain customers at the shop. So, investors are not required to buy the land for constructing a big set-up to sell packets of life saving meds, boosters, and health tonics. Online meds stores are operated by pharmacists through broadband. It is a different setting to attract people for business related transaction. Many people don’t understand how to buy meds online. They must be educated.

Well, your pharmacy business promoting campaigns should encourage customers to know about the good aspects of online transactions. First of all, post few blogs, photos, slide shows and of course glossy video clips on home screen to lure newbie customers to have a fast look at the site. After visiting the site, they will be energized to read content, check photos, videos, slide shows and navigate in the site. Online free start-up pharma template will make you more confident.

Site accessibility, information delivery, transaction method, registration, product buying as well as packing for shipment, prices of medications, and way of billing must be innovated. Therefore, ask your website designers to upgrade the site nicely to make it much more compatible with the latest i-devices. Ask them to assist you to change the old policy. Crazy customers in America, Canada, the UK and other parts in Europe have tendencies to buy non-prescription drugs which are not recommended or prescribed by doctors.

They have to pay higher prices to get packets of sedatives or anti-anxiety pills from the local market. Often they are addicted to spurious drugs which enhance the scope of faster deterioration in the health management. They don’t need prescribed drugs as they are not permitted to consume multiple sedatives within 24 hours. They are drug addicted and therefore proper counseling is needed. However, when they hit the online sites or med stores on internet, the surprising gifts are waiting for them.

At a time, it is possible to buy different meds from stores without providing prescriptions. Secondly, they have facilities to deal with a number of drug stores in this online drugstore industry. Promotional offers and discounts are offered to customers as well. At first, when you establish a small size pharmacy, you require the base to stand. It is the ground for you to start building up a strong long lasting structure. It is a dynamic policy to enhance the much faster business promoting.

New Policy for Starting Pharmaceutical Company

Minimum investment is needed to run a pharmacy business. So, the product selling base is required first to ensure the good prospect in this meds supply industry. How to achieve success depends on the strength, resilience, willing force, and lot of energy to do the hard work out. Maybe, it is time consuming but success will come through devotion, hard struggles, and meticulous research to find the best opportunities to be successful entrepreneur with a solid pharmacy business structure.

Invest in the best market where there is excellent ambience to gear up the money earning. It is one of the best things for you to locate the area where you will open the small drug store with innovated structure, and other facilities to tempt customers. It stands to reason; you require lot of plans to design. When you have the dream projects to implement for the business expansion, you must have someone to take you to the last resort successfully.

Many of start-up entrepreneurs are not well organized due to the lack of experience in pharmacy business planning as well as endorsement policy. Well, in this case, a professional business planer needs to be hired for innovating the business plans before investing in the pharmacy industry. Money is needed but you should have excellent projects which have lot of information, data, template, strategy, table of content and resources to let the pharmacy business run smoothly.

Research, probing, intuition and self-discovery study are important to aspiring pharmacy entrepreneurs. To become an experienced entrepreneur, you will have to have strong desires to probe deeply. This research oriented mind will give you a booster to scale up in the industry with success. That’s why, when you have new innovative commercial management plans, policy, programs and glossy projects to implement, you must not stop. The start-up pharmacy business must be expanded.

The profits must be generated. The mobility in the business promotion should be uninterrupted. The longevity of the pharmacy business should be surprisingly longer. Therefore, concentrate on different aspects of commercial management. Go to professional business consultants, experts and business analyzers to have new guidelines/instructions/ plans for extensive analysis.

Brand Business

Brand name of your business works as a booster. It is the workforce. It is the vehicle with a new strategy for you to start the business smoothly. Who will track your business? Brand name is the sign of identification. People will be familiar with your company through the brand name. So, choose the most suitable name for your pharmacy. Well, maybe you have lot of confusion how to configure the brand name and logo.

Really it is much important to you. A cumbersome brand name is not easy to understand. If the name of the pharmacy is long and technically intricate, people are not able to read the brand name easily. So, select the relevant short and attractive words to name your med store. Obviously you need a strategy to conduct more productive business branding.

Invest Money in Promoting Products

Million dollars are overspent in the business promotion campaigns. Giant entrepreneurs have lot of money and they spend financial resources to promote business. Gifts, discounts, and promo codes are offered by these multinational companies. Well, you are a small entrepreneur and you need to earn more money. In the beginning, you have few attractive projects to inaugurate the small business. Well, strategically, you must advertise your products. Advertisement agencies can make your dream productive through lot of ground work, plans, programs and tips.

Hire the top notch advertisers who will make a brief-up covering the most important areas of pharmacy business. Your online advertisements, ads and video clips showcase the med store to impress customers. Certainly, you must have some awesome product endorsement publicizing projects. How to promote the pharmacy business? The objective of your promotional expedition lies in the expansion of the customer management platform with more opportunities to build up the foundation for rejuvenating the business.

Business branding through internet is the weapon for you to convey the best message to people. Your strategy to run business must be effective. What type of medication do you need to sell? Are you a drug retailer? Are you able to sell cheap generic meds? What sort of med do you have in stock? People need better price tags. They are economical. They have the least interest to buy brand meds. Well, your discount drug pharmacy is very much modernized with the stock of high caliber generic medications, life saving meds and qualitative drugs at discounts.

Next step is to have all legal papers, and documents. The paperwork must be done step-wise. First of all, you have to apply for a license. It is the passport for your pharmacy to run. Certainly, it is not easy. Drug licenses are approved only after several surveys, cross verifications and probing. You can’t damage one’s precious life by supplying low quality spurious meds. Right now, government and FDI are not flexible to issue drug licenses easily. Drug addiction is now accelerating to make young generation incompetent.

They have lot of drug buying options. Fake dealers and spurious drug suppliers are seen tempting customers. That’s why; fake licenses and wrong documentation are severely increasing to threaten up people to a great extent. Therefore, you must be fair and honest to have your licenses legally. In this connection, meet an attorney who will advise you how to get the drug license from the superior authority. Smartly speaking, it is not entirely difficult. The legal power will assist you to convince the concerned authority to have the original drug license.

In the beginning, it is the most unavoidable assignment to contact a group of legal experts to ensure the advertising project completion successfully. Pharmacy business must not be dried up after few weeks. You should not backtrack in shame. Bold and strong entrepreneurs must have energy to prioritize the collection of important components to format a new strategic version of business plan to nourish the pharmacy outlet dynamically.

It is a must to maximize the vast media exposure, business branding, meticulous analysis and study to probe deep with good motif to locate the most fruitful niche to speed up the business promotion. Your decision must not be obscure because of the disorders created by your subordinates. Therefore, organize your team to finalize the business branding program and innovative commercial management strategy with the resolution of giving thousand horsepower to your small med store to gain speed.

Tailor Futuristic Advertising Projects

Design futuristic advertising projects. Calculate how much fund is required to establish a single compartment as a small street outlet for selling generic meds. Money you need must be available. If you are not so lucky to arrange fund immediately to overtake hurdle, you must not be found being in lethargic state. Business loans, short term financial aids, and good financial support from different agencies are obtained without complicated paperwork. So, search for this type of secured/unsecured business loan to finance the med store. Financial assistance must be required to buy packets of brands drugs, install computers, and other tools to decorate the drug store.

Basic Components of Discount Pharmacy Business Plan

  • Basic indoor furniture pieces like table, chair, desks, small file storing cabinets
  • Cash registering systems
  • Front counter
  • Computer terminal
  • Printer for billing
  • Electrical goods
  • Small data storage server
  • Shipping accessories
  • Good insurance coverage
  • Storing bins

Important Facts to Remember

Customers are different in nature. They don’t have similar mindsets. Nor are they on same strings. Well, study and then evaluate the mindsets of customers. Choose the area where you will get positive customers to sell drugs. Reinvent new strategy to promote pharma. Specific groups of customers need to make walk-in visits to the outlet to purchase meds. This sort of customer has the habit to go to the local med store to buy meds. They are literate.

However, many laymen in the lower middle class are interested to buy prescribed meds from the pharmacies. Secondly, there is another group of people. They are online buyers. They have money to go to the online pharmacy to purchase drugs. Basically, generic medications, and different types of stress management pills they buy from online stores. Prescriptions are not a must for them to buy Viagra, Cialis, Soma or any cheap generic medication to consume.

Apart from this economical class, the enriched and affluent high profile buyers opt for brand meds. Now these medications are very expensive. Even vendors of publicizing portal are not capable of storing different types of brand medications for sale. So, tailor a compact financial budget which must include the overall cost of storing brand, generic and local meds at discounts. The product sale must be fast. Drugs which stored in your refrigerator must be qualitative.

Top Strategies to Expand Pharma

Strategies are applicable to the drug selling. Promotional campaigns are conducive to the faster development of the business. However, forecast is needed to evaluate the vision of yours in the long run. In the first year, estimate the profit percentage. Then you must compare whether you are a gainer or loser. Moderate revenue collection is also good as you are a novice entrepreneur. Well, you need to improve by hook or by crook. Commercial management is not a new thing. Even local traders and informal entrepreneurs know this term.

When your pharmacy business will be launched, your target must concentrate on the store management. Employees should be duty bound. Your pharmacist must be responsible. Drugs kept in your refrigerator must be hygienic. Temperature inside the drug store must be eco-friendly. Apart from this, documentation, billing, registration process and other paper work must be carried out properly. At present, computer application is very urgent. Your tiny med store must be renovated with a set of computers, laser printer and printable papers.

Customers will get bills and invoices through automated bill generated machine. So innovation in the decoration of the med store is certainly essential. Commercial management is also done via internet. Online documentation is undoubtedly smooth. Contact customers on online chatting platform. Talk to them over phone. Make video calls to have advices from experts if required. Permit your employees to use cell phones to send emails to your inbox. Oracle based commercial management portal must be installed into your pharmacy store for taking care of back office jobs smoothly.

Understand Competition and Reset Your Marketing Strategy

You are not alone in the pharmacy advertising portal. Regularly minimum 1 million visitors check over thousand sites to buy medications in the world. Billion dollars are hovering in the med manufacturing trade. The advancement in the med field is the turning point and slowly people are showcasing their interest in buying drugs from the online pharmacies. Rivalry, competition, and struggles are basic things for a trader. To make your pharmacy business/ marketing profitable, be proactive to be much more competent.

Emulate new strategies. Borrow much innovative marketing plans and imitate successful sample business templates to bring innovation to the pharmacy business/ pharma marketing. Who is your rival in the market? Well, rivalry doesn’t mean hostility. You must not have impatience to kill someone. Nor are you a militant to spray venom for terminating the city. So, don’t be misled. Competition means the fair rivalry in advertising trade. You should upgrade your trade structure.

You should be efficient to sell drugs at more affordable prices. You should have dozens of futuristic plans to enlarge the trade faster. The cost efficiency is the objective of a newbie to reduce the cost of drugs. Similarly he will not violate the FDI law to sell drugs at lower prices. Competition is needed for the betterment of the service. Fancy how to bring a result oriented business promotion strategy to expect a sound financial structure by operating a small pharmacy store.

Be a creative person. You are budding pharmacy entrepreneurs. So, recycle your raw energy embedded in mind. Go through periodicals, brochures, and magazines to have authentic information. Research materials need to be gathered for making a giant project to enhance the superb commercial management. Therefore, create a different business plan for pharmacy. It is your draft. You have quality to express what you need. You have bundles of new concepts, and ideas to use.

So in draft assignment, feel free to describe the goals, objectives, business starting plans, budget related issues, sources of arranging fund and basic requirements and marketing to start the drug store. Well, the finishing touch needs to be added to the draft. An experienced pharmacy business planner has over hundred samples. He is a professional business plan writer for pharmacy.

He has solved complicated problems. He is one of the most successful planners in the field. So he can give you a summary of the business plan. Even his instant business plan writing backup must be fruitful to you. Do more probing in the modernized med manufacturing and pharmacy company.

Upgrade your basic knowledge for the sake of good familiarity with the pharmacy field/ marketing. Online library, data and million tons of samples boost up novice traders to track their loopholes in upgrading futuristic strategy. Through compact SWOT analysis, he is able to find the negative factors which are not helpful to him to run the small size drug store. Strength of the entrepreneurs must be identified. It is also applicable to you as well. Track where are going? If you have no vision, the area will not be resilient. You should find the niche in which you will cultivate the land for flourishing the pharmacy business dynamically.

Install Plan Software

Conventional planning needs to be replaced. Computers minimize the jobs of taking care of customers. Well, few years back, drug stores have to keep large space for entertaining customers who were found standing for buying medications. Separate counters for billing were open to all consumers. Drugs were not sold through a single counter during emergency. So, there must be extra space for drugs storing, supplying and customer management. Besides, lighting fixtures, indoor furniture pieces and other important accessories must be installed in the drug store.

Simultaneously, change the traditional billing system. Commercial management/ marketing process must undergo vast innovation. Compact highly advanced SAP software for management/ marketing software is on display in Google. Experts have reset this SAP model to help entrepreneurs to complete handful jobs perfectly. Billing, customer care, marketing, data management, invoice processing, and company analysis are conducted. You have the fast software to take decision within short span of time.

Your marketing trade must be perfectly integrated into a unique platform. Monthly you must analyze the trend. Is your pharmacy running fast or any downtime is likely to happen? Profit ratio, and revenues collected for the particular year must be cross checked. Industry remodeling must be done. However, it is really urgent to go deep and find more facts to compare. Is your drug store compatible with new technology? For instance, virtual pharmacy industry is now much sought-after.

Many American guys buy drugs from online med stores. However, in South Africa, Nigeria, and many countries located in Asia are not perfectly tuned up to run online med stores. Mail order delivery system is not innovative in the remote places as well. So, before opening a new drug store online, once again study to understand the mindsets of local people. However, online mail order marketing system is a vast business expansion portal. You will get more customers in this pharma industry.

Even if you have authentic permits and licenses to export expensive meds to overseas customers, you are a successful entrepreneur with good prospect. Drugs are not useless things. Patients must need medications to save their lives. So, the importance of online pharmacy business will not go down even after a millennium. So, slowly you must have command over the pharmacy commercial management/ marketing. Newbie entrepreneurs should do experiments to be much acquainted with the latest industry operating ethics.

It is obviously time consuming but with technical innovation, and advancement in the commercial management, it is wonderfully much more convenient for a newcomer to learn how to open a good pharmacy store in this specific industry. Starting a pharmacy business plan designed by experts is basically a tool for a newcomer to get a roadmap to innovate the pharmacy in much more dynamic way.

In this connection, OGS capital consultants online are experts to guide newcomers how to chalk out futuristic pharmacy business projects fantastically. Take valuable business promoting tips, modern strategy and free advices from these consultants. Chat with OGS capital business consultants to have new strategy, and ideas to remodel the entire corporate portal successfully.

Download Pharmacy Business Plan Sample in pdf

OGS capital writers specialize in business plan themes such as massage business plan , medical clinic business plan , cannabis dispensary business plan , nursing business plan ideas , transportation corporation health services business plan , reiki business plan and many others.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Patients see first savings from Biden’s drug price push, as Pharma lines up its lawyers

pharmacy start up business plan

Last year alone, David Mitchell paid $16,525 for 12 little bottles of Pomalyst, one of the pricey medications that treat his multiple myeloma, a blood cancer he was diagnosed with in 2010.

The drugs have kept his cancer at bay. But their rapidly increasing costs so infuriated Mitchell that he was inspired to create an advocacy movement.

Patients for Affordable Drugs, which he founded in 2016, was instrumental in getting drug price reforms into the 2022 Inflation Reduction Act. Those changes are kicking in now, and Mitchell, 73, is an early beneficiary.

In January, he plunked down $3,308 for a Pomalyst refill “and that’s it,” he said. Under the law, he has no further responsibility for his drug costs this year — a savings of more than $13,000.

The law caps out-of-pocket spending on brand-name drugs for Medicare beneficiaries at about $3,500 in 2024. The patient cap for all drugs drops to $2,000 next year.

“From a selfish perspective, I feel great about it,” he said. But the payment cap will be “truly life-changing” for hundreds of thousands of other Medicare patients, Mitchell said.

pharmacy start up business plan

President Joe Biden’s battle against high drug prices is mostly embodied in the IRA, as the law is known — a grab bag of measures intended to give Medicare patients immediate relief and, in the long term, to impose government controls on what pharmaceutical companies charge for their products. The law represents the most significant overhaul for the U.S. drug marketplace in decades.

With Election Day on the horizon, the president is trying to make sure voters know who was responsible. This month, the White House  began a campaign  to get the word out to seniors.

“The days where Americans pay two to three times what they pay for prescription drugs in other countries are ending,” Biden said in a Feb. 1 statement.

KFF polling indicates Biden  has work to do . Just a quarter of adults were aware that the IRA includes provisions on drug prices in July, nearly a year after the president signed it. He isn’t helped by the name of the law, the “Inflation Reduction Act,” which says nothing about health care or drug costs.

Biden’s own estimate of drug price inflation is quite conservative: U.S. patients sometimes pay more than 10 times as much for their drugs compared with people in other countries. The popular weight loss drug Wegovy lists for $936 a month in the U.S., for example — and $83 in France.

Additional sections of the law provide free vaccines and $35-a-month insulin and  federal subsidies  to patients earning up to 150% of the federal poverty level, and require drugmakers to pay the government rebates for medicines whose prices rise faster than inflation. But the most controversial provision enables Medicare to negotiate prices for certain expensive drugs that have been on the market for at least nine years. It’s key to Biden’s attempt to weaken the drug industry’s grip.

Responding to Pressure

The impact of Medicare’s bargaining over drug prices for privately insured Americans remains unclear. States have taken  additional steps , such as  cutting copays for insulin  for the privately insured.

However, insurers are increasing premiums in response to their higher costs under the IRA. Monthly premiums on traditional  Medicare drug plans jumped  to $48 from $40 this year, on average.

On Feb. 1, the Centers for Medicare & Medicaid Services sent pharmaceutical makers opening bids for the  first 10 expensive drugs  it selected for negotiation. The companies are responding to the bids — while filing nine lawsuits that aim to kill the negotiations altogether, arguing that limiting their profits will strangle the pipeline of lifesaving drugs. A federal court in Texas  dismissed one of the suits  on Feb. 12, without taking up the substantive legal issue over constitutionality.

The nonpartisan Congressional Budget Office  predicted the IRA’s drug pricing elements  would save the federal government $237 billion over 10 years while  reducing the number of drugs  coming to market in that period by about two.

If the government prevails in the courts, new prices for those 10 drugs will be announced by September and take effect in 2026. The government will negotiate an additional 15 drugs for 2027, another 15 for 2028, and 20 more each year thereafter. CMS has been mum about the size of its offers, but AstraZeneca CEO Pascal Soriot on Feb. 8 called the opening bid for his company’s drug Farxiga (which earned $2.8 billion in U.S. sales in fiscal year 2023) “ relatively encouraging .”

Related Biden administration efforts, as well as legislation with bipartisan support, could complement the Inflation Reduction Act’s swing at drug prices.

The House and Senate have passed bills that require greater transparency and less self-serving behavior by pharmacy benefit managers, the secretive intermediaries that decide which drugs go on patients’ formularies, the lists detailing which prescriptions are available to health plan enrollees. The Federal Trade Commission is investigating anti-competitive action by leading PBMs, as well as drug company patenting tricks that slow the entry of cheaper drugs to the market.

‘Sending a Message’

Months after drug companies began suing to stop price negotiations, the Biden administration released a framework describing when it could “march in” and essentially seize drugs created through research funded by the National Institutes of Health if they are unreasonably priced.

The timing of the march-in announcement “suggests that it’s about sending a message” to the drug industry, said Robin Feldman, who leads the Center for Innovation at the University of California Law-San Francisco. And so, in a way, does the Inflation Reduction Act itself, she said.

“I have always thought that the IRA would reverberate well beyond the unlucky 10 and others that get pulled into the net later,” Feldman said. “Companies are likely to try to moderate their behavior to stay out of negotiations. I think of all the things going on as attempts to corral the market into more reasonable pathways.”

The IRA issues did not appear to be top of mind to most executives and investors as they gathered to make deals at the annual J.P. Morgan Healthcare Conference in San Francisco last month.

“I think the industry is navigating its way beyond this,” said Matthew Price, chief operating officer of Promontory Therapeutics, a cancer drug startup, in an interview there. The drugs up for negotiation “look to be assets that were already nearing the end of their patent life. So maybe the impact on revenues is less than feared. There’s alarm around this, but it was probably inevitable that a negotiation mechanism of some kind would have to come in.”

Investors generally appear sanguine about the impact of the law. A  recent S&P Global report  suggests “healthy revenue growth through 2027” for the pharmaceutical industry.

Back in Washington, many of the changes await action by the courts and Congress and could be shelved depending on the results of the fall election.

The restructuring of Medicare Part D, which covers most retail prescription drugs, is already lowering costs for many Medicare patients who spent more than $3,500 a year on their Part D drugs. In 2020 that was about 1.3 million patients, 200,000 of whom spent $5,000 or more out-of-pocket,  according to KFF research .

“That’s real savings,” said Tricia Neuman, executive director of KFF’s Medicare policy program, “and it’s targeted to people who are really sick.”

Although the drug industry is spending millions to fight the IRA, the Part D portion of the bill could end up boosting their sales. While it forces the industry to further discount the highest-grossing drugs, the bill makes it easier for Medicare patients to pick up their medicines because they’ll be able to afford them, said Stacie Dusetzina, a Vanderbilt University School of Medicine researcher. She was the lead author of a  2022 study  showing that cancer patients who didn’t get income subsidies were about half as likely to fill prescriptions.

States and foundations that help patients pay for their drugs will save money, enabling them to procure more drugs for more patients, said Gina Upchurch, the executive director of Senior PharmAssist, a Durham, North Carolina-based drug assistance program, and a member of the Medicare Payment Advisory Commission. “This is good news for the drug companies,” she said.

Relief for Patients

Lynn Scarfuto, 73, a retired nurse who lives on a fixed income in upstate New York, spent $1,157 for drugs last year, while most of her share of the $205,000 annual cost for the leukemia drug Imbruvica was paid by a charity, the Patient Access Network Foundation. This year, through the IRA, she’ll pay nothing because the foundation’s first monthly Imbruvica payment covered her entire responsibility. Imbruvica, marketed jointly by AbbVie and Janssen, a subsidiary of Johnson & Johnson, is one of the 10 drugs subject to Medicare negotiations.

“For Medicare patients, the Inflation Reduction Act is a great, wonderful thing,” Scarfuto said. “I hope the negotiation continues as they have promised, adding more drugs every year.”

Mitchell, a PR specialist who had worked with such clients as the Campaign for Tobacco-Free Kids and pharmaceutical giant J&J, went to an emergency room with severe back pain in November 2010 and discovered he had a cancer that had broken a vertebra and five ribs and left holes in his pelvis, skull, and forearm bones. He responded well to surgery and treatment but was shocked at the price of his drugs.

His Patients for Affordable Drugs group has become a powerful voice in Washington, engaging tens of thousands of patients, including Scarfuto, to tell their stories and lobby legislatures. The work is supported in part by millions in grants from Arnold Ventures, a philanthropy that has supported health care policies like lower drug prices, access to contraception, and solutions to the opioid epidemic.

“What got the IRA over the finish line in part was angry people who said we want something done with this,” Mitchell said. “Our patients gave voice to that.”

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How Fast Should Your Company Really Grow?

  • Gary P. Pisano

pharmacy start up business plan

Growth—in revenues and profits—is the yardstick by which the competitive fitness and health of organizations is measured. Consistent profitable growth is thus a near universal goal for leaders—and an elusive one.

To achieve that goal, companies need a growth strategy that encompasses three related sets of decisions: how fast to grow, where to seek new sources of demand, and how to develop the financial, human, and organizational capabilities needed to grow. This article offers a framework for examining the critical interdependencies of those decisions in the context of a company’s overall business strategy, its capabilities and culture, and external market dynamics.

Why leaders should take a strategic perspective

Idea in Brief

The problem.

Sustained profitable growth is a nearly universal corporate goal, but it is an elusive one. Empirical research suggests that when inflation is taken into account, most companies barely grow at all.

While external factors play a role, most companies’ growth problems are self-inflicted: Too many firms approach growth in a highly reactive, opportunistic manner.

The Solution

To grow profitably over the long term, companies need a strategy that addresses three key decisions: how fast to grow (rate of growth); where to seek new sources of demand (direction of growth); and how to amass the resources needed to grow (method of growth).

Perhaps no issue attracts more senior leadership attention than growth does. And for good reason. Growth—in revenues and profits—is the yardstick by which we tend to measure the competitive fitness and health of companies and determine the quality and compensation of its management. Analysts, investors, and boards pepper CEOs about growth prospects to get insight into stock prices. Employees are attracted to faster-growing companies because they offer better opportunities for advancement, higher pay, and greater job security. Suppliers prefer faster-growing customers because working with them improves their own growth prospects. Given the choice, most companies and their stakeholders would choose faster growth over slower growth.

Five elements can move you beyond episodic success.

  • Gary P. Pisano is the Harry E. Figgie Jr. Professor of Business Administration at Harvard Business School and the author of Creative Construction: The DNA of Sustained Innovation (PublicAffairs, 2019).

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Pharmacy Business Plan Template

Pharmacy company overview.

In your company analysis, you will detail the type of pharmacy you are operating.

For example, you might operate one of the following types:

  • Retail pharmacy: in addition to filling prescriptions, this type of pharmacy sells a variety of over-the-counter medication, as well as a variety.
  • Home care pharmacy: this type of pharmacy typically works with medical professionals who make home visits, filling prescriptions, providing counseling, and assisting with paperwork.
  • Mail order pharmacy: this type of pharmacy prepares prescriptions for shipment, and does not typically maintain a storefront.
  • Compounding pharmacy: this type of pharmacy prepares customized formulations.

In addition to explaining the type of pharmacy you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

PHARMACY BUSINESS PLAN OUTLINE

  • Pharmacy Business Plan Home
  • 1. Executive Summary
  • 2. Company Overview
  • 3. Industry Analysis
  • 4. Customer Analysis
  • 5. Competitive Analysis
  • 6. Marketing Plan
  • 7. Operations Plan
  • 8. Management Team
  • 9. Financial Plan
  • 10. Appendix
  • Pharmacy Business Plan Summary

Other Helpful Business Plan Articles & Templates

Use This Simple Business Plan Template

pharmacy start up business plan

Create a form in Word that users can complete or print

In Word, you can create a form that others can fill out and save or print.  To do this, you will start with baseline content in a document, potentially via a form template.  Then you can add content controls for elements such as check boxes, text boxes, date pickers, and drop-down lists. Optionally, these content controls can be linked to database information.  Following are the recommended action steps in sequence.  

Show the Developer tab

In Word, be sure you have the Developer tab displayed in the ribbon.  (See how here:  Show the developer tab .)

Open a template or a blank document on which to base the form

You can start with a template or just start from scratch with a blank document.

Start with a form template

Go to File > New .

In the  Search for online templates  field, type  Forms or the kind of form you want. Then press Enter .

In the displayed results, right-click any item, then select  Create. 

Start with a blank document 

Select Blank document .

Add content to the form

Go to the  Developer  tab Controls section where you can choose controls to add to your document or form. Hover over any icon therein to see what control type it represents. The various control types are described below. You can set properties on a control once it has been inserted.

To delete a content control, right-click it, then select Remove content control  in the pop-up menu. 

Note:  You can print a form that was created via content controls. However, the boxes around the content controls will not print.

Insert a text control

The rich text content control enables users to format text (e.g., bold, italic) and type multiple paragraphs. To limit these capabilities, use the plain text content control . 

Click or tap where you want to insert the control.

Rich text control button

To learn about setting specific properties on these controls, see Set or change properties for content controls .

Insert a picture control

A picture control is most often used for templates, but you can also add a picture control to a form.

Picture control button

Insert a building block control

Use a building block control  when you want users to choose a specific block of text. These are helpful when you need to add different boilerplate text depending on the document's specific purpose. You can create rich text content controls for each version of the boilerplate text, and then use a building block control as the container for the rich text content controls.

building block gallery control

Select Developer and content controls for the building block.

Developer tab showing content controls

Insert a combo box or a drop-down list

In a combo box, users can select from a list of choices that you provide or they can type in their own information. In a drop-down list, users can only select from the list of choices.

combo box button

Select the content control, and then select Properties .

To create a list of choices, select Add under Drop-Down List Properties .

Type a choice in Display Name , such as Yes , No , or Maybe .

Repeat this step until all of the choices are in the drop-down list.

Fill in any other properties that you want.

Note:  If you select the Contents cannot be edited check box, users won’t be able to click a choice.

Insert a date picker

Click or tap where you want to insert the date picker control.

Date picker button

Insert a check box

Click or tap where you want to insert the check box control.

Check box button

Use the legacy form controls

Legacy form controls are for compatibility with older versions of Word and consist of legacy form and Active X controls.

Click or tap where you want to insert a legacy control.

Legacy control button

Select the Legacy Form control or Active X Control that you want to include.

Set or change properties for content controls

Each content control has properties that you can set or change. For example, the Date Picker control offers options for the format you want to use to display the date.

Select the content control that you want to change.

Go to Developer > Properties .

Controls Properties  button

Change the properties that you want.

Add protection to a form

If you want to limit how much others can edit or format a form, use the Restrict Editing command:

Open the form that you want to lock or protect.

Select Developer > Restrict Editing .

Restrict editing button

After selecting restrictions, select Yes, Start Enforcing Protection .

Restrict editing panel

Advanced Tip:

If you want to protect only parts of the document, separate the document into sections and only protect the sections you want.

To do this, choose Select Sections in the Restrict Editing panel. For more info on sections, see Insert a section break .

Sections selector on Resrict sections panel

If the developer tab isn't displayed in the ribbon, see Show the Developer tab .

Open a template or use a blank document

To create a form in Word that others can fill out, start with a template or document and add content controls. Content controls include things like check boxes, text boxes, and drop-down lists. If you’re familiar with databases, these content controls can even be linked to data.

Go to File > New from Template .

New from template option

In Search, type form .

Double-click the template you want to use.

Select File > Save As , and pick a location to save the form.

In Save As , type a file name and then select Save .

Start with a blank document

Go to File > New Document .

New document option

Go to File > Save As .

Go to Developer , and then choose the controls that you want to add to the document or form. To remove a content control, select the control and press Delete. You can set Options on controls once inserted. From Options, you can add entry and exit macros to run when users interact with the controls, as well as list items for combo boxes, .

Adding content controls to your form

In the document, click or tap where you want to add a content control.

On Developer , select Text Box , Check Box , or Combo Box .

Developer tab with content controls

To set specific properties for the control, select Options , and set .

Repeat steps 1 through 3 for each control that you want to add.

Set options

Options let you set common settings, as well as control specific settings. Select a control and then select Options to set up or make changes.

Set common properties.

Select Macro to Run on lets you choose a recorded or custom macro to run on Entry or Exit from the field.

Bookmark Set a unique name or bookmark for each control.

Calculate on exit This forces Word to run or refresh any calculations, such as total price when the user exits the field.

Add Help Text Give hints or instructions for each field.

OK Saves settings and exits the panel.

Cancel Forgets changes and exits the panel.

Set specific properties for a Text box

Type Select form Regular text, Number, Date, Current Date, Current Time, or Calculation.

Default text sets optional instructional text that's displayed in the text box before the user types in the field. Set Text box enabled to allow the user to enter text into the field.

Maximum length sets the length of text that a user can enter. The default is Unlimited .

Text format can set whether text automatically formats to Uppercase , Lowercase , First capital, or Title case .

Text box enabled Lets the user enter text into a field. If there is default text, user text replaces it.

Set specific properties for a Check box .

Default Value Choose between Not checked or checked as default.

Checkbox size Set a size Exactly or Auto to change size as needed.

Check box enabled Lets the user check or clear the text box.

Set specific properties for a Combo box

Drop-down item Type in strings for the list box items. Press + or Enter to add an item to the list.

Items in drop-down list Shows your current list. Select an item and use the up or down arrows to change the order, Press - to remove a selected item.

Drop-down enabled Lets the user open the combo box and make selections.

Protect the form

Go to Developer > Protect Form .

Protect form button on the Developer tab

Note:  To unprotect the form and continue editing, select Protect Form again.

Save and close the form.

Test the form (optional)

If you want, you can test the form before you distribute it.

Protect the form.

Reopen the form, fill it out as the user would, and then save a copy.

Creating fillable forms isn’t available in Word for the web.

You can create the form with the desktop version of Word with the instructions in Create a fillable form .

When you save the document and reopen it in Word for the web, you’ll see the changes you made.

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pharmacy start up business plan

Johnson & Johnson Sued Over Drug Prices in Employee Health Plan

By Jacklyn Wille

Jacklyn Wille

A Johnson & Johnson employee filed a proposed class action Monday saying the company mismanages its workers’ prescription drug benefits by drastically overpaying its pharmacy benefit manager for generic drugs that are widely available at lower cost.

Ann Lewandowski says Johnson & Johnson’s employee health plan pays its pharmacy benefit manager, Express Scripts Inc., unreasonable and inflated prices for dozens of generic specialty drugs. According to Lewandowski, the plan pays more than $10,000 for a 90-pill multiple sclerosis treatment that uninsured patients can purchase from retail pharmacies for as little as $40.

“No prudent fiduciary would agree to make its ...

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IMAGES

  1. How to develop a business plan for pharmacy services

    pharmacy start up business plan

  2. Pharmacy business plan example

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  3. Starting Pharmacy Business Plan (PDF)

    pharmacy start up business plan

  4. 15+ Pharmacy Business Plan Templates

    pharmacy start up business plan

  5. How To Start a Profitable Medical (Pharmacy) Store Business

    pharmacy start up business plan

  6. Pharmacy Business Plan

    pharmacy start up business plan

VIDEO

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  2. How Much I Earn As A Retail Pharmacist? 2023

  3. PHARMA MARKETING JOB

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  5. Job vs Start up Business plan || Which is good for you

  6. Pharmacy business || pharmacy startup || #pharmacy #business #onlineearning #b_pharma #students

COMMENTS

  1. Pharmacy Business Plan Template & How-To Guide [Updated 2024]

    Written by Dave Lavinsky Pharmacy Business Plan If you want to start an independent pharmacy or expand your current one, you need a business plan. Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their pharmacy businesses.

  2. Pharmacy Business Plan Template (2024)

    Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan. Executive Summary Business Overview Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina.

  3. How to Start a Pharmacy

    Importantly, a critical step in starting an pharmacy business is to complete your business plan. To help you out, you should download Growthink's Ultimate Pharmacy Business Plan Template here. Download our Ultimate Pharmacy Business Plan Template here How to Start Your Own Independent Pharmacy Business

  4. 2024 Guide: Starting a Profitable Pharmacy Business

    Step 1: Decide if the Business Is Right for You Pros and cons Starting a pharmacy has pros and cons to consider before deciding if it's right for you. Pros Critical Service - All communities need crucial medications Growing Market - Demand for meds is rising due to US' aging population

  5. How to Start a Pharmacy: A Complete Guide

    A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth. How to Start a Pharmacy Business Plan A pharmacy business plan should contain the following: Executive Summary

  6. The Ins and Outs of an Independent Pharmacy Business Plan

    September 5, 2019 The Ins and Outs of an Independent Pharmacy Business Plan By Scott Welle A well-prepared plan does more than make your case to secure pharmacy financing. It also better positions you to capitalize on changing market conditions throughout your pharmacy's business lifecycle.

  7. Pharmacy Business Plan Template: A Step-by-Step Guide (2024)

    Download Template Create a Business Plan Many pharmacists dream of opening their pharmacies. But more often than not, the collection of funds and resources becomes an overwhelming and off-putting process. But it doesn't need to be. A pharmacy business plan can help you at every step of setting up your pharmacy business.

  8. How to Start a Pharmacy: A Step-by-Step Guide

    Step 1: Write a business plan Before you can start your pharmacy, you have to define it. Writing a business plan will help you refine what your pharmacy's business is going to look like. It will start with big-picture elements, like your vision statement and mission statement.

  9. Pharmacy Business Plan Example

    Solution The Discount Pharmacy's mission is to provide our customers with the best prices for their prescription medications. Our convenience and services will exceed the expectations of our customers. Market The Discount Pharmacy's target market consists of two different groups, local customers or walk-ins, and mail order customers. Competition

  10. How to Start a Pharmacy

    Start a pharmacy by following these 10 steps: Plan your Pharmacy. Form your Pharmacy into a Legal Entity. Register your Pharmacy for Taxes. Open a Business Bank Account & Credit Card. Set up Accounting for your Pharmacy. Get the Necessary Permits & Licenses for your Pharmacy. Get Pharmacy Insurance.

  11. Pharmaceutical Business Plan Template

    If you're looking to start a pharmaceutical business or grow your existing company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmaceutical company to improve your chances of success.

  12. How to Write a Pharmacy Business Plan

    December 11, 2018 Inside: A pharmacy business plan lays out the path to your pharmacy's success. Follow these guidelines to get started. You have a plan for your independent pharmacy business, but do you have a business plan for your independent pharmacy? Putting your ideas and intentions onto paper is an important step to success.

  13. Business plan essentials for opening a new pharmacy

    Opening a successful new pharmacy starts with a well-thought-out business plan In brief: RxOwnership® has helped thousands of pharmacy owners get started. Key lessons learned: understand the basics, develop a business plan, assemble a team and pick a good location. A business plan is foundational. Understand all of the essential elements.

  14. Open a Pharmacy & Start a Pharmacy [ULTIMATE GUIDE]

    Any savvy business owner will create a business plan for their idea. A startup pharmacy needs a solid business plan that clearly defines the business. You will need to present your business plan to investors, banks and others. Your pharmacy business plan should clearly layout your goals for opening a pharmacy today. For example: Most pharmacies ...

  15. PDF Writing a Business Plan for a New Pharmacy Service

    Monograph 23 A Continuing Education Series supported by an educational grant from Writing a Business Plan for a New Pharmacy Service By putting their plans in writing before implementing new services, pharmacists are more likely to attain long-range goals and achieve success. Reviewed by Randy McDonough

  16. 15+ Pharmacy Business Plan Templates

    Create a Retail Business Plan for a Medical Store or Online Drug Shop Using a Free Download Sample. Each Doc Example Is Available in Word, Google Docs, and PDF Format. Ideal for an Independent Chemist or a New Pharmacy Community, You Can Note Your Ideas and Plans Just Like You Would with a Marketing Plan or Financial Plan.

  17. Pharmacy Business Plan Template & Example [Updated 2024]

    If you want to start a pharmacy or expand your current pharmacy business, you need a business plan. The following pharmacy business plan template gives you the key elements to include in a winning pharmacy business plan. You can download our Pharmacy Business Plan Template (including a full, customizable financial model) to your computer here.

  18. How to Write Pharmacy Start-up Business Plan with Example ...

    Pharmacy Career / September 30, 2021 Table of Contents Start-up business plan Sample Proven Success Tip Are you a passionate Pharmacist? Or are you a soon-to-be entrepreneur? If yes, then you have come to the right place because nothing is possible without a clear plan of action.

  19. How to Make Your Start Up Pharmacy More Successful

    There are no guarantees when starting a pharmacy. Pharmacy start-ups have approximately a 40% chance of surviving 10 years. 1 Four key steps can help tip the odds in your favor. "Plan ahead financially, because you're probably going to have no to low income for 12 months," warned Enrique Reynoso, RPh, MBA, BCMTMS, owner of Beacon Wellness Pharmacy in Beacon, New York.

  20. Retail Pharmacy Business Plan [Sample Template]

    Retail pharmacy business is known to be involved in the sale (retailing) of generic or brand medications; some big pharmaceutical stores even engage in the sale of medical devices. All over the world, the pharmaceutical industry is highly regulated. This is so because of the devastating effect of fake drugs and drug abuse which can't be ...

  21. Pharmacy Business Plan Sample [Update 2024]

    As an entrepreneur you can also start a small pharmacy or drug store in your locality. Sample pharmacy business plans and template will guide you. We, at OGSCapital, help you with this. Our executives have all the expertise for helping you to develop an appropriate strategy to fulfill your all objectives.

  22. Amazon cuts hundreds of jobs in One Medical, Amazon Pharmacy

    Business Insider first reported the news.. Amazon announced its $3.9 billion acquisition of One Medical in July 2022 and closed the deal last February.. The company launched the Amazon Pharmacy ...

  23. Patients see first savings from Biden's drug price push, as Pharma

    U.S. patients sometimes pay more than 10 times as much for their drugs compared with people in other countries. Getty Images Last year alone, David Mitchell paid $16,525 for 12 little bottles of ...

  24. How Fast Should Your Company Really Grow?

    Gary P. Pisano is the Harry E. Figgie Jr. Professor of Business Administration at Harvard Business School and the author of Creative Construction: The DNA of Sustained Innovation (PublicAffairs ...

  25. Pharmacy Business Plan Company Overview

    Pharmacy Company Overview. In your company analysis, you will detail the type of pharmacy you are operating. For example, you might operate one of the following types: Retail pharmacy: in addition to filling prescriptions, this type of pharmacy sells a variety of over-the-counter medication, as well as a variety.

  26. Johnson & Johnson Case Signals Employee Drug Price Suits to Come

    Companies have taken the unusual step in recent years of suing their health plan administrators for breaching fiduciary duties under the Employee Retirement Income Security Act. For example, Kraft Heinz Co. sued health plan administrator Aetna Life Insurance Co. for allegedly approving fraudulent claims.

  27. Create a form in Word that users can complete or print

    Show the Developer tab. If the developer tab isn't displayed in the ribbon, see Show the Developer tab.. Open a template or use a blank document. To create a form in Word that others can fill out, start with a template or document and add content controls.

  28. Johnson & Johnson Sued Over Drug Prices in Employee Health Plan

    A Johnson & Johnson employee filed a proposed class action Monday saying the company mismanages its workers' prescription drug benefits by drastically overpaying its pharmacy benefit manager for generic drugs that are widely available at lower cost.. Ann Lewandowski says Johnson & Johnson's employee health plan pays its pharmacy benefit manager, Express Scripts Inc., unreasonable and ...

  29. Florida lawmakers OK behavioral health teaching hospitals

    The bill would designate four pilot behavioral health teaching hospitals linked to medical schools, including Tampa General Hospital and the University of South Florida Morsani College of Medicine.

  30. Fuel startup to receive $7M tax credit from St. Louis agency

    The cost or timeline of the industrial project weren't disclosed. As a startup company, Terra plans to create 20 positions at the site with pay ranging from $45,000 to $100,000 annually and health ...