Thoughts on Starting a New Independent Pharmacy

As the healthcare industry continues to experience a series of rapid changes, a pharmacist must meet current demands while adapting to new standards in technology and customer care. One of the most important things is to pay close attention to patients’ needs. It is by listening to those who seek pharmaceutical services that the real lessons about healthcare are learned.

For pharmacists who are looking to start an independent practice, a compounding pharmacy is an attractive option. Compounding pharmacies differ from traditional dispensaries because they offer medications that do not come available for individuals who are required to take a certain dosage.

To manage the financial process, an individual must complete a loan proposal request. The proposal will include a summary letter along with an extensive resume. Any relevant information that may sway the loaning entity should also be submitted. For the summary letter, outline a five-year plan and all financial projections. In most cases, an individual must hold 20 – 25 percent of cash on hand to secure financing.

Two major documents are integral in communicating the details of this business venture. An income statement will include anticipated rent, utilities, employee training costs, equipment, insurance and inventory. A business plan is a detailed outline of all the aspects related to day-to-day operations: the current market conditions, resources and competition. At this time, an individual will determine if the business will be a corporation, a partnership or a sole-proprietorship. Additionally, the pharmacy owner must have extensive knowledge of all permits and licenses needed to run a pharmacy.

To further improve the chances of future success, develop relationships with physicians who will then refer patients to the pharmacy. By offering an outstanding product, people will talk about the business. Evaluate the market conditions and the material costs so that the product is valued properly.

Marketing is not simply about selling a product or service. It involves much more. The key to any marketing activities is developing relationships and continuing those that have benefits for both parties. No pharmacy owner is able to navigate day-to-day operations alone. A full-time staff of trusted assistants will ensure that customers are treated with kindness and respect as they encounter important medical decisions.

Starting a business can provide freedom of schedule and the opportunity to be one’s own boss, but owning a pharmacy takes a certain amount of planning. Following these steps will ensure that the future pharmacy owner is fully preparing for the task.

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