How old were you when you first opened your pharmacy?

[pharmatme]

I am a P1 in a three year program and have aspirations of opening up my own pharmacy. To an extent it's not about the money, but more to serve and stay in the neighborhood I grew up. I am 22 and was wondering what is a good age to open a pharmacy? I am asking this question because I am not sure how much experience or maturity is needed to be successful as a owner and calling all the shots.

*Typo
How old were you when you first opened your pharmacy?

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[owlegrad]

 

[sosoo]

with declining reimbursements and increase regulatory, a lot of long time shops gave up pharmacy practice. also hard to compete with walmart, walgreens, cvs. your inventory will be low, and customers will not want to wait for the medicines. increasing inventory will increase expire drugs. its bad for business.

 

[pharmatme]

with declining reimbursements and increase regulatory, a lot of long time shops gave up pharmacy practice. also hard to compete with walmart, walgreens, cvs. your inventory will be low, and customers will not want to wait for the medicines. increasing inventory will increase expire drugs. its bad for business.

I'm not doing it for the money...

 

[streetpreacher]

I was 28 when I purchased a pharmacy. I know it isn't exactly what you were looking for, but I think 4-5 years out of pharmacy school should give you enough experience to pretty well know what you are doing. There will be things you have no clue about, naturally, but you will learn quickly, especially if you don't have a choice!

You'll hear a lot of negativity about starting/buying pharmacies, but for the most part you can be competitive with the right attitude and strategy.

 

[gwarm01]

I'm not doing it for the money...

I think the more worrying point is that it is very difficult to keep your business open in the current environment. It's possible, and I know of several very successful independent pharmacies in my area. They all have something that sets them apart though. I hear it's not possible to just dispense meds and keep your doors open. This is just what I've heard though, I don't own or work in a retail pharmacy.

 

[PharFromNormal]

I'm not doing it for the money...

If you aren't opening or running a business to make your business money then I'm not sure how you are defining a "successful" owner. You need 0 experience and no specific age if you have a bottomless pit of money you are pulling from just to say your new independent pharmacy provided a prescription to someone.

 

[pharmatme]

If you aren't opening or running a business to make your business money then I'm not sure how you are defining a "successful" owner. You need 0 experience and no specific age if you have a bottomless pit of money you are pulling from just to say your new independent pharmacy provided a prescription to someone.

What I mean when I say that I am not doing it for money is that I wouldn't mind making less than an average pharmacist salary. I value being in a location, setting my own work hours, and autonomy more than money. I understand the point all of you are making about "business money." However, so far what I heard in school is that it is not that hard to break even. A Mckesson spokesperson who came to our school said 50-75 Rxs is needed to break even.

 

[pharmatme]

*50-75 per day

 

[PharFromNormal]

What I mean when I say that I am not doing it for money is that I wouldn't mind making less than an average pharmacist salary. I value being in a location, setting my own work hours, and autonomy more than money. I understand the point all of you are making about "business money." However, so far what I heard in school is that it is not that hard to break even. A Mckesson spokesperson who came to our school said 50-75 Rxs is needed to break even.

You wouldn't mind making less... But how much less? If you owned your own shop you could work all operating hours by yourself and pay yourself nothing... When you get that low in script count, the mix of drugs and their reimbursements is hyper critical.