Hello I am a current pharmacy student in my last year of study and on rotations. I don't know who to ask regarding opening up an independent pharmacy so I figured I would try my chances here. Me and a few of my friends are trying to weigh the options of opening up a pharmacy as opposed to signing with one of the major chains. The questions I hope to have answered are pretty numerous. The group of us are pretty motivated in opening up a new independent pharmacy not just buying a previously owned pharmacy. We have spotted locations out and we wish to pursue this option as far as possible. The major question that needs to be answered is the initial investment that we would have to take. Now I realize that depending on the size/market/location of the pharmacy this would all be relative, but theoretically speaking what would be a good figure to work with when it comes to initial stocking of medications from various suppliers? I understand that this would again be relative on the size of the pharmacy and it would make more sense to not order some medications in the beginning until a need arises. So I realize that this is a loaded question to begin with, but any help regarding a average figure. Let's say for an average size pharmacy doing 3-400 scripts a day, what would initial inventory costs be around?
We are trying to put together some sort of business plan mainly for ourselves and some of these questions that need to be asked is extremely hard to get answers for. Another question was what would be the legal form of business for an independent pharmacy? I know that with three or four individuals a general partnership is the easiest form, but others have spoken to be regarding the LLC and LLP as viable forms of business structure.
I hope somebody can help us or put us in the right direction. Again thanks for any replies or views. Up until today I didn't realize that such a forum existed and I feel much relief that there is some sort of help from knowledgeable individuals. Thanks again.
We are trying to put together some sort of business plan mainly for ourselves and some of these questions that need to be asked is extremely hard to get answers for. Another question was what would be the legal form of business for an independent pharmacy? I know that with three or four individuals a general partnership is the easiest form, but others have spoken to be regarding the LLC and LLP as viable forms of business structure.
I hope somebody can help us or put us in the right direction. Again thanks for any replies or views. Up until today I didn't realize that such a forum existed and I feel much relief that there is some sort of help from knowledgeable individuals. Thanks again.
