Advice: Starting your own pharmacy

[camjames]

Hi all. Well I haven't seen many threads out there about starting your own independent pharmacy. I don't mean to say that its an easy task, or that it doesn't require alot of start up money. I was hoping for any possible advice from experienced pharmacy owners or folks with close ties to such a person. Obviously reimbursements get lower and lower, but the fact remains is there are still some profitable pharmacies out there it seems. I am also thinking specifically for pharmacies in Canada, but US ideas and experiences are good too.

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[meister]

The profitable independent pharmacies that I have seen are all doing complex compounding, delivery services, medical equipment and other services most large retail chains won't touch and have carved out a niche in their area.

They are almost universally older pharmacies that have been around a while. Your best bet in my mind would be to buy out an old geezer's pharmacy somewhere and revamp it. I don't think it's really possible to convince a bank anywhere to give you $1m to start up your own independent pharmacy since they are really not that profitable.

 

[Tinkerbell22]

Pretty much what he said. My mom was married to a pharmacist who had an independent pharmacy, but like Meister said it had been in the family for a while and it is closed now because they got into more profitable things with the US government I believe. All I know is that his daughter is working at their ex-competitor's pharmacy which is located inside of a medical building so it's pretty convenient and has a favorable reputation in our small town community.

I know of two other places, one near Wilton Manors in Ft Lauderdale which catered to the large and relatively wealthy gay community in the area, and another one in South Miami that is an LTC pharmacy catering to assisted living homes, making bingo packs, etc.

 

[Tinkerbell22]

That would have been my dream back in my parents' time maybe, but in our McDonald's society I find it hard to believe any one could remain competitive with the big chains unless you really found an under served niche or specialty.

If you HAVE to own your own store, I'd try to look into really small towns with high loyalty to an already established store. I'm from a pretty small town, and the independent place down there did a lot of other things in addition to being a pharmacy. They sold toys, cards, and gifts (sort of like a hospital gift shop), medical equipment (wheelchairs, beds, crutches, bandages, etc), AND they had a deli style restaurant kind of like Wool-Worths... does anyone remember that place?

 

[fieldkj]

I have to dissagree with some of the statement above. I graduated three years ago from pharmacy school and started my own pharmacy and I am doing fine. I was able to get the loans, Im not in a extremely rurual area but im not in a city either and I do have the big chains around me and I do more Rx daily then they do. Its sad that the "dream" is dying and most peoples dream these days is to work for someone else

 

[inquirer89]

I have to dissagree with some of the statement above. I graduated three years ago from pharmacy school and started my own pharmacy and I am doing fine. I was able to get the loans, Im not in a extremely rurual area but im not in a city either and I do have the big chains around me and I do more Rx daily then they do. Its sad that the "dream" is dying and most peoples dream these days is to work for someone else

Please explain your situation and how you got to own a successful pharmacy after 3 years post grad. Very interested....

 

[murphyy12]

i agree, please share how you were able to do that. i am a student really interested in eventually having my own pharmacy. i am trying to learn as much as i can.

 

[J ROD]

Compounding is good, also making TPNs is good. Owning your own pharmacy is too much for me. I know several that have them and clear 200K+. They are straight retail too.

 

[meister]

Ok my idea for starting a pharmacy: have it be the size of a little gas station, put it on a busy street corner with easy car access, absolutely ZERO OTC crap other than meds, tons of stock, and one little hole in the wall for drop-off and pick-up. Literally 100% of your day is filling and that is it.

Genius.

 

[Doctor M]

Ok my idea for starting a pharmacy: have it be the size of a little gas station, put it on a busy street corner with easy car access, absolutely ZERO OTC crap other than meds, tons of stock, and one little hole in the wall for drop-off and pick-up. Literally 100% of your day is filling and that is it.

Genius.

Why no OTC? Selling a bottle of generic zyrtec is more profitable than filling a script in many cases...My partner at our store graduated in 2007, i graduated in 2004...all you need is money and smarts...and be innovative!

 

[J ROD]

You need some OTC for customers. Not as much as the big boys but enough to keep them happy.

Another idea is vet compounds!!

 

[Tinkerbell22]

I have to dissagree with some of the statement above. I graduated three years ago from pharmacy school and started my own pharmacy and I am doing fine. I was able to get the loans, Im not in a extremely rurual area but im not in a city either and I do have the big chains around me and I do more Rx daily then they do. Its sad that the "dream" is dying and most peoples dream these days is to work for someone else

Well it's good too know that a new independent store can still be successful. My hometown isn't really rural I suppose... it probably just feels that way after living in a big metro area. lol They have a pop. of about 25-30 thousand (depending on the season), but it's all concentrated within a 8-10 square mile island. It's really expensive and doesn't have a very good job outlook, though 🙁

My grandparents owned the last butcher/meat market store down there before they retired and moved up near the Tampa area, and they seemed to do well despite the nearby Publix, Albertons, and Winn Dixie so I'm sure it's possible if you manage your business wisely. I just know that owning your own business in any market is a challenging feat, but why not work hard if you are building something that is going to support you and your family? I have no idea what the next 4-5 years will bring in my case, so I'm just working on my MBA until I am accepted to a school. I feel like I can make a more informed decision once I'm actually in pharmacy school. lol

 

[edukateu]

I have to dissagree with some of the statement above. I graduated three years ago from pharmacy school and started my own pharmacy and I am doing fine. I was able to get the loans, Im not in a extremely rurual area but im not in a city either and I do have the big chains around me and I do more Rx daily then they do. Its sad that the "dream" is dying and most peoples dream these days is to work for someone else

Hi. My name is Christy and I have a friend who recently received her Pharm D and is currently completing her residency. I have a few questions regarding starting up your own pharmacy. If you have the time, I would appreciate it if you can answer a few questions.

 

[PharmaTope]

you are better off at owning a dunkin donuts than a pharmacy.

pharmacy is not profitable anymore. you cant compete with 4 dollar generics LEGALLY.

notice i said LEGALLY. you would have to do illegal **** to be profitable. go into an independent you will see some things going down.

im sorry but delivery vs saving tons of money people will go with saving money

 

[jmoini]

you are better off at owning a dunkin donuts than a pharmacy.

pharmacy is not profitable anymore. you cant compete with 4 dollar generics LEGALLY.

notice i said LEGALLY. you would have to do illegal **** to be profitable. go into an independent you will see some things going down.

im sorry but delivery vs saving tons of money people will go with saving money

well a lot of our customers are on medicare and can't leave their houses. they HAVE to have delivery and could care less about the cost.

to be successful in indy pharmacy you've got to specialize and do things the big boys won't/don't (like everyone above has said). research the market and figure out where you can carve yourself a niche just like any other business.

 

[ffpickle]

Why no OTC? Selling a bottle of generic zyrtec is more profitable than filling a script in many cases...My partner at our store graduated in 2007, i graduated in 2004...all you need is money and smarts...and be innovative!

also, hard work & sacrifice

 

[ffpickle]

You need some OTC for customers. Not as much as the big boys but enough to keep them happy.

Another idea is vet compounds!!

good idea since 70% of the antibiotics in the u.s. go to cattle

 

[ffpickle]

well a lot of our customers are on medicare and can't leave their houses. they HAVE to have delivery and could care less about the cost.

to be successful in indy pharmacy you've got to specialize and do things the big boys won't/don't (like everyone above has said). research the market and figure out where you can carve yourself a niche just like any other business.

ya

sharing overhead with an indy chiropractor/optometrist might be a decent idea. maybe set up clinical facilities and let a family doc practice there for a reduced cost....so the pt. walks out away from the clinic w/ an rx and goes right to the pharmacy

 

[ethyl]

I was advised to avoid a franchise like Medicine Shoppe. The older and more successful your pharmacy, the more money they take from you. Just start out on your own. Your first step should be contacting a wholesaler (Cardinal or Amerisource).
You can get your loans from the wholesaler.
They will send out consultants to help setup your pharmacy, everything from how much inventory to stock and computer program setups.
Steal some awesome techs from the nearest CVS or Walgreens... pay whatever it takes.
Find your niche... some great ones were mentioned already: Compounding, TPNs, DELIVERY!!!
Work your butt off
Profit