minzi

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Are you doing the same thing with NowRX? Or are you NowRX ?
 
OP
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Jul 30, 2018
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I’m not looking for an easy way to make money and I know that most small businesses fail. I’m not a business man but you don’t have to be a business man to start a business. For any business to succeed, it must provide real solutions to certain problems to have any competitive advantage and gain reasonable market share accordingly. So what solutions am I going to offer?
1- The business model is not just based on the convenience of delivery of prescriptions, but this is one solution to avoid long wait times for prescriptions and frustration when patients find their prescriptions are not ready. How many o those patients do you see every day in your pharmacy?
2- The business model won’t be based on merely urgent care. It simply provides a simple, quick and meaningful access to a prescriber through a phone app. This will offer convenient and quick access to a provider whether it be for urgent care needs when hospitalization is not needed, or for patients who are switching providers, patients who just relocated and have a long wait list until they get an appointment with provider, or patients with no primary care provider. The average wait time in ER is more than one hour. The average wait time in a pharmacy until prescriptions are ready to pick up can be about 1 hour or more. You are saving the patients such wait times and driving times which is certainly helpful to many patients.
3- I don’t have to pay providers. They will bill insurances. What I’m trying to do is offering some providers quick access to certain patients and in exchange provider will also make more money. It doesn’t have to be one provider and it doesn’t have to be a local provider either. If I will pay the provider a salary then I will take all the profits from billing insurances, like any employer. Which is also tempting. You only need 5 patients to make more than $1000 in profit per day from billing for provider visits.

4- This will be an independent pharmacy that will still attract certain patients and provide community pharmacy services and make profits just like any other independent pharmacy. As such, the location and the quality of service will be important in establishing a profitable business, the above ideas are just to strengthen the business, gain a competitive advantage, and improve the chances of making additional profits.

5- I don’t have to start with high inventory. You need 3-4 days supply of top 200 best selling drugs with the exception of C2s and you can replenish accordingly. I know the initial inventory will not cost more than $80K.
 
OP
C
Jul 30, 2018
17
7
Regarding marketing tools: It will be initiated by social media and Google ads marketing campaigns targeting the local business area in the beginning. Spending about $2500 per month initially on such campaigns. I realize that I won’t be making enough money to pay myself a good salary in the beginning. I might just pull my living expenses that’s it. So such expenses of marketing, delivery and payroll ( starting with one part time tech ) will be offset in the beginning by not having to pay a pharmacist salary in the beginning ( probably for at least a year). The goal is averaging 50-100 prescriptions per day in the first year.
 
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Jul 9, 2019
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OP's virtual medicine idea is best paired up with independent pharmacy owners. You can utilize the existing pharmacy's supplies, software, purchasing power, and inventory to reduce start up costs. All the OP would have to do is develop the app, hire driver(s) (or drones), advertise, and contract the clinicians. It sounds do-able and potential for growth is there so best of luck!
 

radio frequency

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I know you mean Emergency Department, but I saw that and pictured some poor guy realizing he was out of ED drugs at a crucial moment, and calling up the service for a rush home delivery.
I’m so glad you posted this because I was scratching my head about this business model with huge potential demand for stat delivered meds for “bedtime”.:rofl:
 
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radio frequency

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actually it is erectile dysfunction drugs - they do a ton of commercials during the hurricanes games
they use these sultry 30 something models - here is one of them

Legit?!?!:rofl:Wow. What a way to make money.
 

radio frequency

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Marley Drug appears to be a real drugstore that delivers normal meds quickly like your plan, but then also has promotions like this on their website.
2C940323-4D4F-4E5B-A3AF-72DC50767B9A.jpeg
 

Dred Pirate

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3- I don’t have to pay providers. They will bill insurances. What I’m trying to do is offering some providers quick access to certain patients and in exchange provider will also make more money. It doesn’t have to be one provider and it doesn’t have to be a local provider either. If I will pay the provider a salary then I will take all the profits from billing insurances, like any employer. Which is also tempting. You only need 5 patients to make more than $1000 in profit per day from billing for provider visits.

5- I don’t have to start with high inventory. You need 3-4 days supply of top 200 best selling drugs with the exception of C2s and you can replenish accordingly. I know the initial inventory will not cost more than $80K.
How do you plan on getting a provider to sign up? Are you going to guarantee them a certain number of patient's a day? Are you going to expect them to just sit around and wait for patients? During the start up phase, you will need to provide a guarantee to them

And there is NO WAY yo will make $1000 per day for seeing 5 patients. Our PA's see 20 patients a day and they do not make $1000.

And you need more than a 3-4 day inventory - the first time you run out of things - your customers will go elsewhere - 80K won't get you anywhere close to enough. What do you think the average inventory of pharmacy is?
 

knight on horse

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Jul 1, 2013
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Calling out all Registered pharmacists nationwide to reach out to me to initiate a startup pharmacy offering same day delivery with doctor appointments available through telemedicine. It is breakthrough project because the patient can literally click on a smart phone App, get access to the provider , and then the provider send us the prescription which can be filled in 15 minutes and delivered in 1 hour. Think about this huge huge adavantage: Patients will not have to wait for hours at the ER or wait for days for a doctor’s appointment. not asking you to quit your job until we take off. I'm Just looking for a reliable partner. I’m located in research triangle park in North Carolina so I prefer someone from this area until we expand. Tons of ideas to make a blockbuster pharmacy operations. We will need funding. I’m assuming we need $100K to begin with. I’m ready to work for $30 per hour to make it more profitable.
Haha, I knew it. Imagined this years ago
 
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Nov 19, 2019
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www.allgenericpills.com
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All Generic Pills is one of the most popular names in Online Pharmacy Stores. Although there is a myriad of pharmacy shops online, we have managed to emerge as one of the most sought after online shop for prescribed and over the counter medications and other healthcare products. The goal of our company is to deliver safe and highly effective drugs at the bottom rock cost. All products Like As Fildena, Vidalista 60, Cenforce, Cenforce 200, Tadacip, Silagra And Super P Force that we supply have been pre-tested for high-end quality, safety, and also effectiveness. We procure the products from the most reputed pharmaceutical companies which promise you world-class medicine at the best price.
 
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All Generic Pills is one of the most popular names in Online Pharmacy Stores. Although there is a myriad of pharmacy shops online, we have managed to emerge as one of the most sought after online shop for prescribed and over the counter medications and other healthcare products. The goal of our company is to deliver safe and highly effective drugs at the bottom rock cost. All products Like As Fildena, Vidalista 60, Cenforce, Cenforce 200, Tadacip, Silagra And Super P Force that we supply have been pre-tested for high-end quality, safety, and also effectiveness. We procure the products from the most reputed pharmaceutical companies which promise you world-class medicine at the best price.
Here we go...
 

DagS132

7+ Year Member
Aug 7, 2012
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I think that 100k would be better spent getting a CS degree or a CS certificate. I even think it would take you significantly less time to do this. Unless you are trying to make millions off this business idea.
 
May 28, 2018
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I know a tons of people in the RTP area- one of which is already looking at telemedicine for the outlying rural areas- but not delivery of meds.
Couple of points/questions
1. You will need more than 100k - how much are you putting up? What percentage of the company will you own vs your partner?
2. Have you developed your app? If not, do you have the knowledge to build it?
3. Have you contracted with local NP, PA's to staff your clinics? How will you pay them?
4. Will you take health insurance in addition to the pharmacy insurance?
5. The RTP area is extremely spread out - it can easily take an hour plus to drive from Durham to Raleigh - how can you justify driving across town to deliver one or two rx's?
6. Have you signed contracts with PBM's - if so, what is your reimbursement rate?
7. You will never be able to fill as many rx's as the walgreens on the corner - and they are not making money and making major cutbacks - how do you plan on providing better service with less $$ per hour? (and paying delivery driver, etc). One drive across town will eat up any of your profit many times.
8. What is your advertising plan? (I know a great digital marketer in the area)
9. What is your address so I can send a bill to you for showing you all the areas you need to workout before going live.
I like this guy lmao
 
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This is just a super excited kid with a “great idea”. Looks like he needs to get beat up by the world a bit.. I wonder if he still lives with his parents?
 

LivingMyBestLife

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Nov 16, 2019
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Calling out all Registered pharmacists nationwide to reach out to me to initiate a startup pharmacy offering same day delivery with doctor appointments available through telemedicine. It is breakthrough project because the patient can literally click on a smart phone App, get access to the provider , and then the provider send us the prescription which can be filled in 15 minutes and delivered in 1 hour. Think about this huge huge adavantage: Patients will not have to wait for hours at the ER or wait for days for a doctor’s appointment. not asking you to quit your job until we take off. I'm Just looking for a reliable partner. I’m located in research triangle park in North Carolina so I prefer someone from this area until we expand. Tons of ideas to make a blockbuster pharmacy operations. We will need funding. I’m assuming we need $100K to begin with. I’m ready to work for $30 per hour to make it more profitable.
Just do a Derm only pharmacy that sells expensive creams, lotions and ointment such as https://ortho-dermatologics.com/ . Oh wait. Someone here already did that in FL and it didn't work out well for them. :(
 
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VictorOfHungerGames

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May 8, 2018
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How was the marketing campaign? How much did your old pharmacy spend on marketing? Did they have a smart phone app that allows easy access to both prescriber and the the Pharmacy? How many patients are frustrated because of the long wait times at the doctors office or hospital and then at the pharmacy? My service will be provided nationwide with express shipping or local delivery. Retail pharmacy industry revenues per year is roughly $270 Billion. I will be glad if I disrupt the inept business model of chain pharmacies and get even 1% of their market share.
All PBMs will cancel your contracts the moment they find out that you mailed medications. My old pharmacy lost its contracts doing this. Once you start generating questionable profits or reimbursements, they'll start auditing you like crazy. We got audited 15 times in 8 months. Number of patients per audit varied from 50-100. If you're running a pharmacy and admit to paying prescribers, you will be hit with kick-back. You cannot own a pharmacy or be operating a pharmacy and somehow be tied to any money that's being paid to doctors, PAs, nurses, chiropractors etc. Trust me, this has been tried and failed. The old owner of the pharmacy is now in a huge lawsuit against his partners and the feds. Pharmacy generated millions per year, they drove multiple super cars. Now the feds are going after them. What you claim does sound like a fresh idea since you're trying to implement new technology to the field but there is a reason why thousands of independent pharmacies are sticking to the good 'ol ways of filling prescriptions.
 
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APN-59 rph

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Dec 19, 2016
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The guys around here who do "pretty well" got trained in some trade..electrician...plumbing...for example. Worked to get experience and the rather difficult licenses..and a handle on the business procedures. Then opened their own shops in a likely area...then expanded.
I was talking with a babe who's been in pharmacy for a while and works for a big chain. Fairly certain that she will not keep the present job to an early retirement. The three letter outfit has a cold eye on the peeps with the big pay and is trending to give them the old bootaroo for the unlimited supply of cheaper help. In any case the present operation is deliberately understaffed which is bad....and I am told that the pharmacies inside other venues are even worse...LISTEN UP....The pharmacist bubble has run its course...You newbees need to move on...
 

BidingMyTime

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actually it is erectile dysfunction drugs - they do a ton of commercials during the hurricanes games
they use these sultry 30 something models - here is one of them
Oh wow, Dred, I didn't know that actually was a thing!

I’m not looking for an easy way to make money and I know that most small businesses fail. I’m not a business man but you don’t have to be a business man to start a business. For any business to succeed, it must provide real solutions to certain problems to have any competitive advantage and gain reasonable market share accordingly. So what solutions am I going to offer?
Actually, you either have to be a businessman, or have the capital to start the business. "Having an idea", really won't get you anywhere.

2- The business model won’t be based on merely urgent care. It simply provides a simple, quick and meaningful access to a prescriber through a phone app. This will offer convenient and quick access to a provider whether it be for urgent care needs when hospitalization is not needed, or for patients who are switching providers, patients who just relocated and have a long wait list until they get an appointment with provider, or patients with no primary care provider. The average wait time in ER is more than one hour. The average wait time in a pharmacy until prescriptions are ready to pick up can be about 1 hour or more. You are saving the patients such wait times and driving times which is certainly helpful to many patients.
It is illegal for a prescriber to require patients to use a certain pharmacy. Or even recommend a certain pharmacy. But we'll assume the patients are asking to use your pharmacy service. The arrangement where you have the physicians on your app, will still run afoul of kickback laws. Even marketing your service to physicians would have to be extremely carefully done, so as to avoid running afoul of the kickback law.
So what you are describing couldn't really exist.

At best, you could offer home delivery to patients.....but you would only market to patients, not to doctors, and the patients would have to ask their doctor to send you their prescription. FYI, this is already being done by many independents.

3- I don’t have to pay providers. They will bill insurances. What I’m trying to do is offering some providers quick access to certain patients and in exchange provider will also make more money. It doesn’t have to be one provider and it doesn’t have to be a local provider either. If I will pay the provider a salary then I will take all the profits from billing insurances, like any employer. Which is also tempting. You only need 5 patients to make more than $1000 in profit per day from billing for provider visits.
A mote point since this whole set-up is illegal, but FYI providers have no shortage of patients. Call a random doctor and ask them if they are taking new patients. If they are, ask them what the wait time is to get in with an appointment. There is no reason a physician would sign up for this, especially since there is nothing financially extra in it for them.

4- This will be an independent pharmacy that will still attract certain patients and provide community pharmacy services and make profits just like any other independent pharmacy. As such, the location and the quality of service will be important in establishing a profitable business, the above ideas are just to strengthen the business, gain a competitive advantage, and improve the chances of making additional profits.
FYI, you need to be a businessman in order to run a successful independent pharmacy. Even then, it's pretty hard (in IL, all the independent pharmacies are closing up because Medicaid is 8 - 12 months behind on payments, and Medicaid is one of the main insurance payers in IL.

5- I don’t have to start with high inventory. You need 3-4 days supply of top 200 best selling drugs with the exception of C2s and you can replenish accordingly. I know the initial inventory will not cost more than $80K.
Once again, you need to be a businessman, to run a business. Do you have any idea what drugs cost? Assuming you can get a good wholesaler contract (and you probably won't, certainly not what the chains get), you will need more than $80K for your initial inventory. At least if you want to run your business for more than a few days.


All PBMs will cancel your contracts the moment they find out that you mailed medications. My old pharmacy lost its contracts doing this
More good advice for the OP against his idea. I admittedly hadn't heard this before, what do PBM's have against mailing medicine?
 

wucool33

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Pharmacists who are in their 40s -50s and have worked through golden period (90s- early 2010s) should have no problem with retirement.

If you do then you guys are morons. That’s all I have to say.
Early 2010s? Wtf are you talking about? How old do you think people that graduated from 2010-2012 are? Do you even know how to do math? You sound like the real moron here.
 
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Pharmacists who are in their 40s -50s and have worked through golden period (90s- early 2010s) should have no problem with retirement.

If you do then you guys are morons. That’s all I have to say.
We should make a T-shirt that says this. I have thought this so many times.
 
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Early 2010s? Wtf are you talking about? How old do you think people that graduated from 2010-2012 are? Do you even know how to do math? You sound like the real moron here.

No - it’s easy to put 2 and 2 together and understand what was meant.

Let me restate. If you have been a pharmacist for 20-30 years, you have lived through the golden age of pharmacy. Things were so different “back then” that it’s barely even worth mentioning.

If you are one of “these” pharmacists, and you do not have the means to retire at this point - this would be the type of moron that Cherish is talking about.

Now - there are exceptions of course. Health issues that were crazy expensive.. or some sort of tragedy in a family that creates financial hardship.

Otherwise, If there has not been some sort of financial hardship, and “these pharmacists” are not financially sound - I would venture to agree that they are a flat out moron..

They should at least have a healthy 401k.
 

BidingMyTime

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Pharmacists who are in their 40s -50s and have worked through golden period (90s- early 2010s) should have no problem with retirement.
If you do then you guys are morons. That’s all I have to say.
We were all morons, we thought the golden years would last forever. Many pharmacist (just like most Americans) spent their money as fast as they made it. Myself, well I had a lot of kids, so that is where all my money went, into their college funds. I do have an adequate 401-K...assuming I keep working to age 67 - 70. Definitely things I should have done differently, but hey I thought the golden years would last forever.
 
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May 30, 2018
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We were all morons, we thought the golden years would last forever. Many pharmacist (just like most Americans) spent their money as fast as they made it. Myself, well I had a lot of kids, so that is where all my money went, into their college funds. I do have an adequate 401-K...assuming I keep working to age 67 - 70. Definitely things I should have done differently, but hey I thought the golden years would last forever.
Yup - I totally get it. I have 5 myself and it’s not easy to keep up with the expenses that go along with a large family.

I guess I didn’t really see the deterioration of pharmacy coming either. Looking back I think I am just surprised at how abrupt and severe the transition was. I was never naive to the changing conditions of the free market, but it was more of a crash than it was a slow decline.

A 401k is so easy though.
 
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Sabril

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Dec 23, 2017
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Not to side with the OP, but many of the indy owners that I know of have way worse business ideas and certainly know less about pharmacy than an aspiring pre-pharm. Some can't even tell the difference between Rx drug and OTC (can't blame them, "rx only" is just so cryptic).

Like some would b*tch all the time about low reimbursement this or that, but never once stopped to question why their employees put these losing drugs on auto refill.
 

Dred Pirate

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Not to side with the OP, but many of the indy owners that I know of have way worse business ideas and certainly know less about pharmacy than an aspiring pre-pharm. Some can't even tell the difference between Rx drug and OTC (can't blame them, "rx only" is just so cryptic).
incorrect

I will correct it


Most of the Indy owners have forgot more about business than an aspiring pre-pharm ever knew
 

mentos

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Nov 22, 2009
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We were all morons, we thought the golden years would last forever. Many pharmacist (just like most Americans) spent their money as fast as they made it. Myself, well I had a lot of kids, so that is where all my money went, into their college funds. I do have an adequate 401-K...assuming I keep working to age 67 - 70. Definitely things I should have done differently, but hey I thought the golden years would last forever.
Did you max your 401k? Just wondering how much you have and your age. Last year was the first time I maxed mine, but I started late. I'm 35 and have approx 169k in mine.
 
May 30, 2018
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Did you max your 401k? Just wondering how much you have and your age. Last year was the first time I maxed mine, but I started late. I'm 35 and have approx 169k in mine.
That’s really not bad at all. Great job! You may not be able to retire super rich but you will have some money for sure.

Do you rent or own? It is my opinion that home ownership and a paid off mortgage (or at least more than 50% equity) and a solid 401k are the best American investments available
 
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mentos

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That’s really not bad at all. Great job! You may not be able to retire super rich but you will have some money for sure.

Do you rent or own? It is my opinion that home ownership and a paid off mortgage (or at least more than 50% equity) and a solid 401k are the best American investments available
Thanks! I sure don't feel like I have much compared to the people in the investment thread. We own but we just bought a bigger house. Put 20% down with 30 year mortgage. My Roth IRA has about 50k. My wife has a similar amount in her accounts too.
 
May 30, 2018
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Thanks! I sure don't feel like I have much compared to the people in the investment thread. We own but we just bought a bigger house. Put 20% down with 30 year mortgage. My Roth IRA has about 50k. My wife has a similar amount in her accounts too.
Yea dude your golden. The investment thread is jam packed with boasting, exaggeration, and straight up misinformation. I mean - I’m sure you heard that you can’t buy a house if you have a large student loan... give me a break..

Stay that course for 20 more years and you will have a great retirement. Anything beyond 20 years is icing on the cake.
 
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BidingMyTime

Lost Shaker Of Salt
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Did you max your 401k? Just wondering how much you have and your age. Last year was the first time I maxed mine, but I started late. I'm 35 and have approx 169k in mine.
No, I only maxed upto what my employer matched (which has varied from 3 - 6 % depending on job.) I have roughly twice as much as you, although it is spread in 3 different funds due to job switching.
 
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