How many years experience to open a pharmacy?

[KaliVera]

How many years of experience is required to be trusted to start a pharmacy? If a company tries to buy you out how much is a reasonable amount?

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[deleted462159]

It varies, but having 3-5 years at least makes sense to me. But some people have worked 20+ years and, while they may be great pharmacists, would be terrible business people.

How much they buy you out for depends on your script count, # of patients, $$$.

 

[Digsbe]

Depends on the experience. If you know how to work as a pharmacist and are good on the laws in regards to opening and operating a pharmacy that's one thing. However, to be successful I think you need business acumen and to know and appeal to your market and profit drivers, something that working as a general staff pharmacist may no present with in terms of experience.

 

[imcallingcorp]

How many years of experience is required to be trusted to start a pharmacy? If a company tries to buy you out how much is a reasonable amount?

What does that really mean? who is needed t trust you lol? But all that aside you need to work in an indy and not just work but do things like purchasing front end and pharmacy, navigate different wholesalers to get the best pricing especially on expensive generics. understand the books to know what you are getting into. payroll, insurance, utilities, etc...

Exit strategy is important to have in mind, but exact buyout number will vary based on too many variables. I sold for 20% of total revenue plus inventory.

 

[Rouelle]

Yeah, I don’t think there’s a good answer here. Six months of actually managing an independent would give you something totally different than 10 years as a staff pharmacist (or even PIC) at a big chain. Here’s where you really want to focus on quality over quantity of experience.

 

[Amphetamine Salts]

you need exactly 7.5 years of experience in order to open a pharmacy