Independents in Florida

[WindyCityPharmD]

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Seems like more and more are popping up in the Tampa area. In the small town that I work in, 3 independents opened up between the WalMart and CVS, and this is in a very undeveloped area with 2 local physicians. Not to stereotype, but none of them can barely speak a lick of English. How are they able to sustain and actually make a profit? I pass them up and see maybe 1 car in their parking lots. I do see they offer some services that the chains do not, such as delivery. They do have less overhead costs, however they dont have the purchasing power. But with reimbursement and third party restrictions, how can they make what they would/used to make at the chains without the headaches of owning a business? Seems to be popular right now but I don't see the logistics behind it working out.

 

[Its Z]

dont you dare bad mouth our dr. m

 

[Doctor M]

Seems like more and more are popping up in the Tampa area. In the small town that I work in, 3 independents opened up between the WalMart and CVS, and this is in a very undeveloped area with 2 local physicians. Not to stereotype, but none of them can barely speak a lick of English. How are they able to sustain and actually make a profit? I pass them up and see maybe 1 car in their parking lots. I do see they offer some services that the chains do not, such as delivery. They do have less overhead costs, however they dont have the purchasing power. But with reimbursement and third party restrictions, how can they make what they would/used to make at the chains without the headaches of owning a business? Seems to be popular right now but I don't see the logistics behind it working out.

This is exactly what we independents want you to think...
If you can think outside the box, it will work...Trust me, we can compete with the large chains...The difference between you and me or a chain rph and me, is i know what i pay for the drug...We are getting into Long term care and getting a closed door pharmacy license...With a closed door pharmacy license reimbursement is different....also, we are a real pharmacy...Yes, you see all these small independents pop up with barely english speaking people...they target one type of client...usually narcs...we fill them, but you have to be an established pt and have a doctor who we know and know does not just write for the sake of writing...

Anyway, we have made it and are growing...we have a superb staff and 2 dedicated pharmacists that will go above and beyond for any patient of our establishment...visit lifecare-rx.com

also, as for our salaries, with salary and profit, we are making more that what we made at CVS...But we reinvest half of what we make right back in...We work hard today so that in 10 years we are done...

 

[Doctor M]

dont you dare bad mouth our dr. m

I can speak english...😀

 

[StevePerry]

This is exactly what we independents want you to think...
If you can think outside the box, it will work...Trust me, we can compete with the large chains...The difference between you and me or a chain rph and me, is i know what i pay for the drug...We are getting into Long term care and getting a closed door pharmacy license...With a closed door pharmacy license reimbursement is different....also, we are a real pharmacy...Yes, you see all these small independents pop up with barely english speaking people...they target one type of client...usually narcs...we fill them, but you have to be an established pt and have a doctor who we know and know does not just write for the sake of writing...

Anyway, we have made it and are growing...we have a superb staff and 2 dedicated pharmacists that will go above and beyond for any patient of our establishment...visit lifecare-rx.com

also, as for our salaries, with salary and profit, we are making more that what we made at CVS...But we reinvest half of what we make right back in...We work hard today so that in 10 years we are done...

I think you are the effin' man (same w/ your partner), but aren't you concerned at all about being at the mercy of possible falling reimbursment rates hanging you out to dry? I guess w/ your diversification into LTC you have a pretty good backup if you get pushed out of the pbm dominated retail end... Great risk, great reward...

 

[PharmaTope]

I think you are the effin' man (same w/ your partner), but aren't you concerned at all about being at the mercy of possible falling reimbursment rates hanging you out to dry? I guess w/ your diversification into LTC you have a pretty good backup if you get pushed out of the pbm dominated retail end... Great risk, great reward...

that is what my concern would be too

 

[Its Z]

The fundamental difference between successful entrepreneurs and forever salaried people is that entrepreneurs find reasons and ways to find a niche and become successful. The rest look for reasons and excuses why they business will fail and never take risks.

Granted, very few businesses survive. Yet every successful business had reasons and risks of not surviving.

 

[Doctor M]

I think you are the effin' man (same w/ your partner), but aren't you concerned at all about being at the mercy of possible falling reimbursment rates hanging you out to dry? I guess w/ your diversification into LTC you have a pretty good backup if you get pushed out of the pbm dominated retail end... Great risk, great reward...

I dont know how to fail...thats the truth...im not being conceited...i just dont know how...we diversify and look for other revenue streams...we sre starting compounding...and then sterile compounding...

 

[WindyCityPharmD]

my wife and I are both pharmacists, so we have been looking into this for the future, esp if the retail climate continues to decline. My personal interest has always been herbal/natural therapy, so I was thinking of opening something predominately in that area. time will tell I guess.

 

[JackFruitLover]

I know a few Indian pharmacists who recently started independent pharmacies in Tampa and they are quite successful. I'm not sure if you are referring to them? They have heavy accents, but I would not consider them "hardly speaking english." There are many people with accents that run successful tech companies, medical practices, motels, gas stations, subways and nail shops. I don't see why running a successful pharmacy would be any different.

 

[Its Z]

despite the hardship of english as second language, these folks have learned to succeed. more power to them.

 

[StevePerry]

I dont know how to fail...thats the truth...im not being conceited...i just dont know how...we diversify and look for other revenue streams...we sre starting compounding...and then sterile compounding...

Caption: Dr. M arriving at work greeting his partner before he puts his lab coat on.

 

[Doctor M]

Caption: Dr. M arriving at work greeting his partner before he puts his lab coat on.

hardly....

 

[Doctor M]

despite the hardship of english as second language, these folks have learned to succeed. more power to them.

I agree...at least they had the cohones to take the plunge....Take some risks...if you fail, who gives a flying....get up and try again...

 

[Old]

my wife and I are both pharmacists, so we have been looking into this for the future, esp if the retail climate continues to decline. My personal interest has always been herbal/natural therapy, so I was thinking of opening something predominately in that area. time will tell I guess.

If you get in the right demographic area you should do well. There is a lot of interest in herbal/natural therapy. Also, its big in amish communities. There are sellers that visit amish in my area and sell them out of their van. 😱

 

[takins33613]

My dad owns an independent pharmacy in Tampa. He has a strong Nigerian accent, but he speaks perfect English! Ta!