Interested in opening a private pharmacy

[STAR3URY]

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I don't currently work in a private, and I know in order to learn all about private pharmacy business it is best to get a hands on experience in a private pharmacy. I was just wondering if there are any books, guides, info, etc. about how private practice is run.

 

[rph3664]

Do you mean an independent pharmacy, one that's not part of a chain? Get a job in one, and you'll learn really fast if you want to do this or not.

Opening a new store is extremely risky (and always has been, but more so now) so most people nowadays who want to go the independent route are buying established pharmacies. The ones that do succeed have some kind of niche market, or are the only store for miles around in a rural area.

 

[Sparda29]

I love it working at the independent where I per-diem. Gonna see if the owner if this pharmacy is willing to open up another one with me as a co-owner or sell me one of his. He already has like 4 pharmacies and is opening his 5th next month. On top of that, he owns a couple of pharmacies in Palestine and just opened a wholesaler business there.

Guy has it made.

 

[Unchained]

The ship has sailed on independent pharmacy. Don't do it. This guy probably got in back when the getting was good. Margins are too low, competition too high, gov't regulation too high, insurance reimbursement declining. Open 3 or 4 pizza joints instead.

 

[Doctor M]

The ship has sailed on independent pharmacy. Don't do it. This guy probably got in back when the getting was good. Margins are too low, competition too high, gov't regulation too high, insurance reimbursement declining. Open 3 or 4 pizza joints instead.

I would not discourage anyone for pursuing a dream as along as they understand exactly what they are walking into. Low reimbursements from all PBM's for the most common legend drugs; Audits, Audits, Audits, invoice audits; Government Government Government; and long hours for a few years. You need a niche, plain and simple. Look into special closed system pharmacies to go along with the retail aspect. Definitely not an easy task. Our stores are doing well with a mix of retail, long term care and compounding. Sterile compounding is underway with a modular clean room, but not yet complete. Waiting to see how the FDA and state boards plan on handling this mess a few bad apples have caused. In the meantime, im in the process of opening up pizza shop number 1 🙂

 

[rph3664]

There do exist independent practitioners who do not take insurance of ANY kind, although they will give you all the paperwork you need to file it. This is most common for psychologists and psychiatrists, but some independent pharmacies are doing this, and there's a physician in my town who recently put up a sign with his name on it, and underneath, it says "Adults $49, Children $29."

 

[Seahawksfan87]

Hey this has been a really discouraging thread.....is it really that bad?

The threads 3+ years ago seem to have a lot of positive testimony about opening independents. At this rate, by the time my plan can go through which will be about...2018,2019 (graduate 2016, work for a few years and then go into it) - maybe no one will recommend it by then?

If I work for a few years and go in with my own + family investment (coming from a good financial background) in a slight shortage area AND I have the mentoring of a close family friend independent pharmacist (who is moderately success and who has promised to help me) - would it really be a risky venture for me to go into independent pharmacy? Say, would it be much riskier in my situation than opening a private practice as physician like a psychiatrist or family physician?

Niches would be nutrition with emphasis on diabetic since I find nutrition very interesting, possibly delivery, and possibly 24/7 eventually (when I can afford enough hires of course) since we have very few for a city of our size.

I also want to offer great customer service, but I don't think I have the skills myself to really do it. I was thinking of leaving that to my hired pharmacists. I was thinking of recruiting pharmacists, especially those with good customer service skills, with profit sharing deals so they are invested in the business and care about creating the highest customer satisfaction. Not only is this my way of making sure that they WANT to give the best customer satisfaction, but it also means that when my business does bad that will save me money as we're all in the same boat. When business is doing well, they're making potentially primary care physician income. Here's another question, I guess: would it be feasible, if I pull modest success, to hire out pharmacists and only go in less than 20 hours/week myself and eventually only to inspect business or cover missed shifts? In other words, turn it into a mostly passive income operation eventually? Or should I expect for it to consume my time and energy with no way out even if it is successful?

 

[beachpharmer]

I don't currently work in a private, and I know in order to learn all about private pharmacy business it is best to get a hands on experience in a private pharmacy. I was just wondering if there are any books, guides, info, etc. about how private practice is run.

Be careful... a lot of risk here from a lot of diff angles...