Money

[SHC1984]

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SHC, you're lucky that you're hot because if you weren't, no one would put up with you. This guy is an independent pharmacy owner and you're a P1...maybe you could try to learn a thing or two.

Thats what all my ex-boyfriends have told me. I have no interest in owning my own pharmacy. The more I work retail the MORE I am looking into MAIL ORDER pharmacy. Keeping my sanity is more important than anything else.

 

[Doctor M]

Thats what all my ex-boyfriends have told me. I have no interest in owning my own pharmacy. The more I work retail the MORE I am looking into MAIL ORDER pharmacy. Keeping my sanity is more important than anything else.

opening my own pharmacy has restored my sanity to halfway normal...i think i was on the verge of an insane asylum after working for CVS for 5 years...😀
either way, you have the right idea in keeping your sanity! good luck!! I'll take FFPICKLES word that you are "HOT" so that i may tolerate you...its the only way to get ahead in this world

 

[SHC1984]

opening my own pharmacy has restored my sanity to halfway normal...i think i was on the verge of an insane asylum after working for CVS for 5 years...😀
either way, you have the right idea in keeping your sanity! good luck!! I'll take FFPICKLES word that you are "HOT" so that i may tolerate you...its the only way to get ahead in this world

How is opening up your own pharmacy different than working at a chain? I mean besides the obvious salary difference I figure it will be the same crap...dealing with insurance, rude/annoying/whiny/stupid people, filling, dealing with staff, etc. I guess the salary difference alone is worth it?

Do you know anything about mail order pharmacy? I think that job would be the least stressful...if you have any experience or know anything about it etc. please let me know. thanks. Hopfully the pay is at least 100K a year...LOL...

 

[Doctor M]

How is opening up your own pharmacy different than working at a chain? I mean besides the obvious salary difference I figure it will be the same crap...dealing with insurance, rude/annoying/whiny/stupid people, filling, dealing with staff, etc. I guess the salary difference alone is worth it?

Do you know anything about mail order pharmacy? I think that job would be the least stressful...if you have any experience or know anything about it etc. please let me know. thanks. Hopfully the pay is at least 100K a year...LOL...

Oh my GOD! No no no, there are no whiny, stupid people and dealing with staff! My store is a controlled environment...My partner and I know what is going on with every patient that walks in that door. every patient is taken care off 110% and we have the time to talk with them...now granted, we are not filling 500-600 daily; and when we get to the point when we are filling 150-200 daily, then if i have to hire another rph, i will. But realize that it is a controlled environment...working for a chain there is so much going on and so much chaos that staff gets frustrated and patients can be unbearable...but my staff is the best you can get...they came over from CVS and we only took the best...

As an owner, you have control of your environment...and if a pt gets whiny, then we fix the problem right there and then...

As for mail order, take MEDCO for example; i heard that they stress customer service above everything else...Its extreme...I have a lot of tolerance for upset pts but realize that if a pt calls in with complaints up the ass, you as an RPH has to sit there and take it...They monitor your calls and if they find that you were rude or unhelpful they will fix that quickly...this is second hand information, but mail order just is not for me...As for pay, yes 100k sounds about right for mail order...I do know that it is extremely difficult to get a position in mail order around here in TAMPA...At one point there was a waiting list and there were many lay offs a few years back...

Look into independent pharmacy...you may be surprised!🙂

 

[SHC1984]

Oh my GOD! No no no, there are no whiny, stupid people and dealing with staff! My store is a controlled environment...My partner and I know what is going on with every patient that walks in that door. every patient is taken care off 110% and we have the time to talk with them...now granted, we are not filling 500-600 daily; and when we get to the point when we are filling 150-200 daily, then if i have to hire another rph, i will. But realize that it is a controlled environment...working for a chain there is so much going on and so much chaos that staff gets frustrated and patients can be unbearable...but my staff is the best you can get...they came over from CVS and we only took the best...

As an owner, you have control of your environment...and if a pt gets whiny, then we fix the problem right there and then...

As for mail order, take MEDCO for example; i heard that they stress customer service above everything else...Its extreme...I have a lot of tolerance for upset pts but realize that if a pt calls in with complaints up the ass, you as an RPH has to sit there and take it...They monitor your calls and if they find that you were rude or unhelpful they will fix that quickly...this is second hand information, but mail order just is not for me...As for pay, yes 100k sounds about right for mail order...I do know that it is extremely difficult to get a position in mail order around here in TAMPA...At one point there was a waiting list and there were many lay offs a few years back...

Look into independent pharmacy...you may be surprised!🙂

Thanks for the helpful response. 🙂

1)how much money do you need to start a pharmacy? I figure it will be at least a million. Drugs are expensive.🙄

2) How much do independent pharmacists make on average? twice that of a chain pharmacist?? 200K a year would be nice. The overhead is proberly very high though...I mean after you factor in EVERYTHING do you really make (NET) a lot more than retail pharmacists?

3) How do you complete with Walgreens and Walmart? that alone is a HUGE challenge. People like those 4 dollar generics. Independent pharmacies have a hard time fighting with Walmart for customers...did you experience that?

4) How about a staff hospital position??? I heard those pharmacists just verified scripts and do paper work all day. Is there any jobs out there that will just allow me to verified scripts all day and not deal with any crap? or is that just wishful thinking??? Why didn't you consider a hospital staff position?

 

[Doctor M]

Thanks for the helpful response. 🙂

1)how much money do you need to start a pharmacy? I figure it will be at least a million. Drugs are expensive.🙄

2) How much do independent pharmacists make on average? twice that of a chain pharmacist?? 200K a year would be nice. The overhead is proberly very high though...

3) How do you complete with Walgreens and Walmart? that alone is a HUGE challenge. People like those 4 dollar generics. Independent pharmacies have a hard time fighting with Walmart for customers...did you experience that?

4) How about a staff hospital position??? I heard those pharmacists just verified scripts and do paper work all day. Is there any jobs out there that will just allow me to verified scripts all day and not deal with any crap? or is that just wishful thinking??? Why didn't you consider a hospital staff position?

1. you do not need 1 million to start a pharmacy. Yes, drugs are expensive, but your also not gonna have 5000 people walking in your door on day 1. your business will grow over time...start with 150k-200k as a minimum. your opening order will be around 30k-50k which includes OTC. Most wholesalers will give you 6 month dating interest free.

2. You salary only depends on you, the owner. How much do you want to make? 200k? Ok, well then are you gonna have a business partner? or are you gonna go at it alone? Lets say you go at it alone: the average rx price is around $60 an rx. The average gross profit seen is around 18.5-20%. so you are making an average 11.50-12 dollars an rx. Now, lets say you fill 90 rx's per day therefore your gross is $1080 daily * 5 days = $5400 weekly = $21600 monthly. Now, your overhead will vary depending on your staff, rent, etc. Let say you have monthly fixed expenses of $6000 (rent, electric, phone, staff salary etc). this leaves $15600. Subtract any profits you want for the pharmacy, you will be left with around $12000 monthly. Now you have to pay taxes, so lets say your left with 10k monthly. Now pay yourself...This is just a rough estimate, but realize most independents fill on average 200 daily...do the math...🙂 And realize that does not include any niches such as compounding...vet compounding etc

3. I compete with customer service. I will match most generics if the patient asks...If I cant match it, i will be upfront with them...but i will make it up somewhere else...for example, i had a pt who wanted 90 digoxin 125 ug for 9.99 of which i could not match...but i found a manufacture coupon for nexium that reduced her copay...so it was a wash...she saved even more money and i did not take the loss...Be honest with them, save them money and you wont really have to worry about $4 generics 🙂

4. I didnt do hospital pharmacy because i went into retail right out of school...after a few years, hospitals may be reluctant to hire you...but in reality, i had no desire to learn hospital after being in retail for years. Also, i dont like answering to anyone, especially douchebag supervisors so retail staff or hospital staff positions were not for me...and since i believed many supervisors (not all) were douchebags, i did not want to become a suoervisor!

Hope this helps!

 

[SHC1984]

1. you do not need 1 million to start a pharmacy. Yes, drugs are expensive, but your also not gonna have 5000 people walking in your door on day 1. your business will grow over time...start with 150k-200k as a minimum. your opening order will be around 30k-50k which includes OTC. Most wholesalers will give you 6 month dating interest free.

2. You salary only depends on you, the owner. How much do you want to make? 200k? Ok, well then are you gonna have a business partner? or are you gonna go at it alone? Lets say you go at it alone: the average rx price is around $60 an rx. The average gross profit seen is around 18.5-20%. so you are making an average 11.50-12 dollars an rx. Now, lets say you fill 90 rx's per day therefore your gross is $1080 daily * 5 days = $5400 weekly = $21600 monthly. Now, your overhead will vary depending on your staff, rent, etc. Let say you have monthly fixed expenses of $6000 (rent, electric, phone, staff salary etc). this leaves $15600. Subtract any profits you want for the pharmacy, you will be left with around $12000 monthly. Now you have to pay taxes, so lets say your left with 10k monthly. Now pay yourself...This is just a rough estimate, but realize most independents fill on average 200 daily...do the math...🙂 And realize that does not include any niches such as compounding...vet compounding etc

3. I compete with customer service. I will match most generics if the patient asks...If I cant match it, i will be upfront with them...but i will make it up somewhere else...for example, i had a pt who wanted 90 digoxin 125 ug for 9.99 of which i could not match...but i found a manufacture coupon for nexium that reduced her copay...so it was a wash...she saved even more money and i did not take the loss...Be honest with them, save them money and you wont really have to worry about $4 generics 🙂

4. I didnt do hospital pharmacy because i went into retail right out of school...after a few years, hospitals may be reluctant to hire you...but in reality, i had no desire to learn hospital after being in retail for years. Also, i dont like answering to anyone, especially douchebag supervisors so retail staff or hospital staff positions were not for me...and since i believed many supervisors (not all) were douchebags, i did not want to become a suoervisor!

Hope this helps!

You are very helpful. Last questions LOL..

1)Do u recommend a fresh PharmD that just graduated to open his own pharmacy? Provide that he has the money, do you recommend people work retail first to gain experience or do you recommend just go ahead and open up your own pharmacy?

2) I heard there were a lot of independent pharmacies closing down due to competition. Do you think opening up your own pharmacy is very risky business (like playing with stocks for example) because the competition is so keen? Is it very diffcult to make it in this business...I mean it would suck if someone graduated and open up his own pharmacy and then have the pharmacy close down and having to file for bankrupcy. Pharmacy school is hard enough...having to file for bankrupcy after that would be a nightmare.

 

[Doctor M]

You are very helpful. Last questions LOL..

1)Do u recommend a fresh PharmD that just graduated to open his own pharmacy? Provide that he has the money, do you recommend people work retail first to gain experience or do you recommend just go ahead and open up your own pharmacy?

2) I heard there were a lot of independent pharmacies closing down due to competition. Do you think opening up your own pharmacy is very risky business (like playing with stocks for example) because the competition is so keen? Is it very diffcult to make it in this business...I mean it would suck if someone graduated and open up his own pharmacy and then have the pharmacy close down and having to file for bankrupcy. Pharmacy school is hard enough...having to file for bankrupcy after that would be a nightmare.

I do not recommend you open up a pharmacy fresh out of school even if you had the money...every owner whom i have known opened up under different circumstances...I opened up with an existing clientele; i was filling rx's from day 1; I spent the last 3 years developing a relationship with my patients. The best thing you could do is gain experience in the retail setting (insurance billing, coordination of benefits etc) and build relationships with doctors...get to know their medical staff by name...it sounds wierd, but when a patient needs something, I call Dr. _____ and ask for Elena or Donna or whomever i know in the office and i get an answer in 30 seconds. It will go a long way...

Opening a pharmacy is like any other business...There is a lot of risk involved...a lot of money involved and a lot of stress...but its a different kind of stress...its not the stress where you feel rushed or the phones are ringing or people are staring at you...you have to keep an open mind and have an innovative mind...if one idea doesnt work, you try another and another and another until you find the right tools to make you successful... Trust me, when you open your own place, failure is not in your vocabulary...You do not even think about failing...you search for other sources of income...for example, ok, lets say my business isnt making it on prescriptions alone...well, lets look at the market and see what the chains ARE NOT doing...find a service they cannot do...and go with it...We have found our Niche at Lifecare pharmacy...I will tell you that just filling prescriptions and having no niche whatsoever will sink you...And whatever you do, dont go into business by yourself...I was blessed to find my business partner; it was almost meant to be...find someone you trust with your life..find someone intellectual, and thrifty! Cause 2 minds are better than 1 every time...

And feel free to ask as many questions as you want!

Dr. M

 

[type b pharmD]

I do not recommend you open up a pharmacy fresh out of school even if you had the money...every owner whom i have known opened up under different circumstances...I opened up with an existing clientele; i was filling rx's from day 1; I spent the last 3 years developing a relationship with my patients. The best thing you could do is gain experience in the retail setting (insurance billing, coordination of benefits etc) and build relationships with doctors...get to know their medical staff by name...it sounds wierd, but when a patient needs something, I call Dr. _____ and ask for Elena or Donna or whomever i know in the office and i get an answer in 30 seconds. It will go a long way...

Opening a pharmacy is like any other business...There is a lot of risk involved...a lot of money involved and a lot of stress...but its a different kind of stress...its not the stress where you feel rushed or the phones are ringing or people are staring at you...you have to keep an open mind and have an innovative mind...if one idea doesnt work, you try another and another and another until you find the right tools to make you successful... Trust me, when you open your own place, failure is not in your vocabulary...You do not even think about failing...you search for other sources of income...for example, ok, lets say my business isnt making it on prescriptions alone...well, lets look at the market and see what the chains ARE NOT doing...find a service they cannot do...and go with it...We have found our Niche at Lifecare pharmacy...I will tell you that just filling prescriptions and having no niche whatsoever will sink you...And whatever you do, dont go into business by yourself...I was blessed to find my business partner; it was almost meant to be...find someone you trust with your life..find someone intellectual, and thrifty! Cause 2 minds are better than 1 every time...

And feel free to ask as many questions as you want!

Dr. M

thanks for all the schooling! 👍

I for one would not want the responsibility and time committment of running my own pharmacy, but I could see how it would be very rewarding. I'd like to congratulate you on your success and strong level of effort!

SHC.. there are other laid back jobs out there. Staff member at a small hospital comes to mind (i tech'ed at a small hospital before entering p-school) . Not only can it be really relaxed work atmosphere, but you can make a lot of long term friendships and sort of develop a work "family". Also, you get the opportunity to step outside the role of the "staff" as WVU has often found, because when **** hits the fan, you're the only one around who knows **** about drugs.

 

[Doctor M]

thanks for all the schooling! 👍

I for one would not want the responsibility and time committment of running my own pharmacy, but I could see how it would be very rewarding. I'd like to congratulate you on your success and strong level of effort!

SHC.. there are other laid back jobs out there. Staff member at a small hospital comes to mind (i tech'ed at a small hospital before entering p-school) . Not only can it be really relaxed work atmosphere, but you can make a lot of long term friendships and sort of develop a work "family". Also, you get the opportunity to step outside the role of the "staff" as WVU has often found, because when **** hits the fan, you're the only one around who knows **** about drugs.

I respect that, but you wont know until you try...🙂 I said the same thing when I left NY...in fact at my first job at VIX/Drug emporium, the pharmacy manager and I became good friends; he was much older and much more experienced in pharmacy than i was. Anyway, 1 year before i graduated he told me he was gonna open a pharmacy and asked me if i wanted to buy in after school. I said maybe, but i just didnt want to have the "responsibility". 5 years later, here I am, an independent owner...who would have thought...Keep an open mind, cause you never know 😉

 

[Doctor M]

thanks for all the schooling! 👍

I for one would not want the responsibility and time committment of running my own pharmacy, but I could see how it would be very rewarding. I'd like to congratulate you on your success and strong level of effort!

SHC.. there are other laid back jobs out there. Staff member at a small hospital comes to mind (i tech'ed at a small hospital before entering p-school) . Not only can it be really relaxed work atmosphere, but you can make a lot of long term friendships and sort of develop a work "family". Also, you get the opportunity to step outside the role of the "staff" as WVU has often found, because when **** hits the fan, you're the only one around who knows **** about drugs.

Thank you!

 

[SHC1984]

I do not recommend you open up a pharmacy fresh out of school even if you had the money...every owner whom i have known opened up under different circumstances...I opened up with an existing clientele; i was filling rx's from day 1; I spent the last 3 years developing a relationship with my patients. The best thing you could do is gain experience in the retail setting (insurance billing, coordination of benefits etc) and build relationships with doctors...get to know their medical staff by name...it sounds wierd, but when a patient needs something, I call Dr. _____ and ask for Elena or Donna or whomever i know in the office and i get an answer in 30 seconds. It will go a long way...

Opening a pharmacy is like any other business...There is a lot of risk involved...a lot of money involved and a lot of stress...but its a different kind of stress...its not the stress where you feel rushed or the phones are ringing or people are staring at you...you have to keep an open mind and have an innovative mind...if one idea doesnt work, you try another and another and another until you find the right tools to make you successful... Trust me, when you open your own place, failure is not in your vocabulary...You do not even think about failing...you search for other sources of income...for example, ok, lets say my business isnt making it on prescriptions alone...well, lets look at the market and see what the chains ARE NOT doing...find a service they cannot do...and go with it...We have found our Niche at Lifecare pharmacy...I will tell you that just filling prescriptions and having no niche whatsoever will sink you...And whatever you do, dont go into business by yourself...I was blessed to find my business partner; it was almost meant to be...find someone you trust with your life..find someone intellectual, and thrifty! Cause 2 minds are better than 1 every time...

And feel free to ask as many questions as you want!

Dr. M

Thanks for all your help!!! 👍👍👍 You are awesome! I will keep that in mind. I haven't decided what I wanted to do yet...(I just know it will NOT be retail with a drive thru! ) Maybe I will work for a independent pharmacy first and see from there...now if I can just get thru pharmacy school with at least a 3.75 GPA I will be happy!

 

[Doctor M]

Thanks for all your help!!! 👍👍👍 You are awesome! I will keep that in mind. I haven't decided what I wanted to do yet...(I just know it will NOT be retail with a drive thru! ) Maybe I will work for a independent pharmacy first and see from there...now if I can just get thru pharmacy school with at least a 3.75 GPA I will be happy!

Doing that was BY FAR THE MOST stressful period in my life!!! Worse than working at CVS! But you will get through it! One-day-at-a-time...🙄

 

[Doctor M]

Thanks for all your help!!! 👍👍👍 You are awesome! I will keep that in mind. I haven't decided what I wanted to do yet...(I just know it will NOT be retail with a drive thru! ) Maybe I will work for a independent pharmacy first and see from there...now if I can just get thru pharmacy school with at least a 3.75 GPA I will be happy!

You have time...but just keep an open mind, thats all. I wish i had had an open mind when i graduated, but i was too set in my ways...I could have done a nephrology residency in Buffalo, but i passed it up...it all happened for a reason...😉 Good luck!

 

[SHC1984]

Doing that was BY FAR THE MOST stressful period in my life!!! Worse than working at CVS! But you will get through it! One-day-at-a-time...🙄

WORST than CVS? thats scary! I am just in my first year right now...its not easy, but its "managable". I am sure P2 and P3 will be WORST than CVS!!! 😱

I will keep a open mind...b/c I need to find a job that I really like...so far I haven't found anything that I love doing...I have yet to find that "dream" job...if there is such a job. LOL...

 

[Doctor M]

WORST than CVS? thats scary! I am just in my first year right now...its not easy, but its "managable". I am sure P2 and P3 will be WORST than CVS!!! 😱

My P2 year was absolute HELL. I wanted to just quit...they made it so hard...ok, your pharmacology exam, therapeutics and kinetics exam will all be on Monday, then lab on tuesday, then group project due thursday, blah blah blah... It was like that every week...I mean come on...but it only lasted 1 year...P3 was easy, and P4 was exciting! P1 was a blur...too much partying then...😉

 

[SHC1984]

My P2 year was absolute HELL. I wanted to just quit...they made it so hard...ok, your pharmacology exam, therapeutics and kinetics exam will all be on Monday, then lab on tuesday, then group project due thursday, blah blah blah... It was like that every week...I mean come on...but it only lasted 1 year...P3 was easy, and P4 was exciting! P1 was a blur...too much partying then...😉

Hey, you did well enough to be offer an Residency. Thats all that matters! 😉

 

[Doctor M]

Hey, you did well enough to be offer an Residency. Thats all that matters! 😉

That is true, i surprised myself...but i couldnt imagine another year of bookwork, projects and being in the hospital...Oh well, fate brought me here...
i should have kept an open mind....could have saved me from C-V-S...but i went after the $$$$$...

 

[SHC1984]

That is true, i surprised myself...but i couldnt imagine another year of bookwork, projects and being in the hospital...Oh well, fate brought me here...
i should have kept an open mind....could have saved me from C-V-S...but i went after the $$$$$...

I think I will be too schooled out to do a residency myself. After 1.5 years of college in an art institute, 4 years of college to get my Chem degree. 1 semester of dental school. I think I will be DONE with school after 4 years of pharmacy school as well! Unless there is a JOB that I really realllllllly LOVE and must have (and pays very well) and it requires a residency...I will most likely NOT do a residency myself. I just want a low stress job thats all!