Need Advice Opening New Independant Pharmacy

[Doctor McQ]

I'm currently working at an independant pharmacy now that a doctor owns and just as i should have suspected he is selling it right out from under me, I'm 51 and for the first time in my life i'm going to finnally go for it and own my on. Any advice would be appreciated such as computer software companies, drug wholesalers the whole bit. I already have an 90 pt. AL lined up to get me started i also will do retail will do some compounding and free delivery to elderly. I've been reading some of your guys post and y'all do know what you are doing. I know how do run a Pharmacy with someone else's money but now it will be mine. Any help really would be appreciated.

Looking at 1500-2000 sq ft., havent found it yet and not sure if it will be a lease or buy depends on price

I'm in Spring TX

I'll be on here quite often in the near future

Thanks for your Support
Michael

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[Old Timer]

I'm currently working at an independant pharmacy now that a doctor owns and just as i should have suspected he is selling it right out from under me, I'm 51 and for the first time in my life i'm going to finnally go for it and own my on. Any advice would be appreciated such as computer software companies, drug wholesalers the whole bit. I already have an 90 pt. AL lined up to get me started i also will do retail will do some compounding and free delivery to elderly. I've been reading some of your guys post and y'all do know what you are doing. I know how do run a Pharmacy with someone else's money but now it will be mine. Any help really would be appreciated.

Looking at 1500-2000 sq ft., havent found it yet and not sure if it will be a lease or buy depends on price

I'm in Spring TX

I'll be on here quite often in the near future

Thanks for your Support
Michael

The three most important things in business are:

• Location
• Location
• Location

Besides that if you have a good business plan, a good work ethic and are sufficiently capitalized you should be ok. Some really important things to consider.

• Also make sure you have sufficient life insurance to protect your family.
• Make sure you have primo disability insurance. Pay for it with after tax dollars so if you have to collect on it, it will be tax free.

As for wholesalers, they are all ******. Whoever will give you the best deal (price and terms) is who you go with.

For Retail RX software, HBS is the best. Always was, always will be.

 

[Doctor McQ]

haven't been able to find the primo disability insurance got any ideas,, i have plenty of life insurance!!!, also my wife works and make a good salary with great benefits

Thanks for the input
Michael

Anymore would be appreciated.....One oldtime to the other

The chains have become so bad with customer service that i think i could set a pharmacy right between a CVS and a Walgreens and take 1/2 there business because i'm the best with customer service that's what make an independent work.. I've been in the same area for 20+ years so everyone knows me and I have lots of contacts already have a 90 patient AL lined up plus retail from the people I know over the years add a little compound and free delivery for the eldery and i hope i have a formula for success..

But please keep in touch while I go on this venture, I need everyone's ideas, comments, etc....

Thanks again
Michael

 

[mickfan13]

i did not read past the first sentence after i noticed you misspelled independant [sic]

but i hope i dont get banned for this trenchant observation

 

[museabuse]

i did not read past the first sentence after i noticed you misspelled independant [sic]

but i hope i dont get banned for this trenchant observation

This is a public discussion forum, not a term paper... Seriously? Most people just type and post and not go back and reread everything to fix grammer and spelling errors, Plus I usually post from I phone and it's hard to read my posts let alone type them.

 

[aboveliquidice]

i did not read past the first sentence after i noticed you misspelled independant [sic]

but i hope i dont get banned for this trenchant observation

Then why spend the time and post???

To the original poster - you need to talk to a current user on this forum named DoctorM.

He has recently (past 12 months) opened his own independent. He has a partner in crime, who I gather is equally crafty. Do a search for him and send him a PM - he is your best resource here (aside from looking at the NCPA subforum not with standing).

Good luck! Trust me when I say many of our future hopes rest with you...

 

[Doctor McQ]

Thanks for the tip (I mispelled independant, I can't believe that guy commentted on that, i was hoping this was a professional forum)

 

[type b pharmD]

hey this is the kind of inspiring spirit that this board sometimes lacks. i wish you the best of luck!! your experience and dedication will probably work out for you .. people on this board have proven that taking away customers from walgreens and cvs is very doable and likely wont be your biggest challenge when starting the new business.

also: i doubt online spelling ability has anything to do with one's success as a retail pharmacist or entrepreneur.

 

[phathead]

The three most important things in business are:

• Location
• Location
• Location

Besides that if you have a good business plan, a good work ethic and are sufficiently capitalized you should be ok. Some really important things to consider.

• Also make sure you have sufficient life insurance to protect your family.
• Make sure you have primo disability insurance. Pay for it with after tax dollars so if you have to collect on it, it will be tax free.

As for wholesalers, they are all ******. Whoever will give you the best deal (price and terms) is who you go with.

For Retail RX software, HBS is the best. Always was, always will be.

That is not always true. I have used Cardinal, Amerisource, McKesson and everyone under the sun. Some were FAR better than others, even if they were slightly more.

That being said, see if you can contact any local independent pharmacy groups in your area. Usually they band together and form buying groups to help lower the costs.

That and if you have the capital, you can supplement your usage from a place like TopRx, Parmed, etc.... all though you dance with the devil with them lol

Aside from location, you next best asset is your employees. One of the things that draws patients into independents are the people who work there. I have worked between 18 different independent stores, and the ones with the most outgoing, helpful and pleasant co-workers gave the store almost like a family feel to it. That's really what draws people away from Walgreens/CVS/Walmart, knowing they're not just a patient ID number in your file. Best way to do that is to hire good workers.

 

[Doctor M]

I'm currently working at an independant pharmacy now that a doctor owns and just as i should have suspected he is selling it right out from under me, I'm 51 and for the first time in my life i'm going to finnally go for it and own my on. Any advice would be appreciated such as computer software companies, drug wholesalers the whole bit. I already have an 90 pt. AL lined up to get me started i also will do retail will do some compounding and free delivery to elderly. I've been reading some of your guys post and y'all do know what you are doing. I know how do run a Pharmacy with someone else's money but now it will be mine. Any help really would be appreciated.

Looking at 1500-2000 sq ft., havent found it yet and not sure if it will be a lease or buy depends on price

I'm in Spring TX

I'll be on here quite often in the near future

Thanks for your Support
Michael

Shop for the wholesalers...we met with Cardinal, Amerisource and HD Smith...
For us, Cardinal had the best prices and they are affiliated with API (a buying group). Cardinal also has rebates on generics...HD Smith did not...Amerisource was gonna sell to us at WAC which could not beat Cardinals rate...

Location is very important...We moved 1/2 mile down the street from CVS...We hired 3 vietnamese speakers and i speak spanish so that has attracted many many patients to us...We are trilingual!

As for bookkeeping, we use quickbooks...simple to use!

 

[model63]

We used digital simplistic for our computer system, they are excellent. Priced less than others around, and for the last 7 years their service has been awesome. We started with McKesson as our wholesaler, but after about 18 months we switched to DIK drug, they only work with independents, so that was nice to have their network as well.