Owning your own pharmacy??

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snoopy69

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Hey everybody, I am considering pharmacy as a career, but I don't really think I would like working in a retail chain. How hard is it to run your own successful pharmacy in a big city? Do customers usually pick CVS, etc.. over the local independent pharmacy? What are some other areas in pharmacy that offer better salaries than in retail?
 
well, i think that the best bet to own your own pharmacy that could be successful is to buy an already succesful one that is up for sale. other than that, starting one up in a city.. i bet there would be huge huge huge overhead.... You also have to be a keen business person to run a business.. a lot of people don't know or understand what it really takes. Look into it ALOT before making big decisions. Also, to be competative with chains is very difficult because of their bulk purchase ability ect.
 
Best bet is to buy one in a smaller town instead of a populated area like a city as Walgreen, CVS, Osco, etc have not penetrated that market. There are many option out there available to the indepent now to participate in buying groups w/ other independents that helps level the playing field as far as bulk purchasing goes. The real kicker will be negotiating contracts w/ 3rd parties and reading the fine print to make sure you aren't losing money everytime you dispense an Rx submitted to a particular insurance company/PBM.
 
In part it really depends on what you want to do. I know several pharmacists that own their own pharmacies and do quite well. I most likely will do the same eventually. One thing you can look into that is quite lucrative is becoming a compounding pharmacist. There is very little compounding done in retail, but as an independent it is a big cash cow for the pharmacist. In addition, several companies are setting up protocols that allow pharmacists to prescribe certain drugs to treat things such as strep throat when a simple test is performed. Furthermore, there are things like diabetes management programs that pharmacists can set up and charge a fee for each client that covers a complete workup of all there medications and therapies. Much of this is new and emerging as pharmacy changes. As pharmacists gain more in the way of limited prescribing rights, this will result in increased compensation and money into the pharmacy. In a retail setting, a portion of that will go to the parent company. As an independent, this will basically be gravy and make owning an independent pharmacy more attractive.
 
no recommendation for owning an independent Rx store
 
rxforlife2004 said:
no recommendation for owning an independent Rx store

Is this like the option on polls where a person can vote "yes", "no", or "not sure/don't have an opinion"?
 
i'm not sure what the legislation is like elsewhere, but here in new zealand, pharmacists are now able to own up to 5 pharmacies, and also have the potential to own another 5 more through a company structure. this will of course allow a nice passive income stream, which, if you ask me, is always good. :laugh:
 
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