Owning your own pharmacy...

[ethyl]

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Do many pharmacists start up their own pharmacy after years of working retail? Maybe co-own the business with some MD's or other pharmd's and start up a small chain... or buy into a franchise?

 

[nerdystar]

Starting my own pharmacy is something in which I'm interested. My family owns a clinic, so this would be pretty easy for me, but I'm not sure that's the route I want to go. Time will tell. It seems like a good venture, but independent pharmacists have difficulty competing with retail chains. I don't know of any pharmacists who have hooked up with MDs, but I'm sure there are plenty.

 

[sarahjth]

My boss owns his own pharmacy. He says it's a lot of work and doesn't make as much money as the chains.. He says it is also a lot harder during legal battles, etc because most chains have people that do only that. But he also finds it rewarding because he is his own boss and since it is in a smaller town - you get to know everyone quickly.

 

[ethyl]

My boss owns his own pharmacy. He says it's a lot of work and doesn't make as much money as the chains.. He says it is also a lot harder during legal battles, etc because most chains have people that do only that. But he also finds it rewarding because he is his own boss and since it is in a smaller town - you get to know everyone quickly.

Did he ever say why he didn't start a franchise pharmacy with CVS or walgreens?

 

[ZpackSux]

Did he ever say why he didn't start a franchise pharmacy with CVS or walgreens?

perhaps because CVS and Walgreens aren't franchises..

Medicap and Medicine Shoppe franchise. But they also charge 5 to 6% fee. When the gross profit margin is 17%.. you can't profit when you pay that much monthly frenchise fee.

 

[b*rizzle]

perhaps because CVS and Walgreens aren't franchises..

Medicap and Medicine Shoppe franchise. But they also charge 5 to 6% fee. When the gross profit margin is 17%.. you can't profit when you pay that much monthly frenchise fee.

That, and if you've ever worked for a chain drug store like CVS, Wags, or Eckerd, you'll understand exactly why not many people would sign up for that kind of mess.

 

[tricia]

I work at a individually owned Compounding Pharmacy, and it seems to be doing very well. It's been in business for over 20 years. Working there makes me want to own my own pharmacy one day.

 

[b*rizzle]

I work at a individually owned Compounding Pharmacy, and it seems to be doing very well. It's been in business for over 20 years. Working there makes me want to own my own pharmacy one day.

All of the compounding pharmacies that I know of seem to have a similar reputation. Next summer I hope to supplement my Target job with a part-time spot at a compounding pharmacy (our pharmacy manager is awesome and has connections everywhere).

 

[pharmdwannab]

I actually grew up in a town just outside of Charleston SC and my grandmother worked at the local pharmacy behind the soda fountain. Actually several movies have been made there, The Notebook for example, it is so nostalgic. The older pharmacists that first owned it, when I was little, they had "in store" charge accounts and they didn't accept certain insurances. I guess that was the only way they could survive. Now a new owner has bought the place and my grandmother, 87 now, has since stopped working there but, the new owner doesn't take any insurance! He said he just can't survive with the prices that the insurance companies want to pay. I would love to own a pharmacy like that one day, if I ever get in, but it seems like a struggle to me!

 

[WeirdPharm]

Do you think it'd be difficult to start a pharmacy in a third-world country? I'd think so. The only rewarding thing would be that you'd bring help into their lives. 🙂

So, after reading all this, is it safer to just work for an established pharmaceutical? It seems that you have to get over a lot of things before finally seeing some positive results. ^^;;

 

[sarahjth]

I actually grew up in a town just outside of Charleston SC and my grandmother worked at the local pharmacy behind the soda fountain. Actually several movies have been made there, The Notebook for example, it is so nostalgic. The older pharmacists that first owned it, when I was little, they had "in store" charge accounts and they didn't accept certain insurances. I guess that was the only way they could survive. Now a new owner has bought the place and my grandmother, 87 now, has since stopped working there but, the new owner doesn't take any insurance! He said he just can't survive with the prices that the insurance companies want to pay. I would love to own a pharmacy like that one day, if I ever get in, but it seems like a struggle to me!

Sounds very similiar to where I currently work. We've even had a photoshoot from Playboy.. I know, I know. We have a few landmarks and apparently they liked my little town. But my boss, the owner and pharmacist of the pharmacy still takes "in store charges" - in fact we still use the 110 year old cash register that opens by crank. It has survived a fire and a few robberies... It's quite a machine to master tho. 🙂