Pharmacists as business/pharmacy owners?

[lilmiscassie92]

I was looking into the school here in Nevada awhile back, and I remember that they have the option of also getting a business major for those who wish to open up their own pharmacy. I'm wondering, do many pharmacy businesses fail because of companies like CVS, Albertson's pharmacy, etc., or do many of them make decent money? How about in more rural/suburban areas compared to bigger cities?

---

Members don't see this ad.

 

[asianbunny]

I was looking into the school here in Nevada awhile back, and I remember that they have the option of also getting a business major for those who wish to open up their own pharmacy. I'm wondering, do many pharmacy businesses fail because of companies like CVS, Albertson's pharmacy, etc., or do many of them make decent money? How about in more rural/suburban areas compared to bigger cities?

It all depends on the location of the pharmacy. The fewer big companies (CVS, Walmart, Walgreens) in the area, the more popular a business pharmacy will become.

 

[PharmyC]

I actually brought this up in my interviews because it is a serious goal of mine, but one I realize will be challenging.

From what I've gathered talking to professionals it is possible but the bigger companies do bully you. Many recommended looking into more rural areas if you want to be more successful. In addition, finding a niche market of pharmacy is a good goal. For instance, compounding medications not found at larger chains but there is a demand for.

Things like these increase your odds of success, but it is still very much a challenge. My research has suggested that if you want to open your own pharmacy to try and find one that's for sale. That way you can look over how well it has been doing the last few years and determine if it is a proper investment or not.

In addition, http://www.ncpanet.org/ is a website for an organization focused on independent pharmacy owners. They list pharmacies for sale around the nation and provide resources to aid those interested.

 

[owlegrad]

http://forums.studentdoctor.net/showthread.php?t=835741

 

[rxlawreview]

Any practicing pharmacists out there that are pharmacy owners in the DC, MD, VA area? I would love to network and connect with you about the ownership process and what it entails? I am a practicing chain retail pharmacist interested in owning my own pharmacy. I am licensed in 5 states all in good standing. Let so network. PM if you have information to provide. We can go for lunch/dinner. Thanks

 

[deleted462159]

Competition from chain pharmacies is fierce, but usually you'd be fine if you have a strong niche or offer personable service. At an independent store, patients are people, not numbers.

Your bigger worry may be the PBM reimbursement contracts. I'd say 9 out of 10 pharmacy owners I talk to complain far more about PBMs than about competition from chain stores.