I am looking for information from those who are owners. I am planning to purchase an independent pharmacy after pharmacy school and am trying to figure out a general plan prior to entering pharmacy school. I am wondering whether there is a better opportunity to purchase a regular independent pharmacy or to convert one to a specialty pharmacy. What would one expect to make and spend in each?
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Pharmacy Ownership
Started by RedheadRX
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Try spending some time with NCPA, it might be very useful for you.
Here's the link to their website: http://www.ncpanet.org/
Here's the link to their website: http://www.ncpanet.org/
Independent pharmacy is tough right now. PBM's make it tough to make a profit with insurance as they are always steering patients toward mail order and cutting reimbursements. Nowadays, in order to survive, independents must look at offering niche services. You can still make a lot of money owning your own pharmacy.
Compounding doesn't seem to be the answer anymore either since most insurances have stopped covering compounds. It's also difficult to startup with some of the USP standards.
Delivery, charge accounts, vaccines, etc. all seem to be a must for independents. If you don't offer any niche services, people might as well go to CVS.
I'd love to give you some more information but didn't want to drown you in my rambling. If you get a chance, check out my site, www.theindependentpharmacist.net. There is a ton of information there on insurance, mail order, compounding etc. You'll also find some resources for independent pharmacy such as NCPA, PCCA, Fight4Rx, etc.
And finally, if you haven't done so yet, I would get involved with an independent. Even if all you do is volunteer, you should start trying to learn all that you can about this field because it's not easy to be successful. It's very rewarding and I wouldn't change what I do for the world but you've got to stay ahead of the game.
Good Luck!
Compounding doesn't seem to be the answer anymore either since most insurances have stopped covering compounds. It's also difficult to startup with some of the USP standards.
Delivery, charge accounts, vaccines, etc. all seem to be a must for independents. If you don't offer any niche services, people might as well go to CVS.
I'd love to give you some more information but didn't want to drown you in my rambling. If you get a chance, check out my site, www.theindependentpharmacist.net. There is a ton of information there on insurance, mail order, compounding etc. You'll also find some resources for independent pharmacy such as NCPA, PCCA, Fight4Rx, etc.
And finally, if you haven't done so yet, I would get involved with an independent. Even if all you do is volunteer, you should start trying to learn all that you can about this field because it's not easy to be successful. It's very rewarding and I wouldn't change what I do for the world but you've got to stay ahead of the game.
Good Luck!
