Problem with Entrepreneurship as a Pharmacist

[avik224]

If a pharmacist wants to become an entrepreneur, he/she would probably get the idea of opening up their own pharmacy, and eventually developing it into a chain....

However, such dreams may clash due to the existence of pharmacies like Walgreens, Duane Read, and other well-established pharmacy chains...

As a pharmacist, how can you run ur business so that customers will actually choose u over the big chains like duane read???

If this isn't possible, are there any other types of pharmacy-related businesses that a pharmacist can successfully run???


Sorry if the questions seem stupid........I am a senior in High School.... and I am making plans on what I'll do after I get my Pharm D.

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[bigdogc]

yeah i thought about this when i got into pharmacy school. good luck getting help here, i made a similar post around 5 months ago and got no replies.

 

[Rumplestiltazepam]

Google search would give you a lot of answers if you do some digging as well as searching the APhA site.

It does have a lot to do with your area and what your competition is but independents can make it by offering specialized services, finding a niche is the way you will survive. The independents I know survive because they are in rural areas where the people prefer using a local pharmacy, pharmacist knows everybody and people have time to be counseled and ask questions and do not have to make forever for their scripts. Like I said their success has a lot to do with the area they are located.

Pharmacists can start up a DME company or try and focus on kits for area medical practitioners. If you are interested in compounding and can find an area that is without compounding services that is another avenue you could pursue.

Networking and finding an established independent pharmacy with an owner that wants to retire is an option. You could setup some kind of junior partnership.

Not everyone wants to give away their ideas to you. You have to do some thinking and observe what is going on in pharmacy and the patient care going on in the pharmacy. What is lacking and how could it be improved? What services could you offer that a busy chain store could not? What is the demographic in your area? Are you catering to a bunch of people you want naturalistic approach to their personal care. Maybe specializing in natural remedy treatments along with their regular medication management. Or try and combine a GNC type store with a pharmacy. Or open up a diabetes clinic/medical supply store.

Maybe their are some grocery stores in your area that do not have pharmacies, maybe you could lease out space be the pharmacy in "Bob's Market" or something.

 

[Epic]

Running an independent pharmacy is no different than any other business. You compete with your competitors to provide service and hopefully do it better.

Who'd thought Wal-Mart would surpass K-Mart? Who'd thought a small coffee joint would become a household name... Starbucks. And who'd thought Oldsmobile would go out of business?

What as an independent pharmacy owner can you provide to your customers so they will come to you instead of Walgreens or CVS? I found a niche in Durable Medical Equipment with pediatric patients. There was a tremendous opportunity and no other company was providing the service. I took a chance and the business grew.

It can be done. The danger is in finding a job that pays 100K+ straight out of pharmacy school... since not many new grads with a large sum of student loan will take a chance and start a new pharmacy with no guaranty it will succeed.

Again.. it can be done.

 

[KARM12]

Running an independent pharmacy is no different than any other business. You compete with your competitors to provide service and hopefully do it better.

Who'd thought Wal-Mart would surpass K-Mart? Who'd thought a small coffee joint would become a household name... Starbucks. And who'd thought Oldsmobile would go out of business?

What as an independent pharmacy owner can you provide to your customers so they will come to you instead of Walgreens or CVS? I found a niche in Durable Medical Equipment with pediatric patients. There was a tremendous opportunity and no other company was providing the service. I took a chance and the business grew.

It can be done. The danger is in finding a job that pays 100K+ straight out of pharmacy school... since not many new grads with a large sum of student loan will take a chance and start a new pharmacy with no guaranty it will succeed.

Again.. it can be done.

Old softy...

 

[PharmDstudent]

I have an idea, but I'm keeping it to myself .

 

[Hpower12]

find a niche or do things the others don't. independents deliver, offer more personalized service, you can run diabetes education classes, do cholesterol screenings, bone density things. just be creative, put a lunch sandwich thing in, ice cream, soda. and don't be scared of competition, the best location is probably right across from a walgreens or cvs, just brings more people to the area and you get more exposure.

 

[jawnly211]

you can add mail order and medicare part D to your list of potential barriers

 

[prk]

Any idea how much does the inventory cost in a small pharmacy store?

 

[RxWildcat]

if its really small about 200-250k

 

[soyroger]

Any idea how much does the inventory cost in a small pharmacy store?

Depends if it's a typical pharmacy or compounding only. This last year I interned at a compounding pharmacy and recall the owner saying his inventory was around 40-50K. That's just drugs though, so compounders need to keep in mind all the other expensive equipment (ointment mill, electronic balances, capsule machine, electronic mortar and pestle, etc). His previous independent (non-compounding) that he sold had about 4 times the inventory though.

 

[blueclassring]

There are a few pharmacists here who are successful at their independent pharmacy. You must outdo the competition, particularly in terms of service delivery and quality of care. I graduate next year, and am in the midst of formulating my business plan. I hope to open it up a year after graduation. I firmly believe it can be done. Good luck.

Let me recommend a great book for you to get started. It called "Think and Grow Rich" by Napoleon Hill. Great books for attracting abundance in your life are written about by Wayne Dyer.

 

[YapYap6]

There are also ethnic communities that you could serve (assuming you can speak the language). In Chicago's Chinatown, there are two independents that do very well for themselves. Techs from both tell me they do about 250-350 scripts a day. Most of the immigrants in the community prefer the independents even though there is a Walgreens tailored to Asians right down the street. Heck, even my father goes to those independents regardless of the fact that I tech at Walgreens!

 

[fieldkj]

I just started my pharmacy and my initial inventory was around 70K

 

[fieldkj]

There are many different avenues that you can go down with your own pharmacy. I recently started an opiod dependence clinic within my pharmacy. I have brought on a physician who rents space from my pharmacy and treats patients with this addiction. I run the liver function test for these patients and get paid for running these tests. I also eventually receive these patients as patients on the dispensing side. I have also alligned myself with an insurance agency that I send my medicare part D to. This then gives me another service to offer my patients and the insurance company then recommends my services to his staff

 

[RxWildcat]

That sounds like a really unique niche! How many pts do you have?

 

[fieldkj]

approx 20 patients

 

[JackBeanstalk]

That is something nice to carve out in the realm of health care. They have different regulations in Maryland. No pharmacy is allowed to participate in methadone maintenance program, however, a pharmacy can dispense methadone for pain. Cheers.

 

[inquirer89]

I agree: specialization is a great way to set your pharmacy apart from the major retail chains. There is a west coast pharmacy called Pharmaca that has expanded and become a brand itself. It specializes in natural, organic, green medicines and treating patients in a holistic attention. Sounds like a great niche.

 

[firefighter9015]

The independents that I know that are prospering are doing so because they have GREAT relationships with there patients. They know must of them by name. That is why I keep choose those pharmacies over chains. Heck, I choose those pharmacies over the outpatient employee pharmacy at the hospital I worked out even though I worked with the pharmacist every day there.

 

[fieldkj]

With my opiod addiction clinic we dont use methadone, I dont like methadone and personally dont think it works. I am working with Suboxone in my clinic. Also since my current pharmacy is located with in a physians office, we are beginning the setup for a collaborative practice agreement between my self and the physician. I am currently handling cholesterol, diabetes, and coumadin patients for the physician.

 

[collegegirl247]

Also since my current pharmacy is located with in a physians office, we are beginning the setup for a collaborative practice agreement between my self and the physician. I am currently handling cholesterol, diabetes, and coumadin patients for the physician.

how do you compete with companies such as cvs that have the minute clinic right there??