Starting private store

[koreanboi92]

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Is it really that much harder to start a private pharmacy store because of big chain stores? I'm specifically looking in Ventura County(Oxnard or Ventura or Camarillo)

Heck, I'm not even in college yet, but I'm spending my whole looking into different careers.

But but yeah, I'm not expecting to make like $200k/year or anything. I was just wondering if it's possible to make around $100-130k from a private store. Thanks guys.

 

[IrishRxMan]

Since you aren't in school yet, you probably haven't been introduced to any national organizations. The National Community Pharmacist's Association (NCPA) is the national organization for independent pharmacy. They have programs where you can either buy an existing pharmacy from a retiring pharmacist or help you start one from scratch. As for competing with big chains, you wouldn't be. You couldn't survive. As an independent, you have to carve out a niche the big guys won't really touch. Delivery service, ostomy supplies, wound care items, etc. Compounding is an area that the big guys never messed with, but they are now starting to get into. Their downfall is they can't get a membership to the largest and most respected wholesaler of compounding supplies, PCCA. The company was started by an independent pharmacist and they are against selling a membership to the big chains. The chains can still get a lot of the same bulk powders and such, but they aren't always as pure and they don't have access to the huge formula database at PCCA. I suggest that you seek out some independent pharmacists and see if they will let you shadow. When you get into pharmacy school see if your campus has a chapter of NCPA and join it.

 

[Pharmpills]

We need to see more post like this where people are willing to take a chance to start something rather than let Walgreens and CVS continue to make all the decisions. Well u have a long way to go since you haven't entered pharm school but there are usually alot of incentives and help to open your own pharmacy as the prev. poster stated.

 

[IrishRxMan]

Depending on how this health care thing pans out, I may or may not open/buy a pharmacy. It's kinda scary what has been said about the role of a pharmacist and if we are even necessary. It was told to me by my boss at the independent I work for: "If you're in pharmacy, you NEED to be in politics." You can't trust politicians to make laws without your input. They have no concept about what will help and hurt health care. But you want to bet the people that stand to make a profit while Mr. and Mrs. Smith get bent over the rail aren't speaking very sweetly in those same politician's ears? There's a reason APhA has the only privately held building on the national mall. We need a strong voice and a powerful presence with lawmakers. We need to help keep our profession safe and in place, especially as an independent.

 

[PharmTheQuah]

Irish,
I agree with you totally. We do need more pharmacy students that go work for independent stores so people can receive the care they deserve. Big chains pay well but they own you when you work for them. I can't stand going into a chain pharmacy. Those places are run by MBA's and corporate monkeys not pharmacists! I would love to own my own pharmacy when I get out and maybe the market will allow me to do so. I guess we will wait and see.

 

[rphfan2009]

Irish,
I agree with you totally. We do need more pharmacy students that go work for independent stores so people can receive the care they deserve. Big chains pay well but they own you when you work for them. I can't stand going into a chain pharmacy. Those places are run by MBA's and corporate monkeys not pharmacists! I would love to own my own pharmacy when I get out and maybe the market will allow me to do so. I guess we will wait and see.

I have an MBA and I personally hate the care that patients receive in the retail setting. So don't think that all MBA's are corporate *****holes--some of us care 🙂

 

[IrishRxMan]

I have an MBA and I personally hate the care that patients receive in the retail setting. So don't think that all MBA's are corporate *****holes--some of us care 🙂

I'm sure that it was a generalization and not directly aimed at you. You are an exception because you are working towards going to pharmacy school.

As for being owned by the big chains, I'll do it for a few years to pay off loans faster so I can open or buy my pharmacy sooner. Use 'em for what they're good for and leave before they make you bitter.

 

[PharmTheQuah]

I'm sure that it was a generalization and not directly aimed at you. You are an exception because you are working towards going to pharmacy school.

As for being owned by the big chains, I'll do it for a few years to pay off loans faster so I can open or buy my pharmacy sooner. Use 'em for what they're good for and leave before they make you bitter.

True, I didn't aim that at specific folks that have MBA's. There are businessmen that do strive for patient care and that is commendable. I also agree that it is smart to leave the chains before becoming bitter. I don't think I could survive more than a couple of years in a glorified check out line! I study way to much to be apathetic towards patients and hide behind glass in a corner somewhere. I'm glad there are options in this wonderful profession and there are plenty of folks willing to work for the big chains so I don't have to.

 

[rphfan2009]

I'm sure that it was a generalization and not directly aimed at you. You are an exception because you are working towards going to pharmacy school.

As for being owned by the big chains, I'll do it for a few years to pay off loans faster so I can open or buy my pharmacy sooner. Use 'em for what they're good for and leave before they make you bitter.

I know they didn't mean me directly...Believe me, I can't stand most of the people I went to business school with--they are mostly jerks! I couldn't wait to get my MBA and get the hell away from them! 🙂

 

[rphfan2009]

True, I didn't aim that at specific folks that have MBA's. There are businessmen that do strive for patient care and that is commendable. I also agree that it is smart to leave the chains before becoming bitter. I don't think I could survive more than a couple of years in a glorified check out line! I study way to much to be apathetic towards patients and hide behind glass in a corner somewhere. I'm glad there are options in this wonderful profession and there are plenty of folks willing to work for the big chains so I don't have to.

I'm not offended...to be honest, I couldn't stand most of the people in my MBA class--they were all a bunch of fools who drank their own "kool-aid" so to speak--LOL 🙂

Anyhow, I'm a tech right now (for the experience) at a retail chain and I feel like a real stupid sh#t hiding behind a register or a drive-thru window. I really despise the retail chains. I will only work for them to pay off my loans (if I must do so) and then I'm going to get out and head into something more fulfilling 🙂

Glad to see that there are other pre-pharmers, pharmacy students and RPh's out there who actually give a sh$t about patients and want to truly help others! People like you make me have hope about the future of pharmacy 🙂

 

[rphfan2009]

True, I didn't aim that at specific folks that have MBA's. There are businessmen that do strive for patient care and that is commendable. I also agree that it is smart to leave the chains before becoming bitter. I don't think I could survive more than a couple of years in a glorified check out line! I study way to much to be apathetic towards patients and hide behind glass in a corner somewhere. I'm glad there are options in this wonderful profession and there are plenty of folks willing to work for the big chains so I don't have to.

P.S. Most MBA's are as$holes...trust me, I know a lot of them 🙂

 

[lazer82]

i worked as a tech in New Jersey for about 3 years in a moderately sized grocery store pharmacy, but had alot of interaction with independent pharmacies we actually had one 3 stores down in the same shopping plaza! the big guys that pulled in two or three thousand rx's a day, did really well for themselves. but the ones who did 1000 or less seemed to have to rely on medical supplies and some sort marketing to get by.

 

[koreanboi92]

I have been searching for pharmacist salaries. The only ones I find are for the big retail chain stores. Anyone know/heard/read a typical income for a private pharmacy store(assuming the pharmacist is the owner of the whole store)? Thanks!

 

[RXsocal]

I have been searching for pharmacist salaries. The only ones I find are for the big retail chain stores. Anyone know/heard/read a typical income for a private pharmacy store(assuming the pharmacist is the owner of the whole store)? Thanks!

The pharmacist I worked under brings in 400k a year. (It's an independent pharmacy in a medical plaza) Note: The pediatrician to the right of us brings in around 2mill a year and the orthopedic surgeon right across from us brings in 6mill a year. Talk about elite professionals...eh?

 

[koreanboi92]

Where are you living at in SoCal?haha

 

[schrizto]

The pharmacist I worked under brings in 400k a year. (It's an independent pharmacy in a medical plaza) Note: The pediatrician to the right of us brings in around 2mill a year and the orthopedic surgeon right across from us brings in 6mill a year. Talk about elite professionals...eh?

😎

 

[koreanboi92]

bump.

But honestly, does anyone here know someone that owns a private store?

 

[cycloketocaine]

bump.

But honestly, does anyone here know someone that owns a private store?

I know 3 people with 3 different independents right off the top of my head.....but.......what does me knowing someone have to do with you?

 

[koreanboi92]

Do you know how well they are making? If I become a pharmacist,I don't want to work in a chain store. I was wondering if independent pharmacists still made enough to have decent lives.

 

[rphfan2009]

The pharmacist I worked under brings in 400k a year. (It's an independent pharmacy in a medical plaza) Note: The pediatrician to the right of us brings in around 2mill a year and the orthopedic surgeon right across from us brings in 6mill a year. Talk about elite professionals...eh?

Sign me up 🙂

 

[rphfan2009]

bump.

But honestly, does anyone here know someone that owns a private store?

Nada...Wish I did 🙂

 

[IrishRxMan]

Average indepedant pay is about a quarter mil per year for the owner, not a staff pharmacist. The owner of the independent I work for took home 2 mil last year. You can't rely just on the number of prescriptions you do a day for your income as an independent. Like I said before, you have to offer things that big chains won't like delivery, ostomy supplies, compounding and other specialty services. Also, we have a huge gift area that a lot of people like. It reminds a lot of people about the way pharmacies were back in the '50s and '60s before it got so commercialized. These are the people that hold all the wealth of the country and are getting into the age where they will be on at least 3 meds by 65 and 8 meds by 75.

 

[JackFruitLover]

Most of the pharmacists that I know that work in Independent pharmacies make around the same as chain pharmacy.

 

[JackFruitLover]

The pharmacist I worked under brings in 400k a year. (It's an independent pharmacy in a medical plaza) Note: The pediatrician to the right of us brings in around 2mill a year and the orthopedic surgeon right across from us brings in 6mill a year. Talk about elite professionals...eh?

Think about the mal-practice insurance cost for the two doctors, especially the orthopedic surgeon.

 

[RXsocal]

Average indepedant pay is about a quarter mil per year for the owner, not a staff pharmacist. The owner of the independent I work for took home 2 mil last year. You can't rely just on the number of prescriptions you do a day for your income as an independent. Like I said before, you have to offer things that big chains won't like delivery, ostomy supplies, compounding and other specialty services. Also, we have a huge gift area that a lot of people like. It reminds a lot of people about the way pharmacies were back in the '50s and '60s before it got so commercialized. These are the people that hold all the wealth of the country and are getting into the age where they will be on at least 3 meds by 65 and 8 meds by 75.

I agree with this post. The pharmacy where I work at is a compounding pharmacy + we sell medical supplies. I wish pharmacies would go back to neighborhood businesses and not super chain stores. Anybody want to join me for that movement?

 

[koreanboi92]

For these private owners making $250,000/year, did they work over 50 hours a week?

 

[Aljazera]

For these private owners making $250,000/year, did they work over 50 hours a week?

I may know nothing about Pharmacy, but I do know business; and owning a business is a double full-time thing.

You have to worry about your employees, supplies, paperwork (reimbursements, taxes, etc.), and attracting/keeping customers. The only way to lessen the load is to hire people to do the work for you, i.e. Accountant, Lawyers, Managers, Consultants (maybe?). However, even if you do hire these people, you will have to go over their work or you will have to hire someone to watch their work...a successful business is not easy, unless its e-business.

 

[RXsocal]

For these private owners making $250,000/year, did they work over 50 hours a week?

No **** dude. If you want more money, you have to take on more responsibilities. Like the above poster, independent pharmacists/owners must deal with insuring their workers and paying rent and all these other things. The pharmacist that I worked for worked Monday-Saturday 8-6... so that's around 60 hours per week. You sound like you're very interested in the MONEY....and you want to open your own business. Just beware of the fine print: you're going to have to work your ass off.

 

[koreanboi92]

No **** dude. If you want more money, you have to take on more responsibilities. Like the above poster, independent pharmacists/owners must deal with insuring their workers and paying rent and all these other things. The pharmacist that I worked for worked Monday-Saturday 8-6... so that's around 60 hours per week. You sound like you're very interested in the MONEY....and you want to open your own business. Just beware of the fine print: you're going to have to work your ass off.

Actually, I'm more interested in free time than money. My dad is a business(think 1 million $ income), but works like 75 hours a week,every single day of the week. This year, my family was just lucky to fit in a 2 day trip. I decided that I want to spend ALOT of time with my future family. It wont matter if I only work 40 hours a week in a pharmacy because I might take over.

 

[koreanboi92]

And I have to add that the reason why my dad works 75 hours is because he doesn't want to hire managers for his restaurants because he wouldn't keep as much money.=P He probably spends 3-4 hours a day working at a restuarant. If he hired a manager, he could've saved himself a good 15-20 hours a week.

 

[RXsocal]

And I have to add that the reason why my dad works 75 hours is because he doesn't want to hire managers for his restaurants because he wouldn't keep as much money.=P He probably spends 3-4 hours a day working at a restuarant. If he hired a manager, he could've saved himself a good 15-20 hours a week.

I completely agree. On my side, we don't like to hire ANYBODY to our business too because we rather keep the money, and long hours, to ourselves. I thought you didn't know about that because of the way you asked your question, sorry. But you're Korean....I should have known your family owns a small business .

Back to the subject... if you want FREE TIME, you should probably not own your own business. I do encourage you to NOT work/support those chain pharmacies. If your you're a hard worker, I'll hire you at one of my independent pharmacies in the future. 🙂 LOL jk. SUPPORT independent pharmacy!

 

[koreanboi92]

I have a few family friends from church that are pharmacists who used to work at a CVS here. But they would work night shifts and it's just at the most horrible times. If there was a retail job that was you know, mon-thur, no weekends,no night,10 hour shifts, I might take it.

Do places such as Target/Walgreens/CVS/Rite Aid/etc offer such schedules?lol

 

[IrishRxMan]

I have a few family friends from church that are pharmacists who used to work at a CVS here. But they would work night shifts and it's just at the most horrible times. If there was a retail job that was you know, mon-thur, no weekends,no night,10 hour shifts, I might take it.

Do places such as Target/Walgreens/CVS/Rite Aid/etc offer such schedules?lol

Sure, once you've worked for them at least 10 years you might get it to where you work only one weekend every six weeks or so. If you work for a place that is open 7 days a week, you're going to be working weekends.

Like was earlier posted, you will be spending every hour at your pharmacy when it is open. It will take a while before you can afford to hire on another pharmacist to help you with the workload. There are 3 pharmacists that work full time where I work, but the owner has had the store for 40 years. He's had time to build it up and expand the business. They are extremely well known in the community and we have the largest compounding lab in the city. The owner now spends most of his time working with NCPA and lobbying politicians to help shape the profession the way it needs to be shaped to protect it. He puts in probably 60 hours a week, if not more but I rarely see him checking scripts much anymore. Unless you purchase an existing pharmacy off a retiring pharmacist, you'll probably be the only one working there for the first year at least. It takes 18 months to 2 years to start turning a profit when you open a new pharmacy provided it's in an area where you will get a good amount of business. NCPA has all kinds of ways to help you either buy an existing pharmacy or open your own.

 

[MaximBrutii]

This post saddens me a bit. I mean, going the independent route sounds like a great idea, however, it seems a bit "unprofessional" and "selfish" if the only reason that attracts you to the independent market is $$. To me, the pharmacist profession should be, first and foremost, about the well being of the patient, and not about which would offer a higher salary.

I've always enjoyed physiology, chemistry, biochemistry, etc and I've always loved working with people. The biggest reason that I've chosen to pursue the pharmacy profession is because it'd allow me to interact with these people in a professional setting and advising them with my knowledge of these subjects. I believe that opening an independent store would allow that sort of personal interaction with patients that a big chain store could never offer. And this would be the sole reason why I would choose a private store over a big corporation.

You may scoff at what I say but I stand firmly behind what I believe in. Being a pharmacist isn't about the money, its the people.

 

[IrishRxMan]

This post saddens me a bit. I mean, going the independent route sounds like a great idea, however, it seems a bit "unprofessional" and "selfish" if the only reason that attracts you to the independent market is $$. To me, the pharmacist profession should be, first and foremost, about the well being of the patient, and not about which would offer a higher salary.

I've always enjoyed physiology, chemistry, biochemistry, etc and I've always loved working with people. The biggest reason that I've chosen to pursue the pharmacy profession is because it'd allow me to interact with these people in a professional setting and advising them with my knowledge of these subjects. I believe that opening an independent store would allow that sort of personal interaction with patients that a big chain store could never offer. And this would be the sole reason why I would choose a private store over a big corporation.

You may scoff at what I say but I stand firmly behind what I believe in. Being a pharmacist isn't about the money, its the people.

I don't want to own my own pharmacy purely for the money. I want to own my own pharmacy so I can better help people because I will be making the rules and not some corporate giant. It allows me to be more flexible and offer more services to better accommodate my patients/customers. Anyone that gets into pharmacy purely for the money will only be happy for about 10, maybe 15 years before they hate life enough to make a change.