Pharmacy Business Plan
Your Pharmacy should be set up to provide prescription medications for your customers at the lowest prices on the market. You should be a highly trained and qualified professional who is responsible for the management and supervision of the drug store and will assist patients in understanding how to manage their medicines to get the best effect from treatment.
A Pharmacy will dispense prescriptions and sells non-prescription goods. The customer will be advised on how to take the medicine and offered general advice. You will also provide other services such as smoking cessation clinics, weight loss and advice on blood pressure and diabetes.
As a Pharmacy you are ethically committed to providing competent and unprejudiced advice on medicines and to refuse to provide medicines which you believe may adversely affect or be misused by the recipient. Independent retailers are particularly important for drugs as the majority of sales are made in a pharmacy with fewer than 10 outlets.
As well as pharmaceuticals you will also stock items such as toiletries and cosmetics, jewelry, photographic goods, and non-prescribed medicines and remedies. Dietary supplements (vitamins and minerals) and alternative remedies (homeopathic and herbal remedies) are currently popular. You will also offer photo processing and have machines performing health checks (e.g., weight, cholesterol or pregnancy tests) in-store.
Leaflets containing product related information will be available to customers and you should also offer late opening hours.
A pharmacy is the health profession that links the health sciences with the chemical sciences and it is charged with ensuring the safe and effective use of pharmaceutical drugs. The word pharmacy derives from the Greek φάρμακον (pharmakon), "drug, medicine" (the earliest form of the word is the Mycenaean Greek pa-ma-ko, attested in Linear B syllabic script).
The scope of a drug store or pharmacy practice includes more traditional roles such as compounding and dispensing medications, and it also includes more modern services related to health care, including clinical services, reviewing medications for safety and efficacy, and providing drug information.
Pharmacists, therefore, are the experts on drug therapy and are the primary health professionals who optimize medication use to provide patients with positive health outcomes.
In most jurisdictions (such as the United States), pharmacists are regulated separately from physicians. These jurisdictions also usually specify that only pharmacists may supply scheduled pharmaceuticals to the public; and that pharmacists cannot form business partnerships with physicians. However, the American Medical Association (AMA) Code of Ethics provides that physicians may dispense drugs within their office practices as long as there is no patient exploitation and patients have the right to a written prescription that can be filled elsewhere. 7 to 10 percent of physicians reportedly dispense drugs on their own. In some rural areas in the United Kingdom, there are dispensing doctors who are allowed to both prescribe and dispense prescription-only medicines to their patients from within their practices. The law requires that the GP practice be located in a designated rural area and that there is also a specified, minimum distance (currently 1.6 kilometres) between a patient's home and the nearest retail pharmacy. In other jurisdictions (particularly in Asian countries such as China, Malaysia, and Singapore), doctors are allowed to dispense drugs themselves and the practice of pharmacy is sometimes integrated with that of the physician, particularly in traditional Chinese medicine. In Canada it is common for a medical clinic and a pharmacy to be located together and for the ownership in both enterprises to be common, but licensed separately.
A campaign for separation has begun in many countries and has already been successful (like in Korea). As many of the remaining nations move towards separation, resistance and lobbying from dispensing doctors who have pecuniary interests may prove a major stumbling block.
Medicinal and pharmaceutical production is extremely important to the economy. It was the second most valuable industry last year. The U.S. is a world leader in both the manufacture and research and development (R&D) of pharmaceutical products. The industry provides employment for more than 1,300,000 people and over $16.3bn of medicines a year.
A community pharmacy dispenses prescriptions and sells non-prescription goods. The pharmacist issues pharmaceutical products and the customer will be advised on how to take the medicine and offered general advice. A pharmacist is ethically committed to providing competent and unprejudiced advice on medicines and to refuse to provide medicines which he believes may adversely affect or be misused by the recipient. Independent retailers are particularly important for drugs as the majority of sales are made in chemists with fewer than 10 outlets.
A community pharmacy will also stock items such as toiletries and cosmetics, jewelry, photographic goods, and non-prescribed medicines and remedies. Dietary supplements (vitamins and minerals) and alternative remedies (homeopathic and herbal remedies) are currently popular. Many chemists offer photo processing and have machines performing health checks (e.g., weight, cholesterol or pregnancy tests) in-store. Leaflets containing product related information should be available to customers. Some shops offer late opening hours.
Brand loyalty in 'Over The Counter' (OTC) products is high. Sales of OTC goods are rising. As value for money is sought, the cheapest products will not necessarily be the most popular. However, as the importance of retailer brands grows it is likely that brands will be mixed or switched. Self-medication has been encouraged by many drugs being changed from prescription only to OTC, with more likely to follow. The cost of prescriptions has increased at a much higher rate than inflation. Many of the products sold will not be affected by an economic downturn as people continue to need remedies for illnesses. Sales of non-essential items, e.g. cosmetic and perfume ranges may suffer and are more likely to be affected by competition from other outlets.
Community pharmacists are being affected by several factors at the moment. One is the uncertain fate of the Resale Price Maintenance agreement (RPM), which prevents discounting on drugs. If abolished, community pharmacists fear that they could not compete with the major chains on price and so many independents would be forced to close.
Growing numbers of people are learning that you can save an abundance of money by ordering products through a discount pharmacy. Often, discount pharmacies online give you the opportunity to order those prescriptions without the hassle of going to the doctor, saving you money by avoiding these expensive consultations. Many discount pharmacies even offer free consultations, too.
Discount pharmacies often offer a variety of different things. You can get free consultations, which means you do not have to ever leave your home to go to the doctor. Sometimes they offer free shipping as well, which can save much money in the long run. Another bonus of discount pharmacy is the discretion that they also give the customer. No one will know what you are buying except the customer.
The best part about discount pharmacy is the pricing on the prescription drugs and medicine. The prices are discounted, and even people without medical insurance can purchase these drugs at low prices. Many online retailers offer sales on different medications. These sales come often and can save you lots of money, depending on what medications you use.
The Internet pharmacy is definitely the way to go if you want the satisfaction of ordering different prescriptions from the comfort of your own home. When you are really sick, do you ever want to leave your house and go to the doctor? I know I don't. That is why when I need antibiotics for my newly acquired cold, I just get online and within a few minutes I have my medicine ready to be shipped to my door--then it is back to bed for me!
The wide range of medications at discount pharmacies online is really astounding. You can get anything from Soma, a muscle relaxer, to Viagra and anti-depressants. All of these can be attained through the click of a mouse. The hassle is eliminated and so is the expensive pricing. An online discount pharmacy can really be the way to go if you want convenience and satisfaction. You get what you buy, so there is no more wondering if the doctor will prescribe that prescription that you know you need.
Going to the pharmacy is a big hassle. A lot of people wish the doctor could just give them the medicine that they need when they are there to see him. It takes enough time going to see a doctor and getting the prescription that you need. Then you have to run to the pharmacy, meaning more time is wasted. It's a bother to do these things, especially when you just need your prescription.
Another great aspect is the discretion you receive from the pharmacy. Have you ever felt embarrassed when you have to go to your local pharmacist with a prescription? I know I have. I can't even look the pharmacist in the eye when I go to the counter to retrieve my medicine. The online pharmacy eliminates the angst involved with this normal way of getting the medicine you need.
For example, a customer might need prescription Prozac. When this is the case, he can decide to get online and order Prozac at a discount pharmacy. Besides the ease and privacy of ordering from home, many people find other benefits of shopping for prescriptions online. One of these is the option to order in bulk. This can be invaluable in terms of convenience, but it also helps those who already spend too much money on prescriptions to cut costs even more.
The Pharmacy industry is considered virtually recession-proof. As medical companies continue advanced research, technology advances, and new and improved drugs emerge, the demand for pharmaceutical products also rise. Many medications exist, designed to alleviate pain, sickness, and infection. Others reduce allergies, prevent pregnancy, or clear the skin. As long as illness, allergies, infection, and a number of other treatable symptoms exist in this world, Pharmaceutical sales will stay strong.
Pharmacy are not currently very profitable, because of the high costs of drug stocks, which are reimbursed only when dispensed, and then two months in arrears and at zero profit. However, the future may be more promising. Pharmacists are now seeking payment not for the supply function (which can be delegated to supervised technicians) but for professional services, e.g. patient management and producing medicine care plans. Pilots have shown the pharmacist’s value in these areas and both the Government and the medical profession are publicly endorsing an extended role for pharmacists.
The mission of your Pharmacy is to provide your customers with the best prices for their prescription medications. Your convenience and services will exceed the expectations of your customers.
Your keys to success will be to maintain customer satisfaction so they will return again and again, maintain low overheads and operating costs and provide better prices than your competitors.
If you have your own business, the only person you have to answer to is yourself. Being your own boss gives you the freedom to do things your way and implement your own plans. Of course, you live or die by your decisions, but that’s what’s good about it, isn’t it?
The good thing about being an entrepreneur is that you can choose what kind of fi rm you start up, and where. So, provided that you’ve done your research properly and there is a gap in the market, you can turn a hobby or interest into a profi table enterprise.
Start your own firm and you get to set and meet your own deadlines. Of course, you won’t be able to just lie in bed until 2pm - you will need self-discipline. But meeting your own targets can be a huge motivation to work hard and drive the business forward.
If you have considered going it alone, you will have thought out how you would do things your way. You will have the freedom to express yourself and develop your concept in any way you choose. Of course, there may be financial constraints, but you will have the opportunity to be as creative as you like.
The news is full of stories about the amount of red tape and taxes that small firms have to face on a daily basis. However, over the past few years, several measures have been introduced that should make it easier to go it alone.
There are countless stories of entrepreneurs hitting on a great idea, exploiting it successfully and being well on their way to their first million by the end of the year. Although the startup process can be tough, with long hours and little money not uncommon, if you run your business well, the rewards can be huge. And, from a purely selfish point of view, you will get most of the profi ts yourself.
Dealing with spreadsheets one minute, suppliers the next and then having a look around your new pharmacy - an entrepreneur’s work is not just busy, it is also extremely varied. If you want a career where every day is different, going it alone could be for you.
Of course, if you don’t want to give up a regular income, you can always get the best of both worlds and remain as an employee while running your own pharmacy. Although juggling the two can be tricky, having a successful sideline should be a profitable option. Do something that you are interested in and go for it.
Although most small pharmacies operate from offices, many entrepreneurs find that operating from home helps keep costs down in the early stages. As well as having familiar, comfortable surroundings to work in, you don’t have to endure the daily tangle with public transport or clogged up roads.
You may feel that starting up a small pharmacy won’t lead to anything more than having your own desk and taking on a few extra staff. However, it’s possible to make it really big. So, do npt dismiss your dreams as a mere fantasy - it really could happen.
Writing A Pharmacy Business Plan
Writing A Pharmacy Business Plan
Written Pharmacy Business Plans are as varied as the companies that compile them. Some Pharmacy Business Plans run almost 100 pages, whereas others barely fill a few sheets. Some Pharmacy Business Plans start with executive summaries, and others plunge right into detailed descriptions of products and services. Some companies print their Pharmacy Business Plans on paper, and some publish their Pharmacy Business Plans exclusively on the Web. Some Pharmacy Business Plans include page after page of financial projections, and others list only anticipated costs, expected revenues, and projected profits.
Every Pharmacy Business Plan is written for a different reason and to obtain a different outcome. Still, some Pharmacy Business Plans are better than others. The following information helps you write a Pharmacy Business Plan that will win high marks.
Pharmacy Business Plans come in all shapes, sizes, formats — even colors — but they all share a similar framework. The following components, presented in the order they generally appear, are common elements in most Pharmacy Business Plans:
- Table of contents: This element is a guide to the key sections in your Pharmacy Business Plan and is especially useful if your Pharmacy Business Plan exceeds ten pages.
- Executive summary: This section is a summary of the key points in your Pharmacy Business Plan. You should incorporate it if your plan Pharmacy Business Plan more than ten pages and you want to convey important information upfront. Because many readers dig no deeper than your executive summary, you want to keep it clear, captivating, and brief — in fact, try to keep it to two pages or less.
- Company overview: This section describes your Pharmacy and the nature of your business. It may include your Pharmacies mission and vision statements as well as descriptions of your values, your products or services, ways your Pharmacy is unique, and what business opportunities you plan to seize.
- Business environment: This section includes an analysis of the Pharmacy sector and the forces at work in the market; an in-depth description of your direct and potential competitors; and a close look at your customers, including who they are, what they want, and how they buy products or services. Think of this section this way: It describes everything that affects your Pharmacy that is beyond your control.
Identify each of the nine organization elements your Pharmacy currently has in place.
- Vision Statement
- Mission Statement
- Goals and Objectives
- Strategies and Tactics
- Philosophy Statement
- Value Statement
- Strategic Intent
Clearly, it is risky to start a new Pharmacy, or to borrow money to
expand an established one, at the top of a boom. For one thing, your
sales are going to be harder to come by as the downturn develops,
and to make things worse, your costs will continue to rise until the
slump makes itself well and truly felt. Remember how wages and
salaries continued to spiral upwards in 2008, although it
was obvious that the downturn would soon be on its way. Worse still,
if you have heavy borrowings, the inevitable increase in interest
rates makes the debt burden heavier, and as a final turn of the screw,
your customers, themselves the victims of the downturn, pay you later and later, and you have to borrow yet more money just to keep your Pharmacy afloat.
On the other hand, if you can get a Pharmacy started or keep an existing one going in the depths of a depression, the future is much rosier. If there is still a market for your product or service, your sales will become easier. At the same time, your costs will rise more slowly than your sales, the interest on your loans will fall, and your customers will find it easier to pay you.
One of the dangers for the person running a small Pharmacy is preoccupation with the day-to-day problems. The more work on hand, the truer this is. From the self-employed service trader, working around the clock on a seasonal flush of jobs, to the owner of a factory, struggling to complete a big order, the story is the same; there is no time to think until the latest crisis has been overcome. The danger is that in solving each problem as it arises, or indeed, in grabbing at an opportunity as it occurs, you can be diverted from your true path almost without realizing it.
Every organization has a life cycle. That is a truth you cannot avoid. However, you can eliminate some of the dysfunctional behaviors that are found at certain points in your Pharmacies climb to growth and success. The complete cycle of a Pharmacy can be described in many ways with many labels. For Pharmacy Business Planning purposes and understanding your Pharmacies story, you can do fine with a simple Pharmacy Business Plan. In this Pharmacy Business Plan you must be able to fit yourself into a category and then understand what story you are telling, look for congruence in your story, and be willing to change your Pharmacy Business Plan if necessary.
Pharmacy Business Plan
Pharmacy Business Plan
Organizations can be generally characterized as falling into one of three categories or into a transition stage.
Those three stages are entrepreneurial, professionally managed, and bureaucratic, and each has a corresponding story. No matter how long you have been in operation, you will fall somewhere on this hypothetical growth line. A key to understanding the growth line and how it connects to the idea of writing a Pharmacy Business Plan is knowing that each stage has a distinctly different story to tell. Your approach to Pharmacy Business Planning is influenced by where you are on the growth line. Organizations risk death as they grow through three stages. Eventually all organizations attempt to return to their entrepreneurial roots.
Great Pharmacies do not happen by accident.
They are planned that way!
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