Pharmacy Business Plan Template
Pharmacy business plan.
You’ve come to the right place to create your pharmacy business plan.
We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their pharmacies.
Pharmacy Business Plan Example
Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan.
Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina. The company is founded by Stephen Harris, a licensed pharmacist who has spent more than fifteen years working in the pharmacy industry. Stephen is confident that his strong communication skills combined with his keen attention to detail when preparing prescriptions will help him quickly grow a loyal customer base for his new pharmacy. Stephen has recruited a team of highly qualified professionals to help manage the day-to-day complexities of running a retail pharmacy including marketing, sales, customer service, financial reporting, and operations management.
Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with a better price and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more.
The following are the services that Healthy1 Pharmacy will provide:
- Over-the-counter (OTC) medications
- Prescription medications
- Travel medications
- Point-of-Care (POC) Tests
Healthy1 Pharmacy will target all individuals in Charleston. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis. No matter the customer, Healthy1 Pharmacy will deliver the best communication, service, and prices.
Healthy1 Pharmacy will be owned and operated by Stephen Harris. He has recruited Emily Jackson, an experienced retail pharmacy manager to be his Store Manager and help to supervise the staff and run the day-to-day retail operations.
Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized by his former employer as a top performing pharmacist for five years in a row.
Emily Jackson has been a store manager at a local retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.
Healthy1 Pharmacy will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly qualified team of sales associates and pharmacy technicians who will assist customers, answer questions, and provide a personalized approach not found in larger pharmacies.
- Comprehensive array of products and services that includes everything you would expect from a large pharmacy, only with attentive customer service and lower prices.
- Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy’s pricing structure is the most cost effective compared to the competition.
Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its new pharmacy. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:
- Pharmacy and retail space build-out: $100,000
- Equipment, supplies, inventory, and materials: $100,000
- Three months of overhead expenses (payroll, rent, utilities): $160,000
- Marketing costs: $25,000
- Working capital: $15,000
The following graph below outlines the pro forma financial projections for Healthy1 Pharmacy.
Who is healthy1 pharmacy.
Healthy1 Pharmacy is a newly established independent retail pharmacy located in Charleston, South Carolina. Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with lower prices and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more. Healthy1 Pharmacy will be able to provide Charleson customers with the experience of a friendly, neighborhood drugstore while ensuring each prescription is handled with the highest standards of quality and care. The team of pharmacy technicians and sales associates will be highly qualified and experienced in helping customers find the right over-the-counter solutions for their individual needs as well as ensuring each prescription is filled accurately and efficiently.
Healthy1 Pharmacy History
Healthy1 is owned and operated by Stephen Harris, a licensed pharmacist with over fifteen years of experience working in the pharmacy industry. Stephen has worked for a large pharmacy chain and managed a team of pharmacy technicians for several years. Stephen’s tenure with the pharmacy chain combined with his pharmaceutical education has given him the skills and knowledge required to start his own pharmacy.
Since incorporation, Healthy1 Pharmacy has achieved the following milestones:
- Registered Healthy1 Pharmacy, LLC to transact business in the state of South Carolina.
- Has a contract in place to lease the retail storefront he will use for his pharmacy.
- Reached out to numerous contacts to include experienced pharmacy technicians and sales associates to advise them of the upcoming opportunities at his new pharmacy.
- Began recruiting the management team members including a store manager, an accountant/bookkeeper, and a marketing director.
Healthy1 Pharmacy Services
The following are the pharmacy products and services that Healthy1 Pharmacy will provide:
The pharmacy industry in the United States is valued at $534.2B and is projected to grow to $862B by 2028. Major market drivers include a growing number of types of diseases, an increasing percentage of people with chronic illnesses, an aging population, and higher healthcare costs.
There are more prescription medications being developed, and the demand for more prescriptions is growing faster than ever before. In 2020, there were an estimated 860M medications prescribed by physicians and 336M prescribed by hospitals. This prescription demand is resulting in more pharmacies opening across the U.S. The National Council for Prescription Drug Programs (NCPDP) reports an estimated 20,400 independent pharmacies in 2010. This number has grown to over 23,000 by 2019, a 12.9% increase in the number of independent pharmacies for that time period.
Industry operators in the pharmaceutical market can benefit from providing above average customer service, lower prices than competitors, and products or services that aren’t being offered elsewhere.
Demographic profile of target market.
Healthy1 Pharmacy will target all individuals in Charleston, South Carolina. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis.
The precise demographics for Charleston, South Carolina are:
Healthy1 will primarily target the following customer profiles:
- Parents of pediatric patients
- Geriatric patients
- People taking medications on a regular basis
- People needing compounding services
- People looking for vaccines or immunizations
- People who need lab tests
Direct and indirect competitors.
Healthy1 Pharmacy will face competition from other companies with similar business profiles. A description of each competitor company is below.
Charleston Care Pharmacy
Charleston Care Pharmacy provides a wide variety of pharmacy products and services including OTC medications, lab testing, and compounding. Located in a senior neighborhood, Charleston Care Pharmacy specializes in serving the geriatric population, but welcomes customers of all ages. Charleston Care Pharmacy’s promise is to deliver effective communication, honesty, and integrity in every transaction. Charleston Care Pharmacy’s team of experienced pharmacy technicians assures customers are well taken care of and prescriptions are filled quickly and correctly.
FeelBetterNowPharmacy is a Charleston-based neighborhood pharmacy that provides a full suite of services including compounding, vaccines, lab testing, local delivery, and more. The owners of FeelBetterNowPharmacy are licensed pharmacists who have extensive experience working for independent retail pharmacies so they understand what customers are looking for in a neighborhood pharmacy. Customers who choose FeelBetterNowPharmacy can rest assured they are getting the best quality products at reasonable prices.
Care Better Pharmacy
Care Better Pharmacy is a trusted Charleston pharmacy that is known for providing superior customer service. They are able to provide a one-stop shop for customers looking for convenient OTC and prescription medications, durable medical equipment, vaccines, and immunizations. Care Better Pharmacy is also able to serve customers in need of compounding, recurring prescriptions, and lab testing. They have expert pharmacy technicians to provide information about each medication and answer all of their customers’ questions.
Healthy1 Pharmacy will be able to offer the following advantages over their competition:
- Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy offers its customers low prices on all of its products and services compared to the competition.
Brand & value proposition.
Healthy1 Pharmacy will offer the unique value proposition to its customers:
- Highly-qualified team of skilled pharmacy technicians and sales associates will be able to provide personalized customer service and ensure all prescriptions are handled with care.
- Unbeatable pricing to its clients – Healthy1 Pharmacy does not mark up its products and services at a large percentage. The pharmacy will offer the lowest prices guaranteed. If a customer finds a cheaper price elsewhere, Healthy1 Pharmacy will give the customer a better price.
The promotions strategy for Healthy1 Pharmacy is as follows:
Healthy1 Pharmacy will create and maintain a company website that is well organized, informative, and lists all the products and services that Healthy1 is able to provide. The website will also list promotions and discounts, informative healthcare articles, and pharmacy-sponsored community events.
The company’s marketing director will manage Healthy1’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Charleston pharmacy” or “pharmacy near me”, Healthy1 Pharmacy will be listed at the top of the search results.
Social Media Marketing
Healthy1 Pharmacy’s marketing director will also manage the company’s social media presence on several platforms including Instagram, Facebook, Twitter, YouTube, TikTok, and LinkedIn. The goal of the social media strategy is to attract new customers while engaging with current customers to encourage referrals, reviews, and feedback.
Content Marketing/Email Marketing
The company will post blogs and other promotional content on a regular basis with informative health and wellness information to keep people coming back. Healthy1 will post informative content on the website, social media platforms, and through email newsletters.
Healthy1 Pharmacy will become a member of professional associations such as the Independent Retail Pharmacy Association, the National Community Pharmacists Association, and the Tennessee Pharmacists Association. The company will focus networking efforts on expanding its customer base.
Healthy1 Pharmacy will invest in professionally designed print ads to display in programs or flyers at industry networking events, in magazines, direct mailers, and in local newspapers.
The pricing will be lower than competitors so customers feel they receive value when they choose Healthy1 products and services.
The following will be the operations plan for Healthy1 Pharmacy.
- Stephen Harris will be the Owner and Lead Pharmacist. He will oversee pharmacy technicians. Stephen has spent the past year recruiting the following staff:
- Emily Jackson – Store Manager who will oversee all retail operations, sales associates, supplier relations, and inventory management.
- Jessica Johnson – Staff Accountant/Bookkeeper who will provide budgeting, tax payments, and financial reporting.
- Tim Thompson – Marketing Director who will provide marketing and sales campaigns for Healthy1 Pharmacy.
Healthy1 Pharmacy will have the following milestones complete in the next six months.
9/1/2022 – Finalize contract to lease the retail space.
9/15/2022 – Finalize personnel and staff employment contracts for the Healthy1 Pharmacy team.
10/1/2022 – Finalize contracts with suppliers.
10/15/2022 – Network at industry events and initiate the marketing and promotional campaign.
10/22/2022 – Begin moving into the Healthy1 Pharmacy storefront.
11/1/2022 – Healthy1 Pharmacy opens for business.
Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized for his commitment to excellence in filling prescriptions accurately and efficiently as well as his communication skills and positive rapport with customers.
Emily Jackson has been a store manager at another retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.
Key revenue & costs.
The revenue drivers for Healthy1 Pharmacy are the fees charged to customers in exchange for the pharmacy’s products and services.
The cost drivers will be the overhead costs required in order to staff a pharmacy. The expenses will be the payroll cost, rent, utilities, inventory, supplies, and marketing materials.
Funding Requirements and Use of Funds
Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its pharmacy business. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of prescriptions filled per month: 2,000
- Average fees collected each month: $50,000
- Retail lease per year: $100,000
Income statement, balance sheet, cash flow statement, what is a pharmacy business plan.
A pharmacy business plan is a plan to start and/or grow your pharmacy business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your pharmacy business plan using our Pharmacy Business Plan Template here .
What are the Main Types of Pharmacy Businesses?
There are a number of different kinds of self storage business , some examples include: Pharmacy, Home Care Pharmacy, Mail Order Pharmacy and Compounding Pharmacy.
How Do You Get Funding for Your Pharmacy Business Plan?
Pharmacy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Pharmacy Business?
Starting a pharmacy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Pharmacy Business Plan - The first step in starting a business is to create a detailed pharmacy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your pharmacy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your pharmacy business is in compliance with local laws.
3. Register Your Pharmacy Business - Once you have chosen a legal structure, the next step is to register your pharmacy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your pharmacy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Pharmacy Equipment & Supplies - In order to start your pharmacy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your pharmacy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful pharmacy business:
- How to Start a Pharmacy Business
Where Can I Get a Pharmacy Business Plan PDF?
You can download our free pharmacy business plan template PDF here . This is a sample pharmacy business plan template you can use in PDF format.
15+ Pharmacy Business Plan Templates – PDF, DOC
When you sample plan on opening up a business, it’s very important that you know what it is that’s supposed to happen. You’ll need to figure out everything that needs to transpire for your business to reach the success that it’s supposed to. This is especially true if you plan on running your pharmacy. Similar to a marketing plan or a financial plan, a business plan for a medical store, drug shop, or new pharmacy branch can help you make a strategy for details like organizational responsibilities, risk management, education for chemist workers, and wholesale proposal. You may also check nonprofit business plans .
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How to Create Your Pharmacy Business Plan
1. know what your mission and vision for your pharmacy should be, free online clinical e-pharmacy business plan.
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2. Share What Kind of Pharmacy You Plan on Opening
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- Compounding Pharmacy
- Consulting Pharmacy
- Ambulatory Care Pharmacy.
- Regulatory Pharmacy
- Hospital Pharmacy
- Industrial Pharmacy
- Clinical Pharmacy
3. Point Out Who Your Target Audience Is Going to Be
4. share how much it’s going to take to start your pharmacy, independent pharmacy business financial plan guide.
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5. Explain Your Marketing Strategies
6. make an executive summary, more in plan templates.
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- Pharmacy Management
How to Start a Pharmacy: A Complete Guide
Last updated Dec 11, 2020 | Pharmacy Management
Starting any new business can be daunting and pharmacies come with their own unique learning curve. In a competitive market, pharmacists have to work hard to stand out from the crowd and scale their business successfully.
There are a lot of components to a good pharmacy, but it starts with creating a solid business plan and brand. To help you prepare, we’ve created a guide that walks you through how to start a pharmacy, from business plan to grand opening.
Create a Business Plan
Before getting into the nuts and bolts of opening your pharmacy, it’s important to start with an overview of the business you want to build. A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth.
How to Start a Pharmacy Business Plan
A pharmacy business plan should contain the following:
A high-level summary, highlighting the important points to give potential investors all the information they need on a single page.
Description of Business
Includes details like your:
- Pharmacy niche and branding
- Target market/audience
- Location and space
- Potential team members and titles
- Potential expenses
Description of Service(s)
What services do you plan to offer your target market? This section covers your future pharmacy’s sources of revenue, including potential prescription stock, retail products, or specialty and healthcare services.
You need to have a good handle on the competition and a plan for promoting yourself. This section should contain an in-depth competitor analysis, ideas for marketing and sales strategies, and a SWOT analysis of your business .
Projected revenue, expenses, and major costs, such as lease timelines, mortgage payments, and estimated payroll go here. Also include any financing information and an exit strategy, if possible.
To get you started, here is an excellent example of a pharmacy business plan , broken down by section in detail.
Define Your Pharmacy Brand
A brand encapsulates your business and determines how customers will identify you, interact with you, and use your products or services.
What Makes a Good Brand?
Many people think of a brand as the visuals, the logo, and color schemes you see on any website or business card. But there’s a lot more to it.
Key factors of a brand include:
Mission and Vision Statements
A mission statement defines your purpose and values as a company, spelling out what you do, how, and why. Your vision statement breaks down future goals for your business and how you will act on your mission.
In order to stand out in the market, you need to identify your unique value as a business and define it in a value proposition statement . This could be anything from location (“the only pharmacy in town”) or background (“family-run pharmacy”), to competitive pricing, standout customer service, or specialized services.
Naming and Trademarking
Choosing a name can be difficult, and you want it to be easy to remember and tell people who you are and what the business is about. If you pick a unique name or want to make sure no one else can use it, consider applying for a trademark before you open.
The face of your brand, visual identity covers your logo, brand color palette, typography, images, graphics, and other elements businesses use to market and promote themselves.
Set up Your Website
Now you have branding in place, it’s time to introduce your business to potential patients online. Every successful pharmacy business owner should have a website and social media accounts that patients can visit to access location and service information.
Getting Your Domain and Social Handles
The first step to setting up your pharmacy website is buying a domain name. Make sure that your ideal domain name is available by plugging it into a domain search database, such as Instant Domain Search .
Social media accounts can boost your position in search engine results and help draw visitors to your site. Set up profiles on Twitter and Instagram and a Facebook Business Page with user names that are as close to your business name as possible.
Pharmacy Website Basics
If you plan to offer digital tools and services or collect patients’ health information, make sure that your pharmacy website is HIPAA-compliant .
A successful pharmacy website should contain your:
- Brand identity
- Location and contact information
- Introduction to products, services, and staff
- Links to social media accounts
For more tips on marketing your pharmacy business online, check out our latest ebook .
Pick a Pharmacy Location
Before you start scouting, it’s a good idea to ask yourself a few questions about your area of choice:
- How many other pharmacies are there?
- What services do nearby pharmacies offer and are they direct competitors with you?
- Is the prescription base big enough for everyone?
Assessing the level of competition in your ideal locations can help you narrow things down and assess potential opportunities.
What Makes a Good Business Site
Real estate agents say it’s all about “location, location, location,” but what does that mean for a pharmacy business? Here are a few factors to consider when searching for a pharmacy site :
The amount of daily foot and car traffic, visibility from the road, convenience of parking, entrances, and exits, and whether the site has room for a drive-thru or curbside pickup.
Is there room enough to operate and grow? Think about how many locations you want and the services, stock, and staff you’ll need to maintain.
If there were other pharmacies in the same space, try to figure out what made them leave or close. It could mean there’s an active customer base or it could be a warning sign.
Other business sources
Look for sites located near complementary businesses, like doctor’s offices or other medical facilities which help guarantee good foot traffic and offer opportunities for future collaboration.
Determine Your Financials
Your business plan should include an estimate of startup and working costs for your pharmacy , as well as the types of funding you plan to pursue. Determining your pharmacy’s financial needs will help prepare you for applying for loans or approaching potential investors.
Here are some of the costs you should keep in mind:
Build-out costs: Includes mortgage down payment, construction, renovation, fixtures, and interior design.
Inventory: Covers your initial stock of prescription and OTC drugs and other retail or healthcare products.
Operating expenses: Calculate how much you’ll need to cover day-to-day expenses for at least 6 months after you open to allow time for the pharmacy to make a profit.
Once you have funding in place, keep track of current and future costs with a pharmacy income statement , which calculates your:
- Sale deductions
- Cost of goods sold (COGS)
- Gross profit
- Net profit and profit margins
- Operating expenses
Get Your Licenses in Order
All new businesses require paperwork and that’s doubly true of pharmacies, which tend to be heavily regulated. Get started by registering as a business entity in your state , requesting your federal Employer Identification Number (EIN) , and opening your first business bank account .
After you complete the business basics, check for state and federal pharmacy operating licensing requirements and permits , which will vary by location.
Typical requirements include:
- State pharmacy license or permit
- Controlled substance registration
- National Council for Prescription Drug Programs (NABP/NCPDP) number
- Drug Enforcement Agency (DEA) number
- National Provider Identifier (NPI) number
Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well.
Prep for Opening
You’re nearly ready to open for business, but before you do, there are some important last-minute details you’ll need to oversee.
Investing in Digital Tools
To simplify operations, start off strong by streamlining your workflow and offering patients a multichannel digital experience. Install a pharmacy management system (PMS) to keep you running efficiently and an interactive voice response (IVR) solution to manage inbound calls. Digital communications software can offer secure messaging and help you identify clinical opportunities.
Contact us today for a free demo of our IVR solution.
Look for wholesalers you can develop long-term relationships with , not just ones that offer lower costs. Try and ask for sample orders of prescription and OTC medications initially to keep costs down and tide you over while your pharmacy grows.
Front of Store Flow and Design
Think about what you want patients to see when they walk through your door. Consider the overall store layout and how best to position products, staff, and counters. Generous aisle spacing and clear paths to checkout lines can make a big difference to traffic flow and revenue .
Online and Offline Advertising
Try to position signage towards high-traffic areas so people will see it as they drive by and contact local publications for a new business interview. If you haven’t already, start working on a digital marketing strategy , leveraging social media channels and paid ads to generate interest in your brand opening and attract visitors to your website.
Last but not least, don’t forget to celebrate your new achievement! Throw a party for yourself and your staff to kick off this new phase of your life.
More Pharmacy Management Resources
For more about running a successful pharmacy, check out our resources for pharmacy management .
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7 Holiday IVR Tips for Navigating the Year-End Rush at Your Pharmacy
Last updated Nov 20, 2023 | Digital Pharmacist Products , Pharmacy Management
The holiday season is upon us, and with this time of year comes an influx of pharmacy calls. As patients seek medication refills before they travel and inquire about vaccinations before their holiday gatherings, it’s crucial for pharmacies to optimize their Interactive Voice Response (IVR) systems. A well-thought-out IVR menu and efficient call routing can significantly enhance the customer experience and streamline operations during the busy holiday period. In this blog post, we’ll explore essential tips to make sure your IVR systems are holiday-ready.
Create Your Holiday Marketing Plan in 5 Easy Steps
Last updated Nov 10, 2023 | Just For Fun , Pharmacy Management , Pharmacy Marketing
We know it’s difficult preparing your pharmacy for the holidays while also properly promoting your services, so we are here to help. In this blog, we are sharing five tips for creating a successful holiday marketing plan this season.
5 Tips to Prepare your Pharmacy for the Holiday Season
Last updated Nov 1, 2023 | Just For Fun , Pharmacy Management , Pharmacy Marketing
The holiday season is upon us! What a fun time you and your pharmacy team. With all the holiday cheer though, definitely comes stress. Have no fear, we are here to help your pharmacy team prepare and have the best holiday season yet. Here are 5 simple tips to prepare your pharmacy for the holidays.
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Sample Retail Pharmacy Store Business Plan PDF [Template]
Startup pharmacy business plan sample.
In starting a pharmacy business, it is important that you are a pharmacist who knows about drugs and how they are being administered and even if you are not a pharmacist, you can always get a pharmacist that will help in the business.
This independent pharmacy business plan sample that can be very helpful in writing your business plan.
Here is a sample business plan for starting a compounding or retail pharmacy store.
Business Name: Wonder Pharmacy Business
- Business Description
- Our Products and Services
- Vision Statement
- Mission Statement
- Market Analysis
Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
The pharmacy business is well thriving and lucrative, though it needs a lot of strategic planning and business coaching. Being in the pharmaceutical industry is a very good thing because there are great returns on investment.
The pharmaceutical business is basically for developing, producing, and marketing drugs. One important thing about this industry is that it is highly regulated.
Wonder Pharmacy Business is a well registered and licensed business that will be involved in the distribution and sales of high-quality drugs and other materials essential to health. The business is a family business owned by Godwin Thomas and his immediate family.
The major target market of the business will be Los Angeles, California. Godwin Thomas graduated from the university with a degree in pharmacy and has worked with two pharmaceutical companies which have given him valuable skills in the pharmacy business.
In pursuit of achieving our goals, we have been able to lease a facility for three years with the option of buying the facility when it is put up for sales. We have decided to launch out the business with one outlet but over time, we will be opening other outlets in key locations.
PRODUCTS AND SERVICES
We will be retailing a wide range of prescription drugs from different manufacturing companies to our customers and we will also engage in the sales of:
- Beauty Products
- Convenience Foods
Our vision is to establish a business that serves as a one-stop pharmacy for basically all residents in Los Angeles and also to provide complementary pharmaceutical services for our customers.
Wonder Pharmacy Business mission is to have a constant if not better growth in sales in the first three years of operation and also to set up a well standard business where all the needs of our customer’s health-wise are met.
We also aim to go beyond our customers’ expectations by providing quality products and excellent customer services lovingly so that 50% of our customer base is repeated sales.
Mr. Godwin Thomas will be in charge of the day to day activities of the business because he has experience and knowledge of the pharmaceutical business.
In setting our business on the right path and in ensuring the success of the business, we have decided to employ people who are hardworking, honest, goal centric, passionate, and interested in the business to contribute to the growth and success of the business.
These people will be employed to occupy the following positions:
- Chief Executive Officer(owner)
- Business Development Strategist
- Operation Manager
- Store Manager
- Merchandise Manager
- Sales Agents
- Human Resources Manager
MARKET ANALYSIS Market Trends
The major market trend in the pharmacy industry is influenced by the healthcare reform policies of the country because the pharmaceutical industry is highly regulated. The easiest way to build a solid pharmacy industry is to have several outlets across the city, this will make the business to continue growing and making more profits. The use of technology is also very important in managing the business effectively.
For instance, the use of CRM software helps in managing the clientele base.
The pharmacy business is a business that meets the needs of everyone at some points in time but the fact that our business will be opened to many types of people does not stop us from having a category for our target market and they are:
- Corporate Executives
- Business People
- Elderly People
- Expectant Mothers
- Sports Men and Women
SALES AND MARKETING STRATEGY
Since we are new in the business, we have decided to do the following to have a firm and successful standing in the industry:
- Efficient delivery of service for online purchase
- High quality and regular availability of drugs at fair prices
- Satisfactory customer care services
- Catchy pharmacy name and promotional products
- Placing adverts on print, online, and broadcast media
- Installing billboards on strategic locations in California
- Distributing flyers and handbills
The business can only be established with a startup fund of $100,000, out of which we have gotten 80% and the remaining 20% will be gotten from the bank as a loan.
In regards to the high level of competition in the pharmacy industry, we have decided to do the following major things that will serve as a competitive advantage for us and they are:
- Excellent customer care
- Fair and lowest possible prices
- The well-groomed management team
- Having a wide range of products
This is a business plan sample for a pharmacy business that can be used as a guide in writing a specialty pharmacy business plan. This pharmacy business is owned by Godwin Thomas and will be located in Los Angeles.
RETAIL MEDICAL STORE BUSINESS PLAN EXAMPLE
BUSINESS PLAN: ZOE Pharmaceutical Store
- Our Product and Services
- Financial Plans
ZOE pharmaceutical store is a medicine store that has fulfilled all the requirements for starting the business in California, United State of America. ZOE pharmaceutical store will try as much as possible more than possible to make sure they satisfy the needs of their customers and do all within the law to carry out its operation in the best way possible. Sam Franklin and Joe West will both be the owner and CEO of ZOE pharmaceutical store.
They have at present been able to contribute a total of $500,000 from sales of some of their properties and their savings. They will be looking forward to getting a loan of $500,000 from their respective banks to complete the startup fund amounting to $1,000,000
Our Product and Service
ZOE pharmaceutical store is a store that is located in California, United State of America. They will mainly be concerned with the selling of drugs for our customers. We will make sure all our drugs pass the required test and make sure when quality is also tested it will come out controlled.
Other services that will also be rendered involve:
- Become a professional communicator with the patient and other healthcare personnel.
- Deliver high-quality products and handle communicating with clients in the best and most respectable way.
- Checking and dispensing of prescribed drugs for our customers.
- Counseling of patients before or after administering medications
ZOE pharmaceutical store looks forward to being the best supplier of drugs for its clients in California, the United State of America. We are also looking forward to becoming a giant in the business before our 3 rd year.
ZOE pharmaceutical store mission in the business is to be able to provide any medication required by our customers at any time. We are also looking forward to satisfying them by providing them with the best communication link. We also want to grow a profitable business that will satisfy our patient’s health-wise and satisfy us financially.
Our business structure is one defining factor that will tell if we will be successful in the business or not. We will make sure that our structuring will be done with the utmost care to make sure we get the best out of the business. Based on the CV submitted by our prospective staffs and their customer relationship test, our recruitment process will be looking to fill these positions:
- Manager (Owner and CEO)
- Sales Personnel
- Security Personnel.
Market Analysis Market Trend
A successful pharmaceutical store is that which sells original drugs as selling otherwise might rather lead to the closure of the business. Customer staffs relations also define the success of a Pharmaceutical business. These are the known market trend in the business.
ZOE pharmaceutical store will be targeting everyone around as their prospective market. Almost everyone falls sick or at least take medications once in a while. Below are some of our highlighted targets:
- Filling stations
- Every other person in need of our services
Since we know the importance of marketing to the success of our business, our business will at first be promoted greatly by our customers who have benefited from our store. Other methods have also been developed to accomplish the sole aim of marketing our products:
- Online advertising will be done. We would be exploring all methods and means available to accomplish this. We would make use of a popular social media platform to run our internet-based advertisements.
- We will also make use of Television stations, Radio Stations, Newspapers and Magazines to run a further advertisement for our business.
- We will also make use of posters, billboards, flyers, and business cards to inform people about our business.
Financial Plan Source of Startup Capital
Sam Franklin and Joe West have as of present contributed a total of $500,000 as of the starting capital for the business and are looking forward to covering the other expected startup capital amounting to $1,000,000 with a soft loan of $500,000 from their bank.
Below is a sales forecast for our pharmaceutical store that is ZOE pharmaceutical store. This forecast is just a credible statistical estimate received from the industry database. This is the forecast for the first 3 years.
First Fiscal Year $950,000 Second Fiscal Year $1,200,000 Third Fiscal Year $1,500,000
This article contains a pharmaceutical store bearing the name ZOE pharmaceutical store. The business will be operating from California, United State of America, and will be owned by Sam Franklin and Joe West who have both been involved in different businesses before now.
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Pharmacy Business Plan Sample
When someone is found doing workouts at home how to start a pharmacy, he must need relevant information, charts, table of content, independent pharmacy business plans, pharmacy business plan as well as few sample templates for pharmacy business branding. So, the entire business plans for pharmacy must include the most important points which must be well covered to start pharmacy business in full fledged.
Pharmacies must have stock of the best medications, and valuable healthcare accessories including sanitary pads, contraceptive pills and many more. Be modern and try to design a good pharmacy marketing plan before going for investment of financial resources in the industry. Get more new pharmacy business plan ideas from different sources.
Diseases, infections and virus attacks are very dangerous to shorten up the span of life of a guy. So, medications are needed to remove injuries, reinforce the immune system and increase the life expectancy to a great extent. For this reason, pharmaceutical agencies and drug manufacturing companies supply new drugs to people to resist the diseases in advance. Pharmacy business is really lucrative and profitable to an entrepreneur. Drugs are needed in hospitals, clinics, healthcare centers and in residential houses for preventive care.
Drugs are used to cure feeble patients. Children need a number of boosters and antibiotic shots to overtake a number of complicated health hazards. In large scale, medications and potions for patients are required in hospitals. Therefore, pharmacies have the jobs of selling drugs to customers. As an entrepreneur you can also start a small pharmacy or drug store in your locality. Sample pharmacy business plans and template will guide you. We, at OGSCapital, help you with this. Our executives have all the expertise for helping you to develop an appropriate strategy to fulfill your all objectives. If you wish to initiate the process, you just need to fill a contact form.
Choose Top Pharmacy Business Plans to Start Pharmacy Successfully
Well, are you a pharmacist to have licenses for running pharmacies in any town? This question is asked by many enthusiasts who are eager to know whether anyone has the permission to open a local drug store in the vicinity. Certainly, opening local drug stores, you must have an experienced pharmacist to check the prescribed drug lists. Pharmacists have the ability to read the prescriptions and identify the drugs at a first glance. His expertise in prescription reading, drug list checking and familiarity with new drugs helps the vendor to sell drugs comfortably.
If you are not a pharmacist, you need a specialist to hire in the case of inaugurating pharmacy in any popular area. He will help you to read prescriptions, handpick particular medications and understand the medical terms. Drug manufacturing companies in America have to sell only FDA approved medications. They must get authentic papers, citations and drug selling licenses from FDA as well American government.
Therefore, be familiar with local rules to starting a retail pharmacy business plan commercially. Go through a top sample pharmacy business plan and free template for more information.
Basic Requirements to Start Pharmacy Business
- A complete retail pharmacy business plan
- A preliminary financial budget
- Specific site for posting retail pharmacy business plans
- A specialist/experienced pharmacy
- Good stock of new drugs in
- Healthcare accessories like sanitary pads
- Basic amenities like refrigerators, electricity, water and good air vents
- Pharmacy needs to have a site for industry promotion
- Site map with a sample Pharma business plan as well as template
- Information brochures
- Medical aids kits to supply
- Initial affordable drug selling packages to attract customers to have drugs at low price
- Free quotes to do comprehensive studies for opening up a pharmacy.
Understand the Innovation in Pharmacy Business
Pharmacies must not be dirty and poorly managed. Expensive drugs should be stored in safer place which is much more eco-friendly. Heat, fire, rain water and bacteria destroy life saving drugs. The drug store should have excellent air ventilation, clean ambience, least toxins inside the shop and soothing ambience. Refrigerators keep stored medications in good condition.
Internet browsing is not harmful. So, regular data checking must stand you in good stead. The more you research the more you will get new ideas to launch a compact pharmacy business project with bright expectation to have excellent returns. Initially, as a newbie, your ability to design a pharmacy business plan must be limited. You are an educated person with enthusiasm to stand resilient financially. You went for getting advices from seniors to open pharmacies.
Maybe you have had dream of becoming a good pharmacist with your own outlet to sell qualitative drugs. Fake and spurious medications, potions and medical aids are destructive. These fake drug dealers must be punished. In the open market, low quality, sub-standard medications and expired healthcare tonics are sold at low prices. Therefore, every year, the death toll increases due to the exposure to the drug adulteration. Perhaps you have the setback or previous caustic experience. Someone might have died due to consumption of bad drugs. Your dream must be fulfilled.
Online planners in pharmaceutical industry have pre-designed samples, fact sheets, research papers and documents to train newcomers. Novice financers have no industry expansion ideas. Especially pharmacies are different projects to highlight. Drug is the most valuable product as it saves lives. So, definitely lot of care is needed to run pharmacies or drug stores in the city. What type of pharmacy business do you need to opt for? Basically, drug retailers, individual sellers and small size company partners like to have free consultation before establishing a start-up drug store in any known area. The advantages of opening drug stores or local pharmacies in the residential areas include
- Known ambience
- Good familiarity with local citizens
- Be accustomed to local administration
- Good relationship with doctors, patients and oldies
- Easy to find customers
- Better options to enlarge pharmacy business in the home town
However, most probably, you are trapped because you must struggle to find more genuine options to expand your drug stores to have lot of money. So, geographical barrier must not be a problem. Often, it is a lucrative business for you in case you have the plan and templates to take your drug store to backcountry. There are not many drug stores. Competition is low. You can buy and sell expensive drugs to rich persons. Poor people will get affordable medications from your shop.
So, it is good business to manage in the rural areas. However, drug stores in cities are always dazzling in vanity. The buying strength of local people is obviously higher. City based pharmacies are equipped with modern infrastructures. In villages, poor people are not able to buy costly drugs. The availability of sumptuous medical aids packages is also not good in rural belts. Urban areas are developed. Therefore, locate the place and start evaluation. Pros and cons must be checked before deciding to deal with pharmaceutical industry. Retail pharmacy business plan writers are also helpful to people to have guidance in designing the independent plan for starting retail drug store business plan .
Brand medications are not cheaper. These drugs have qualitative components used by manufacturers to produce standard medications in the market. The effect of intake of brand medications is really awesome to help patients to avoid disaster. Doctors prescribe brand medications. Great. Well, one of the best ways to sell brand medications is to find the high profile class. Online ventures must bring a new customer to you. This is a different industry for entrepreneur as there is little chance to meet vendors face to face.
Customers hit the online sites to check the pharmacies for buying the branded drugs recommended by experts. All are not financially sound to buy brand drugs. Pack of Viagra (branded) costs a customer around $1000. Or a pack of 60 pills of Soma is equivalent to $400 inclusive of overnight shipment cost. So, economical buyers find generic medications which are affordable to some extent. Therefore, your drug stores must have both branded medications for the rich and generic medications for the economical class.
It will be a strategy to win customers by providing alternative medication buying option. Generic medications are cheap and components used in manufacturing these affordable drugs are not low in quality. The impact of consumption of generic medications is equal to the effect experienced by a person who takes brand medications. Retail pharmacy business plan writer has many ideas/ template to precise the process of industry inauguration smoothly.
Highly Efficient Service
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In the pharmaceutical industry, scientific probing, research and deep analysis are inseparable. Scientists in the medical arena are trying to invent more cost efficient products which must be vehicles for economical customers to save money. Pharmacists will emulate new technologies to increase the cost effectiveness and quality of the drugs. So, doctors, scientists and pharmacists are closely connected for making a convenient customer support portal for better drug supply at low cost. Discount pharmacies are byproduct of the innovative thoughts nurtured by experts.
The collaborative venture in the pharmaceutical industry has made a strong platform for pharmacy business owners to sell affordable medications at discounts. Customers get promotional codes on different types of generic medications. It is much more cost efficient. It is much affordable to a young guy. Result is also same. So as a pharmacist, offer your customers what you have in stock. Discount pharmacies are the places for buying cheap generic medications. Brick and mortar discount drug stores reduce the cost of buying valuable medications.
Well, think whether you are fitted to drug selling industry. A discount drug store needs to have only cheap medications which must be good. Customers will get their drugs by showcasing prescriptions. Now, tailor a business plan identifying the trend in the market. You have handful options to use. As a local guy, you can apply for loan for industry running. Banks will give you support to invest in the pharmaceutical industry.
Next steps include the easy refinancing, recruitment of competent employees, assistants , the availability of good medications at discounts and drug safety programs to minimize the threat. People need proper medical assistance from a vendor. As being a professional pharmacist, it is your concern to prioritize the table work/ground work to inaugurate the drug store in your residential area. Innovation can’t be stopped. Americans are habituated to consume sleeping pills, anti-anxiety drugs and self-boosting capsules to have energy in excess.
They are fast, sophisticated and crazy to travel for exploration. Well, most of American customers are seen buying drugs from online pharmacies which offer discounts. These online discount pharmacies assist busy Americans to have affordable qualitative medications at considerably cheap prices. So, you must have a compatible optimized online shop with an inventory storing only new drugs/ prescribed medications/non prescription medications at discounts. The local stores for drug selling are not permitted to sell non prescription drugs.
They need prescriptions. However, comparatively online pharmacies have good options to help customers to purchase non prescription drugs. Customers don’t need to send the scanned photocopies of prescriptions to pharmacists to buy packet of Soma or Viagra. Buy medications from vendors at any point of time. So, if you want to modernize your retail drug store, design an affordable business plan to start selling generic medications at discount drug stores without putting a band of legal obligation. The online pharmacy is not a local departmental store.
Customers don’t need to visit the store for product purchasing. The virtual shopping cart or pharmacy is actually run through internet. Its customers place orders at the shopping cart and complete transactions instantly. Vendors are liable to ship products to the customers. Now you must have a site which supports mobile phones, computers and different smart devices. Consumers will cross check list of drugs available in their areas. You have a group of employees who manage customers online. Usually, online pharmacies have no go-down or small warehouses.
They are professional and hire moving companies for product shipment. It is a chain for drug supplying. No manual paperwork is conducted. Nor is there any option for meeting customers physically. So, the whole transaction is done via internet. E-commerce infrastructure is easy to operate. This marketing strategy is extensive to help local traders to go for vast venture to reach million customers on a single go. Around $829 billion is invested in global pharmacy business. So, this opportunity is also open to you to have scum of the profits to upgrade your own life.
Online discount pharmacy is open regularly round the clock. Customers from different locations hit the online drug store and buy medications. Prices of these lifesaving drugs, sanitary pads, healthcare pills and antibiotic pills are affordable. Discounts of these medications are attractive to impress economical class. Like Rite Aid, you can also have a chain meds service to bring more fluent drug delivery options to customers. Give individualized service by keeping personal records of patients after clearing transactions.
In future, if the customers have allergies or infections, try to avoid supplying medications which are not prescribed. Besides, help them to choose the prefect meds from the inventory. Unlike local drug store, online discount pharmacies have multi channels to get customers. If you have licenses or permit to export medications to market abroad, strategy vastly. Then, you are also a good exporter with permits to deal with overseas clients. Online platform for medication selling is now modernized.
The shopping carts online must have fast content management, instant credit checking while making payment, quick transactions and free registration. The prescription refill process must be fast and easy. On the other side, the non prescription generic or brand medications should be supplied to have more positive visitors to hit your e-commerce website.
So, you will also have lot of sources to track the best retail pharmacy business plan/ templates, pharmacy start up business plan, pharmacy business plan pdf and innovative pharmaceutical sales business plans. Go through ins and outs of pharmaceutical business plan, pharmaceutical business plans sample, and retail pharmacy business plan including new templates.
Product Quality – Must
In the pharmacy business, the product quality is a must. A vendor or pharmacist should not earn money by delivering expired meds to patients. He should have social obligations to maintain for fairness in pharmacy business. Same way, he is also responsible to process the orders. If meds are delivered late then patients can die. If it is urgent, then shipping process must be fast. Overnight drug supply is not cost effective. Extra processing charges are borne by the buyer.
When your pharmacy business blooms, you must have some better options to make your customers happy. Your online pharmaceutical has few exceptional features which are unbeaten to take your pharmaceutical to million customers outperforming rivals. Pharmaceutical companies must facilitate customers to have their drugs at discounts. Quality of the drugs must not be low. For this reason, there must be analysts and experts to make their comments based on the products meant for sale. Customers will talk to consultants for getting pharma template.
They will go through reports, comments and reviews to have ideas about the quality of meds kept for being sold. Your online med supply stores should be compatible with multiple devices including smart phones. Customers are interested to cross check regular information and updates on their mobile phones. Your e-commerce portal is connected with vast network to support such a sophisticated device. Online customer management center assists new customers to buy products.
For this reason, people feel free to go for buying expensive brand meds from the best pharmacy online. Jot down pros of running a discount pharmaceutical online. Why do people want to buy products online? What is the difference between a local med store and the pharmaceutical on internet? What type of med is sold online? What are the most important pros of buying meds from online pharmacies? Is it cost effective or less time consuming to make deals with online vendors? Well, there are more such questions which can be highlighted for discussion.
Basically, internet based online med stores don’t need manual paperwork. Nor is there any need to entertain customers at the shop. So, investors are not required to buy the land for constructing a big set-up to sell packets of life saving meds, boosters, and health tonics. Online meds stores are operated by pharmacists through broadband. It is a different setting to attract people for business related transaction. Many people don’t understand how to buy meds online. They must be educated.
Well, your pharmacy business promoting campaigns should encourage customers to know about the good aspects of online transactions. First of all, post few blogs, photos, slide shows and of course glossy video clips on home screen to lure newbie customers to have a fast look at the site. After visiting the site, they will be energized to read content, check photos, videos, slide shows and navigate in the site. Online free start-up pharma template will make you more confident.
Site accessibility, information delivery, transaction method, registration, product buying as well as packing for shipment, prices of medications, and way of billing must be innovated. Therefore, ask your website designers to upgrade the site nicely to make it much more compatible with the latest i-devices. Ask them to assist you to change the old policy. Crazy customers in America, Canada, the UK and other parts in Europe have tendencies to buy non-prescription drugs which are not recommended or prescribed by doctors.
They have to pay higher prices to get packets of sedatives or anti-anxiety pills from the local market. Often they are addicted to spurious drugs which enhance the scope of faster deterioration in the health management. They don’t need prescribed drugs as they are not permitted to consume multiple sedatives within 24 hours. They are drug addicted and therefore proper counseling is needed. However, when they hit the online sites or med stores on internet, the surprising gifts are waiting for them.
At a time, it is possible to buy different meds from stores without providing prescriptions. Secondly, they have facilities to deal with a number of drug stores in this online drugstore industry. Promotional offers and discounts are offered to customers as well. At first, when you establish a small size pharmacy, you require the base to stand. It is the ground for you to start building up a strong long lasting structure. It is a dynamic policy to enhance the much faster business promoting.
New Policy for Starting Pharmaceutical Company
Minimum investment is needed to run a pharmacy business. So, the product selling base is required first to ensure the good prospect in this meds supply industry. How to achieve success depends on the strength, resilience, willing force, and lot of energy to do the hard work out. Maybe, it is time consuming but success will come through devotion, hard struggles, and meticulous research to find the best opportunities to be successful entrepreneur with a solid pharmacy business structure.
Invest in the best market where there is excellent ambience to gear up the money earning. It is one of the best things for you to locate the area where you will open the small drug store with innovated structure, and other facilities to tempt customers. It stands to reason; you require lot of plans to design. When you have the dream projects to implement for the business expansion, you must have someone to take you to the last resort successfully.
Many of start-up entrepreneurs are not well organized due to the lack of experience in pharmacy business planning as well as endorsement policy. Well, in this case, a professional business planer needs to be hired for innovating the business plans before investing in the pharmacy industry. Money is needed but you should have excellent projects which have lot of information, data, template, strategy, table of content and resources to let the pharmacy business run smoothly.
Research, probing, intuition and self-discovery study are important to aspiring pharmacy entrepreneurs. To become an experienced entrepreneur, you will have to have strong desires to probe deeply. This research oriented mind will give you a booster to scale up in the industry with success. That’s why, when you have new innovative commercial management plans, policy, programs and glossy projects to implement, you must not stop. The start-up pharmacy business must be expanded.
The profits must be generated. The mobility in the business promotion should be uninterrupted. The longevity of the pharmacy business should be surprisingly longer. Therefore, concentrate on different aspects of commercial management. Go to professional business consultants, experts and business analyzers to have new guidelines/instructions/ plans for extensive analysis.
Brand name of your business works as a booster. It is the workforce. It is the vehicle with a new strategy for you to start the business smoothly. Who will track your business? Brand name is the sign of identification. People will be familiar with your company through the brand name. So, choose the most suitable name for your pharmacy. Well, maybe you have lot of confusion how to configure the brand name and logo.
Really it is much important to you. A cumbersome brand name is not easy to understand. If the name of the pharmacy is long and technically intricate, people are not able to read the brand name easily. So, select the relevant short and attractive words to name your med store. Obviously you need a strategy to conduct more productive business branding.
Invest Money in Promoting Products
Million dollars are overspent in the business promotion campaigns. Giant entrepreneurs have lot of money and they spend financial resources to promote business. Gifts, discounts, and promo codes are offered by these multinational companies. Well, you are a small entrepreneur and you need to earn more money. In the beginning, you have few attractive projects to inaugurate the small business. Well, strategically, you must advertise your products. Advertisement agencies can make your dream productive through lot of ground work, plans, programs and tips.
Hire the top notch advertisers who will make a brief-up covering the most important areas of pharmacy business. Your online advertisements, ads and video clips showcase the med store to impress customers. Certainly, you must have some awesome product endorsement publicizing projects. How to promote the pharmacy business? The objective of your promotional expedition lies in the expansion of the customer management platform with more opportunities to build up the foundation for rejuvenating the business.
Business branding through internet is the weapon for you to convey the best message to people. Your strategy to run business must be effective. What type of medication do you need to sell? Are you a drug retailer? Are you able to sell cheap generic meds? What sort of med do you have in stock? People need better price tags. They are economical. They have the least interest to buy brand meds. Well, your discount drug pharmacy is very much modernized with the stock of high caliber generic medications, life saving meds and qualitative drugs at discounts.
Next step is to have all legal papers, and documents. The paperwork must be done step-wise. First of all, you have to apply for a license. It is the passport for your pharmacy to run. Certainly, it is not easy. Drug licenses are approved only after several surveys, cross verifications and probing. You can’t damage one’s precious life by supplying low quality spurious meds. Right now, government and FDI are not flexible to issue drug licenses easily. Drug addiction is now accelerating to make young generation incompetent.
They have lot of drug buying options. Fake dealers and spurious drug suppliers are seen tempting customers. That’s why; fake licenses and wrong documentation are severely increasing to threaten up people to a great extent. Therefore, you must be fair and honest to have your licenses legally. In this connection, meet an attorney who will advise you how to get the drug license from the superior authority. Smartly speaking, it is not entirely difficult. The legal power will assist you to convince the concerned authority to have the original drug license.
In the beginning, it is the most unavoidable assignment to contact a group of legal experts to ensure the advertising project completion successfully. Pharmacy business must not be dried up after few weeks. You should not backtrack in shame. Bold and strong entrepreneurs must have energy to prioritize the collection of important components to format a new strategic version of business plan to nourish the pharmacy outlet dynamically.
It is a must to maximize the vast media exposure, business branding, meticulous analysis and study to probe deep with good motif to locate the most fruitful niche to speed up the business promotion. Your decision must not be obscure because of the disorders created by your subordinates. Therefore, organize your team to finalize the business branding program and innovative commercial management strategy with the resolution of giving thousand horsepower to your small med store to gain speed.
Tailor Futuristic Advertising Projects
Design futuristic advertising projects. Calculate how much fund is required to establish a single compartment as a small street outlet for selling generic meds. Money you need must be available. If you are not so lucky to arrange fund immediately to overtake hurdle, you must not be found being in lethargic state. Business loans, short term financial aids, and good financial support from different agencies are obtained without complicated paperwork. So, search for this type of secured/unsecured business loan to finance the med store. Financial assistance must be required to buy packets of brands drugs, install computers, and other tools to decorate the drug store.
Basic Components of Discount Pharmacy Business Plan
- Basic indoor furniture pieces like table, chair, desks, small file storing cabinets
- Cash registering systems
- Front counter
- Computer terminal
- Printer for billing
- Electrical goods
- Small data storage server
- Shipping accessories
- Good insurance coverage
- Storing bins
Important Facts to Remember
Customers are different in nature. They don’t have similar mindsets. Nor are they on same strings. Well, study and then evaluate the mindsets of customers. Choose the area where you will get positive customers to sell drugs. Reinvent new strategy to promote pharma. Specific groups of customers need to make walk-in visits to the outlet to purchase meds. This sort of customer has the habit to go to the local med store to buy meds. They are literate.
However, many laymen in the lower middle class are interested to buy prescribed meds from the pharmacies. Secondly, there is another group of people. They are online buyers. They have money to go to the online pharmacy to purchase drugs. Basically, generic medications, and different types of stress management pills they buy from online stores. Prescriptions are not a must for them to buy Viagra, Cialis, Soma or any cheap generic medication to consume.
Apart from this economical class, the enriched and affluent high profile buyers opt for brand meds. Now these medications are very expensive. Even vendors of publicizing portal are not capable of storing different types of brand medications for sale. So, tailor a compact financial budget which must include the overall cost of storing brand, generic and local meds at discounts. The product sale must be fast. Drugs which stored in your refrigerator must be qualitative.
Top Strategies to Expand Pharma
Strategies are applicable to the drug selling. Promotional campaigns are conducive to the faster development of the business. However, forecast is needed to evaluate the vision of yours in the long run. In the first year, estimate the profit percentage. Then you must compare whether you are a gainer or loser. Moderate revenue collection is also good as you are a novice entrepreneur. Well, you need to improve by hook or by crook. Commercial management is not a new thing. Even local traders and informal entrepreneurs know this term.
When your pharmacy business will be launched, your target must concentrate on the store management. Employees should be duty bound. Your pharmacist must be responsible. Drugs kept in your refrigerator must be hygienic. Temperature inside the drug store must be eco-friendly. Apart from this, documentation, billing, registration process and other paper work must be carried out properly. At present, computer application is very urgent. Your tiny med store must be renovated with a set of computers, laser printer and printable papers.
Customers will get bills and invoices through automated bill generated machine. So innovation in the decoration of the med store is certainly essential. Commercial management is also done via internet. Online documentation is undoubtedly smooth. Contact customers on online chatting platform. Talk to them over phone. Make video calls to have advices from experts if required. Permit your employees to use cell phones to send emails to your inbox. Oracle based commercial management portal must be installed into your pharmacy store for taking care of back office jobs smoothly.
Understand Competition and Reset Your Marketing Strategy
You are not alone in the pharmacy advertising portal. Regularly minimum 1 million visitors check over thousand sites to buy medications in the world. Billion dollars are hovering in the med manufacturing trade. The advancement in the med field is the turning point and slowly people are showcasing their interest in buying drugs from the online pharmacies. Rivalry, competition, and struggles are basic things for a trader. To make your pharmacy business/ marketing profitable, be proactive to be much more competent.
Emulate new strategies. Borrow much innovative marketing plans and imitate successful sample business templates to bring innovation to the pharmacy business/ pharma marketing. Who is your rival in the market? Well, rivalry doesn’t mean hostility. You must not have impatience to kill someone. Nor are you a militant to spray venom for terminating the city. So, don’t be misled. Competition means the fair rivalry in advertising trade. You should upgrade your trade structure.
You should be efficient to sell drugs at more affordable prices. You should have dozens of futuristic plans to enlarge the trade faster. The cost efficiency is the objective of a newbie to reduce the cost of drugs. Similarly he will not violate the FDI law to sell drugs at lower prices. Competition is needed for the betterment of the service. Fancy how to bring a result oriented business promotion strategy to expect a sound financial structure by operating a small pharmacy store.
Be a creative person. You are budding pharmacy entrepreneurs. So, recycle your raw energy embedded in mind. Go through periodicals, brochures, and magazines to have authentic information. Research materials need to be gathered for making a giant project to enhance the superb commercial management. Therefore, create a different business plan for pharmacy. It is your draft. You have quality to express what you need. You have bundles of new concepts, and ideas to use.
So in draft assignment, feel free to describe the goals, objectives, business starting plans, budget related issues, sources of arranging fund and basic requirements and marketing to start the drug store. Well, the finishing touch needs to be added to the draft. An experienced pharmacy business planner has over hundred samples. He is a professional business plan writer for pharmacy.
He has solved complicated problems. He is one of the most successful planners in the field. So he can give you a summary of the business plan. Even his instant business plan writing backup must be fruitful to you. Do more probing in the modernized med manufacturing and pharmacy company.
Upgrade your basic knowledge for the sake of good familiarity with the pharmacy field/ marketing. Online library, data and million tons of samples boost up novice traders to track their loopholes in upgrading futuristic strategy. Through compact SWOT analysis, he is able to find the negative factors which are not helpful to him to run the small size drug store. Strength of the entrepreneurs must be identified. It is also applicable to you as well. Track where are going? If you have no vision, the area will not be resilient. You should find the niche in which you will cultivate the land for flourishing the pharmacy business dynamically.
Install Plan Software
Conventional planning needs to be replaced. Computers minimize the jobs of taking care of customers. Well, few years back, drug stores have to keep large space for entertaining customers who were found standing for buying medications. Separate counters for billing were open to all consumers. Drugs were not sold through a single counter during emergency. So, there must be extra space for drugs storing, supplying and customer management. Besides, lighting fixtures, indoor furniture pieces and other important accessories must be installed in the drug store.
Simultaneously, change the traditional billing system. Commercial management/ marketing process must undergo vast innovation. Compact highly advanced SAP software for management/ marketing software is on display in Google. Experts have reset this SAP model to help entrepreneurs to complete handful jobs perfectly. Billing, customer care, marketing, data management, invoice processing, and company analysis are conducted. You have the fast software to take decision within short span of time.
Your marketing trade must be perfectly integrated into a unique platform. Monthly you must analyze the trend. Is your pharmacy running fast or any downtime is likely to happen? Profit ratio, and revenues collected for the particular year must be cross checked. Industry remodeling must be done. However, it is really urgent to go deep and find more facts to compare. Is your drug store compatible with new technology? For instance, virtual pharmacy industry is now much sought-after.
Many American guys buy drugs from online med stores. However, in South Africa, Nigeria, and many countries located in Asia are not perfectly tuned up to run online med stores. Mail order delivery system is not innovative in the remote places as well. So, before opening a new drug store online, once again study to understand the mindsets of local people. However, online mail order marketing system is a vast business expansion portal. You will get more customers in this pharma industry.
Even if you have authentic permits and licenses to export expensive meds to overseas customers, you are a successful entrepreneur with good prospect. Drugs are not useless things. Patients must need medications to save their lives. So, the importance of online pharmacy business will not go down even after a millennium. So, slowly you must have command over the pharmacy commercial management/ marketing. Newbie entrepreneurs should do experiments to be much acquainted with the latest industry operating ethics.
It is obviously time consuming but with technical innovation, and advancement in the commercial management, it is wonderfully much more convenient for a newcomer to learn how to open a good pharmacy store in this specific industry. Starting a pharmacy business plan designed by experts is basically a tool for a newcomer to get a roadmap to innovate the pharmacy in much more dynamic way.
In this connection, OGS capital consultants online are experts to guide newcomers how to chalk out futuristic pharmacy business projects fantastically. Take valuable business promoting tips, modern strategy and free advices from these consultants. Chat with OGS capital business consultants to have new strategy, and ideas to remodel the entire corporate portal successfully.
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Pharmacy Business Plan
Start your own pharmacy business plan
The Discount Pharmacy
Opportunity, problem & solution, problem worth solving.
People need to be able to buy prescriptions at accessible prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions.
The Discount Pharmacy’s main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves. By focusing on this segment it gives us additional efficiencies – we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication.
The Discount Pharmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, The Discount Pharmacy will appeal more and more to the customer’s sense of value and convenience.
Market size & segments.
The Discount Pharmacy will seek to attract two different groups of customers and will thus have two strategies to attract them.
We anticipate that by far our largest group of customers will be those who order through the mail. These customers will be targeted through an advertising campaign in magazines and newsletters that have an older (>55) audience who regularly need medication and are aware in advance of their needs. For example, one of the main advertising vehicles will be the A.A.R.P monthly newsletter.
Walk-in customers will be targeted through advertisements in the local paper, "The Oregonian." Ads will raise awareness for the The Discount Pharmacy and our low prices.
Competition takes many different forms in the pharmacy industry.
- Chain pharmacies. These are state or national chains such as Rite-Aid. The advantage to these chains are better prices through economies of scale, as well as personalized service. The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you have disclosed to them.
- Local pharmacies. These are the pharmacies where you typically know the pharmacist and they know your medical history. This option is high in personalized service and convenience, and high in price.
- Mail order and Internet pharmacies. These are similar to The Discount Pharmacy.
- Canadian pharmacies. These pharmacies are located in Canada where the cost of drugs is lower than in the U.S. These pharmacies can be accessed through mail order, the Internet, or via travel. Recently there has been the trend for trips arranged for senior citizens in Northern States to travel up to Canada for the day to pick up their medicines.
The Discount Pharmacy’s competitive edge is superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.
We will be able to do that by eliminating some of the services traditionally offered by pharmacies. For example, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use pharmacists. Other efficiencies are created by having only a small store front and conducting most of our business through mail order.
Finally, The Discount Pharmacy is not designed to hold the patient’s hand during their purchase. We expect that the vast majority of our customers will already be informed of how to take the medication, and any side effects or drug interactions that should be avoided. We will simply provide each patient with a print out of all the relevant information for consumption of the medication.
Keys to Success
The keys to success are:
- Satisfy our customers so they will return again and again
- Maintain low overhead and operating costs
- Provide better prices than all our competitors
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Wholesale Pharmacy Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Healthcare and Medical » Pharmacy Business
Are you about starting a wholesale pharmacy? If YES, here is a complete sample wholesale pharmacy business plan template & feasibility report you can use for FREE .
Okay, so we have considered all the requirements for starting a wholesale pharmacy. We also took it further by analyzing and drafting a sample wholesale pharmacy marketing plan template backed up by actionable guerrilla marketing ideas for wholesale pharmacy businesses. So let’s proceed to the business planning section.
Pharmacy business is a lucrative business and if you have what it takes to run such a business, then you should consider starting a wholesale pharmacy company. Whole-selling pharmaceuticals is a profitable and viable business and you can be rest assured that your products will be purchased by retail pharmacy stores and medical clinics/hospitals.
When it comes to starting a wholesale pharmacy business, you have to ensure that you get your strategy right; you will need robust business relationship with pharmaceutical manufacturing companies and also retail pharmacy stores in and around your target market location.
Wholesale pharmacy business is still pretty much open for investors to come in and compete for the available market. If you are sure this type of business is what you truly want to do after you must have conducted your feasibility studies and market research, then the next step to follow is to write a good business plan.
The truth is that it is one thing to have a fantastic idea cum business plan, but it is another thing for the business plan to translate to profits, which is why it is important to assemble a team of dedicated workers if you want to be successful with your wholesale pharmacy business.
Below is a sample wholesale pharmacy company business plan template that will help you successfully write yours without much stress.
A Sample Wholesale Pharmacy Business Plan Template
1. industry overview.
The Pharmaceutical Wholesaling industry covers businesses that wholesale pharmaceuticals or medical goods. These are distributed to pharmacies, specialist retailers, hospitals, and other specialist medical practitioners.
Generally, pharmaceutical wholesalers purchase drugs, medical and surgical equipment, instruments and supplies, store these items at distribution centers, and deliver these products and related services to medical and dental practitioners, clinics and hospitals et al.
The pharmaceutical industry is highly regulated because the devastating effects of fake drugs or drug abuse can’t be quantified.
As a matter of fact, there are several universal laws and regulations that govern the patenting, testing, safety, efficacy and marketing of drugs. For example, in the united states, new pharmaceutical products must be approved by the Food and Drug Administration (FDA) as being both safe and effective before they can be allowed into the market.
Statistics have it that global spending on prescription drugs grew to a whopping sum of $954 billion in 2011, and the United States accounts for more than a third of the global pharmaceutical market, with an estimate of $340 billion in annual sales.
The Pharmaceutical Wholesaling Industry is a thriving sector of the economy of countries like India, China, united kingdom, Germany and the United States of America.
Statistics have it that in the united states alone, the industry generates over $192 billion annually from more than 11,156 registered and licensed generic pharmaceutical manufacturing companies scattered all around the United States of America.
The industry is responsible for the employment of over 220,330 people. Experts project the industry to grow at a 1.7 percent annual rate from 2012 to 2017. Cardinal Health Inc., Owens & Minor Inc., AAH Pharmaceuticals Ltd, Phoenix Healthcare Distribution Ltd and Walgreens Boots Alliance Inc. have lion shares of the available market in the industry.
A recent report published by IBISWORLD shows that the Pharmaceutical Wholesaling industry is in the mature phase of its life cycle.
As is evident within its European and US counterparts, the industry is subject to an ongoing consolidation process as its operating environment continues to develop in line with the dramatic changes occurring within the pharmaceutical supply chain.
With upstream manufacturers and downstream markets transforming the supply chain and pushing out the middleman, wholesalers are facing a wide array of challenges. In addition, the industry is contending with intense competitive pressures, which is indicative of a mature industry.
Over the decade through 2022-23, industry valued added, which measures the industry’s contribution to GDP, is anticipated to increase at a compound annual rate of 2.2 percent.
The bottom line is that the Pharmaceutical Wholesaling industry is still very much open for new entrants; the competition within the industry is not as stiff as similar industries. If your product is good, it can gain fair share of the available market in any country or region you intend launching the business.
2. Executive Summary
Health Pro® Pharmaceuticals Distribution, LLC is a licensed wholesale pharmacy company that will be located in an industrial area in Des Moines – Iowa. We have been able to secure a long-term lease agreement for a facility in a strategic location with an option of a long-term renewal on an agreed terms and conditions that is favorable to us.
Health Pro® Pharmaceuticals Distribution, LLC will engage in the wholesale of prescription medicine, medical products, therapeutic appliances and equipment et al.
We are also in business to make profits and at the same time to give our customers value for their money. We want to give people and businesses who patronize our pharmaceutical products the opportunity to be part of the success story of our brand.
We are aware that there are several wholesale pharmacy companies scattered all around the United States whose products can be found in every nooks and crannies of the United States of America, which is why we spent time and resources to conduct our feasibility studies and market survey so as to enable us locate the business in an area that can easily accept our products and brand.
We ensured that our facility is easy to locate and we have mapped out plans to develop a far-reaching distribution network for our pharmaceutical products all around Des Moines – Iowa and throughout the United States of America.
Much more than wholesale distribution of pharmaceutical products, our customer care is going to be second to none. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they purchase any of our products.
Health Pro® Pharmaceuticals Distribution, LLC will ensure that all our customers are given first class treatment whenever they order our products.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they may grow to. We will ensure that we get our customers involved when making some business decisions that will directly or indirectly affect them.
Health Pro® Pharmaceuticals Distribution, LLC is a family business that will be owned by Emmanuel Foster and his immediate family members. Emmanuel Foster who is the Chief Executive Officer of the Company is a graduate of Pharmacology and he holds a Master’s Degree in Business Management (MBA).
He has over 12 years’ experience working in related industry as a senior sales manager prior to starting Health Pro® Pharmaceuticals Distribution, LLC. He will be working with a team of professionals to build the business and grow it to an enviable height.
3. Our Products and Services
Health Pro® Pharmaceuticals Distribution, LLC is going to run a licensed wholesale pharmacy company whose products will not only be distributed in Des Moines – Iowa but throughout the United States of America. We are in the pharmaceutical wholesaling industry to make profits and also to give our customers value for their money.
These are some of the products that we will be distributing;
- Pharmaceutical wholesaling
- Medical goods wholesaling
4. Our Mission and Vision Statement
- Our vision is to establish a standard pharmaceutical wholesaling Company whose products will be not only be distributed in Des Moines – Iowa, but also throughout the United States of America.
- Our mission is to establish a standard pharmaceutical wholesaling company that in our own capacity will favorably compete with leaders in the industry. We want to build a business that will be listed amongst the top 20 pharmaceutical wholesaling brands in the United States of America.
Our Business Structure
Health Pro® Pharmaceuticals Distribution, LLC is established with the aim of competing favorably with other leading pharmaceutical wholesaling brands in the industry. This is why we will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target. In view of that, we have decided to hire qualified and competent hands to occupy the following positions that will be made available at Health Pro® Pharmaceuticals Distribution, LLC;
- Chief Executive Officer (Owner)
- Warehouse Manager
- Human Resources and Amin Manager
Sales and Marketing Manager
- Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for fixing prices and signing business deals
- Accountable for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Signs checks and documents on behalf of the company
- Evaluates the success of the organization
Admin and HR Manager
- Accountable for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities
- Responsible for organizing the safe and efficient receipt, storage and dispatch of warehoused goods
- Responsible for liaising with customers, suppliers and transport companies
- In charge of planning, coordinating and monitoring the receipt, order assembly and dispatch of goods
- In charge of coordinating the use of automated and computerized systems where necessary for the distribution of drugs
- Responsible for keeping stock control systems up to date and making sure inventories are accurate
- Responsible for producing regular reports and statistics on a daily, weekly and monthly basis
- In charge of overseeing the planned maintenance of vehicles, machinery and equipment.
- Ensures that proper records of goods are kept and warehouse does not run out of products
- Ensures that the warehouse facility is in tip top shape and goods are properly arranged and easy to locate
- Controls pharmaceutical products and medical equipment distribution and supply inventory
- Supervises the workforce in the warehouse floor
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Responsible for the purchase of prescription medicine, medical products, therapeutic appliances and equipment for the organizations
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Manages the organizations website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manages the organization’s CCTV
- Handles any other technological and IT related duties.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
Distribution Truck Drivers
- Assists in loading and unloading prescription medicine, medical products, therapeutic appliances and equipment
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
- Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment
- Assists the transport and logistics manager in planning their route according to a distribution schedule.
- Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients and collect cash.
- Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
- Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
- Collects and verifies delivery instructions
- Reports defects, accidents or violations
6. SWOT Analysis
We are quite aware that there are several wholesale pharmacy companies in the United States of America which is why we are following the due process of establishing a business so as to compete favorably with them. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Health Pro® Pharmaceuticals Distribution, LLC employed the services of an expert HR and Business Analyst with bias in startup businesses to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is a summary of the SWOT analysis that was conducted for Health Pro® Pharmaceuticals Distribution, LLC;
Part of what is going to count as positives for Health Pro® Pharmaceuticals Distribution, LLC is the vast experience of our management team, and we have people on board who understand how to grow a business from scratch to become a national phenomenon.
So also, the wide varieties of pharmaceutical products that we sell, our large national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
A major weakness that may count against us is the fact that we are a new wholesale pharmacy company in the United States and we don’t have the financial capacity to engage in the kind of publicity that we intend giving the business especially when big names like Cardinal Health Inc., Owens & Minor Inc., AAH Pharmaceuticals Ltd, Phoenix Healthcare Distribution Ltd and Walgreens Boots Alliance Inc. et al are already determining the direction of the market.
The opportunities available to wholesale pharmacy companies are enormous. This is because almost all Americans take drugs for different reasons. Demand for medical supplies has increased as a result of the rising age of the US population and of course the changing demographics in the US population will have a favorable effect on the medical supplies sector.
As a result of that, we were able to conduct a thorough market survey and feasibility studies so as to position our business to take advantage of the existing market for pharmaceutical products and also to create our own new market.
We are quite aware that just like any other business, one of the major threats that we are likely going to face are economic downturn and unfavorable government policies . It is a fact that economic downturn affects purchasing power.
Another threat that may likely confront us is the arrival of a new wholesale pharmacy company in same location where ours is located.
7. MARKET ANALYSIS
- Market Trends
A close study of the trends in the Pharmaceutical Wholesaling industry shows that the industry is expanding rapidly. This is due to the demand for the industry’s products by the aging population with more chronic illnesses. The regulatory provisions of the Patient Protection and Affordable Care Act expanded consumer access to prescription insurance and provided increased opportunities for product development.
Going forward, the industry revenue growth is expected to outpace revenue growth for the Brand Name Pharmaceutical manufacturing industry.
A large number of brand name drugs manufacturers lost patent protection for blockbuster drugs beginning in 2010; demand for generics subsequently grew, as consumers demanded affordable versions of these high-profile products. These trends are expected to continue in the next five years.
Lastly, the pharmaceutical wholesaling industry is the adoption of eco-friendly approach towards the production and packaging of its products. As a matter of fact, the industry’s adoption of eco-friendly practices will likely persuade environmentally conscious consumers to buy its products, while increasing operators’ efficiency.
8. Our Target Market
When it comes to selling pharmaceutical products, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just retail pharmacy stores, but every business that deals in drugs and medical equipment within our target market locations.
In view of that, we have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to engage in marketing and distribution of generic drugs and medical equipment. Our target markets are;
- Retail pharmacy stores
- Specialist retailers
- Hospitals/Medical clinics
- Doctors and other specialist medical practitioners
Our Competitive Advantage
A close study of the pharmaceutical wholesaling industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.
We are aware of the stiff competition and we are well prepared to compete with other wholesale pharmacy companies. Health Pro® Pharmaceuticals Distribution, LLC is launching a standard wholesale pharmacy company that will indeed become the preferred choice for businesses in Des Moines – Iowa and every city where our products will be distributed.
Having links with suppliers, having a clear market position and access to the latest available and most efficient technology are part of what is going to count as competitive advantage for Health Pro® Pharmaceuticals Distribution, LLC. We are not ignoring the vast experience of our management team; we have people on board who understand how to grow a business from the scratch to becoming a national phenomenon.
So also, the wide varieties of generic pharmaceutical products and medical equipment that we distribute, our large and far reaching national distribution network and of course our excellent customer service culture will definitely count as a strong strength for the business.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the pharmaceutical wholesaling industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Health Pro® Pharmaceuticals Distribution, LLC is established with the aim of maximizing profits in the pharmaceutical wholesaling industry in both the United States of America and Canada and we are going to go all the way to ensure that we do all it takes to sell a wide range of generic pharmaceutical products to a wide range of customers.
Health Pro® Pharmaceuticals Distribution, LLC will generate income by selling the following;
10. Sales Forecast
One thing is assured when it comes to a wholesale pharmacy company, if your products are well – packaged and branded and if your warehouse is centrally positioned and easily accessible, you will always attract customers.
We are well positioned to take on the available market in Des Moines – Iowa and every city where our generic pharmaceutical products and medical equipment will be distributed and we are quite optimistic that we will meet our set target of generating enough profits from the first six months of operations and grow the business and our clientele base.
We have been able to critically examine the generic pharmaceutical manufacturing industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Des Moines – Iowa.
Below is the sales projection for Health Pro® Pharmaceuticals Distribution, LLC, it is based on the location of our business and other factors as it relates to small and medium scale wholesale pharmacy startups in the United States.
- First Fiscal Year: $250,000
- Second Fiscal Year: $550,000
- Third Fiscal Year: $950,000
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor in the same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Health Pro® Pharmaceuticals Distribution, LLC and the kind of pharmaceutical products we will sell, we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market in our target market locations.
We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time. We hired experts who have good understanding of the pharmaceutical wholesaling industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market.
In summary, Health Pro® Pharmaceuticals Distribution, LLC will adopt the following sales and marketing approach to sell our pharmaceutical products and medical equipment;
- Introduce our wholesale pharmacy company by sending introductory letters to pharmacy stores, hospitals, pharmaceutical merchants, pharmacy retailers and other stakeholders in Des Moines – Iowa and other cities in the United States of America
- Advertise our products in community based newspapers, local TV and radio stations
- List our business and products on yellow pages’ ads (local directories)
- Leverage on the internet to promote our wholesale pharmacy company
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Health Pro® Pharmaceuticals Distribution, LLC has a long-term plan of distributing our generic pharmaceutical products and medical equipment in various locations all around the United States of America which is why we will deliberately build our brand to be well accepted first in Des Moines – Iowa before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for selling our products but to also effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Health Pro® Pharmaceuticals Distribution, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, et al to promote our generic pharmaceutical product brand
- Install our billboards in strategic locations all around Des Moines – Iowa and in major cities in the United States of America
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where we intend getting customers
- Ensure that our products are well branded and that all our staff members wear our customized clothes, and all our official cars and distribution vans are customized
12. Our Pricing Strategy
We are aware of the pricing trend in the generic pharmaceutical manufacturing industry which is why we have decided to distribute various sizes of pharmaceutical products as regulated by the industry.
In view of that, our prices will conform to what is obtainable in the industry but we will ensure that within the first 6 to 12 months our products will be sold a little bit below the average prices in the market. We have put in place business strategies that will help us run on low profits for a period of 6 months; it is a way of encouraging people to buy into our generic pharmaceutical product brands.
- Payment Options
The payment policy adopted by Health Pro® Pharmaceuticals Distribution, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Health Pro® Pharmaceuticals Distribution, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for generic pharmaceutical product and medical equipment purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
If you are looking towards starting a wholesale pharmacy company, then you should be ready to go all out to ensure that you raise enough capital to cover some of the basic expenditure that you are going to incur. The truth is that starting this type of business does not come cheap.
You would need money to secure a standard warehouse facility, you will need money to acquire medical equipment, drug supplies and distribution vans and you would need money to pay your workforce and pay bills for a while until the revenue you generate from the business becomes enough to pay them.
The items listed below are the basics that we would need when starting our wholesale pharmacy company in the United States, although costs might vary slightly;
- The total fee for registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Health Pro® Pharmaceuticals Distribution, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- Other start-up expenses including stationery ($500) and phone and utility deposits ( $2,500 ).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for start-up inventory (purchase of wide varieties of drugs and medical equipment meant for distribution) – $150,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase of distribution vans – $60,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, Fax Machines, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- The cost for our opening party – $10,000
- Miscellaneous – $10,000
We would need an estimate of five hundred thousand dollars ($500,000) to successfully set up our wholesale pharmacy company in Des Moines – Iowa.
Generating Startup Capital for Health Pro® Pharmaceuticals Distribution, LLC
Health Pro® Pharmaceuticals Distribution, LLC is a family business that is owned and financed by Emmanuel Foster and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sell of stocks
- Source for soft loans from family members and friends
- Apply for loan from the Bank
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of any business lies in the number of loyal customers they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business close shop.
One of our major goals of starting Health Pro® Pharmaceuticals Distribution, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to sell our generic pharmaceutical products and medical equipment a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Health Pro® Pharmaceuticals Distribution, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and construction of standard warehouse: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members and friends: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of the Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Launching party planning: In Progress
- Establishing business relationship with vendors – pharmacy stores, hospitals, pharmaceutical production companies/merchants: In Progress
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DOWNLOAD PHARMACY BUSINESS PLAN SAMPLE (WITH FINANCIALS)
Looking for a Pharmacy business plan for your new or existing enterprise?
Download this pharmacy business plan, which you can download to present to NIRSAL, TEF BOI, BOA, and other investors.
How Much to Start a Pharmacy Business in Nigeria
Starting a pharmacy business in Nigeria requires a significant amount of capital investment. The cost of starting a pharmacy business will depend on several factors, including the location, size of the store, the range of products, and the business model. Here is a detailed technical guide on how much it costs to start a pharmacy business in Nigeria.
- Business Plan: The first step to starting a pharmacy business in Nigeria is to develop a comprehensive business plan. The business plan should include details on the products to be sold, target market, marketing strategies, financial projections, and other essential details.
- Registration and Licensing: The next step is to register the business and obtain the necessary licenses and permits from regulatory agencies, such as the Pharmaceutical Council of Nigeria (PCN) and the National Agency for Food and Drug Administration and Control (NAFDAC). The cost of registration and licensing can range from ₦200,000 to ₦500,000.
- Store Location: The location of the pharmacy store is a critical factor in the success of the business. A strategic location with high foot traffic can attract more customers and generate more revenue. The cost of renting or leasing a store will depend on the location and size of the store. The cost of renting a store in a busy area can range from ₦500,000 to ₦2,000,000 per year.
- Interior Design and Furnishing: The interior design and furnishing of the store will depend on the size and location of the store. The cost of interior design and furnishing can range from ₦500,000 to ₦1,000,000.
- Inventory: The cost of inventory will depend on the size of the store and the range of products to be sold. A medium-sized pharmacy store will require about ₦5,000,000 to ₦10,000,000 worth of inventory.
- Equipment and Supplies: The equipment and supplies required for a pharmacy business include shelves, display cases, computers, cash registers, barcode scanners, and other supplies. The cost of equipment and supplies can range from ₦1,000,000 to ₦3,000,000.
- Staffing: The cost of staffing will depend on the number of employees and their salaries. A medium-sized pharmacy store will require at least four employees, including a pharmacist, a sales representative, and two support staff. The cost of staffing can range from ₦500,000 to ₦1,500,000 per year.
- Marketing: The cost of marketing will depend on the marketing strategies employed. A pharmacy business can employ various marketing strategies, including social media marketing, email marketing, and local advertising. The cost of marketing can range from ₦100,000 to ₦500,000 per year.
Overall, the cost of starting a pharmacy business in Nigeria can range from ₦10,000,000 to ₦25,000,000, depending on the size of the store, the range of products, and the business model. Entrepreneurs need to conduct proper market research, develop a solid business plan, and invest in quality equipment and inventory to ensure the success of the business.
DOWNLOAD THE PHARMACY BUSINESS PLAN TEMPLATE
1.0. Executive Summary
Ara Pharmacy store will be located in the heart of Ilorin, Kwara state. A well-structured facility that matches the perfect picture of a community retail pharmacy store needed has been acquired on a term of the lease for 5 years. Also, the facility requires a little amount of spending on renovating because before taking over the facility, it was used as a retail store.
Ara Pharmacy store is looking to sell an array of pharmaceutical-related products within the Ilorin environment and beyond. We are targeting the common masses, so our pricing policy is “affordability and accessibility”, i,e to charge as low as possible via our online store and over the counter.
A key factor we have outlined is ensuring our staff including the physician are well trained in administering top-notch pharmaceutical services including drug administration, and clinic recommendations.
At Ara Pharmacy Store, we will ensure that all our customers are given first-class treatment whenever they patronize us. We will use CRM software to manage a one-one relationship with our customers no matter the increase in customers’ base. We will ensure that we carry along with our customers in the selection of brands that will be on our racks and also when make some business decisions.
Ara Pharmacy Store is owned and managed by Kunle Ara and Family. Mr Kunle Ara is the Chief Executive Officer of the business; he has a first Degree in Pharmacy and an MBA from the University of Ilorin, Nigeria. He has over ten years of experience working as a pharmacist with an NGO in Nigeria.
2.0. Products and Services
Ara Pharmacy Store will retail a wide range of generic and branded prescription drugs from different manufacturing brands to customers. Also, we will engage in the sale of the following Products;
Small scale medical equipment/instruments et al
3.0. Our Mission Statements
To become the most open retail pharmacy store in the whole of Ilorin and other parts of Nigeria.
4.0. Our Vision Statements
To Establish a standard and top-tier retail pharmacy store that provides her customer with a wide range of generic and branded prescription drugs from the best pharmaceutical manufacturing companies at affordable prices to the residence of Ilorin.
5.0. Our Business Structure
Ara Pharmacy Store is a business that will be built on a solid foundation. We decided to hire experienced and qualify employees as foundational staff of the organization because we are quite aware of the rules and regulations governing the pharmaceutical industry.
These are the positions that will be available at Ara Pharmacy Store;
CEO (pharmacy owner, superintendent pharmacist and supervising pharmacist)
Pharmacist technician (3)
Information Technologist (Contract)
Sales agents (3)
Cashier (Counter Agent).
6.0. SWOT ANALYSIS
We have compiled the SWOT analysis for
Our first strength will be the Business model we intend on operating with(physical store and online store) that will be opened for 24 hours, Seven days a week. Also, Our location and our excellent customer service knowledge will count as a great strength for us.
Our observed weakness is the fact we are a new pharmacy and we may not have the required finance to sustain the kind of publicity that the business requires to scale up.
The opportunities that are open to the retail pharmacy business is limitless and we are going to build our business to make the best out of the opportunities that will be available to us in Ilorin.
Just like any other business, one of the major threats that we are likely going to face is the economic downturn. It is a fact that an economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new retail pharmacy store in the same neighborhood where our target market exists.
7.0. Our Target Market
Ara Pharmacy Store is in the retail pharmacy business to service a wide range of customers in and around Ilorin. Our staff is trained to effectively service our customers and still play by the rules governing the industry. The fact that we are going to open our doors to a wide range of customers does not stop us from demanding and screening prescriptions as required by the law. Our customers can be classified into the following;
Sports Men and Women
8.0. Sources of Income
Our major source of income will be retailing of prescription drugs and over-the-counter drugs. Ara Pharmacy will also generate income from the sale of other products such as beauty goods, cosmetics, greeting cards, luxury foods et al.
How To Download Pharmacy Company Business Plan PDF and Doc (With financial analysis)
Pay the sum of N8000 ( Eight thousand naira only) to the account detail below: Bank: GTBank Name: Oyewole Abidemi (I am putting my name and not our company account so you know I am real and you can trust me, and trace me) Ac/No: 0238933625 Type: Saving
P.S: We can also tailor the pharmaceutical company business plan to your name, business size, capital requirements, and more to fit your direct needs. Call or message +234 701 754 2853 for inquiries.
Thereafter, send us your email address through text message to +234 701 754 2853. The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the pharmacy plan sample to your email address where you can easily download it.
Dr. Abi Demi is a skilled technical writer and author with specialties in the martech and fintech space. Featured on Tekedia, Coin Review, Business Insider, Fintechna, Cryptocoin.news, Date 360 and several other sterling online publications, Demi is an astute technical writer that specializes in finance, marketing and technology - with over 500 published pieces across the internet ecosystem. Contact Abi Demi - [email protected]
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Pharmacy Business Plan Template [Updated 2023]
I. Executive Summary
This Section's Contents
Products served, customer focus, management team, success factors, financial highlights.
[Company Name] is a pharmacy in the [location] area. It provides a wide range of branded and generic medicines, medical devices, personal care products and other basic everyday needs. It aims to be a pharmacy that offers supreme service and easy access to the local residents. In order to meet its customers’ needs, [Company name] is open 24/7.
[Company Name] is the brainchild of [Founder’s name], a pharmacist, working at a local drug store in [location]. Through her 5 years of experience in the medical field, [Founder] saw the need for an accessible pharmacy that stocks all major medicines and medical devices and offers them at an affordable rate.
Here are the products as well as services that [Company name] will offer to our consumers:
- Generic over the counter drugs
- Generic prescription drugs
- Branded over the counter drugs
- Branded prescription drugs
- Basic medical equipment
- Medicine delivery and pick-up services
- Health and wellness products
- Selfcare products
[Company Name] will primarily serve the residents who live within a 5-mile radius from our pharmacy. The demographics of these customers are as follows:
- 62,237 residents
- 4,500 workers (who do not live the neighborhood)
- Average income of $57,300
- 49% married
- 42% in Mgt./Professional occupations
- Median age: 39 years
[Founder’s Name] is a pharmacist at a local drug store. Her experience in the medical field gives her a great advantage in building a pharmaceutical business. Before pursuing a career in the medical field, she attended [University Name], where she earned a degree in Business Management, which means she is not only capable of saving lives, but also managing a business.
[Company name]’s management team will also include registered pharmacists and highly skilled and trained employees that will contribute greatly to its success.
[Company Name] is uniquely qualified to succeed for the following reasons:
- The area is in need of a pharmacy.
- Our location is in a high-volume population and business district and will thus be highly convenient to significant numbers of passersby each day.
- The management team has a track record of success in business.
- The pharmacy business has a positive track and has succeeded in communities throughout the United States
[Company Name] is seeking total funding of $260,000 of debt capital to launch. The capital will be used for funding capital expenditures and location build-out, hiring initial employees, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
- Store design/build: $150,000
- Inventory: $50,000
- Working capital: $60,000 to pay for marketing, salaries, and lease costs until [Company Name] is cash-flow positive
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Pharmacy Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan