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Business Pharmacy

What You Must Not Miss in Your Pharmacy Business Plan

 

pharmacy business plan

After getting done with your internship, the limited job opportunities has forced many to start retail pharmacies of their own and employ your pharmaceutical knowledge and skills.

This could be a path you have decided to follow but you are not quite sure where to begin. Having a good business plan could be a the right starting point that you are looking for. Below I have captured the important elements that you have to include in your pharmacy business plan.

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  1. Mission statement

The answer to the question of how your pharmacy will help patients apart from just filling their prescriptions forms your mission statement.

As you plan to set out in community pharmacy practice, what do you hope to attain?

The future of independent pharmacy solidly rests on better patient care. Your mission statement should be able to capture this.

2. Executive overview

Executive overview gives a summary of the main points in your pharmacy business plan.

Have a table of contents in place, which may offer a better organization of your plan.

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3. Ownership structure

Under this section, give an outline of the ownership details of your pharmacy.

If you are the only owner, list your pharmacy business as a sole proprietorship. If you are setting it up in partnership with other people, list it as a partnership.

4. Financial plans and projections

For this section, engage your accountant or financial advisor if you are not able to do it by yourself. The following points should be included;

  • Financing details
  • Costs to purchase, lease, build, and make any potential improvement on a premise
  • Cash flow projections
  • Pharmacy systems
  • Automation/technology costs
  • Initial inventory costs
  • Estimated costs of design and decor
  • Estimated management/staffing
5. Demographic analysis

Do you have information on the demographics in your pharmacy location?

Who will be your customer base?

The answers to this question will help you with other aspects of your plan.

Consider the following in this section;

  • Gender
  • Age
  • Income
6. Competitive analysis

Identify your competitors then come up with a S.W.O.T analysis.

S.W.O.T. is an acronym for Strengths, Weaknesses, Opportunities and Threats. I will do an article on SWOT in the recent future to help you understand it better.

SWOT will help you to understand your competitors inorder to comprehend what need you will be addressing in the market and also what your niche will be.

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7. Your advantage over your competitor

Community pharmacy business is a very competitive field. You have to think of something that will give you an advantage over your competitors.

Would you like to study your market and find out what you can offer them? Check these out:

  • Analyze the populaton: Take a study of the population and the prescribers in the area. Are there enough people to support your pharmacy? Are there enough prescribers for special services you intend to offer?
  • Get involved in the community: Converse with people in the area about their current pharmacy. What do they like or dislike about it? Engage local physicians and ask what patient concerns they have. Do they have a challenge with medical adherence?
8. Special planned offering

Will you offer home healthcare? Diabetes management? Specialty drugs?

Additional offerings will give you an even better advantage over the competition. This can help set you apart from other pharmacies.

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9. Your plan to address current pharmacy trends

Be sure to capture your plan to address current pharmacy trends.

If you want to succeed, take some time to understand where the pharmacy business currently stands and where it’s going. For example, if you are opening a retail pharmacy right now, you might consider how to address medication adherence and spending more time with patients.

These are concerns that will become even more important in the future.

10. Your retail inventory

Apart from medication, list other products that you will be selling.

Will you sell cleaning supplies? Toiletries? Beauty products?

Use your population research to decide what blend will be perfect. For example, if your pharmacy will be next to a senior citizen community, you may stock different items than a pharmacy located in a busy downtown area with young working professionals.

11. A thorough marketing plan

Marketing tends to be taken lightly in an independent pharmacy’s business plan.

Offering better customer services than the competition may keep people streaming back, but it won’t get them in the door in the first place.

Have a plan from the beginning how you’ll announce your arrival.

12. Contingency plan

It may seem strange to plan for the end of your pharmacy ownership before it begins. But talk to your lawyer and financial advisor about this step, because it is important in case of an unexpected situation.

The list may seem long. Nonetheless, the more detailed you can be, the more prepared you will be for the future. Additionally, leaders and potential investors will appreciate the attention to detail you have put into your strategy.

Have in mind that your pharmacy business plan should breath and have life. Be flexible to change as you refine your vision. Have a review and update it often as you make your way from pharmacist to pharmacy owner.

Written by Dr. Libeya Bethwel, Pharmacist at Photizo Pharmaceuticals Limited.

Do you have any questions regarding retail pharmacy business? Post them in the comment section below and the author will be glad to respond to them.

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