Thursday, April 14, 2011

starting my own pharmacy links

Also contact your local SBA(small business administration) agency in your area. They can help you out tons.
Hire an accountant, a consulting firm, and a lawyer to purchase a large pharmacy. The consulting firm will asses if its profitable, the accountant will make sure the profits r legit and not inflated. The lawyer will deal with the transfer of the business to u.

Originally Posted by james07 View Post
What are the advantages and disadvantages of starting your own Pharmacy? Approximately how much can one aspect to make owning there own Pharmacy and how do you go about starting one? How long do you have to be a Pharmacist before your able to start your own?

-thanks in advance
The advantages are numerous. You can practice the way you want to practice pharmacy, and you answer to yourself. The income potential is unlimited, and governed really only by your imagination. Some entrepreneurs love owning one store, while several go on to own a mini-chain. You're net worth grows, the more successful you become. You set your own hours, which can be good or bad. You become an important pillar of the community, and if you are really good some people will rely on your expertise. You can put other people to work, and help improve their lives. You can contribute to charities, and help them with the massive amounts of money you'll be making. Helping people in this business is extra important.
 If you talk to most pharmacy entrepreneurs, most will tell you that they opened a business because many were not happy working for the corporations and they feel that they were not practicing pharmacy. I guess they were happy with their decision.

On to disadvantages. Cost to start up one is about 100-450k, depending on what you want to do. If you are doing a startup, it takes a while to generate business. If you are acquiring an existing one, if can cost you much, much more. You also need to specialize these days. Old-school third party pharmacies are going out of business these days because of low reimbursements, so that avenue is closed. Look to compounding, or closed door pharmacies. At first, you may have to do everything yourself(accountant, stock person, technician, pharmacist, janitor).

You can start a pharmacy as soon as you graduate. It's up to you. If you are seriously interested in becoming an entrepreneur join your local chapter of NCPA or check out Or posts requests on the NCPA subforum here.

The biggest disadvantage of pharmacy business and other healthcare industry today is that we have lost our ability to manipulate reimbursement for profit. Basically, we can't charge for goods and services as we wish. It's predetermined by the 3rd party payors and contracts.

And the reimbursement is getting smaller everyday.


There actually is a way to get around the funding issue (although not until the credit crisis has eased up). First, you want to make a viable business model. Second, take it to some small business gov't group and have them determine whether it is viable. Third, draw up incorparation papers (so you aren't liable) and take out a loan if you can. Fourth, well it's in your hands...

Any flaws? I read somewhere there is a small business bureau that helps new business start up.


There is a group out there called SCORE(counselors for small business). Here is a link

Also contact your local SBA(small business administration) agency in your area. They can help you out tons.


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