Opening up a pharmacy is no mean task.
Not only do you have your standard array of commercial guidelines to follow when you open a business, but you also have to consider legalities. The pharmaceutical industry comes with a lot of governmental regulations that can pose additional hurdles whenever you’re trying to open up a pharmacy.
In this article, we’ll ease some of those pains by explaining to you the process involved with opening a pharmacy. In addition to basic guidelines on how to open a pharmacy, we’ll also give you best practices for pharmacy operations.
Table of Contents
Talk to Healthcare Providers in Your Area First
Healthcare providers in your area must be consulted before you open up your pharmacy. The reason for this is because you want to ensure that you are stocking the right drugs that will get bought by your customers. Understand that the kinds of illnesses experienced by a population are often very heavily dependent on the population’s location.
The location can introduce particular strains of specific diseases that require specific medication. All of this industry knowledge isn’t something that you’ll have access to without consulting the medical centers in your area.
In addition, when you build up a relationship with those healthcare centers, you will probably have a more successful launch of your pharmacy. This is because the more good relationships you have with medical staff, the more likely they are to refer their clients to your pharmacy practice. In addition, you may be able to secure discounted advertising and sponsorships of that medical center to channel more customers to your business.
Decide Which Drugs to Stock
After consulting with the medical professionals in your area, there will still be much decision-making leftover for you to do with regard to what drugs you will be stocking. Firstly, you have to decide whether you’re going to stock generic drugs, name-brand drugs, or some balance between the two.
Name-brand drugs will often bring you better margins, but generic drugs can sell better in some areas. In addition, the manufacturers of generic drugs may give you some incentive to stock their products.
Find Your Supply Sources
Once you’ve decided which drugs you will be stocking, the next decision to make is where you’ll be getting your supplies from. Which pharmaceutical wholesale distributors will you choose to give long-term contracts to?
Remember that relationships are everything in this business. By being a good customer to the wholesale distributors, you can build a long-term relationship with them. The net result of that is lower prices and more reliable supply. Never sacrifice an opportunity to build a relationship with a supply source.
How to Open a Pharmacy Made Simple
Although the answer to the question “how to open a pharmacy” is not easy, it doesn’t have to be complex. The process isn’t as complicated as you think. If you break it down into the steps above, it can be quite simple.
Use these tips as you start your own pharmacy. Be sure to check out the rest of the articles for more medical advice as you start this pharma-owning journey!