business planning in pharmacy

Pharmacy Business Plan Template

Pharmacy business plan.

If you want to start an independent pharmacy or expand your current one, you need a business plan.

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their pharmacy businesses.

How To Write a Business Plan For A Pharmacy

Below are links to each section of a business plan for a pharmacy business providing a template for you to write your own.

• Executive Summary – The Executive Summary of your pharmacy business plan should provide an overview of your business concept, key objectives of your business and a snapshot of the market opportunity.
• Company Overview – The Company Overview section should provide an overview of your company, including history, mission statement, legal structure, retail locations, and any relevant information about your business.
• Industry Analysis – The Industry Analysis section should describe the pharmacy industry and market, including size, growth, trends, and major players.
• Customer Analysis – The Customer Analysis section should describe your target customer, including demographics, needs, and buying habits.
• Competitive Analysis – This section should describe the competitive landscape in your market, including major players, market share, and any unique selling points.
• Marketing Plan – The Marketing Plan section should describe your approach to marketing, including your marketing mix, strategies, and tactics.
• Operations Plan – The Operations Plan section should describe how your pharmacy will operate, including details on facilities, equipment, inventory, and security.
• Management Team – The Management Team section should describe the management team, including bios and experience.
• Financial Plan – The Financial Plan section should include a 5-year financial projection, including pro forma income statements, balance sheets, and cash flow statements.
• Appendix – The Appendix should include any supporting materials, such as market research, competitive analysis, customer surveys, etc.

Next Section: Executive Summary >

Pharmacy Business Plan FAQs

What is the easiest way to complete my pharmacy business plan.

Growthink's Pharmacy Ultimate Business Plan Template allows you to quickly and easily complete your business plan.

Where Can I Download a Pharmacy Business Plan PDF?

You can download our pharmacy business plan PDF template here . This is a business plan template you can use in PDF format.

What Is a Pharmacy Business Plan?

A business plan provides a snapshot of your pharmacy as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why Do You Need a Business Plan?

If you’re looking to start a pharmacy or grow your existing pharmacy you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmacy in order to improve your chances of success. Your plan is a living document that should be updated annually as your business grows and changes.

What Are the Sources of Funding for a Pharmacy?

Pharmacy businesses are usually funded through small business loans, personal savings, credit card financing and/or angel investors.

Where Can I Find a Pharmacy Business Plan Example?

The following sample pharmacy business plan was designed for a sole proprietorship pharmacy called The Medicine Shoppe which provides online services as well as a retail location.

Executive Summary

The Medicine Shoppe is a side delivery company that plans to open its doors on October 1, 20XX. The company will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm. The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs and will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.

The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from the store. The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at the store and points can be redeemed for discounts on future purchases. The Medicine Shoppe also plans to sponsor community initiatives such as blood drives and flu shot clinics.

The Medicine Shoppe has been capitalized with $1 million from the founders and plans to generate $2 million in revenue within the first year of operation. The company plans to break even within the first year of operation and generate profits in year two of operation. The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.

Company Overview

Our mission statement is “ The Medicine Shoppe is dedicated to providing quality medical care and services to our patients and customers. ”

The Medicine Shoppe is a full-service pharmacy business that will be located in the heart of downtown Santa Barbara, California. The company will offer both online and retail services to its customers. The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more. The company will also offer delivery services for its customers.

The Medicine Shoppe will be owned and operated by Aimee Stewart, a registered pharmacist with over 10 years of experience. Ms. Stewart has a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacists Association.

The company plans to open its doors for business on October 1, 20XX.

Industry Analysis

The pharmacy industry is a highly regulated industry with strict laws and regulations governing the distribution of drugs and other pharmaceutical products. In order to operate a pharmacy, businesses must obtain a license from the state in which they plan to do business.

The pharmacy industry is a highly competitive industry. There are many large, national chains such as CVS, Walgreens, and Rite Aid that have a significant presence in most markets. In addition to the national chains, there are also many regional and local pharmacies. These businesses compete on price, selection, customer service, and convenience.

The pharmacy industry is growing at a moderate rate. According to the National Association of Chain Drug Stores, total sales for the US pharmacy industry are expected to reach $371 billion by 2020. This growth is being driven by an ageing population, new medications, and increased access to healthcare.

The Medicine Shoppe will compete in the pharmacy industry by offering a broad range of products and pharmacservices, competitive pricing, superior customer service, and convenient online and retail locations.

If The Medicine Shoppe does not establish a strong reputation, it could lose customers to its competitors. The company could also be adversely affected by changes in the economy or healthcare industry.

Customer Analysis

The target market for The Medicine Shoppe will be the residents of Santa Barbara County. Santa Barbara County is a large county with a population of over 700,000 people. The median age in the county is 38 years old, and the median household income is $70,000.

The county has a large number of retirees, as well as a significant number of young families. These groups will be the primary target market for The Medicine Shoppe. The company plans to appeal to these groups with its convenient location, a broad selection of products and services, and competitive pricing.

Our target demographics include:

• Families with young children
• Individuals with chronic health conditions
• People who are uninsured or underinsured
• People who have a high deductible health insurance plan
• People who take multiple medications

The psychographics of this market include:

• People who are health-conscious
• People who are price-conscious
• People who value convenience
• People who value customer service

Competitive Analysis

As mentioned earlier, the pharmacy industry is a highly competitive industry. The Medicine Shoppe will compete against national chains, and regional and other local pharmacies.

Some of the specific competitors that The Medicine Shoppe will face include CVS, Walgreens, Rite Aid, and Pharmaca. These businesses are all large, well-established companies with significant resources. They also have a large presence in the Santa Barbara market.

Our strengths include:

• The Medicine Shoppe will be owned and operated by a registered pharmacist with over 10 years of experience.
• The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more.
• The company will also offer delivery services for its customers.
• The Medicine Shoppe will have a convenient location in Santa Barbara County.

Our weaknesses include:

• The Medicine Shoppe is a new business and does not yet have an established reputation.
• The company will be competing against large, well-established businesses.
• The Medicine Shoppe does not have the same level of resources as its competitors.

The Medicine Shoppe will compete against these businesses by offering a more personal level of customer service, a broad range of products and services, and convenient online and retail locations.

Marketing Plan

The Medicine Shoppe will use a mix of marketing channels to reach its target market. These channels include online advertising, print advertising, and public relations.

Online Advertising

The Medicine Shoppe will use Google AdWords to target people who search for keywords related to pharmacy, medications, supplements, and more. The company will also use retargeting to reach people who have visited its website in the past.

Print Advertising

The Medicine Shoppe will use print advertising to reach its target market. The company plans to place ads in local newspapers and magazines. The ads will feature coupons and discounts to encourage people to try The Medicine Shoppe.

Public Relations

The Medicine Shoppe will use public relations to generate positive buzz about the company. The company plans to write press releases and pitch stories to local media outlets. The company will also host events and sponsor community initiatives.

Sales and Promotions

The Medicine Shoppe will offer discounts and promotions to its customers. The company plans to offer a 10% discount to seniors and a 20% discount to families with young children. The company will also offer free delivery for orders over $50.

Customer Service

The Medicine Shoppe will focus on providing excellent customer service. The company plans to offer a satisfaction guarantee for all of its products and services. The company will also train its employees to be friendly and helpful. This will help The Medicine Shoppe to build a loyal customer base.

Operations Plan

The Medicine Shoppe will be located at 123 Main Street in Santa Barbara, California. The company plans to lease a 2,000-square-foot retail space. The Medicine Shoppe will have a pharmacy, a retail area, and a waiting area for customers.

The company plans to hire 5 employees. These employees will include a pharmacist, 2 pharmacy technicians, and 2 customer service representatives. The Medicine Shoppe will also use the services of an outside delivery company.

The company plans to open its doors on October 1, 20XX. The hours of operation will be Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.

The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs. The company plans to have a separate bank account for its business activities.

The Medicine Shoppe will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.

Day-To-Day Operations

The Medicine Shoppe will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.

The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from The Medicine Shoppe.

The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at The Medicine Shoppe. Points can be redeemed for discounts on future purchases.

The Medicine Shoppe will host events and workshops on a regular basis. These events will be open to the public and will focus on topics such as healthy living, fitness, and nutrition.

The Medicine Shoppe will sponsor community initiatives such as blood drives and flu shot clinics. The company plans to partner with local nonprofits to make a positive impact in the community.

Long-Term Goals

The Medicine Shoppe’s long-term goal is to become the leading provider of pharmacy services in Santa Barbara. The company plans to achieve this goal by expanding its product and service offerings, increasing its marketing efforts, and improving its customer service.

The Medicine Shoppe also plans to expand into other markets. The company plans to open new locations in Los Angeles and San Diego. The Medicine Shoppe will also consider franchising opportunities in the future.

The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its customer base and expanding its product and service offerings.

Management Team

Aimee Stewart, a licensed pharmacist with more than 10 years of experience, is the pharmacy owner and will manage and run the Medicine Shoppe. Ms. Stewart holds a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacy Association.

Financial Plan

The Medicine Shoppe has been capitalized with $1 million from the founders. This funding will be used to lease a retail space, purchase inventory, and hire employees.

The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its target market and expanding its product and service offerings.

The Medicine Shoppe plans to break even within the first year of operation. The company expects to generate profits in year two of operation.

The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.

PHARMACY BUSINESS PLAN OUTLINE

• Pharmacy Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Pharmacy Business Plan Summary

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Pharmacy Business Plan PDF Example

• March 19, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful pharmacy. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your pharmacy’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a pharmacy business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your pharmacy concept into reality. Let’s dive in!

Our pharmacy business plan is constructed to encompass all critical facets required for a robust strategy. It details the pharmacy’s operational processes, marketing approaches, market conditions, competitive landscape, management hierarchy, and financial predictions.

• Executive Summary : Provides a concise overview of the Pharmacy’s business concept, market analysis , management team, and financial strategy, setting the stage for the detailed plan.
• Pharmacy & Location: Details the pharmacy’s layout, amenities, and the strategic significance of its location to attract customers.
• Services & Pricing: Lists the pharmaceutical services and products available, including pricing strategy and how it caters to the target market .
• Key Stats: Shares important statistics on the pharmacy industry, highlighting the market size and growth trends.
• Key Trends: Discusses current trends affecting the pharmaceutical industry and how the Pharmacy aligns with these trends.
• Key Competitors : Evaluates main competitors in the vicinity, showcasing the Pharmacy’s unique advantages.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis tailored to the Pharmacy.
• Marketing Plan : Outlines strategies for marketing, customer engagement, and loyalty building.
• Timeline : Key milestones and objectives from the Pharmacy’s startup phase through its first year of operation.
• Management: Information about the management team, their expertise, and their roles in the Pharmacy.
• Financial Plan: Projects the Pharmacy’s financial performance over the next five years, including revenue, profit margins, and significant expenses.

Pharmacy Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your pharmacy’s business plan, providing a concise overview of your pharmacy and its offerings. It should detail your market positioning, the range of pharmaceutical products and health services you offer, its location, size, and an outline of day-to-day operations.

This section should also explore how your pharmacy will integrate into the local market, including the number of direct competitors within the area, identifying who they are, along with your pharmacy’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the pharmacy’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your pharmacy’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a Pharmacy, the Business Overview section can be concisely divided into 2 main aspects:

Pharmacy & Location

Briefly describe the pharmacy’s physical setup, focusing on its layout, ease of navigation, and the welcoming atmosphere for customers. Mention the pharmacy’s location, highlighting its accessibility and convenience to customers, such as proximity to medical centers, residential areas, or ease of parking. Explain why this location is strategically chosen to attract your target customer base.

Products & Pricing

Detail the range of products and services offered, from prescription medications and over-the-counter drugs to health supplements and wellness products. Include any specialized services such as pharmaceutical consultations, immunizations, health screenings, or medication management programs. Outline your pricing strategy, ensuring it is competitive yet reflects the quality and value of the products and services offered. Highlight any discount programs, insurance collaborations, or loyalty schemes that provide added value to your customers, encouraging repeat visits and customer loyalty.

Make sure to cover here _ Pharmacy & Location _ Products & Prices

Market Overview

Industry size & growth.

In the Market Overview of your pharmacy business plan, start by examining the size of the pharmaceutical industry and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing consumer interest in health and wellness products, the growth in demand for prescription and over-the-counter medications, and the expansion of pharmacy services like immunizations and health screenings. For example, highlight the demand for pharmacies that offer comprehensive health management solutions and personalized medication consultations, alongside the rising popularity of digital health services and telepharmacy.

Key Competitors

Then, consider the competitive landscape, which includes a range of pharmacies from large chains to local independents, as well as online pharmacies and health tech startups. For example, emphasize what makes your pharmacy distinctive, whether it’s through superior customer service, a wide range of health and wellness products, or specialization in certain medical areas. This section will help articulate the demand for pharmacy services, the competitive environment, and how your pharmacy is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for the pharmacy , highlighting Strengths (such as a comprehensive range of health products and services, knowledgeable pharmacists), Weaknesses (including potential inventory management issues or strong competition from large chains), Opportunities (for example, an increasing focus on healthcare and preventive measures in the community), and Threats (such as regulatory changes or online pharmacies cutting into market share).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted health and wellness campaigns, promotional discounts on wellness products, an engaging online presence that includes health tips and advice, and involvement in community health events.

Finally, create a detailed timeline that outlines critical milestones for the pharmacy’s opening, marketing initiatives, customer base growth, and potential service expansion objectives, ensuring the business progresses with clear direction and purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the pharmacy’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the pharmacy toward its financial and operational goals.

For your pharmacy business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your pharmacy’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your pharmacy business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Privacy Overview

Pharmacy Business Plan Template

Written by Dave Lavinsky

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.

Executive Summary

Business overview.

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.

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

• Over-the-counter (OTC) medications
• Prescription medications
• Immunizations
• Travel medications
• Point-of-Care (POC) Tests
• Compounding

Customer Focus

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.

Management Team

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.

Success Factors

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.

Financial Highlights

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.

Company Overview

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:

Industry Analysis

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.

Customer Analysis

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:

Customer Segmentation

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

Competitive Analysis

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.

FeelBetterNow Pharmacy

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.

Competitive Advantage

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.

Marketing Plan

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.

Promotions Strategy

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.

SEO/Google Marketing

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.

Professional Associations/Networking

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.

Print Advertising

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.

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

• 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.

Milestones:

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.

Financial Plan

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:

Key Assumptions

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

Financial Projections

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.

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Pharmacy Business Plan

Things to Consider Before Writing a Pharmacy Store Business Plan

Check your legal requirements.

A pharmacy business requires a fair amount of licenses and permits. It is good to have a checklist of all the required licenses and to see if you have to get any of them.

Research what permits your state requires as well as the ones mandatory for everyone. It helps you stay on the good side of the law.

Pick a good location

A pharmacy setup requires a fixed minimum area. Also, a pharmacy that is easily accessible is more likely to succeed than one which is unreachable during emergencies. Hence, picking a good location is important .

Also, you can pick between starting a physical store or going online. Both business structures would have their pros and cons. You should pick the one that is the best for you.

Have a proper storage facility

Different medicines and formulas have different storage requirements. You’ll keep most of them in cool and dry places though. Bad storage can cost a pharmacy business dearly, even if you do everything else right.

Hence, it is important to have a good and ideal storage facility before you get started.

Check if your staff has the proper technical knowledge

You need technical knowledge and attention to detail to fare well as a pharmacist and so does your staff. As dealing with medicines is quite a critical job and can have consequences if not done right, it is important to find staff who know what they are doing and are well-trained and up to the job.

After you figure out some of the technical requirements, it is essential to figure out the business side of running a pharmacy. Planning, in the beginning, can save you from a lot of trouble later on.

Chalking Out Your Business Plan

A business plan helps you stay prepared for challenges, make better decisions, and formulate better business strategies. A pharmacy business takes a fair amount of legal procedures and competitive strategies, a pharmacy business plan can help you with that.

Reading some sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample pharmacy business plan for you to get a good idea about how perfect a pharmacy business plan should look and what details you will need to include in your stunning business plan.

Pharmacy Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

• Keys to Success
• Business Ownership
• Summary Chart
• Business Model Description
• Mail order customers
• Walk-in customers
• Target Market Analysis
• Target Market Segment Strategy
• Competitive Edge
• Marketing Strategy
• Sales Forecast
• Development Requirements
• Personnel Plan
• Important Assumptions
• Break-even Analysis
• Projected Profit and Loss
• Projected Cash Flow
• Balance Sheet

Let’s understand how you can write each section of the pharmacy business plan.

1. Executive Summary

The executive summary section forms the first page of your business plan. It summarises all that your business stands for.

The executive summary section consists of the following subsegments:

• Objectives : This segment consists of the reason you started your business in the first place. What is your idea behind it and what problem do you plan on solving with it?
• Mission : Your mission statement should reflect how your pharmacy business can help people, apart from providing them with medicines. It reflects how your idea can deal with a problem more optimally.
• Financial Summary : This section would consist of the funding requirements of your business, and how the said funds would be put to use. It serves the main purpose of the executive summary, which is to get your business funded.

As a pharmacy business, your executive summary would consist of the type and size of your pharmacy business, your team, your qualifications and licenses, and a summary of your financial plan.

2. Products and Services

This section consists of a description of all the products and services your pharmacy offers.

For example, apart from your general products, this section can also consist of services your pharmacy offers like home delivery of medicines, subscription packages, online orders, etc.

3. Market Analysis

Market analysis helps you understand what you are getting yourself into. It also helps you make sense of all the research you have done and how you can put it to use for your business.

It consists of the following subsegments:

• Market Segmentation : Through market segmentation, you separate your target audience from the rest of the market based on their age, gender, income, occupation, medical conditions, etc.
• Market Positioning : In this segment, you can add an analysis of where you stand in the current market. And what would be the best marketing strategy for you as per your position?
• Target Market Analysis : In this section, you’ll write down an analysis of your target market, and their tastes and preferences.

As a pharmacy business, you can list down the type of pharmacy you own, your target customer base, the kind of services they like, the location they’ll prefer, and how they buy their medical supplies.

4. Strategy And Implementation

After you carry out market analysis, the next step would be to create a marketing strategy based on the same. This section helps you promote your business to your target audience.

This section consists of the following subsegments:

• Competitive Edge : Include your competitive advantage in this section. Include how your product is better than your competitor’s and how you’ll use that to your advantage.
• Marketing Strategy : Your marketing strategy should speak to your target audience. Your campaign should show your customers how your business solves a pressing problem.
• Sales Strategy : A sales strategy should be formulated after surveying what works best for your specific industry.

As a pharmacy business, you can center your marketing around safe products, better service, and availability. According to various surveys, KAM, clinical sales force, and service rep model are three of the most successful strategies for pharmacies.

5. Web Plan

With everything going online, a website strategy is of utmost importance. With online pharmacies like mail, my prescriptions, and Amazon pharmacy coming up, having an online presence is crucial to being seen by your consumers.

Moreover, an eCommerce website can also serve as a good alternative if you don’t want to go through the hassle of owning a physical store.

Nonetheless, building your online presence can help you in getting noticed. It is also a good method of promoting your brand idea.

6. Financial Plan

This section would consist of everything about your company’s finances. From your financial history to your projected profits, your financial plan would cover it all.

A good financial plan helps your business survive and thrive.

This segment consists of the following subsegments:

• Financial Resources : This segment would consist of the investment you can put in your business, as well as other resources for meeting your funding requirements.
• Funding Requirements : This would consist of the funding requirements to set up your pharmacy and keep it going.
• Projected Cash Flow and Profits : This section would consist of your business’s expected cash flow and profits in the long term.

Download a sample pharmacy business plan

Need help writing your business plan from scratch? Here you go;  download our free pharmacy business plan pdf  to start.

It’s a modern business plan template specifically designed for your pharmacy business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

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Pharmacy Business Plan Summary

In conclusion, though a pharmacy business might take a lot of work, you can make running your business a lot easier and smoother with a business plan.

A business plan helps you stay organized and updated as per market trends and changing environment of the industry.

After getting started with Upmetrics , you can copy this sample pharmacy business plan template into your business plan and modify the required information and download your pharmacy business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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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:

Executive Summary

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.

Marketing Plan 

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 .

Financial Plan 

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.

Value Proposition

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.

Visual Identity

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 :

Accessibility 

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. 

Previous tenants 

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. 

Inventory Ordering

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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How to write a business plan for a pharmacy?

Writing a business plan for a pharmacy can be an intimidating task, especially for those just starting.

This in-depth guide is designed to help entrepreneurs like you understand how to create a comprehensive business plan so that you can approach the exercise with method and confidence.

We'll cover: why writing a pharmacy business plan is so important - both when starting up, and when running and growing the business - what information you need to include in your plan, how it should be structured, and what tools you can use to get the job done efficiently.

Let's get started!

In this guide:

Why write a business plan for a pharmacy?

• What information is needed to create a business plan for a pharmacy?
• What goes in the financial forecast for a pharmacy?
• What goes in the written part of a pharmacy business plan?
• What tool can I use to write my pharmacy business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a pharmacy business plan is so crucial.

To have a clear roadmap to grow the business

Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.

In this dynamic context, it's essential to have a clear roadmap for your pharmacy. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.

That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.

To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your pharmacy to be in the next three to five years.

Once you have a clear destination for your pharmacy, you'll focus on three key areas:

• Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
• Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
• Risks: you'll identify and address potential risks you might encounter along the way.

By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your pharmacy's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Crafting a comprehensive business plan for your pharmacy, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.

Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.

For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).

Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your pharmacy has the potential for healthy growth, profitability, and consistent cash flow generation over time.

Now that you understand the importance of creating a business plan for your pharmacy, let's delve into the necessary information needed to craft an effective plan.

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Information needed to create a business plan for a pharmacy

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your pharmacy business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for a pharmacy

As you consider writing your business plan for a pharmacy, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your pharmacy.

Your market research could reveal that customers may be looking for more convenience when it comes to filling their prescriptions. Customers may be looking for shorter wait times, or options to have their prescriptions filled online or via an app. Additionally, your research could reveal that customers might be looking for more natural alternatives to the traditional medicine they are prescribed. They might be seeking out herbal supplements and over-the-counter medications as a way to supplement their prescriptions.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your pharmacy.

Developing the sales and marketing plan for a pharmacy

As you embark on creating your pharmacy business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and capital expenditure requirements of a pharmacy

Whether you are starting or expanding a pharmacy, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

A pharmacy might incur staffing costs such as salaries for pharmacists, technicians, and other staff. They may also need to purchase or lease equipment such as computers, scales, and automated prescription dispensing machines. Additionally, they may need to purchase medications and other supplies, such as bandages and ointments.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your pharmacy, it is time to start creating your financial forecast.

What goes into your pharmacy's financial forecast?

The objective of the financial forecast of your pharmacy's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a pharmacy are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a pharmacy shows how much revenue and profits your business is expected to generate in the future.

Ideally, your pharmacy's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established pharmacy. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your pharmacy

The balance sheet for a pharmacy is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your pharmacy's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your pharmacy's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your pharmacy has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your pharmacy business plan.

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

• Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
• Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
• Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your pharmacy business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting a pharmacy.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

This table helps size the investment required to set up the pharmacy, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your pharmacy business plan, let's have a look at the written part of the plan.

Need inspiration for your business plan?

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The written part of a pharmacy business plan

The written part of a pharmacy business plan plays a key role: it lays out the plan of action you intend to execute to seize the commercial opportunity you've identified on the market and provides the context needed for the reader to decide if they believe your plan to be achievable and your financial forecast to be realistic.

The written part of a pharmacy business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your pharmacy's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your pharmacy's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

As you build your pharmacy business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.

Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.

When describing the location of your pharmacy, you may emphasize the potential for a high volume of customers due to its proximity to a bustling business area. You could also highlight the convenience of the pharmacy's location, as it is close to public transportation and many residential areas. You might even mention the potential for future growth in the area, which could attract more customers.

Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.

It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of the offerings that your company provides to its customers. 

For example, your pharmacy might offer prescription filling, over-the-counter medications, and immunizations. By providing these services, customers can get the medications they need and stay up to date on their vaccinations. Additionally, pharmacists can provide education and information to customers so they can make more informed decisions about their own health.

When drafting this section, you should be precise about the categories of products or services you sell, the types of customers you are targeting and how customers can buy them.

4. The market analysis

When outlining your market analysis in the pharmacy business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your pharmacy, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your pharmacy targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include elderly individuals. They often require additional assistance to purchase and take medication, such as help understanding instructions and medication reminders. Additionally, they may need help understanding insurance plans in order to afford the medications they need.

In the competition subsection, introduce your main competitors and explain what sets your pharmacy apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your pharmacy.

5. The strategy section

When writing the strategy section of a business plan for your pharmacy, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your pharmacy faces many risks, both internal and external. Employees or contractors working at the pharmacy may have access to large amounts of valuable and often controlled substances which could lead to internal theft. If this risk is not properly managed, your pharmacy could face serious financial and legal repercussions. Your pharmacy may be vulnerable to cyber-attacks, which could result in breaches of confidential data or financial losses. Cybercriminals could also target the pharmacy's computer systems to access customer information, which could lead to privacy or reputational issues.

6. The operations section

The operations of your pharmacy must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your pharmacy - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

As a pharmacy, you may have key assets such as patient records and prescription information that are essential for providing personalized care. This type of information could be protected as Intellectual Property (IP), as it is essential to the operations of the pharmacy. Additionally, the pharmacy might have a unique brand identity or logo that could also be registered and protected as IP.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a pharmacy business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my pharmacy's business plan?

There are two main ways of creating your pharmacy business plan:

• Using specialized business planning software,
• Hiring a business plan writer.

Using an online business plan software for your pharmacy's business plan

Using online business planning software is the most efficient and modern way to write a pharmacy business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Need a solid financial forecast?

The Business Plan Shop does the maths for you. Simply enter your revenues, costs and investments. Click save and our online tool builds a three-way forecast for you instantly.

Hiring a business plan writer to write your pharmacy's business plan

Outsourcing your pharmacy business plan to a business plan writer can also be a viable option.

These writers possess valuable experience in crafting business plans and creating accurate financial forecasts. Additionally, enlisting their services can save you precious time, enabling you to concentrate on the day-to-day operations of your business.

It's important to be mindful, though, that hiring business plan writers comes with a cost. You'll be paying not just for their time but also for the software they use, and their profit margin.

Based on experience, a complete business plan usually requires a budget of at least £1.5k ($2.0k) excluding tax, and more if revisions are needed after initial meetings with lenders or investors - changes often arise following these discussions.

When seeking investment, be cautious about spending too much on consulting fees. Investors prefer their funds to contribute directly to business growth. Thus, the amount you spend on business plan writing services and other consulting services should be negligible compared to the amount you raise.

Another aspect to consider is that while you'll receive the output of the business plan, you usually won't own the actual document. It will be saved in the consultant's business plan software, which will make updating the plan challenging without retaining the consultant on a retainer.

Given these factors, it's essential to carefully weigh the pros and cons of outsourcing your pharmacy business plan to a business plan writer and decide what best suits your business's unique needs.

Why not create your pharmacy's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a pharmacy business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my pharmacy business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a pharmacy business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
• Having an up-to-date business plan is the only way to keep visibility on your pharmacy's future cash flows.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this practical guide gave you insights on how to write the business plan for your pharmacy. Do not hesitate to get in touch with our team if you still have questions.

Also on The Business Plan Shop

• In-depth business plan structure
• Key steps to write a business plan?
• Free business plan template

Know someone who owns or wants to start a pharmacy? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Pharmacy Business Plan

Identify and study the market needs for pharmaceuticals.

• 1 Hospitals and clinics
• 2 Individual consumers
• 3 Long-term care facilities
• 4 Healthcare organizations
• 5 Pharmaceutical wholesalers
• 1 Strong competition
• 2 Changing regulations
• 3 Limited access to medication
• 4 Lack of awareness
• 5 Logistics challenges

Research on the regulatory requirements for setting up a pharmacy business

• 1 Complex licensing process
• 2 Cost of obtaining permits
• 3 Stringent security measures
• 4 Regular inspections and audits
• 5 Maintaining accurate recordkeeping

Prepare a business model and revenue plan

• 1 Prescription medications
• 2 Over-the-counter medications
• 3 Healthcare products and supplements
• 4 Consultations and services
• 5 Compounding medications

Create a detailed marketing and sales strategy

• 1 Digital marketing (website, social media)
• 2 Print advertisements
• 3 Radio and television ads
• 4 Direct mail campaigns
• 5 Partnerships with healthcare providers
• 1 Brochures
• 4 Business cards
• 5 Digital advertisements

Draft a detailed organizational structure

• 1 Pharmacist
• 2 Pharmacy technician
• 3 Front-end staff
• 4 Inventory manager
• 5 Marketing manager
• 1 Communication gaps
• 2 Staff turnover
• 3 Employee conflicts
• 4 Performance management
• 5 Training and development

Approval: Organizational Structure

• Draft a detailed organizational structure Will be submitted

Develop a business operation plan

• 1 Ordering and receiving medication
• 2 Storing and organizing inventory
• 3 Monitoring and restocking inventory
• 4 Managing expiration dates
• 5 Implementing quality control measures
• 1 Inventory shortages
• 2 Medication errors
• 3 Supply chain disruptions
• 4 Unforeseen emergencies
• 5 Staff scheduling conflicts

Research and decide on an ideal location

• 1 High rental costs
• 2 Limited availability of commercial spaces
• 3 Zoning restrictions
• 4 Competition from existing pharmacies
• 5 Accessibility issues for customers

Estimate initial setup and ongoing operating costs

• 1 Negotiating bulk purchase discounts
• 2 Energy-efficient lighting and appliances
• 3 Automation of manual processes
• 4 Staff cross-training for multi-functional roles
• 5 Optimizing inventory management

Identify potential sources for investment

• 1 Business plan
• 2 Financial projections
• 3 Market analysis
• 4 Legal and regulatory compliance documentation
• 5 Track record of the management team
• 1 Limited access to capital
• 2 Competitive investment landscape
• 3 Uncertainty in the healthcare market
• 4 Regulatory changes impacting investment decisions
• 5 Market saturation in the pharmacy industry

Approval: Investment Sources

• Identify potential sources for investment Will be submitted

Create a detailed risk management plan

• 1 Limited resources for risk mitigation
• 2 Complex regulatory requirements
• 3 Resistance to change from staff or stakeholders
• 4 Inadequate risk monitoring and reporting systems
• 5 Emerging risks in the healthcare industry

Draft a proposal for partnership with pharmaceutical suppliers

• 1 Price fluctuations in the pharmaceutical market
• 2 Dependence on a single supplier
• 3 Quality control issues
• 4 Supply chain disruptions
• 5 Maintaining competitive pricing for customers

Approval: Pharmaceutical Suppliers Proposal

• Draft a proposal for partnership with pharmaceutical suppliers Will be submitted

Develop a training plan for employees

• 1 Limited resources for training programs
• 2 High staff turnover impacting training effectiveness
• 3 Keeping up with changing regulations and industry standards
• 4 Practical application of training concepts
• 5 Staff resistance to training initiatives

Create a customer service and retention strategy

• 1 In-person interactions
• 4 Website chat support
• 5 Social media platforms
• 1 Long wait times
• 2 Communication barriers with non-native language speakers
• 3 Patient confidentiality concerns
• 4 Managing customer complaints and queries
• 5 Ensuring accurate medication information

Plan for the pharmacy layout

• 1 Accessibility for customers with disabilities
• 2 Space constraints
• 3 Ergonomic design for staff
• 4 Compliance with building codes
• 5 Effective utilization of retail space

Develop a digital strategy including e-prescriptions, home delivery, etc

• 1 E-prescriptions
• 2 Online ordering
• 3 Home delivery
• 4 Mobile app for medication reminders
• 5 Virtual consultations
• 1 Technological infrastructure requirements
• 2 Integration with existing systems
• 3 Training staff on digital platforms
• 4 Protecting customer information from cyber threats
• 5 Managing customer expectations and feedback

Outline a plan for future growth and expansion

• 1 Competitive landscape in new markets
• 2 Acquiring adequate funding for expansion
• 3 Managing increased operational complexities
• 4 Adapting to changing industry regulations
• 5 Maintaining consistent quality across multiple locations

Create a final draft of pharmacy business plan

• 1 Executive summary
• 2 Company overview
• 4 Marketing and sales strategies
• 5 Organizational structure
• 6 Operational plan
• 7 Financial projections
• 8 Risk management plan
• 9 Partnership and supplier strategies
• 10 Training and development plans
• 11 Customer service and retention strategies
• 12 Digital strategy
• 13 Growth and expansion plan

Email Subject: Final Draft of Pharmacy Business Plan

Approval: Pharmacy Business Plan

• Create a final draft of pharmacy business plan Will be submitted

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Retail Pharmacy Business Plan Template & Guidebook

Starting a pharmacy business can be a daunting task, but with the right plan and guidance, it can be a great opportunity to provide quality healthcare services to customers. The #1 Retail Pharmacy Business Plan Template & Guidebook provides a comprehensive template and step-by-step guide to help entrepreneurs create an effective business plan and accurately assess the financial viability of their pharmacy business. Learn how this invaluable document can help take your retail pharmacy business to the next level.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Retail Pharmacy Business [11 Steps]

How to Write a Retail Pharmacy Business Plan in 7 Steps:

1. describe the purpose of your retail pharmacy business..

The first step to writing your business plan is to describe the purpose of your retail pharmacy business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a retail pharmacy business:

Our mission is to provide our customers with an exceptional experience in the retail pharmacy, comprised of personalized and accessible care from knowledgeable and compassionate staff combined with a wide range of products and services tailored to a variety of needs.

2. Products & Services Offered by Your Retail Pharmacy Business.

The next step is to outline your products and services for your retail pharmacy business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your retail pharmacy business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your retail pharmacy business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your retail pharmacy business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

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4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a retail pharmacy business?

In order to run a retail pharmacy business, the following equipment, supplies and permits are needed:

• Medical Supplies and Equipment
• Computers and Point of Sale System
• Pharmacy Software
• Licensing and Permits from State & Federal Agencies
• Business Licensing
• Safety Supplies
• Adequate Insurance Coverage

5. Management & Organization of Your Retail Pharmacy Business.

The second part of your retail pharmacy business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your retail pharmacy business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Retail Pharmacy Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a retail pharmacy business varies based on many different variables, but below are a few different types of startup costs for a retail pharmacy business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your retail pharmacy business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your retail pharmacy business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your retail pharmacy business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Retail Pharmacy Business Plans:

Why do you need a business plan for a retail pharmacy business.

A business plan for a retail pharmacy business is essential for the success of the business. It outlines the goals and objectives of the business, provides a road map of how the pharmacy will operate, and helps to identify any potential risks associated with running a retail pharmacy. The plan also helps to identify key personnel, define financial requirements and develop sales and marketing strategies. Additionally, it helps to establish short-term and long-term objectives and provides clarity regarding how profits will be used to grow the business.

Who should you ask for help with your retail pharmacy business plan?

You should ask a business consultant, an accountant or financial advisor, or a business plan writer for help with your retail pharmacy business plan.

Can you write a retail pharmacy business plan yourself?

Writing a business plan requires research, development and the ability to write an effective business plan. It is recommended that those wishing to create a business plan for a retail pharmacy should seek professional help from experienced business plan writers, who are familiar with the pharmacy industry and can provide comprehensive and tailored guidance. Additionally, there are online resources and templates available to help guide you through the process of creating a business plan.

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Pharmacy Business Plan Sample

APR.29, 2017

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.

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Discount Pharmacies

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 Business

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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OGS capital writers specialize in business plan themes such as massage business plan , medical clinic business plan , cannabis dispensary business plan , nursing business plan ideas , transportation corporation health services business plan , reiki business plan and many others.

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Pharmacy’s new era—in the home

Customers of the $460 billion retail pharmacy sector are increasingly demanding a pharmacy experience that mirrors the rest of their retail experiences—omnichannel, convenient, and with home delivery at the center. 1 Adam J. Fein, “The 2021 economic report on U.S. pharmacies and pharmacy benefit managers,” Drug Channels Institute, March 2021, drugchannels.net; Victor Fabius, Sajal Kohli, Björn Timelin, and Sofia Moulvad Veranen, “ Meet the next-normal consumer ,” August 17, 2020, McKinsey.com; “The Update: How Walgreens’ customer-focused marketing is driving business growth,” Google, September 2020, thinkwithgoogle.com. While interests vary meaningfully across customer archetypes and can be segmented by various factors (for example, complexity of medical condition, digital experience preferences, and proximity to stores), our pharmacy market research has indicated that there are two key patient archetypes across the spectrum of experience. Making the experience right for these two groups will prepare pharmacies for a broader spectrum of customers.

Patients in one archetype, focused on convenience, are beginning to experiment with new, digital-first pharmacy entrants that facilitate in-home pharmacy experiences, especially during reflections on the COVID-19 crisis. 2 “The Update: How Walgreens’ customer-focused marketing is driving business growth,” Google, September 2020, thinkwithgoogle.com.

Customers in the other archetype—those with multiple chronic conditions—are seeking higher-touch clinical support models in the home and digitally, as well as wanting guidance from a trusted pharmacist in managing multiple medications. 3 Madison Como et al., “Pharmacist-led chronic care management for medically underserved rural populations in Florida during the COVID-19 pandemic,” Preventing Chronic Disease , July 30, 2020, Volume 17, cdc.gov. These developments put pressure on both pharmacy incumbents and new players attempting to define their future pharmacy value propositions. At the same time, these systemic changes present new focus areas for stakeholders across the value chain, giving players a chance to move quickly.

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High-value patient archetypes.

Two patient archetypes should be top priority for stakeholders: one that is primarily concerned with convenience, and one that desires an ongoing relationship with their pharmacist to support their chronic conditions and medication needs.

Convenience, convenience, convenience

The thought driving this archetype can be summed up as follows: “I want to spend as little time and energy as possible interacting with my pharmacy.” This tends to be the primary goal of young professionals, busy parents, active retirees, and others. Convenient, direct-to-consumer  new pharmacy entrants are working to meet this need and, based on recent venture-funding rounds that value these players in the billions, are achieving early market traction. 4 Katie Jennings, “Digital health startup Ro raised $500 million at $5 billion valuation,” Forbes, March 22, 2021, forbes.com. A physician can prescribe a new prescription virtually, the customer pays online, and the prescription shows up a day later. In addition to providing convenience, delivery and medication synchronization (such as pharmacist coordination of refills) may improve medication adherence in certain use cases. 5 Alexis A. Krumme et al., “Medication synchronization programs improve adherence to cardiovascular medications and health care use,” Health Affairs , January 2018, Volume 37, Number 1, pp. 125–33, healthaffairs.org.

Clinical support for chronic conditions

Patients in the second archetype, in contrast, are looking for much-needed support from their pharmacy (and pharmacist) in managing and adhering to multiple medications. Their driving thought is “I have multiple medications, and I need support from a pharmacist I know and trust.” Polychronic and complex chronic homebound patients taking multiple medications often have adherence challenges and could benefit from a high-touch pharmacist model that includes, for example, adherence counseling and medication reconciliation. 6 Reyan Ghany et al., “High-touch care leads to better outcomes and lower costs in a senior population,” American Journal of Managed Care , August 28, 2018, Volume 24, Number 9, ajmc.com. In addition, complex chronic homebound patients are at a greater risk for high medical costs, including complications of chronic diseases. 7 Katherine A. Ornstein et al., “Epidemiology of the homebound population in the United States,” JAMA Internal Medicine , July 2015, Volume 175, Number 7, pp. 1180–6, pubmed.ncbi.nlm.nih.gov.

Why stakeholders may welcome the shift to home

The who, what, when, where, and how of pharmacy-care delivery is rapidly evolving: from traditional models to tech-enabled models, from in-person pickup to delivery, and from outpatient hospitals and clinics to the home. This shift may be welcomed by many stakeholders because e-commerce penetration in retail pharmacy is low relative to most other retail categories (exhibit).

A number of factors are driving the shift to in-home pharmacy care for convenience seekers:

• Demand tailwinds: The market has experienced a meaningful increase in consumer preference for home options during the COVID-19 crisis, with likely stickiness as normal activity resumes. 8 Victor Fabius, Sajal Kohli, Björn Timelin, and Sofia Moulvad Veranen, “ Meet the next-normal consumer ,” August 17, 2020, McKinsey.com.
• Tech-driven innovation: There has been substantial growth in tech-driven product and service-delivery models (for example, digital pharmacy and direct-to-consumer virtual care clinics) that are penetrating traditional channels and supporting the shift to home. 9 Heather Landi, “In a competitive digital health market, startups move to add new medication delivery services,” Fierce Healthcare , March 8, 2021, fiercehealthcare.com.

In addition to demand tailwinds, several major factors are driving the shift for those needing clinical support for their chronic conditions:

• Growth in homebound populations: The market has seen material growth in homebound populations, including those eligible for Medicare and those with intellectual and developmental disabilities (IDD), as well as an expansion of managed Medicaid and managed dual-eligible patients. 10 Katherine A. Ornstein et al., “Estimation of the incident homebound population in the US among older Medicare beneficiaries, 2012 to 2018,” JAMA Internal Medicine , May 26, 2020, Volume 180, Number 7, pp. 1022–1025, jamanetwork.com.
• Payer actions: Finally, there has been a rise in new medical-necessity and reimbursement policies and innovative programs from payers (for example, the Centers for Medicare & Medicaid Services’ Acute Hospital Care at Home) that have shifted care from hospitals, facility-based settings (for example, long-term acute care hospitals and skilled nursing facilities), and doctor’s offices and clinics to the home. 11 “Acute Hospital Care at Home Program: Approved list of hospitals as of 4/5/2021,” Centers for Medicare & Medicaid Services (CMS), April 5, 2021, cms.gov.

The future of healthcare: Value creation through next-generation business models

The challenges of moving the pharmacy into the home.

Several challenges of serving the pharmacy market have delayed this move into the home:

• Pharmacy is more than drug fulfillment and delivery. New entrants have quickly shown they can offer drug fulfillment and two-day delivery. However, many patients rely on clinical support from their pharmacists. This can manifest as medication review and reconciliation, as adherence counseling, as limited prescribing, and, even more broadly, as disease management. 12 Patti G. Manolakis and Jann B. Skelton, “Pharmacists’ contributions to primary care in the United States collaborating to address unmet patient care needs: The emerging role for pharmacists to address the shortage of primary care providers,” American Journal of Pharmaceutical Education , December 15, 2010, Volume 74, Number 10, ncbi.nlm.nih.gov. To offer these services at home requires a fleet of pharmacists who can meet patients where they are, telepharmacy systems, or both.
• The unit economics of this sector are challenging. 13 Elizabeth Seeley and Surya Singh, “Competition, consolidation, and evolution in the pharmacy market: Implications for efforts to contain drug prices and spending,” Commonwealth Fund, August 12, 2021, commonwealthfund.org. Competitive cost of goods sold (COGS) and reimbursement rates often come with scale, and it can take new entrants meaningful time to establish themselves.
• Today’s in-home offerings from digital disrupters can be limited depending on the prescription need. For example, offerings may not include Schedule 2 narcotics, may only focus on one- or two-day delivery (for example, exclude difficult-to-deliver but immediately needed acute scripts), and may not always offer both traditional and specialty (low-volume but high-value) drugs simultaneously.

Implications for pharmacy incumbents and new entrants

The recent systemic changes in the market present risks for players across the pharmacy value chain. The new, consumer-focused digital disrupters have strong advantages given the newness of their systems, their speed and agility, and their customer-centric foundation. 14 Heather Landi, “NowRx, Medly Pharmacy land new funding as demand for digital pharmacies grows,” Fierce Healthcare , July 17, 2020, fiercehealthcare.com. However, incumbents are also well positioned given their existing platforms, high volumes, and large customer bases in a business that depends heavily on volume. Yet these same incumbents will likely need to do more to stay ahead of the competition. While national retail pharmacy chains have begun to offer home delivery (for example, free one- or two-day delivery with same-day delivery for an additional fee), it is not yet clear whether they will keep up with the delivery speed and experience of new e-commerce players. 15 “CVS Pharmacy prescription delivery now available from all locations nationwide,” CVS Health, June 19, 2018, cvshealth.com. To be successful in this market, incumbents will likely need to fundamentally rethink their existing processes, workflows, technologies, and systems so that they can engage the various customer archetypes in the settings and locations most important to them.

Potential actions in the next normal

Payers have an opportunity to build partnerships across the physical and virtual continuum to create a more coordinated healthcare ecosystem, to improve patient experience, and to drive down the cost of care. Partnerships with a direct-to-consumer pharmacy—likely an attractive offering for the highly convenience-oriented customer archetype—could create a differentiated experience that drives growth and retention. Payers also have an opportunity to improve ratings by partnering with digital pharmacies to close care gaps, improve adherence, and manage multiple medications.

Finally, payers have the opportunity to bundle intensive clinical-care models with mail-order pharmacy capabilities, meeting the needs of patients with chronic conditions. Payers are increasingly focused on chronic care and disease management—driven in part by the shift toward risk-bearing and integrated-care-delivery models—and are often willing to reimburse for in-home clinical services. 16 Christian Worstell, “Does Medicare cover home health care?,” MedicareAdvantage.com, February 23, 2021, medicareadvantage.com.

Success in this space will likely require core pharmacy assets (for example, the ability to sort and repackage medication, to deliver directly to patients at home, and to provide on-demand pharmacist consultations) coupled with direct-to-home assets and access to home health agencies and providers, for example.

Systemic changes have fueled new types of services for key patient archetypes and focus areas for stakeholders across the pharmacy value chain. While near-term pressures may exist for both incumbents and new entrants, those that move quickly will be able to make substantial progress in these focus areas.

Adam Apfel is a partner in McKinsey’s Boston office; Sarah Lorenzana is an associate partner in the Washington, DC, office; Alec McLeod is an associate partner in the Miami office; and BJ Tevelow is a senior partner in the Miami office.

This article was edited by Elizabeth Newman, an executive editor in the Chicago office.

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Congratulations to P3 students Olivia King (team captain), Diana Morus, Patrick Moldovan and Madelyn Braman, who together were first-place winners of the 2024 Ohio Pharmacists Association Innovative Pharmacy Business Plan Competition. The students competed against eight other Ohio schools of pharmacy student teams in the development of an innovative business plan to then reach the live finals held in Columbus on April 6.

Under the advisement of S. Scott Wisneski, Pharm.D. associate professor in the College of Pharmacy, the students developed a formal business plan for an innovative pharmacy patient care service titled Cholest-Erased, LLC .

In collaboration with a regional Federally Qualified Health Center, this service would have pharmacists and support personnel traveling to individual homes to provide cholesterol medication management, monitoring laboratory indices and delivery of medications. The goals of the services would focus on achieving positive clinical outcomes, medication adherence and patient education. Components of the plan included need for service, mission, goals, market analysis, workflow, resources, financial analysis, marketing and implementation plan.

Winners of the competition receive a monetary prize and recognition on a plaque at the Ohio Pharmacists Association home office in Columbus.

-- Submitted by Scott Wisneski, [email protected]

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NCPA Launching New Leadership and Business Development Program 

Skills in financials, operations, marketing, and leadership the focus of ncpa’s core program.

NCPA April 10, 2024

ALEXANDRIA, Va. (April 10, 2024) – The National Community Pharmacists Association is pleased to be announcing CORE, a revolutionary approach to training pharmacy owners and their team members on the most essential elements of team leadership. Led by talented, successful pharmacy owners and subject matter experts, NCPA’s yearlong CORE program will equip participants with the business training and leadership development tools needed to strengthen and evolve their pharmacy and increase profitability.

“With tight margins and financial challenges as they are in pharmacy these days, there’s no room to overlook any business element that is central to success,” said NCPA Innovation Center President Kurt Proctor. “Managing inventory, evaluating purchasing, modifying workflows – these are areas where many independent pharmacists tell us they’re comfortable. There are other essential skills, however, where there’s maybe less focus during school or earlier in pharmacy careers despite being just as important in operating a successful store. NCPA’s new CORE program will cover the lesser-known essential principles of leadership and management and close knowledge gaps to help participants elevate themselves and their business to new heights.”

Aimed at anyone looking to expand their leadership skills and business acumen, CORE has been designed to improve confidence and experience in areas where pharmacy owners say they often feel least equipped. This includes developing and launching meaningful marketing campaigns, maximizing staff, and creating business plans when starting new services. Participants – who can be pharmacy owners, managers, or other team leaders – will join one live virtual session each week along with a limited small group of others going through the program. They will also have in-person networking and learning sessions at the NCPA Annual Convention in October and the option of additional one-on-one consulting calls with industry experts who will coach them through implementing practical, meaningful changes in their business.  

Experts on tap for NCPA’s CORE program are leaders who have been successful in the areas of marketing, operations, and finances. They will include Kelley Babcock, Terri Norvell, the team with Sykes & Co. CPAs, Dave Wendland and Travis Wolff, who are going to share their practical plans for better understanding finances and key performance metrics, ways to best lead pharmacy teams, and effective purchasing strategies for financial stability and success.

Enrollment for the inaugural cohort of NCPA’s CORE program is open now through May 31. The course will kick off in June with an orientation session to introduce participants to the program. To learn more and enroll, click here .

Founded in 1898, the National Community Pharmacists Association is the voice for the community pharmacist , representing over 19,400 pharmacies that employ more than 230,000 individuals nationwide. Community pharmacies are rooted in the communities where they are located and are among America’s most accessible health care providers. To learn more, visit www.ncpa.org .

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Rite Aid to close 53 more stores amid bankruptcy proceedings

Additional rite aid store closings detailed in court documents ahead of bondholders' vote, restructuring approval.

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Rite Aid is shuttering 53 additional stores in nine states across the U.S. as part of the company's bankruptcy proceedings, according to recent court filings .

Stores are closing in California, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania and Virginia. 

According to Reuters, Rite Aid received permission from a bankruptcy judge on March 28 to begin voting on a bankruptcy restructuring plan that would turn over most of the company's equity to its bondholders while still leaving open the possibility of a sale. 

The company filed for bankruptcy in October in an attempt to address high debt. The filing aimed at shutting down poor performing locations and selling off "non-core business units," Reuters reported. 

RITE AID TO CLOSE HUNDREDS OF STORES IN BANKRUPTCY: REPORT

A shopper leaves a Rite Aid store in the Crown Heights neighborhood of the Brooklyn borough of New York City on Oct. 16, 2023. (Michael M. Santiago/Getty Images / Getty Images)

The initial list of store closures stood at 154 and has continued to grow throughout the bankruptcy proceedings.  

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Rite Aid has denied any wrongdoing, but is also still finalizing some settlements considered key to the restructuring process, including an agreement related to a Justice Department probe of the pharmacy's opioid sales, according to Reuters. 

But lawyers for the company said it is ready to solicit votes from bondholders, who are the critical voting class in its bankruptcy. No other group will be entitled to vote in Rite Aid's bankruptcy, and the bondholders' votes are due Monday.

Customers shop inside a Rite Aid store in New York on Oct. 16, 2023. (Bing Guan/Bloomberg via Getty Images / Getty Images)

A Rite Aid spokesperson said via email to FOX Business the company does not provide the media with a list of stores slated to close, but "we notified the court of certain underperforming stores we are closing to further reduce rent expense and strengthen overall financial performance."

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City on June 25, 2020. (Reuters/Lucas Jackson/File Photo / Reuters Photos)

The court filings did not give a timetable for the closures, according to WJW-TV.

Rite Aid expects to seek final court approval of its restructuring on April 22. It received bankruptcy court approval to sell its pharmacy benefit company, Elixir, in January.

Rite Aid's first full-service pharmacy opened in 1962 in Scranton, Pennsylvania , according to the company's website. It now operates roughly 1,700 retail pharmacy locations in 16 states with a workforce of 45,000. 

Reuters contributed to this report. 

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Moscow-City is an iconic location for life and work in Russia’s capital. Enormous skyscrapers, business centers, the best restaurants and retail spaces – all this is concentrated in one place. The ultramodern Moscow-City towers are truly striking in their outward appearance, and the layout of the apartments inside and the fantastic views that can be seen from the higher floors are nothing short of impressive.

This skyscraper compound, often referred to as Moskva-City, is the Russian take on Manhattan, where businessmen strike multi-million dollar deals daily while ordinary life goes on next door. Its state of the art spaces offer the ultimate convenience. The infrastructure of this business district is so well-developed that anyone can find something interesting for themselves here: from residential apartments to boutiques, clubs, exhibitions and more.

When the foundations for the Moscow-City skyscrapers were laid, a special kind of concrete was used, the properties of which are amplified by many times compared to standard concrete. Even in the event of a plane crashing into one of the buildings, the structural integrity of the towers will be preserved.

The architects of the Moscow-City Business Center have created a unique locality that has integrated into itself the hub of the capital’s business life and a whole ensemble of historical monuments. Anyone can admire the beauty of these skyscrapers from within or without the compound. There are also a number of apartments for sale or rent available in the MIBC itself. But first, let’s have a look at some more interesting facts about the financial core of Russia’s capital.

• 1 How It All Began
• 2.1 Moscow-City Central Core
• 2.2 Tower 2000
• 2.3 Evolution Tower
• 2.4 Imperia Tower
• 2.5 Moscow Tower and St. Petersburg Tower
• 2.6 Steel Peak Tower
• 2.7 Federation Tower
• 2.8 Mercury City Tower
• 2.9 OKO Tower Complex
• 3.1 Afimall City Shopping Center
• 3.2 Bagration Bridge
• 3.3 Expocentre Fairgrounds
• 4 Renting and Buying Real Estate in Moscow-City

How It All Began

The history of Moscow-City goes all the way back to 1992. The government of Moscow at the time wanted to bring into existence its own skyscrapers like the ones in London or New York. And the idea caught on. In 1992 the project for the construction of the huge “Moscow-City” MIBC compound was enthusiastically approved, kick-starting the painstaking preparatory works. The original intention was that the skyscrapers would only house office space. However, as time went on, the towers began to welcome in ordinary residents who wanted to live on the territory of this business and finance hub.

Moscow-City is undoubtedly a city within a city. Its grandeur is mind-boggling. It is perfect in every way: from location to infrastructure. And today, anyone can get a feel of the atmosphere of the “capital city” of Russia’s business world – many of the apartments in Moscow-City are available for rent. Any citizen of Russia and even nationals of other countries can make use of these offers.

What It’s Like in 2021

Today Moscow-City is not just a magnificent and fascinating sight, but also a real hub for the work, life and leisure of thousands. Its infrastructure is organized in such a way that there is no need to leave the territory of the “city within a city” at all. This business district contains everything one may need for work and recreation. And if one does decide to venture out into the larger metropolis, the MIBC’s three subway stations make this remarkably simple to do.

Moscow-City stands on the Presnenskaya Embankment . Each of the buildings in the district has a name, which simplifies its identification. Some of the buildings form complexes that are united under one name, such as the Neva Towers and the Naberezhnaya Tower complex of two skyscrapers and one high rise. There are a total of 16 towers in the MIBC, of which the most popular are:

• Moscow-City Central Core;
• Tower 2000;
• Evolution Tower;
• Imperia Tower;
• City of Capitals (Moscow Tower and St. Petersburg Tower);
• Steel Peak Tower;
• Federation Tower;
• Mercury City Tower;
• OKO Tower Complex.

Moscow-City Central Core

This is the most complex building within the MIBC compound. Its total floor area is a whopping 1 476 378 sqft (450 000 m²). It consists of two massive parts, each of which boasts a truly impressive infrastructure. The underground part includes 3 Moscow Metro stations, a parking lot for automobiles and a shopping mall. The aboveground part houses a concert hall and a hotel.

Tower 2000 is a skyscraper having 34 stories. Its total floor area is 200 318 sqft (61 057 m²), most of which is office space. The key feature of this skyscraper is its direct connection to the Bagration Bridge, which has its own shopping arcade. The tower has everything one may need while working here, including a large parking lot and several restaurants.

Evolution Tower

This elegant structure is 836 feet (255 m) high – that’s a whole 54 stories! The total floor area here is 554 462 sqft (169 000 m²). The Evolution Tower’s key feature is that it has its own Wedding Hall. This skyscraper houses large office spaces, a parking lot and several restaurants.

Imperia Tower

MIBC’s Imperia Tower is the undeniable focal point of the MIBC’s business life. Its height is 784 feet (239 m), which means one can hold conferences and resolve key business matters on the 59 th floor! And that really is amazing! The tower has everything: offices, hotels, restaurants and parking lots. But if you want a truly unforgettable experience, visit the viewing platform! It is situated on the 58 th floor and a simply astounding view of Moscow can be seen from it.

Moscow Tower and St. Petersburg Tower

The Moscow and St. Petersburg Towers are the chief representatives of the MIBC. The Moscow Tower has 76 stories and is 990 feet (302 m) high, while the St. Petersburg Tower has 65 stories and stands 843 feet (257 m) tall. Both towers offer fantastic views of the capital city.

Most of the floors of these two skyscrapers are taken up by luxurious sky apartments. There are also several recreational and entertainment centers, office spaces, restaurants, etc.

Steel Peak Tower

Also known as the Eurasia Tower of Moscow-City, this supertall skyscraper has a total of 680 912 sqft (207 542 m²) of floor space. Most of this is taken up by offices, and the rest – by residential quarters (around 65 616 sqft or 20 000 m²). The tower also houses a number of the greatest restaurants, studios and shopping centers.

Federation Tower

The Federation Tower is a complex of two skyscrapers, known as Tower East and Tower West. Tower East is the second highest building in Europe (the first is a skyscraper recently erected in the city of St. Petersburg). Its height is a colossal 1 223 feet (373 m) and that makes 95 stories! Tower West, on the other hand, is noticeably shorter at 794 feet (242 m).

The Federation Tower is a multifunctional complex.

Mercury City Tower

The Mercury City Tower skyscraper is widely known as one of the tallest buildings in Europe. Its height is 1 112 feet (339 m) and it has 75 stories. It is multifunctional by concept, holding within its walls shopping centers, offices and all kinds of other spaces. It is also possible to rent apartments here.

OKO Tower Complex

The OKO Tower Complex consists of two towers – the North Tower (49 stories and 803 ft or 245 m in height) and the South Tower (85 stories and 1 155 ft or 352 m in height).

Each of the MIBC’s tower complexes has its own recreational and entertainment areas, restaurants and parking lots. The top floors of most of these buildings contain luxurious fully-furnished apartments. At night, the towers shine with bright lights, while inside them the panoramic windows reveal astounding views of Moscow. This breathtaking view of the capital of Russia is why visiting Moscow-City is a must!

What Not to Miss

There are many interesting landmarks within the Moscow-City compound, but three of them are truly deserving of special attention:

• The Afimall City Shopping Center;
• The Bagration Bridge with two galleries and a shopping arcade;
• The Expocentre Fairgrounds.

Afimall City Shopping Center

The Afimall City Shopping and Entertainment Center is located in Moscow-City’s Central Core. It is divided into 4 zones, each with its own theme – one for every season of the year. The shopping center houses the biggest indoor fountain found worldwide. The height of this watery wonder is 118 feet or 36 meters.

The shopping and entertainment center contains everything one might expect from one of the largest centers of its kind:

• Retail brand stores;
• Exhibitions;
• Game rooms;
• and Restaurants.

The main recreational space is roofed with a giant transparent dome, which is an impressive sight to behold.

Bagration Bridge

Bagration Bridge with its upper and lower galleries has a shopping center all of its own and was the first structure to be built as part of the Moscow-City business district. Its lower gallery is a shopping arcade and its upper gallery is an open-air viewing platform with a spectacular view of the MIBC and the Moskva River. The hall of the bridge houses the 23 foot tall sculpture called “Tree of Life”. Having gone through the bridge via either one of its two galleries, a pedestrian would find themselves standing right on the Kutuzovsky Prospekt.

Expocentre Fairgrounds

The Expocentre Fairgrounds exhibition venue is located at the very heart of the capital. The first exhibition held at the Expocentre happened all the way back in 1959, much earlier than the MIBC was erected. Today it is the venue of many interesting events.

Exhibitions with very diverse themes are regularly held at this complex. An up-to-date schedule can be found on the official webpage of the Expocentre. The events can be free or fixed-price entry, depending on their type.

Renting and Buying Real Estate in Moscow-City

Moscow-City is not only a work and business hub, but also a residential neighborhood. Any citizen of Russia can rent or buy apartments or elite sky lounges here. The variety of residential real estate available inside the skyscrapers is impressive, including options for any pocket. The following buildings in the MIBC contain residential blocks:

This skyscraper has a mirror glass façade which reflects the passing clouds. Just imagine how beautiful that looks! Anyone can buy an apartment in the Federation Tower. Such properties are not only a good investment, but also a mark of prestige. The average price of residential real estate here is 45 million rubles for an apartment with a total floor area of 334 sqft (102 m²). The average price of a square meter (3.28 square feet) is in the range of 650 to 700 thousand rubles. There are two- and three-room apartments available in the Federation Tower, each with its own loggia. As for rent, the minimum price of one month’s stay in a three-room apartment in this skyscraper is 300 000 rubles per month.

The Mercury City Tower skyscraper welcomes citizens from all parts of Russia. This building is no less tall than the world-famous Dubai skyscrapers. Living in its apartments is a delight. The minimum cost of an apartment in the Mercury City Tower is 75 million rubles. The average price of a square meter (3.28 square feet) is 800 thousand rubles. And for those looking for a lower price point, some of the properties are also available for rent – in this case you will pay a minimum of 250 thousand rubles per month.

The Imperia Tower is a key cluster of interesting offers. The best options for buying and renting apartments within the MIBC can all be found in this skyscraper. The lowest price of a residential apartment here is 40 million rubles. A square meter (3.28 square feet) in a luxurious apartment in the Imperia Tower currently costs 600 thousand rubles, while the price range of the listings available for rent in this skyscraper is from 350 thousand all the way up to 1 million rubles per month.

This complex, standing on a faceted or “crystal” base, is an architectural engineering project boasting spectacular design. Behind its impressive façades is an abundance of penthouses and apartments having floor areas in the range of 262 sqft (80 m²) to 984 sqft (300 m²). The minimum price of an apartment in the OKO Tower Complex is 40 million rubles (the price of a square meter (3.28 square feet) is 500 thousand rubles). You can rent an apartment here starting from 400 thousand rubles per month.

City of Capitals

The City of Capitals is an exemplary architectural complex. Its sum appearance gives the impression of a huge city. Inside its walls are spacious apartments available for purchase and rent. This complex is considered to be especially prestigious. The prices of apartments here start from 50 million rubles, while the minimum cost of renting is 400 thousand rubles per month.

Please note! The price of real estate available for purchase or rent depends on: the tower, the floor, the total floor area, the furnishings and/or interior design, and other factors.

The key advantages of buying/purchasing real estate in Moscow-City are:

• Favorable location;
• Convenient transportation links;
• Well-developed infrastructure;
• High safety level;
• Efficient architecture;
• Panoramic windows.

Buying real estate in Moscow-City is very much a rational decision, most appealing to those who value the ultimate level of comfort. The residential apartments here boast impressive interior design solutions executed in the contemporary style.

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You Russians have a very Beautiful Rich Culture, I remember a time where the Russian Citizens Broke out in Song Singing the Hymn of Red October and there wasn’t a dry Eye in my House that day. You Spartans Are a Wonderful People to live with.

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I'm planning to spend $5,000 to see Taylor Swift in Europe with my kids. Our floor tickets, hotel, and flights are set to cost less than our nosebleed seats in the US did.

• I saw Taylor Swift on the US leg of The Eras Tour, and two nosebleed seats cost us $5,000.
• My daughter and I loved the show, so I scored us floor seats for one of Swift's Poland shows.
• Our European trip includes three VIP Swift tickets and is set to be cheaper than our seats in the US.

When Taylor Swift first announced her Eras Tour , I laughed when I heard colleagues had cleared their work schedules to buy tickets.

I couldn't understand why they were looking for tickets for shows hours away. I liked a few of Swift's songs, but I wasn't a "Swiftie" and didn't understand the frenzy.

That all changed when my daughter started asking intensely for tickets . And once The Eras Tour started, it became clear that it was the concert of the century. It was also nearly impossible to get tickets.

Seeing the US tour was difficult and expensive, but the show turned me into a full-on Swiftie

I didn't want my kid to miss out on this generation-defining event, but I couldn't stomach spending $4,000 or more on the resale market for two nosebleed seats on top of travel costs to another city.

Fortunately, five cousins chipped in to buy my daughter tickets for her birthday.

My daughter, a devoted Swiftie, predictably loved every second of The Eras Tour. At first, I wasn't sure how I would get through a 3 ½-hour show by an artist I barely knew — but I left in awe of Swift's talent.

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In the weeks that followed, I listened exclusively to Swift. On a trip to Nashville, I sang my heart out to Swift's songs at the Country Music Hall of Fame. I wondered whether I would be able to see her perform again, this time going all in.

Getting tickets to see Swift in Poland was easier than I expected

As soon as Swift announced international dates on her tour in June, I took the first of many steps to get tickets to one of her shows abroad. I set my sights on a show in Warsaw, Poland, for several reasons.

My children and I are Polish citizens but have never set foot in the country. I've wanted to go for years, and snagging Swift tickets would allow me to finally make the trip. I reasoned that Warsaw was unlikely to be as popular as marquee destinations like Paris. It's also a less expensive city than many other international stops on The Eras Tour.

Also, tickets for the Warsaw show were not being sold through Ticketmaster. I found the idea of not having to deal with the company that botched sales to the US leg of the tour very appealing.

A few days before tickets went on sale, I got a code for the chance to buy tickets before they became available to the rest of the public. Based on how popular presales were in the US , I knew I was unlikely to get tickets, but I set an alarm for 5 a.m. anyway.

Much to my surprise, I was able to enter the ticket-buying portal right away. I scored three VIP floor seats for the first night of Swift's Eras Tour in Warsaw for less than $1,000. My daughter, my son, and I started making friendship bracelets immediately to exchange with other concert-goers, an Eras Tour tradition.

Our trip hasn't happened yet, but I already know it'll be worth it

Although tickets to the Warsaw show were not cheap, the total cost plus our European trip is set to be about the same as or less than the two nosebleed seats I got when I saw Swift in the US.

I hope to use credit-card points to book our flights, but even if I don't, I estimate the total cost of the trip could be from $4,000 to $5,000. This isn't significantly more than my family usually spends on our annual family vacation, and I have more than a year to save.

However, unlike other family vacations, this one comes with the chance to explore our roots and see a new part of the world. I never would have guessed that Swift would be what finally got me to Poland, but it's just one more reason for me to love her.

This story was originally published on July 24, 2023, and most recently updated on April 10, 2024.

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Press Release April 9, 2024

Spectrum Mobile Launches Innovative Anytime Upgrade and New Low-Cost Device Protection Plan

New Offerings Deliver More Value with Industry Leading Mobile Device Flexibility and Protection

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STAMFORD, Conn. – Spectrum today announced the launch of two new features, delivering Spectrum Mobile customers more value, control and peace of mind. Anytime Upgrade, which is now included in the Spectrum Mobile 1 Unlimited Plus data plan at no extra cost, allows new and existing customers to upgrade their phones whenever they want, as many times as they want, eliminating the traditional wait times and condition requirements associated with phone upgrades. Delivering even more value, Spectrum's new Mobile Repair and Replacement Plan offers customers device protection at a more affordable rate than competitors 2 .

“With the launch of Anytime Upgrade, we are providing Spectrum Mobile Unlimited Plus customers with straightforward and flexible access to the latest smartphone technology,” said Danny Bowman, Executive Vice President, Product for Charter Communications, which operates the Spectrum brand. “We understand the frustration of being locked into a device or contract. This offer, along with the new Spectrum Mobile Repair and Replacement Plan, allows our customers to have the newest devices with reliable protection, so they can maximize their wireless network experience and save money.”

Spectrum Mobile Anytime Upgrade: Delivering More Value for Less

With Anytime Upgrade, Spectrum is the first mobile provider to include this level of freedom within a rate plan. While some other carriers offer early upgrades, Anytime Upgrade allows Unlimited Plus customers to get the latest device anytime without traditional waiting periods 3 or early upgrade fees, providing unparalleled choice and flexibility. There is no need for customers to wait until they have paid 50% of their device payment plan balance, and customers can upgrade as many times as they want. Unlimited Plus customers, including those who bring their own device, can upgrade to any new available smart phone regardless of their device’s condition, as long as it powers on and is free of liquid damage 4 .

Spectrum Mobile’s Repair and Replacement Plan provides customers with coverage for broken screens, loss and theft for only $5 per month per device. The plan improves upon previous offerings, making device protection accessible to all Spectrum Mobile customers within 30 days of purchase, now including customers in New York state and those who bring their own device.

As the nation’s fastest-growing mobile provider 5 , Spectrum Mobile delivers exceptional value with flexible plans designed to meet various needs and budgets. In addition to enjoying new industry leading benefits like Anytime Upgrade and the Repair and Replacement Plan, Spectrum Mobile provides the fastest wireless speeds by combining WiFi and Mobile 6 . Spectrum Unlimited Plus plans also include 50GB of premium data, cellular video streaming up to 720p 7 and free roaming in Canada and Mexico 8 .

Download Full Comparison Chart

More information about Anytime Upgrade and the Spectrum Mobile Repair and Replacement Plan is available at spectrum.com/mobile .

1 Spectrum Internet required. Auto-pay required. For Unlimited/Unlimited Plus, speeds are reduced after 30/50 GB of usage per line. Restrictions apply. For details, refer to Spectrum.com/policies/mobile-terms.

2 As compared to Verizon, AT&T & T-Mobile as of Feb. 2024

3 Anytime Upgrade only available for customers subscribed to Spectrum Mobile Unlimited Plus for one billing cycle and in good standing. Trade-in devices must be operable; if not operable then trade-in may be subject to an additional redemption fee. Must enroll in new Device Payment Plan and remain on Unlimited Plus for 2 billing cycles.

4 $99 fee applies to “Beyond Economic Repair” devices

5 Based on Q4 2023 subscriber data among top 3 carriers

6 Based on analysis by Spectrum of Ookla® Speedtest Intelligence® data for overall mobile WiFi and Cellular performance for Q4 2023 in Spectrum's cable footprint. Ookla trademarks used under license and reprinted with permission.

7 Video resolution not restricted when connected to WiFi

8 Speeds reduced after 5 GB

About Spectrum

Spectrum is a suite of advanced communications services offered by Charter Communications, Inc. (NASDAQ:CHTR), a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.    For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise® provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com .

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