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- v.51(10); 2016 Nov
Developing a Business Plan for Critical Care Pharmacy Services
Critical care medicine has grown from a small group of physicians participating in patient care rounds in surgical and medical intensive care units (ICUs) to a highly technical, interdisciplinary team. Pharmacy's growth in the area of critical care is as exponential. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. This article provides the elements for a business plan to justify critical care pharmacy services by describing the pertinent background and benefit of ICU pharmacy services, detailing a current assessment of ICU pharmacy services, listing the essential ICU pharmacy services, describing service metrics, and delineating an appropriate timeline for implementing an ICU pharmacy service. The structure and approach of this business plan can be applied to a variety of pharmacy services. By following the format and information listed in this article, the pharmacy director can move closer to developing patient-centered pharmacy services for ICU patients.
Critical care medicine has grown from a small group of physicians participating in patient care rounds in surgical and medical intensive care units (ICUs) to a highly technical, interdisciplinary team. Pharmacy's growth in the area of critical care is as exponential. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. A 2006 survey of the status of critical care pharmacy services in the United States showed that a majority of hospitals provided basic services to the ICU (eg, drug distribution, order verification by pharmacists); higher level services such as patient care rounds and direct involvement of pharmacists in critical care drug therapy management were less than optimal. 1
As directors of pharmacy focus their efforts on meeting the recommendations of the American Society of Health-System Pharmacists' (ASHP's) Pharmacy Practice Model Initiative (PPMI), expanding services to the critical care areas will be critical to address high-risk and high-cost medication manage ment. Most hospital administrators will require the pharmacy director to present a business plan or proposal to them for review that provides sufficient background and evidence to expand pharmacy services in the ICU. This step is often overlooked or is not given adequate attention, causing delays and misunderstandings and leading to elimination or reduction of services. By placing programs and plans in the form of a business proposal, pharmacy directors increase the likelihood their services will be funded by stakeholders.
This article describes the elements of a business plan for expanding pharmacy services and provides pertinent information for each element as it applies to developing ICU pharmacy services. This business plan and approach can be modified for other pharmacy services. By following the format and information listed in this article, the pharmacy director can move closer to implementing patient-centered pharmacy services for ICU patients.
ELEMENTS OF A PHARMACY BUSINESS PLAN
A key step in the approval of any new pharmacy service is the business plan. The business plan can be viewed as both an operations plan and a planning document. A 2007 review of writing a business plan for a new pharmacy service published by the American Pharmacists Association is an excellent resource. 2 The business plan describes a program, details the costs and steps in implementation, and lists the measures for success. The business plan can also provide a singular and powerful message to employees and senior management as to the vision, mission, and values of the pharmacy service.
The business plan is divided into several sections; these recommended sections along with brief explanations are shown in Table 1 . There is no single way to develop a business plan, but keeping the proposal clear and simple will improve its ability to be understood, especially by administrators with minimal clinical background. Before writing the business plan, the pharmacy director must have a clear vision of the “end product.” For example, in this case the pharmacy director must have a clear vision for the scope and delivery of the ICU pharmacy service. This vision can be developed by reviewing the literature and interviewing service stakeholders. Stakeholders include physician intensivists, administrators, pharmacy staff, nursing staff, and, where appropriate, patients. This is a sample vision for the ICU pharmacy service: This business plan is significant because provision of pharmacy services by appropriately trained and credentialed critical care pharmacists providing comprehensive medication management has been demonstrated to improve patient outcomes in a cost-effective manner.
Elements of a pharmacy business plan
A business plan for ICU services also usually assumes that the pharmacy department provides basic services to an ICU, including medication distribution, inventory control, some simple clinical services (medication reconciliation, pharmacokinetic dosing programs), and order management and verification by pharmacists. Second, the proposal assumes a high level of acceptance of the pharmacy’s recommendations and trust between the services of medicine, nursing, and pharmacy. In most cases, the proposal for ICU pharmacy services builds on an established relationship that is focused on improved patient care and outcomes while providing effective cost controls.
SAMPLE BUSINESS PLAN FOR ICU PHARMACY SERVICES
As part of the template for establishing critical care pharmacy services, it will be important for the pharmacy director to make sure the executive summary is presented clearly and simply. It is also critical to develop buy-in with stakeholders by being very thorough in the literature review; the director should identify any accreditation standards or certifications that would be helpful to justify the service. Funding of the service may also be a joint effort. So pharmacy directors should consider asking physicians or nursing colleagues to support part of the full-time equivalents (FTEs); these FTEs will help to make the work of the medical and nursing staffs more efficient. Finally, savings may not always be calculated in terms of supplies (drugs, laboratory tests). Reassigning or expanding the duties of another provider (eg, physician, nurse practitioner) may have some unintended savings that can be documented by adding pharmacy services to the ICU.
Sample Executive Summary
This proposal requests 2 specialty-trained ICU pharmacists (2.0 FTE) to establish pharmacy services within the surgical ICU. The pharmacists will work 12-hour shifts as 7 days on, 7 days off rotation. Proposed hours of coverage are from 0700 to 1900, representing the ICU's busiest times. The benefits include improved patient care and patient safety by ensuring improved patient throughput, protocol management, education, and transitions of care along with improved provider satisfaction and reduced ICU medication costs. Pharmacy services in the institution's ICU are currently limited to participation in code situations, stocking of department medications, and answering questions from ICU clinicians who have phoned the central pharmacy. Patient-specific questions related to medications are currently handled by nonspecialized pharmacists who are not part of the interprofessional ICU team and are not involved in the direct care of the patients. The critical care pharmacist will be responsible for comprehensive medication management that will include activities such as participating in patient care rounds, training and education of all health care providers, direct medication management activities (dosage adjustments), and quality improvement and research programs. The cost of the program is [insert amount] based on the salary and benefits of 2.0 FTE pharmacists; the estimated return on investment (ROI) is [insert amount]. The service can be running with full resources within [insert number] months, with various steps in approval of positions and budgeting to be completed by first quarter of FY2017.
The Department [insert department name or others as agreed upon] is supporting this initiative with funding for a postgraduate year 2 (PGY2) critical care residency ($[insert amount]/year) and the Department of Nursing [or others] has provided a strong letter of support identifying improvements in patient flow that are likely to occur with a pharmacist specialist working on the interprofessional team. The College of Pharmacy [if no College, then another supporting partner may be included] has agreed to partially fund a third critical care specialist position in FY2018 that will allow enhanced student participation in this service and ensure 100% coverage of patients in the ICU by pharmacy.
Proposed ICU Pharmacy Service
Needs assessment. Medication errors comprise a major subset of medical errors that result in many deaths each year in addition to other consequences related to morbidity, length of stay, and costs. The adverse drug events (ADEs) resulting from these medication errors are avoidable and unacceptable consequences of defects in the health care delivery system. Medication errors and associated ADEs are particularly problematic in ICU settings, due to its fast pace and an environment that leads to miscommunication and little time for clearly evaluating clinical situations. 3 Further, most of the medications considered to be high alert or high risk in acute care settings are commonly administered in the ICU environment.
Landmark studies by the ADE Prevention Group that were conducted in ICUs without critical care pharmacists found that there were 6.5 ADEs and 5.5 potential ADEs (ie, near misses that did not result in patient harm) for every 100 admissions. 4 These rates were approximately twice as high as those found in non-ICU settings. 5 The system problem that was identified as the most common cause of these ADEs was lack of appropriate dissemination of knowledge of medications. 6 Of note, the ADEs in these studies were identified by clinician self-reporting and chart reviews by nurse investigators. Even higher rates have been reported using continuous direct observation techniques at the bedside. For example, there were 36.2 preventable ADEs for every 1000 patient-days identified in the Critical Care Patient Safety Study, or 1 preventable error for every 5 doses of medication administered in another investigation using a direct observation approach. 7 , 8 In both of these studies, most errors occurred at the prescribing stage of the medication use process. It has been estimated that the cost to the health care system for each ADE ranges from $6,000 to $9,000. 9 For our surgical ICU [or applicable unit – complete as your institution has data], this estimate would be 24 patient beds × 365 days = 8,760 patient-days × 36.2 preventable ADEs per 1,000 patient days = 317 preventable ADEs at $6,000 to $9,000 each for a range of $1,902,317 to $2,853,000.
Error reduction at the local hospital level is based largely on specific quality improvement measures implemented after ADEs have been identified through a traditional voluntary reporting system. However, voluntary reporting systems are retroactive and have disadvantages with respect to under-reporting of events either not appreciated by the clinician or thought to be of minimal consequence to the patient or near misses. Payers, accreditation agencies, governmental agencies, and a variety patient safety advocacy groups desire and often mandate more proactive multidisciplinary approaches to error prevention.
Proposed level of service . A position paper by the Society of Critical Care Medicine (SCCM) and the American College of Clinical Pharmacy (ACCP) published in 2000, which was subsequently revised and enhanced into an opinion paper published in 2011 by a larger group of critical care pharmacists that included members of ASHP, listed 3 categories of critical care pharmacy services: fundamental, desirable, and optimal. 10 , 11 Optimal pharmacy services are comprehensive and require a specialized approach to care that is integrated with all other disciplines. 11 The recommended credentials for pharmacists providing critical care services include PGY2 training or equivalent experience, board certification in critical care, and advanced cardiac life support (ACLS) certification in addition to the usual credentials associated with licensure to practice. This is consistent with research that demonstrates that critical care pharmacy specialists perform significantly more interventions to prevent patient harm and optimize medication use than nonspecialists. 12 Therefore, an unmet need exists in our health care system.
We intend to fulfill this unmet need for optimized medication management by developing and implementing critical care pharmacy services. This proposal will move us from a fundamental provider to an optimal provider of pharmacy services in the surgical ICU. This project is significant because provision of pharmacy services by appropriately trained and credentialed critical care pharmacists providing comprehensive medication management has been demonstrated to improve patient outcomes in a cost-effective manner.
Sample ICU Pharmacy Service Description
The critical care pharmacist will be responsible for comprehensive medication management that will include:
- Participation in interprofessional rounding, patient care meetings, and code arrests.
- Performance of patient admission medication histories, medication reconciliation, and patient profile reviews. This proposal will allow us to move from 45% to 100% coverage of this key metric in surgical ICU patients.
- Involvement in transfer/discharge medication consultation. The critical care pharmacist will focus on moving to oral meds from IV and on reducing medications that result in longer term ICU stays, such as sedatives and pain medications, to minimize ICU length of stay.
- Involvement in medication use review (as appropriate).
- Service as a mentor/educator to trainees (pharmacy, nursing, and medicine).
- Support of quality improvement and research initiatives.
- Service as an educator and medication information resource that is easily accessible to ICU clinicians.
- Performance of medication order review for cost effectiveness and appropriateness.
- Implementation and demonstration of cost-savings initiatives related to medications.
- Service as a leader for critical care pharmacy services.
Sample Value of the Proposed Service
One of the key aspects of optimal critical care pharmacy services is the ability of the pharmacist to participate on interprofessional rounds in the ICU. A landmark study published in JAMA in 1999 found that including a pharmacist on patient care rounds with subsequent availability throughout the day led to a 66% reduction in preventable ADEs by prescribing physicians. 13 Importantly, almost 99% of the pharmacist's recommendations were accepted by the physicians. Subsequent studies have confirmed that medication errors and associated ADEs are more likely to identified, and therefore prevented, by the type of direct observation that would occur by having critical care pharmacy specialists involved in direct patient care activities. In one study involving patients in an adult ICU, an increased number of potential and actual ADEs were identified by direct observation by a pharmacist versus the numbers reported in other studies that utilized traditional voluntary reporting, chart reviews, or solicited incident reporting. 8 All of the potential ADEs and approximately two-thirds of the actual ADEs in this study were judged to be preventable. The errors occurred at various stages of the medication use process. There was one preventable error for every 5 doses of medication administered.
A wealth of studies are now available attesting to the patient safety and economic benefits of interprofessional critical care pharmacy practice. 14 Shared decision making that includes patients (or their surrogates) and members of an interprofessional team has been endorsed by major critical care organizations, and pharmacists have been recognized as integral members of the team by other clinicians and administrators. 15–17 Additionally, critical care pharmacists performing higher level services have improved job satisfaction. 18
The data collected by critical care pharmacists will be amenable to economic analyses. In one investigation, the type of activities performed by an ICU-based pharmacist was evaluated. 19 There were a total of 129 interventions documented over a 4.5-month period. The majority of interventions were identified during chart review (40%) and rounding (39%) activities. The 2 investigators evaluating the interventions determined that the potential cost avoidance of the documented interventions was between $205,919 and $280,421. Interventions identified during rounding and chart review were most likely to achieve the greatest impact on cost avoidance. In a more recent randomized interventional comparative trial, critical care pharmacists provided recommendations that were accepted 83.1% of the time and were cost-beneficial in 53.8% of patients (benefit-cost ratio of 25:1, 95% CI, −5:1 to 94:1). 20 These results are consistent with perceptions of nonpharmacist prescribers who perceive financial as well as clinically impactful services provided by ICU pharmacists. 21
Sample Quality and Safety Metrics
Policies and procedures will be developed for the evaluation of the critical care pharmacy specialists. The evaluation process will include an assessment of the quality and safety metrics listed below. For interventions by the pharmacist, the electronic health record will be used to document the type of intervention, the seriousness of the issue identified that required intervention, the estimated cost impact of the intervention, and the estimated time to perform the intervention. In addition to evaluating cost savings and cost avoidance by the pharmacists' interventions, a formal cost-benefit analysis of the service will be performed at 1 year following the deployment of the critical care pharmacists.
Quality and safety metrics of the proposed service will be based on the types of metrics utilized and recommended in the peer-reviewed literature discussed in this plan:
- Number and types of interventions
- Patient safety improvements
- Process and quality of care improvements (eg, order sets, guidelines, protocols, medication use evaluations)
- Clinical outcome evaluations (eg, length of stay, readmissions)
- Committee involvement
- Educational activities
- Economic evaluations
- Stakeholder satisfaction that includes peer review
- Number and quality of mentoring experiences for trainees
- Honors or awards received by specialists or service
- Dissemination (eg, presentation, publication) of quality improvement and research findings
A proposed timeline for the hiring, orientation and training, deployment, and evaluation of the critical care pharmacists is as follows. (It may be helpful to include this timeline on a Gantt chart for a clearer picture of implementation timeframes.)
- Hire the pharmacists with the required credentials while continuing to garner support from key stakeholders (eg, physicians, nurses, administrators)
- Month 1: Orient pharmacists to health care system and key health care personnel and provide them with the resources (eg, security identification, computer passwords) necessary for their clinical practice.
- Month 2: Pharmacists are deployed to ICU to initiate an interprofessional direct patient care practice that includes documentation of agreed upon metrics.
- Months 3 and 4: Formative discussions and assessment of services involving ICU pharmacists and pharmacy administrator will be held.
- Month 6: Summative evaluation of ICU pharmacists and assessment of service will be conducted by pharmacy administrator, including identification of lessons learned with possible changes in ongoing implementation.
- Month 12: Summative evaluation of ICU pharmacists and assessment of service performed by pharmacy administrator, including identification of lessons learned with possible changes in ongoing implementation. Findings are relayed to hospital administration.
EVALUATION OF THE PROPOSED SERVICE
Sample description of costs.
Of most critical concern to administrators and physician executives is the cost of the ICU pharmacy services. Describing one-time costs and recurrent costs separately can assist in designating what resources to request at what times. In addition, a plan that builds the service over time by adding resources in an incremental fashion are usually more successful than the “Big Ask” approach. Some considerations for costs include the following:
- $180,000 personnel expense ($150,000 salary; $30,000 fringe costs)
- $1,500 one-time computer expense
- $2,000 annual travel and educational expenses
It is difficult to accurately predict any return on investment as the ICU pharmacy service begins operations. Most often the pharmacy director will predict a certain reduction in drug expense to offset the expenses of the new service; that is not recommended as some use of expensive medications may justifiably increase. A pharmacist involved in the team may suggest the best practices around treating sedation, infections, and other conditions. These conditions may require more costly medication that may increase the pharmacy budget but decrease the hospital's overall costs.
A good rule of thumb is to develop a small group of stakeholders to review some key metrics of the ICU service at regular intervals and develop some “wins” in the area of improved medication distribution efficiencies, reduced medication errors, improved nurse and provider satisfaction, and patient safety improvements resulting from the pharmacists' activity.
As directors of pharmacy focus their efforts on meeting the recommendations of the ASHP's PPMI, expanding services to the critical care areas will be critical to address high-risk and high-cost medication management. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. The business plan to justify pharmacy positions on the patient care team in the ICU that was described in this article can be applied to a variety of pharmacy services. By adapting the format and information to their institutions, pharmacy directors can move closer to developing patient-centered pharmacy services for ICU patients.
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Pharmacy Business Plan
Many pharmacists dream of opening their pharmacies. But more often than not, the collection of funds and resources becomes an overwhelming and off-putting process.
But it doesn’t need to be. A pharmacy business plan can help you at every step of setting up your pharmacy business.
If you are planning to start a new pharmacy business, the first thing you will need is a business plan. Use our sample Pharmacy Business Plan created using Upmetrics business plan software to start writing your business plan in no time.
Before you start writing a business plan, spend as much time as you can reading through some samples of medical and health-related business plans .
The pharmaceutical industry stood at a market value of 1.27 trillion dollars in 2020 and has shown remarkable growth in the past two decades.
The advancement of research and development in the medical field has played a significant role in the growth of the pharmaceutical industry. Also, better production and distribution have changed the way people get medicines.
From online pharmacies to home deliveries, the face of the pharmacy industry has changed and become more convenient.
Also, with the growth of access to information, it has become more competitive too. But if done the right way, the pharmacy business is an extremely profitable one as well.
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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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About the Author
Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
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Chapter 5. Business Planning for Pharmacy Programs
Glen T. Schumock; Godwin Wong; JoAnn Stubbings
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Disclaimer: These citations have been automatically generated based on the information we have and it may not be 100% accurate. Please consult the latest official manual style if you have any questions regarding the format accuracy.
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Dr. Schumock is a graduate of Washington State University (B.Pharm.), the University of Washington (Pharm.D.), and the University of Illinois at Chicago (MBA). He also completed a residency and a research fellowship. Currently, Dr. Schumock is director of the Center for Pharmacoeconomic Research and professor in the Department of Pharmacy Practice at the University of Illinois at Chicago. He teaches courses on pharmacy management, pharmacoeconomics, and business planning for pharmacy services. He has published over 100 articles, book chapters, and books. He is on the editorial boards of the journals Pharmacotherapy and PharmacoEconomics . He is a board-certified pharmacotherapy specialist and a fellow of the American College of Clinical Pharmacy.
Dr. Wong has been on the faculty of the Haas School of Business at the University of California, Berkeley, for over 20 years. His areas of interests are corporate strategic planning, entrepreneurship, information technology management, and venture capital. He has conducted leadership and strategic planning workshops for various health care groups, hospital administrators, and pharmaceutical companies and has lectured to executives in 20 countries. He has served on the boards of directors of several California banks, Silicon Valley companies, and international corporations. He received a B.S. from the University of Wisconsin, an M.S. from UCLA, and a Ph.D. from Harvard University.
JoAnn Stubbings is manager, research and public policy, in the Ambulatory Care Pharmacy Department at the University of Illinois at Chicago (UIC), and is clinical associate professor in the Department of Pharmacy Practice and Administration. She also has a faculty appointment in the UIC Center for Pharmacoeconomic Research. She received a B.S. in pharmacy from the Ohio State University and Masters in Health Care Administration from the University of Mississippi. Professor Stubbings is responsible for managing and communicating pharmaceutical policy issues that pertain to outpatient pharmacy services especially to underserved populations. She teaches courses and publishes in business planning, justification and payment for clinical pharmacy services, risk evaluation and mitigation strategies, and Medicare Part D.
After completing this chapter, readers should be able to
Describe the purpose of “business plan” planning.
Discuss the important components of a business plan.
Review important aspects of communicating and implementing a business plan.
Highlight examples of business plan planning within pharmacy organizations.
Understand how to write a business plan for a pharmacy organization.
The scenario begun in Chapter 4 continues here. In brief, Ted Thompson is a clinical pharmacist at a medium-sized community hospital. Ted has just finished participating in the process of developing a strategic plan for the pharmacy department. Included in the 5-year plan is a goal for the department to develop and implement specific clinical pharmacy services that help to deliver care, improve patient outcomes, and reduce spending, and, where possible, to generate revenue from those programs.
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- Pharmacy Management
How to Start a Pharmacy: A Complete Guide
Last updated Dec 11, 2020 | Pharmacy Management
Starting any new business can be daunting and pharmacies come with their own unique learning curve. In a competitive market, pharmacists have to work hard to stand out from the crowd and scale their business successfully.
There are a lot of components to a good pharmacy, but it starts with creating a solid business plan and brand. To help you prepare, we’ve created a guide that walks you through how to start a pharmacy, from business plan to grand opening.
Create a Business Plan
Before getting into the nuts and bolts of opening your pharmacy, it’s important to start with an overview of the business you want to build. A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth.
How to Start a Pharmacy Business Plan
A pharmacy business plan should contain the following:
A high-level summary, highlighting the important points to give potential investors all the information they need on a single page.
Description of Business
Includes details like your:
- Pharmacy niche and branding
- Target market/audience
- Location and space
- Potential team members and titles
- Potential expenses
Description of Service(s)
What services do you plan to offer your target market? This section covers your future pharmacy’s sources of revenue, including potential prescription stock, retail products, or specialty and healthcare services.
You need to have a good handle on the competition and a plan for promoting yourself. This section should contain an in-depth competitor analysis, ideas for marketing and sales strategies, and a SWOT analysis of your business .
Projected revenue, expenses, and major costs, such as lease timelines, mortgage payments, and estimated payroll go here. Also include any financing information and an exit strategy, if possible.
To get you started, here is an excellent example of a pharmacy business plan , broken down by section in detail.
Define Your Pharmacy Brand
A brand encapsulates your business and determines how customers will identify you, interact with you, and use your products or services.
What Makes a Good Brand?
Many people think of a brand as the visuals, the logo, and color schemes you see on any website or business card. But there’s a lot more to it.
Key factors of a brand include:
Mission and Vision Statements
A mission statement defines your purpose and values as a company, spelling out what you do, how, and why. Your vision statement breaks down future goals for your business and how you will act on your mission.
In order to stand out in the market, you need to identify your unique value as a business and define it in a value proposition statement . This could be anything from location (“the only pharmacy in town”) or background (“family-run pharmacy”), to competitive pricing, standout customer service, or specialized services.
Naming and Trademarking
Choosing a name can be difficult, and you want it to be easy to remember and tell people who you are and what the business is about. If you pick a unique name or want to make sure no one else can use it, consider applying for a trademark before you open.
The face of your brand, visual identity covers your logo, brand color palette, typography, images, graphics, and other elements businesses use to market and promote themselves.
Set up Your Website
Now you have branding in place, it’s time to introduce your business to potential patients online. Every successful pharmacy business owner should have a website and social media accounts that patients can visit to access location and service information.
Getting Your Domain and Social Handles
The first step to setting up your pharmacy website is buying a domain name. Make sure that your ideal domain name is available by plugging it into a domain search database, such as Instant Domain Search .
Social media accounts can boost your position in search engine results and help draw visitors to your site. Set up profiles on Twitter and Instagram and a Facebook Business Page with user names that are as close to your business name as possible.
Pharmacy Website Basics
If you plan to offer digital tools and services or collect patients’ health information, make sure that your pharmacy website is HIPAA-compliant .
A successful pharmacy website should contain your:
- Brand identity
- Location and contact information
- Introduction to products, services, and staff
- Links to social media accounts
For more tips on marketing your pharmacy business online, check out our latest ebook .
Pick a Pharmacy Location
Before you start scouting, it’s a good idea to ask yourself a few questions about your area of choice:
- How many other pharmacies are there?
- What services do nearby pharmacies offer and are they direct competitors with you?
- Is the prescription base big enough for everyone?
Assessing the level of competition in your ideal locations can help you narrow things down and assess potential opportunities.
What Makes a Good Business Site
Real estate agents say it’s all about “location, location, location,” but what does that mean for a pharmacy business? Here are a few factors to consider when searching for a pharmacy site :
The amount of daily foot and car traffic, visibility from the road, convenience of parking, entrances, and exits, and whether the site has room for a drive-thru or curbside pickup.
Is there room enough to operate and grow? Think about how many locations you want and the services, stock, and staff you’ll need to maintain.
If there were other pharmacies in the same space, try to figure out what made them leave or close. It could mean there’s an active customer base or it could be a warning sign.
Other business sources
Look for sites located near complementary businesses, like doctor’s offices or other medical facilities which help guarantee good foot traffic and offer opportunities for future collaboration.
Determine Your Financials
Your business plan should include an estimate of startup and working costs for your pharmacy , as well as the types of funding you plan to pursue. Determining your pharmacy’s financial needs will help prepare you for applying for loans or approaching potential investors.
Here are some of the costs you should keep in mind:
Build-out costs: Includes mortgage down payment, construction, renovation, fixtures, and interior design.
Inventory: Covers your initial stock of prescription and OTC drugs and other retail or healthcare products.
Operating expenses: Calculate how much you’ll need to cover day-to-day expenses for at least 6 months after you open to allow time for the pharmacy to make a profit.
Once you have funding in place, keep track of current and future costs with a pharmacy income statement , which calculates your:
- Sale deductions
- Cost of goods sold (COGS)
- Gross profit
- Net profit and profit margins
- Operating expenses
Get Your Licenses in Order
All new businesses require paperwork and that’s doubly true of pharmacies, which tend to be heavily regulated. Get started by registering as a business entity in your state , requesting your federal Employer Identification Number (EIN) , and opening your first business bank account .
After you complete the business basics, check for state and federal pharmacy operating licensing requirements and permits , which will vary by location.
Typical requirements include:
- State pharmacy license or permit
- Controlled substance registration
- National Council for Prescription Drug Programs (NABP/NCPDP) number
- Drug Enforcement Agency (DEA) number
- National Provider Identifier (NPI) number
Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well.
Prep for Opening
You’re nearly ready to open for business, but before you do, there are some important last-minute details you’ll need to oversee.
Investing in Digital Tools
To simplify operations, start off strong by streamlining your workflow and offering patients a multichannel digital experience. Install a pharmacy management system (PMS) to keep you running efficiently and an interactive voice response (IVR) solution to manage inbound calls. Digital communications software can offer secure messaging and help you identify clinical opportunities.
Contact us today for a free demo of our IVR solution.
Look for wholesalers you can develop long-term relationships with , not just ones that offer lower costs. Try and ask for sample orders of prescription and OTC medications initially to keep costs down and tide you over while your pharmacy grows.
Front of Store Flow and Design
Think about what you want patients to see when they walk through your door. Consider the overall store layout and how best to position products, staff, and counters. Generous aisle spacing and clear paths to checkout lines can make a big difference to traffic flow and revenue .
Online and Offline Advertising
Try to position signage towards high-traffic areas so people will see it as they drive by and contact local publications for a new business interview. If you haven’t already, start working on a digital marketing strategy , leveraging social media channels and paid ads to generate interest in your brand opening and attract visitors to your website.
Last but not least, don’t forget to celebrate your new achievement! Throw a party for yourself and your staff to kick off this new phase of your life.
More Pharmacy Management Resources
For more about running a successful pharmacy, check out our resources for pharmacy management .
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The Phasing out of Copper Wire Landline Service & the Impact on Pharmacy Communication
Last updated Feb 16, 2024 | Pharmacy Management , Pharmacy News , Pharmacy Technology
In an age where technology is advancing at an exponential rate, it’s no surprise that traditional methods of communication are gradually being phased out. One such example is the shift away from copper wire landline services, a move that has been gaining momentum across various regions in the United States. This transition signifies a significant shift towards a more modern and efficient telecommunications infrastructure, but as with any change, is sure to be accompanied by some challenges as well. Today we will explore what you need to know about the shift away from copper lines and how to minimize any potential interruptions in your pharmacy.
The Critical Role of Pharmacists on Medication Adherence & Heart Health
Last updated Feb 16, 2024 | Health Trends , Pharmacy Management , Pharmacy News
Maintaining heart health is a critical aspect of overall well-being, and for individuals with cardiovascular conditions, adhering to prescribed medications is crucial. Medication adherence plays a pivotal role in managing heart-related issues and preventing complications. In this blog post, we will explore the significance of medication adherence in heart health and discuss the crucial role pharmacists play in supporting patients on their journey to cardiovascular wellness.
Revitalize Your Pharmacy’s Front-End: Strategies for a Positive Customer Experience
Last updated Jan 26, 2024 | Pharmacy Management , Pharmacy Marketing
In the fast-paced world of community pharmacy, providing an inviting and efficient front-end experience is crucial for customer satisfaction. A well-designed and refreshed pharmacy front end not only enhances the customer experience but also contributes to the overall success of your business. In this blog post, we will explore effective ways to refresh your pharmacy front-end and create a positive environment for both customers and staff.
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Pharmacy Business Plan
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The Discount Pharmacy
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.
People need to be able to buy prescriptions at reduced prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions.
The Discount Pharmacy’s mission is to provide our customers with the best prices for their prescription medications. Our convenience and services will exceed the expectations of our customers.
The Discount Pharmacy’s target market consists of two different groups, local customers or walk-ins, and mail order customers.
Competition takes many different forms in the pharmacy industry. They are: chain pharmacies, local pharmacies, mail in pharmacies, canadian pharmacies.
The Discount Pharmacy’s we have superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.
Costs will be minimized by maintaining only one pharmacist and filling the void with pharmaceutical techs. We expect to reach profitability by our third year and will generate substantial sales by year three
Financial Highlights by Year
We will need $115,000 to start, we will be able to pay the investment back at the end of year 4
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Problem & solution, problem worth solving.
People need to be able to buy prescriptions at accessible prices. We make that possible by carefully maintaining efficiencies in our operations. So we can target a specific segment of the market – those customers who pay for their prescription medications themselves. They are poor, they are sick, they deserve the same care as those who can afford healthcare and full price prescriptions.
The Discount Pharmacy’s main goal is to provide prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves. By focusing on this segment it gives us additional efficiencies – we avoid disruptions in cash flow often associated with insurance payments and we can eliminate unnecessary services for the type of knowledgeable, repeat customer taking maintenance-type medication.
The Discount Pharmacy will operate from one store that will serve both mail order customers and those who visit in person. We will thrive by employing friendly and knowledgeable personnel, which, along with our great prices, will drive the repeat business that we will rely upon. We only expect that as the price of medication continues to skyrocket, The Discount Pharmacy will appeal more and more to the customer’s sense of value and convenience.
Market size & segments.
The Discount Pharmacy will seek to attract two different groups of customers and will thus have two strategies to attract them.
We anticipate that by far our largest group of customers will be those who order through the mail. These customers will be targeted through an advertising campaign in magazines and newsletters that have an older (>55) audience who regularly need medication and are aware in advance of their needs. For example, one of the main advertising vehicles will be the A.A.R.P monthly newsletter.
Walk-in customers will be targeted through advertisements in the local paper, "The Oregonian." Ads will raise awareness for the The Discount Pharmacy and our low prices.
Competition takes many different forms in the pharmacy industry.
- Chain pharmacies. These are state or national chains such as Rite-Aid. The advantage to these chains are better prices through economies of scale, as well as personalized service. The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you have disclosed to them.
- Local pharmacies. These are the pharmacies where you typically know the pharmacist and they know your medical history. This option is high in personalized service and convenience, and high in price.
- Mail order and Internet pharmacies. These are similar to The Discount Pharmacy.
- Canadian pharmacies. These pharmacies are located in Canada where the cost of drugs is lower than in the U.S. These pharmacies can be accessed through mail order, the Internet, or via travel. Recently there has been the trend for trips arranged for senior citizens in Northern States to travel up to Canada for the day to pick up their medicines.
The Discount Pharmacy’s competitive edge is superior pricing. To do that we must maintain our position as the low cost provider by painstakingly ensuring that costs are kept low through operating efficiencies.
We will be able to do that by eliminating some of the services traditionally offered by pharmacies. For example, we will employ only one pharmacist and use pharmaceutical technicians to fill the void. As long as a pharmacist is on site during the hours of operation, we can use the pharmaceutical techs for all other capacities where other pharmacies use pharmacists. Other efficiencies are created by having only a small store front and conducting most of our business through mail order.
Finally, The Discount Pharmacy is not designed to hold the patient’s hand during their purchase. We expect that the vast majority of our customers will already be informed of how to take the medication, and any side effects or drug interactions that should be avoided. We will simply provide each patient with a print out of all the relevant information for consumption of the medication.
Keys to Success
The keys to success are:
- Satisfy our customers so they will return again and again
- Maintain low overhead and operating costs
- Provide better prices than all our competitors
Marketing & Sales
The marketing strategy will be based on social media, mainly Facebook and Twitter, offering useful information and opinion while quietly appealing to the customer’s sense of value. The marketing campaign’s goal will to be increase awareness of The Discount Pharmacy with their target market.
The sales strategy will be based on generating long-term relationships with customers. To facilitate that, we will provide medications at superior prices, have medicines in stock for both quick shipment and store front pick up, and provide superior customer service. All sales agents will be trained to provide friendly, knowledgeable customer service. By keeping to these simple, yet effective, business practices, we expect that our customers will make The Discount Pharmacy their exclusive source for medications. For some, medications are an integral part of their lives, so establishing long-term relationships will ensure a large, loyal customer base
Milestones & Metrics
Milestones table, key metrics.
Our key metrics are:
- The # of customers that walk in to the pharmacy
- The # of customers that choose to mail in
- The # of reviews saying that people could go to our pharmacy
- Facebook page views, Twitter retweets and website shares
- Total customer traffic on the website
- Total customer traffic in and out of the store
Ownership & Structure
The Discount Pharmacy is an Oregon limited liability corporation. The majority stock holder is John Reeleaf.
John Reeleaf has experience working with a major drug manufacturer, Eli Lilly, as a drug representative. He was able to see first hand the profitability associated with the prescription drug industry, as well as the inefficiencies with which most companies are plagued.
John graduated with an MBA from the University of Oregon’s innovative entrepreneurship program. While there he was awarded a $50,000 no interest loan through a business plan competition. That seed money will be parlayed, along with some other investments, into start up expenses for The Discount Pharmacy. John received an undergraduate degree in chemistry from the University of Oregon.
Financial plan investor-ready personnel plan .">, key assumptions.
Of course our main assumption is legality. Regulations affecting our business can change very fast.
- The mail in order option for their convenience
- Prescription at affordable prices
Revenue by Month
Expenses by month, net profit (or loss) by year, use of funds.
The Discount Pharmacy will incur the following start-up equipment costs:
- Office equipment including chairs, file cabinets, and desks.
- Front counter, storage bins, cash register.
- Three computer terminals.
- Main computer server with a laser printer, and back-up system.
- Software: Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software detailing side effects and other information pertinent to the customer.
- Assorted bottles, boxes, envelopes, etc. for dispensing and shipment.
- Scales for shipping.
- Telecom system.
- Storefront build-out.
- Start-up inventory.
- Rent, utilities, insurance.
Please note that these items will be used for more than one year and will therefore be labeled long-term assets, depreciated using G.A.A.P. approved straight-line depreciation.
Startup expenses – $24,100 listed as net earnings in dec 2017
Telecom System $400
Storefront Build-out $15,000
Expensed Equipment $4,000
Website development $1,000
TOTAL START-UP EXPENSES $24,100
Sources of Funds
Seed Funding $50,000
Friends and Family $82,100
Projected Profit & Loss
Projected balance sheet, projected cash flow statement.
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Healthcare Business Plan Template
Written by Dave Lavinsky
There are several types of Healthcare businesses, from family medicine practices to urgent care centers to home health care agencies. Regardless of the type of healthcare business you have, a business plan will keep you on track and help you grow your healthcare business in an organized way. In addition, if you plan to seek funding, investors and lenders will use your business plan to determine the level of risk.
Download our Ultimate Business Plan Template here >
Below is the business plan outline you should use to create a business plan for your healthcare company. Also, here are links to several healthcare business plan templates:
- Assisted Living Business Plan
- Counseling Private Practice Business Plan Template
- Dental Business Plan
- Home Health Care Business Plan
- Medical Practice Business Plan Template
- Medical Spa Business Plan Template
- Non Medical Home Care Business Plan Template
- Nursing Home Business Plan Template
- Pharmacy Business Plan
- Urgent Care Business Plan
Finish Your Business Plan Today!
Healthcare business plan example outline, executive summary.
Although it serves as the introduction to your business plan, your executive summary should be written last. The first page helps financiers decide whether to read the full plan, so provide the most important information. Give a clear and concise description of your healthcare company. Provide a summary of your market analysis that proves the need for another healthcare business, and explain your company’s unique qualifications to meet that need.
Your company analysis explains your healthcare business as it exists right now. Describe the company’s founding, current stage of business, and legal structure. Highlight any past milestones, such as lining up clients or hiring healthcare providers with a proven track record. Elaborate on your unique qualifications, such as expertise in a currently underserved niche market.
The healthcare industry is incredibly large and diverse, but your analysis should focus on your specific segment of the market. Do you specialize in pediatric healthcare? senior healthcare? emergency medicine? family medicine? Figure out where your healthcare company fits in, and then research the current trends and market projections that affect your niche. Create a detailed strategy for overcoming any obstacles that you uncover.
Who will your healthcare company serve? Are they families? The elderly? What is important to them in a healthcare business? How do they select a healthcare provider? Narrow down their demographics as closely as you can, and then figure out what their unique needs are and how you can fulfill them.
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Your direct competitors are those healthcare companies that fulfill the same needs for the same target market as yours. Your indirect competitors are healthcare businesses that target a different market, or other companies that fulfill a different need for your target market. Describe each of your direct competitors individually, and talk about the things that set your healthcare company apart. Categorize your indirect competitors as a group and talk about them as a whole.
A solid marketing plan is based on the four P’s: Product, Price, Promotion, and Place. The Product section describes the healthcare you sell along with any other services you provide. Price will change according to the specifics of the property, but you can delineate your fees here. Promotion is your means of getting new business. Place is your physical office location, along with your web presence and the areas where you sell. Another category, Customer retention, refers to the ways you will build loyalty.
Your operations plan explains your methods for meeting the goals you set forth. Everyday short-term processes include all of the daily tasks involved in servicing clients. Long-term processes are the ways you will meet your defined business goals, such as expanding into new markets or new types of service.
The management team section highlights the backgrounds of the key members of your team. Focus on those aspects that prove your team’s ability to build and run a successful company. A business mentor or advisor can help fill in any gaps, provided you can identify the specific ways that your advisor will influence your company’s growth.
Investors and lenders heavily scrutinize the financial plan, but it is often the most challenging part of the business plan to write. Healthcare is a strong market, it usually not subject to economic turns. The financial plan requires you to detail your individual revenue streams by implementation timeline and relative importance, and disclose any sources of outside funding. You also need to summarize your past and future Income Statements, Cash Flow Statements, and Balance Sheets, based on key assumptions that must be both reasonable and verifiable based on an analysis of similar companies. You should also provide a solid exit strategy that shows your understanding of the market and your desire to capitalize on profitability.
Your full financial projections should be attached in the appendix along with any other documents that support your claims, such as letters from key partners.
Healthcare Business Plan FAQs
What is the easiest way to complete my healthcare business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Healthcare Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of healthcare business you are operating and the status; for example, are you a startup, do you have a healthcare business that you would like to grow, or are you operating a chain of healthcare businesses?
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Other Helpful Business Plan Articles & Templates
Healthcare Business Plan Template
Written by Dave Lavinsky
Healthcare Business Plan
You’ve come to the right place to create your Healthcare 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 Healthcare companies.
Below is a template to help you create each section of your Healthcare business plan.
Riverside Medical is a family medical clinic located in San Francisco, California. Our goal is to provide easy access to quality healthcare, especially for members of the community who have low to moderate incomes. Our clinic provides a wide range of general and preventative healthcare services, including check-ups, minor surgeries, and gynecology. Anyone of any age or group is welcome to visit our clinic to get the healthcare that they need.
Our medical practitioners and supporting staff are well-trained and have a passion for helping improve the health and well-being of our clients. We serve our patients not just with our knowledge and skills but also with our hearts. Our clinic was founded by Samantha Parker, who has been a licensed doctor for nearly 20 years. Her experience and compassion will guide us throughout our mission.
Riverside Medical will provide extensive general care for all ages, creating a complete healthcare solution. Some of the services included in our care include the following:
- Primary care: annual checkups, preventative screenings, health counseling, diagnosis and treatment of common conditions
- Gynecology: PAP tests, annual well-woman exam, and family planning
- Pediatrics: infant care, annual physicals, and immunizations
- Minor procedures: stitches, casts/splints, skin biopsies, cyst removals, and growth lacerations
- Health and wellness: weight loss strategies, nutrition guidance, hormone balance, and preventive and routine services
The costs will depend upon the materials used, the physician’s time, and the amount designated for each procedure. Medical bills will be billed either directly to the patient or to their insurance provider.
Riverside Medical will primarily serve the community living and working within the San Francisco bay area. The city is diverse and growing and includes people of all ages, ethnicities, and backgrounds. Everyone is welcome to visit our clinic to receive the health care they need.
Riverside Medical’s most valuable asset is the expertise and experience of its founder, Samantha Parker. Samantha has been a licensed family doctor for 20 years now. She spent the most recent portion of her career on medical mission trips, where she learned that many people are not privileged to have access to quality medical services. Samantha will be responsible for ensuring the general health of her patients and creating a viable and profitable business medical practice.
Riverside Medical will also employ nurses, expert medical staff, and administrative assistants that also have a passion for healthcare.
Riverside Medical will be able to achieve success by offering the following competitive advantages:
- Location: Riverside Medical’s location is near the center of town. It’s visible from the street with many people walking to and from work on a daily basis, giving them a direct look at our clinic, most of which are part of our target market.
- Patient-oriented service: Riverside Medical will have a staff that prioritizes the needs of the patients and educates them on the proper way how to take care of themselves.
- Management: Samantha Parker has a genuine passion for helping the community, and because of her previous experience, she is fully equipped and overqualified to open this practice. Her unique qualifications will serve customers in a much more sophisticated manner than our competitors.
- Relationships: Having lived in the community for 25 years, Samantha Parker knows many of the local leaders, newspapers, and other influences. Furthermore, she will be able to draw from her ties to previous patients from her work at other clinics to establish a starting clientele.
Riverside Medical is seeking a total funding of $800,000 of debt capital to open its clinic. The capital will be used for funding capital expenditures and location build-out, acquiring basic medical supplies and equipment, hiring initial employees, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
- Clinic design/build: $100,000
- Medical supplies and equipment: $150,000
- Six months of overhead expenses (rent, salaries, utilities): $450,000
- Marketing: $50,000
- Working capital: $50,000
The following graph below outlines the pro forma financial projections for Riverside Medical.
Who is riverside medical, riverside medical history.
Samantha Parker started the clinic with the goal of providing easy access to good quality health service, especially to those members of the community with low to moderate income. After years of planning, she finally started to build Riverside Medical in 2022. She gathered a group of professionals to fund the project and was able to incorporate and register Riverside Medical with their funding support.
Since its incorporation, Riverside Medical has achieved the following milestones:
- Found clinic space and signed Letter of Intent to lease it
- Developed the company’s name, logo, and website
- Hired a contractor for the office build-out
- Determined equipment and fixture requirements
- Began recruiting key employees with previous healthcare experience
- Drafted marketing campaigns to promote the clinic
Riverside Medical Services
The global healthcare market is one of the largest and highest-valued industries in the world. According to Global Newswire, the global healthcare services market is currently valued at $7548.52 billion and is expected to reach $10414.36 billion in 2026. This growth is expected to continue for the foreseeable future.
The biggest drivers of industry growth throughout the next decade will be a continual increase in illnesses and diseases as well as a quickly aging population. With more people aging and needing daily/frequent care, hospitals and medical clinics are bound to be in even more demand than they already are.
One obstacle for the industry is the rising cost of care. Though this results in greater profits, more and more Americans cannot afford basic medical care. Therefore, they are opting out of procedures they believe are unnecessary or unimportant.
Despite the challenges of the next decade, the industry is still expected to see substantial growth and expansion.
Demographic profile of target market.
Riverside Medical will serve the residents of the San Francisco bay area as well as those who work in the area.
The population of the area experiences a large income gap between the highest earners and the lowest earners. Therefore, it is hard for middle and lower-class families to find quality care that is affordable. As a result, they are in need of the services that we offer and are looking for accessible medical care.
The precise demographics of San Francisco are as follows:
Our clinic is a general family practice and will treat patients of all ages, incomes, physical abilities, races, and ethnicities. As such, there is no need to create marketing materials targeted at only one or two of these groups, but we can appeal to all with a similar message.
Direct and indirect competitors.
Riverside Medical will face competition from other companies with similar business profiles. A description of each competitor company is below.
Founded in 2008, City Medical is a membership-based, primary-care practice in the heart of the city. City Medical offers a wide range of primary care services for patients who subscribe to the practice for an annual fee. Patients enjoy personalized care, including office visits, as well as the diagnosis and treatment of common health problems. The patient membership fee covers the services listed below, and most care is received in-office. However, some additional services, such as lab testing and vaccinations, are billed separately. Furthermore, though the annual fee is convenient for some, it is too high for many families, so many are priced out of care at this facility.
Bay Doctors is a primary care practice that provides highly personalized medical care in the office or patients’ homes. Bay Doctors includes a team of dedicated healthcare professionals with dual residency in Emergency Medicine and Internal Medicine. The practice offers same-day/next-day appointments, telemedicine, office visits, and home visits. Some of the medical care services they provide are primary care, urgent care, emergency care, gynecology, pediatrics, and minor procedures.
Established in 1949, Community Care is a non-profit regional healthcare provider serving the city and surrounding suburbs. This facility offers a wide variety of medical services, including 24-hour emergency care, telemedicine, primary care, and more. In addition to their medical care, they have a wide variety of fundraising activities to raise money to operate the hospital and help families cover the costs of their care.
Riverside Medical enjoys several advantages over its competitors. These advantages include:
Brand & value proposition.
The Riverside Medical brand will focus on the company’s unique value proposition:
- Client-focused healthcare services, where the company’s interests are aligned with the customer
- Service built on long-term relationships
- Big-hospital expertise in a small-clinic environment
The promotions strategy for Riverside Medical is as follows:
Riverside Medical understands that the best promotion comes from satisfied customers. The company will encourage its patients to refer their friends and family by providing healthcare benefits for every new client produced. This strategy will increase in effectiveness after the business has already been established.
The company will use a direct mail campaign to promote its brand and draw clients, as well. The campaign will blanket specific neighborhoods with simple, effective mail advertisements that highlight the credentials and credibility of Riverside Medical.
Riverside Medical will invest heavily in developing a professional website that displays all of the clinic’s services and procedures. The website will also provide information about each doctor and medical staff member. The clinic will also invest heavily in SEO so the brand’s website will appear at the top of search engine results.
Riverside Medical will invest heavily in a social media advertising campaign. The marketing manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.
Riverside Medical’s pricing will be lower than big hospitals. Over time, client testimonials will help to maintain our client base and attract new patients. Furthermore, we will be able to provide discounts and incentives for lower-income families by connecting with foundations and charities from people who are interested in helping.
The following will be the operations plan for Riverside Medical.
- Samantha Parker is the founder of Riverside Medical and will operate as the sole doctor until she increases her patient list and hires more medical staff. As the clinic grows, she will operate as the CEO and take charge of all the operations and executive aspects of the business.
- Samantha is assisted by Elizabeth O’Reilly. Elizabeth has experience working as a receptionist at a fast-paced hospital and will act as the receptionist/administrative assistant for the clinic. She will be in charge of the administrative and marketing aspects of the business.
- Samantha is in the process of hiring doctors, nurses, and other medical staff to help with her growing patient list.
The following are a series of path steps that will lead to the vision of long-term success. Riverside Medical expects to achieve the following milestones in the following twelve months:
3/202X Finalize lease agreement
5/202X Design and build out Riverside Medical location
7/202X Hire and train initial staff
9/202X Kickoff of promotional campaign
11/202X Reach break-even
1/202X Reach 1000 patients
Key revenue & costs.
Riverside Medical’s revenues will come primarily from medical services rendered. The clinic will either bill the patients directly or their insurance providers.
The major cost drivers for the clinic will include labor expenses, lease costs, equipment purchasing and upkeep, and ongoing marketing costs.
Funding Requirements and Use of Funds
Below are the key assumptions required to achieve the revenue and cost numbers in the financials and to pay off the startup business loan.
- Year 1: 120
- Year 2: 150
- Year 3: 200
- Year 4: 275
- Year 5: 400
- Annual lease: $50,000
Income statement, balance sheet, cash flow statement, healthcare business plan faqs, what is a healthcare business plan.
A healthcare business plan is a plan to start and/or grow your healthcare 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 Healthcare business plan using our Healthcare Business Plan Template here .
What are the Main Types of Healthcare Businesses?
There are a number of different kinds of healthcare businesses , some examples include: Nursing care, Physical home health care, or Home health care aides:
How Do You Get Funding for Your Healthcare Business Plan?
Healthcare 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 Healthcare Business?
Starting a healthcare 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 Healthcare Business Plan - The first step in starting a business is to create a detailed healthcare 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 healthcare 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 healthcare business is in compliance with local laws.
3. Register Your Healthcare Business - Once you have chosen a legal structure, the next step is to register your healthcare 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 healthcare 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 Healthcare Equipment & Supplies - In order to start your healthcare 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 healthcare 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.
Other Helpful Business Plan Templates
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Business plan essentials for opening a new pharmacy
Opening a successful new pharmacy starts with a well-thought-out business plan
- RxOwnership® has helped thousands of pharmacy owners get started.
- Key lessons learned: understand the basics, develop a business plan, assemble a team and pick a good location.
- A business plan is foundational. Understand all of the essential elements.
- Focus on financing; lack of working capital is the #1 reason for failure.
- After developing your plan, regularly review and revise it.
Turning your passion into reality
Have you thought about opening your own independent pharmacy?
Perhaps you work at a chain and want to run your own business. Maybe you’ve worked at an independent pharmacy and want to go out on your own. Or, perhaps you own one pharmacy and see an opportunity to acquire another.
It is important to know the positives and challenges of starting an independent pharmacy.
The rewards of starting and running a successful independent pharmacy can be significant. But just opening a pharmacy and simply expecting it to automatically be successful is unrealistic. It takes hard work and careful planning.
Lessons from RxOwnership
To date, RxOwnership has been involved in more than 6,000 transactions involving independent pharmacies. Chris Cella, R.Ph., national vice president for RxOwnership, states, “We’ve seen it. We understand it.”
RxOwnership has found there is much to consider before opening a new pharmacy.
Business plan essentials
Among RxOwnership’s tools and resources is a list of essential elements of an effective business plan. Also, Cella points out, “There’s no need to do it alone.” Whether you choose to work with RxOwnership or another resource, “use the expertise of people who have done this before.”
- Mission statement
- Executive overview
- Ownership structure (sole proprietorship, partnership, etc.)
- Financial plans and projections
- Competitive analysis
- Demographic analysis
- Competitive advantage: what will differentiate you?
- Pharmacy services and offerings
- Marketing plans
- Future plans/exit strategy
To highlight a few business plan essentials:
- Demographic analysis : This is about determining the opportunity in a location. It entails understanding the age, income and ethnic makeup of a community to understand who you would be serving.
- Competitive analysis : Understand how many competitors are in a market and the strengths and weaknesses of each. A “SWOT analysis” (strengths, weaknesses, opportunities and threats) is a good exercise. Cella says, “Just because there’s somebody in a market doesn’t preclude you from going in, but you need to identify their weaknesses to find your pharmacy’s advantage.”
- Differentiation : The pharmacy landscape is already competitive. So, how will your pharmacy attract and retain enough customers to build a successful business? What will set you apart? Define how your pharmacy will be different and better. For example, your pharmacy may be in a clinic setting that will fill prescriptions and work with prescribers to keep patients healthier. Also, think about distinctive services such as medication synchronization, compliance packaging, compounding, immunizations and unique offerings like DME and/or nutraceuticals.
Focus on financing
RxOwnership has seen that the #1 reason start-up pharmacies fail is not lack of intelligence or effort. It is lack of working capital.
“It can take 15–24 months to break even,” Cella said. “During that time the pharmacy still needs to pay staff, rent, utilities and its wholesaler. Better to get plenty of funding up front. Having your project properly capitalized will help keep your business plan on the right track,” he said.
Budget for marketing before and after you open
Not budgeting enough for marketing is another common mistake. “You need to build in a marketing budget both pre- and post-opening,” Cella said. At least three months before opening, you need to market to prescribers and the community, explaining when you will open and what services your pharmacy will offer. Then, budget for grand opening events and for the rest of the year.
Learn and revise your plan
After your pharmacy opens, review the plan at least quarterly. Compare where you are with what you expected and make adjustments. “Your business plan should not be created and shelved,” Cella said. “It’s a living document that needs to be changed and massaged as your business grows.”
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Pharmacy Business Plan Sample
When someone is found doing workouts at home how to start a pharmacy, he must need relevant information, charts, table of content, independent pharmacy business plans, pharmacy business plan as well as few sample templates for pharmacy business branding. So, the entire business plans for pharmacy must include the most important points which must be well covered to start pharmacy business in full fledged.
Pharmacies must have stock of the best medications, and valuable healthcare accessories including sanitary pads, contraceptive pills and many more. Be modern and try to design a good pharmacy marketing plan before going for investment of financial resources in the industry. Get more new pharmacy business plan ideas from different sources.
Diseases, infections and virus attacks are very dangerous to shorten up the span of life of a guy. So, medications are needed to remove injuries, reinforce the immune system and increase the life expectancy to a great extent. For this reason, pharmaceutical agencies and drug manufacturing companies supply new drugs to people to resist the diseases in advance. Pharmacy business is really lucrative and profitable to an entrepreneur. Drugs are needed in hospitals, clinics, healthcare centers and in residential houses for preventive care.
Drugs are used to cure feeble patients. Children need a number of boosters and antibiotic shots to overtake a number of complicated health hazards. In large scale, medications and potions for patients are required in hospitals. Therefore, pharmacies have the jobs of selling drugs to customers. As an entrepreneur you can also start a small pharmacy or drug store in your locality. Sample pharmacy business plans and template will guide you. We, at OGSCapital, help you with this. Our executives have all the expertise for helping you to develop an appropriate strategy to fulfill your all objectives. If you wish to initiate the process, you just need to fill a contact form.
Choose Top Pharmacy Business Plans to Start Pharmacy Successfully
Well, are you a pharmacist to have licenses for running pharmacies in any town? This question is asked by many enthusiasts who are eager to know whether anyone has the permission to open a local drug store in the vicinity. Certainly, opening local drug stores, you must have an experienced pharmacist to check the prescribed drug lists. Pharmacists have the ability to read the prescriptions and identify the drugs at a first glance. His expertise in prescription reading, drug list checking and familiarity with new drugs helps the vendor to sell drugs comfortably.
If you are not a pharmacist, you need a specialist to hire in the case of inaugurating pharmacy in any popular area. He will help you to read prescriptions, handpick particular medications and understand the medical terms. Drug manufacturing companies in America have to sell only FDA approved medications. They must get authentic papers, citations and drug selling licenses from FDA as well American government.
Therefore, be familiar with local rules to starting a retail pharmacy business plan commercially. Go through a top sample pharmacy business plan and free template for more information.
Basic Requirements to Start Pharmacy Business
- A complete retail pharmacy business plan
- A preliminary financial budget
- Specific site for posting retail pharmacy business plans
- A specialist/experienced pharmacy
- Good stock of new drugs in
- Healthcare accessories like sanitary pads
- Basic amenities like refrigerators, electricity, water and good air vents
- Pharmacy needs to have a site for industry promotion
- Site map with a sample Pharma business plan as well as template
- Information brochures
- Medical aids kits to supply
- Initial affordable drug selling packages to attract customers to have drugs at low price
- Free quotes to do comprehensive studies for opening up a pharmacy.
Understand the Innovation in Pharmacy Business
Pharmacies must not be dirty and poorly managed. Expensive drugs should be stored in safer place which is much more eco-friendly. Heat, fire, rain water and bacteria destroy life saving drugs. The drug store should have excellent air ventilation, clean ambience, least toxins inside the shop and soothing ambience. Refrigerators keep stored medications in good condition.
Internet browsing is not harmful. So, regular data checking must stand you in good stead. The more you research the more you will get new ideas to launch a compact pharmacy business project with bright expectation to have excellent returns. Initially, as a newbie, your ability to design a pharmacy business plan must be limited. You are an educated person with enthusiasm to stand resilient financially. You went for getting advices from seniors to open pharmacies.
Maybe you have had dream of becoming a good pharmacist with your own outlet to sell qualitative drugs. Fake and spurious medications, potions and medical aids are destructive. These fake drug dealers must be punished. In the open market, low quality, sub-standard medications and expired healthcare tonics are sold at low prices. Therefore, every year, the death toll increases due to the exposure to the drug adulteration. Perhaps you have the setback or previous caustic experience. Someone might have died due to consumption of bad drugs. Your dream must be fulfilled.
Online planners in pharmaceutical industry have pre-designed samples, fact sheets, research papers and documents to train newcomers. Novice financers have no industry expansion ideas. Especially pharmacies are different projects to highlight. Drug is the most valuable product as it saves lives. So, definitely lot of care is needed to run pharmacies or drug stores in the city. What type of pharmacy business do you need to opt for? Basically, drug retailers, individual sellers and small size company partners like to have free consultation before establishing a start-up drug store in any known area. The advantages of opening drug stores or local pharmacies in the residential areas include
- Known ambience
- Good familiarity with local citizens
- Be accustomed to local administration
- Good relationship with doctors, patients and oldies
- Easy to find customers
- Better options to enlarge pharmacy business in the home town
However, most probably, you are trapped because you must struggle to find more genuine options to expand your drug stores to have lot of money. So, geographical barrier must not be a problem. Often, it is a lucrative business for you in case you have the plan and templates to take your drug store to backcountry. There are not many drug stores. Competition is low. You can buy and sell expensive drugs to rich persons. Poor people will get affordable medications from your shop.
So, it is good business to manage in the rural areas. However, drug stores in cities are always dazzling in vanity. The buying strength of local people is obviously higher. City based pharmacies are equipped with modern infrastructures. In villages, poor people are not able to buy costly drugs. The availability of sumptuous medical aids packages is also not good in rural belts. Urban areas are developed. Therefore, locate the place and start evaluation. Pros and cons must be checked before deciding to deal with pharmaceutical industry. Retail pharmacy business plan writers are also helpful to people to have guidance in designing the independent plan for starting retail drug store business plan .
Brand medications are not cheaper. These drugs have qualitative components used by manufacturers to produce standard medications in the market. The effect of intake of brand medications is really awesome to help patients to avoid disaster. Doctors prescribe brand medications. Great. Well, one of the best ways to sell brand medications is to find the high profile class. Online ventures must bring a new customer to you. This is a different industry for entrepreneur as there is little chance to meet vendors face to face.
Customers hit the online sites to check the pharmacies for buying the branded drugs recommended by experts. All are not financially sound to buy brand drugs. Pack of Viagra (branded) costs a customer around $1000. Or a pack of 60 pills of Soma is equivalent to $400 inclusive of overnight shipment cost. So, economical buyers find generic medications which are affordable to some extent. Therefore, your drug stores must have both branded medications for the rich and generic medications for the economical class.
It will be a strategy to win customers by providing alternative medication buying option. Generic medications are cheap and components used in manufacturing these affordable drugs are not low in quality. The impact of consumption of generic medications is equal to the effect experienced by a person who takes brand medications. Retail pharmacy business plan writer has many ideas/ template to precise the process of industry inauguration smoothly.
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In the pharmaceutical industry, scientific probing, research and deep analysis are inseparable. Scientists in the medical arena are trying to invent more cost efficient products which must be vehicles for economical customers to save money. Pharmacists will emulate new technologies to increase the cost effectiveness and quality of the drugs. So, doctors, scientists and pharmacists are closely connected for making a convenient customer support portal for better drug supply at low cost. Discount pharmacies are byproduct of the innovative thoughts nurtured by experts.
The collaborative venture in the pharmaceutical industry has made a strong platform for pharmacy business owners to sell affordable medications at discounts. Customers get promotional codes on different types of generic medications. It is much more cost efficient. It is much affordable to a young guy. Result is also same. So as a pharmacist, offer your customers what you have in stock. Discount pharmacies are the places for buying cheap generic medications. Brick and mortar discount drug stores reduce the cost of buying valuable medications.
Well, think whether you are fitted to drug selling industry. A discount drug store needs to have only cheap medications which must be good. Customers will get their drugs by showcasing prescriptions. Now, tailor a business plan identifying the trend in the market. You have handful options to use. As a local guy, you can apply for loan for industry running. Banks will give you support to invest in the pharmaceutical industry.
Next steps include the easy refinancing, recruitment of competent employees, assistants , the availability of good medications at discounts and drug safety programs to minimize the threat. People need proper medical assistance from a vendor. As being a professional pharmacist, it is your concern to prioritize the table work/ground work to inaugurate the drug store in your residential area. Innovation can’t be stopped. Americans are habituated to consume sleeping pills, anti-anxiety drugs and self-boosting capsules to have energy in excess.
They are fast, sophisticated and crazy to travel for exploration. Well, most of American customers are seen buying drugs from online pharmacies which offer discounts. These online discount pharmacies assist busy Americans to have affordable qualitative medications at considerably cheap prices. So, you must have a compatible optimized online shop with an inventory storing only new drugs/ prescribed medications/non prescription medications at discounts. The local stores for drug selling are not permitted to sell non prescription drugs.
They need prescriptions. However, comparatively online pharmacies have good options to help customers to purchase non prescription drugs. Customers don’t need to send the scanned photocopies of prescriptions to pharmacists to buy packet of Soma or Viagra. Buy medications from vendors at any point of time. So, if you want to modernize your retail drug store, design an affordable business plan to start selling generic medications at discount drug stores without putting a band of legal obligation. The online pharmacy is not a local departmental store.
Customers don’t need to visit the store for product purchasing. The virtual shopping cart or pharmacy is actually run through internet. Its customers place orders at the shopping cart and complete transactions instantly. Vendors are liable to ship products to the customers. Now you must have a site which supports mobile phones, computers and different smart devices. Consumers will cross check list of drugs available in their areas. You have a group of employees who manage customers online. Usually, online pharmacies have no go-down or small warehouses.
They are professional and hire moving companies for product shipment. It is a chain for drug supplying. No manual paperwork is conducted. Nor is there any option for meeting customers physically. So, the whole transaction is done via internet. E-commerce infrastructure is easy to operate. This marketing strategy is extensive to help local traders to go for vast venture to reach million customers on a single go. Around $829 billion is invested in global pharmacy business. So, this opportunity is also open to you to have scum of the profits to upgrade your own life.
Online discount pharmacy is open regularly round the clock. Customers from different locations hit the online drug store and buy medications. Prices of these lifesaving drugs, sanitary pads, healthcare pills and antibiotic pills are affordable. Discounts of these medications are attractive to impress economical class. Like Rite Aid, you can also have a chain meds service to bring more fluent drug delivery options to customers. Give individualized service by keeping personal records of patients after clearing transactions.
In future, if the customers have allergies or infections, try to avoid supplying medications which are not prescribed. Besides, help them to choose the prefect meds from the inventory. Unlike local drug store, online discount pharmacies have multi channels to get customers. If you have licenses or permit to export medications to market abroad, strategy vastly. Then, you are also a good exporter with permits to deal with overseas clients. Online platform for medication selling is now modernized.
The shopping carts online must have fast content management, instant credit checking while making payment, quick transactions and free registration. The prescription refill process must be fast and easy. On the other side, the non prescription generic or brand medications should be supplied to have more positive visitors to hit your e-commerce website.
So, you will also have lot of sources to track the best retail pharmacy business plan/ templates, pharmacy start up business plan, pharmacy business plan pdf and innovative pharmaceutical sales business plans. Go through ins and outs of pharmaceutical business plan, pharmaceutical business plans sample, and retail pharmacy business plan including new templates.
Product Quality – Must
In the pharmacy business, the product quality is a must. A vendor or pharmacist should not earn money by delivering expired meds to patients. He should have social obligations to maintain for fairness in pharmacy business. Same way, he is also responsible to process the orders. If meds are delivered late then patients can die. If it is urgent, then shipping process must be fast. Overnight drug supply is not cost effective. Extra processing charges are borne by the buyer.
When your pharmacy business blooms, you must have some better options to make your customers happy. Your online pharmaceutical has few exceptional features which are unbeaten to take your pharmaceutical to million customers outperforming rivals. Pharmaceutical companies must facilitate customers to have their drugs at discounts. Quality of the drugs must not be low. For this reason, there must be analysts and experts to make their comments based on the products meant for sale. Customers will talk to consultants for getting pharma template.
They will go through reports, comments and reviews to have ideas about the quality of meds kept for being sold. Your online med supply stores should be compatible with multiple devices including smart phones. Customers are interested to cross check regular information and updates on their mobile phones. Your e-commerce portal is connected with vast network to support such a sophisticated device. Online customer management center assists new customers to buy products.
For this reason, people feel free to go for buying expensive brand meds from the best pharmacy online. Jot down pros of running a discount pharmaceutical online. Why do people want to buy products online? What is the difference between a local med store and the pharmaceutical on internet? What type of med is sold online? What are the most important pros of buying meds from online pharmacies? Is it cost effective or less time consuming to make deals with online vendors? Well, there are more such questions which can be highlighted for discussion.
Basically, internet based online med stores don’t need manual paperwork. Nor is there any need to entertain customers at the shop. So, investors are not required to buy the land for constructing a big set-up to sell packets of life saving meds, boosters, and health tonics. Online meds stores are operated by pharmacists through broadband. It is a different setting to attract people for business related transaction. Many people don’t understand how to buy meds online. They must be educated.
Well, your pharmacy business promoting campaigns should encourage customers to know about the good aspects of online transactions. First of all, post few blogs, photos, slide shows and of course glossy video clips on home screen to lure newbie customers to have a fast look at the site. After visiting the site, they will be energized to read content, check photos, videos, slide shows and navigate in the site. Online free start-up pharma template will make you more confident.
Site accessibility, information delivery, transaction method, registration, product buying as well as packing for shipment, prices of medications, and way of billing must be innovated. Therefore, ask your website designers to upgrade the site nicely to make it much more compatible with the latest i-devices. Ask them to assist you to change the old policy. Crazy customers in America, Canada, the UK and other parts in Europe have tendencies to buy non-prescription drugs which are not recommended or prescribed by doctors.
They have to pay higher prices to get packets of sedatives or anti-anxiety pills from the local market. Often they are addicted to spurious drugs which enhance the scope of faster deterioration in the health management. They don’t need prescribed drugs as they are not permitted to consume multiple sedatives within 24 hours. They are drug addicted and therefore proper counseling is needed. However, when they hit the online sites or med stores on internet, the surprising gifts are waiting for them.
At a time, it is possible to buy different meds from stores without providing prescriptions. Secondly, they have facilities to deal with a number of drug stores in this online drugstore industry. Promotional offers and discounts are offered to customers as well. At first, when you establish a small size pharmacy, you require the base to stand. It is the ground for you to start building up a strong long lasting structure. It is a dynamic policy to enhance the much faster business promoting.
New Policy for Starting Pharmaceutical Company
Minimum investment is needed to run a pharmacy business. So, the product selling base is required first to ensure the good prospect in this meds supply industry. How to achieve success depends on the strength, resilience, willing force, and lot of energy to do the hard work out. Maybe, it is time consuming but success will come through devotion, hard struggles, and meticulous research to find the best opportunities to be successful entrepreneur with a solid pharmacy business structure.
Invest in the best market where there is excellent ambience to gear up the money earning. It is one of the best things for you to locate the area where you will open the small drug store with innovated structure, and other facilities to tempt customers. It stands to reason; you require lot of plans to design. When you have the dream projects to implement for the business expansion, you must have someone to take you to the last resort successfully.
Many of start-up entrepreneurs are not well organized due to the lack of experience in pharmacy business planning as well as endorsement policy. Well, in this case, a professional business planer needs to be hired for innovating the business plans before investing in the pharmacy industry. Money is needed but you should have excellent projects which have lot of information, data, template, strategy, table of content and resources to let the pharmacy business run smoothly.
Research, probing, intuition and self-discovery study are important to aspiring pharmacy entrepreneurs. To become an experienced entrepreneur, you will have to have strong desires to probe deeply. This research oriented mind will give you a booster to scale up in the industry with success. That’s why, when you have new innovative commercial management plans, policy, programs and glossy projects to implement, you must not stop. The start-up pharmacy business must be expanded.
The profits must be generated. The mobility in the business promotion should be uninterrupted. The longevity of the pharmacy business should be surprisingly longer. Therefore, concentrate on different aspects of commercial management. Go to professional business consultants, experts and business analyzers to have new guidelines/instructions/ plans for extensive analysis.
Brand name of your business works as a booster. It is the workforce. It is the vehicle with a new strategy for you to start the business smoothly. Who will track your business? Brand name is the sign of identification. People will be familiar with your company through the brand name. So, choose the most suitable name for your pharmacy. Well, maybe you have lot of confusion how to configure the brand name and logo.
Really it is much important to you. A cumbersome brand name is not easy to understand. If the name of the pharmacy is long and technically intricate, people are not able to read the brand name easily. So, select the relevant short and attractive words to name your med store. Obviously you need a strategy to conduct more productive business branding.
Invest Money in Promoting Products
Million dollars are overspent in the business promotion campaigns. Giant entrepreneurs have lot of money and they spend financial resources to promote business. Gifts, discounts, and promo codes are offered by these multinational companies. Well, you are a small entrepreneur and you need to earn more money. In the beginning, you have few attractive projects to inaugurate the small business. Well, strategically, you must advertise your products. Advertisement agencies can make your dream productive through lot of ground work, plans, programs and tips.
Hire the top notch advertisers who will make a brief-up covering the most important areas of pharmacy business. Your online advertisements, ads and video clips showcase the med store to impress customers. Certainly, you must have some awesome product endorsement publicizing projects. How to promote the pharmacy business? The objective of your promotional expedition lies in the expansion of the customer management platform with more opportunities to build up the foundation for rejuvenating the business.
Business branding through internet is the weapon for you to convey the best message to people. Your strategy to run business must be effective. What type of medication do you need to sell? Are you a drug retailer? Are you able to sell cheap generic meds? What sort of med do you have in stock? People need better price tags. They are economical. They have the least interest to buy brand meds. Well, your discount drug pharmacy is very much modernized with the stock of high caliber generic medications, life saving meds and qualitative drugs at discounts.
Next step is to have all legal papers, and documents. The paperwork must be done step-wise. First of all, you have to apply for a license. It is the passport for your pharmacy to run. Certainly, it is not easy. Drug licenses are approved only after several surveys, cross verifications and probing. You can’t damage one’s precious life by supplying low quality spurious meds. Right now, government and FDI are not flexible to issue drug licenses easily. Drug addiction is now accelerating to make young generation incompetent.
They have lot of drug buying options. Fake dealers and spurious drug suppliers are seen tempting customers. That’s why; fake licenses and wrong documentation are severely increasing to threaten up people to a great extent. Therefore, you must be fair and honest to have your licenses legally. In this connection, meet an attorney who will advise you how to get the drug license from the superior authority. Smartly speaking, it is not entirely difficult. The legal power will assist you to convince the concerned authority to have the original drug license.
In the beginning, it is the most unavoidable assignment to contact a group of legal experts to ensure the advertising project completion successfully. Pharmacy business must not be dried up after few weeks. You should not backtrack in shame. Bold and strong entrepreneurs must have energy to prioritize the collection of important components to format a new strategic version of business plan to nourish the pharmacy outlet dynamically.
It is a must to maximize the vast media exposure, business branding, meticulous analysis and study to probe deep with good motif to locate the most fruitful niche to speed up the business promotion. Your decision must not be obscure because of the disorders created by your subordinates. Therefore, organize your team to finalize the business branding program and innovative commercial management strategy with the resolution of giving thousand horsepower to your small med store to gain speed.
Tailor Futuristic Advertising Projects
Design futuristic advertising projects. Calculate how much fund is required to establish a single compartment as a small street outlet for selling generic meds. Money you need must be available. If you are not so lucky to arrange fund immediately to overtake hurdle, you must not be found being in lethargic state. Business loans, short term financial aids, and good financial support from different agencies are obtained without complicated paperwork. So, search for this type of secured/unsecured business loan to finance the med store. Financial assistance must be required to buy packets of brands drugs, install computers, and other tools to decorate the drug store.
Basic Components of Discount Pharmacy Business Plan
- Basic indoor furniture pieces like table, chair, desks, small file storing cabinets
- Cash registering systems
- Front counter
- Computer terminal
- Printer for billing
- Electrical goods
- Small data storage server
- Shipping accessories
- Good insurance coverage
- Storing bins
Important Facts to Remember
Customers are different in nature. They don’t have similar mindsets. Nor are they on same strings. Well, study and then evaluate the mindsets of customers. Choose the area where you will get positive customers to sell drugs. Reinvent new strategy to promote pharma. Specific groups of customers need to make walk-in visits to the outlet to purchase meds. This sort of customer has the habit to go to the local med store to buy meds. They are literate.
However, many laymen in the lower middle class are interested to buy prescribed meds from the pharmacies. Secondly, there is another group of people. They are online buyers. They have money to go to the online pharmacy to purchase drugs. Basically, generic medications, and different types of stress management pills they buy from online stores. Prescriptions are not a must for them to buy Viagra, Cialis, Soma or any cheap generic medication to consume.
Apart from this economical class, the enriched and affluent high profile buyers opt for brand meds. Now these medications are very expensive. Even vendors of publicizing portal are not capable of storing different types of brand medications for sale. So, tailor a compact financial budget which must include the overall cost of storing brand, generic and local meds at discounts. The product sale must be fast. Drugs which stored in your refrigerator must be qualitative.
Top Strategies to Expand Pharma
Strategies are applicable to the drug selling. Promotional campaigns are conducive to the faster development of the business. However, forecast is needed to evaluate the vision of yours in the long run. In the first year, estimate the profit percentage. Then you must compare whether you are a gainer or loser. Moderate revenue collection is also good as you are a novice entrepreneur. Well, you need to improve by hook or by crook. Commercial management is not a new thing. Even local traders and informal entrepreneurs know this term.
When your pharmacy business will be launched, your target must concentrate on the store management. Employees should be duty bound. Your pharmacist must be responsible. Drugs kept in your refrigerator must be hygienic. Temperature inside the drug store must be eco-friendly. Apart from this, documentation, billing, registration process and other paper work must be carried out properly. At present, computer application is very urgent. Your tiny med store must be renovated with a set of computers, laser printer and printable papers.
Customers will get bills and invoices through automated bill generated machine. So innovation in the decoration of the med store is certainly essential. Commercial management is also done via internet. Online documentation is undoubtedly smooth. Contact customers on online chatting platform. Talk to them over phone. Make video calls to have advices from experts if required. Permit your employees to use cell phones to send emails to your inbox. Oracle based commercial management portal must be installed into your pharmacy store for taking care of back office jobs smoothly.
Understand Competition and Reset Your Marketing Strategy
You are not alone in the pharmacy advertising portal. Regularly minimum 1 million visitors check over thousand sites to buy medications in the world. Billion dollars are hovering in the med manufacturing trade. The advancement in the med field is the turning point and slowly people are showcasing their interest in buying drugs from the online pharmacies. Rivalry, competition, and struggles are basic things for a trader. To make your pharmacy business/ marketing profitable, be proactive to be much more competent.
Emulate new strategies. Borrow much innovative marketing plans and imitate successful sample business templates to bring innovation to the pharmacy business/ pharma marketing. Who is your rival in the market? Well, rivalry doesn’t mean hostility. You must not have impatience to kill someone. Nor are you a militant to spray venom for terminating the city. So, don’t be misled. Competition means the fair rivalry in advertising trade. You should upgrade your trade structure.
You should be efficient to sell drugs at more affordable prices. You should have dozens of futuristic plans to enlarge the trade faster. The cost efficiency is the objective of a newbie to reduce the cost of drugs. Similarly he will not violate the FDI law to sell drugs at lower prices. Competition is needed for the betterment of the service. Fancy how to bring a result oriented business promotion strategy to expect a sound financial structure by operating a small pharmacy store.
Be a creative person. You are budding pharmacy entrepreneurs. So, recycle your raw energy embedded in mind. Go through periodicals, brochures, and magazines to have authentic information. Research materials need to be gathered for making a giant project to enhance the superb commercial management. Therefore, create a different business plan for pharmacy. It is your draft. You have quality to express what you need. You have bundles of new concepts, and ideas to use.
So in draft assignment, feel free to describe the goals, objectives, business starting plans, budget related issues, sources of arranging fund and basic requirements and marketing to start the drug store. Well, the finishing touch needs to be added to the draft. An experienced pharmacy business planner has over hundred samples. He is a professional business plan writer for pharmacy.
He has solved complicated problems. He is one of the most successful planners in the field. So he can give you a summary of the business plan. Even his instant business plan writing backup must be fruitful to you. Do more probing in the modernized med manufacturing and pharmacy company.
Upgrade your basic knowledge for the sake of good familiarity with the pharmacy field/ marketing. Online library, data and million tons of samples boost up novice traders to track their loopholes in upgrading futuristic strategy. Through compact SWOT analysis, he is able to find the negative factors which are not helpful to him to run the small size drug store. Strength of the entrepreneurs must be identified. It is also applicable to you as well. Track where are going? If you have no vision, the area will not be resilient. You should find the niche in which you will cultivate the land for flourishing the pharmacy business dynamically.
Install Plan Software
Conventional planning needs to be replaced. Computers minimize the jobs of taking care of customers. Well, few years back, drug stores have to keep large space for entertaining customers who were found standing for buying medications. Separate counters for billing were open to all consumers. Drugs were not sold through a single counter during emergency. So, there must be extra space for drugs storing, supplying and customer management. Besides, lighting fixtures, indoor furniture pieces and other important accessories must be installed in the drug store.
Simultaneously, change the traditional billing system. Commercial management/ marketing process must undergo vast innovation. Compact highly advanced SAP software for management/ marketing software is on display in Google. Experts have reset this SAP model to help entrepreneurs to complete handful jobs perfectly. Billing, customer care, marketing, data management, invoice processing, and company analysis are conducted. You have the fast software to take decision within short span of time.
Your marketing trade must be perfectly integrated into a unique platform. Monthly you must analyze the trend. Is your pharmacy running fast or any downtime is likely to happen? Profit ratio, and revenues collected for the particular year must be cross checked. Industry remodeling must be done. However, it is really urgent to go deep and find more facts to compare. Is your drug store compatible with new technology? For instance, virtual pharmacy industry is now much sought-after.
Many American guys buy drugs from online med stores. However, in South Africa, Nigeria, and many countries located in Asia are not perfectly tuned up to run online med stores. Mail order delivery system is not innovative in the remote places as well. So, before opening a new drug store online, once again study to understand the mindsets of local people. However, online mail order marketing system is a vast business expansion portal. You will get more customers in this pharma industry.
Even if you have authentic permits and licenses to export expensive meds to overseas customers, you are a successful entrepreneur with good prospect. Drugs are not useless things. Patients must need medications to save their lives. So, the importance of online pharmacy business will not go down even after a millennium. So, slowly you must have command over the pharmacy commercial management/ marketing. Newbie entrepreneurs should do experiments to be much acquainted with the latest industry operating ethics.
It is obviously time consuming but with technical innovation, and advancement in the commercial management, it is wonderfully much more convenient for a newcomer to learn how to open a good pharmacy store in this specific industry. Starting a pharmacy business plan designed by experts is basically a tool for a newcomer to get a roadmap to innovate the pharmacy in much more dynamic way.
In this connection, OGS capital consultants online are experts to guide newcomers how to chalk out futuristic pharmacy business projects fantastically. Take valuable business promoting tips, modern strategy and free advices from these consultants. Chat with OGS capital business consultants to have new strategy, and ideas to remodel the entire corporate portal successfully.
Download Pharmacy Business Plan Sample in pdf
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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- Volume 21, Issue Suppl 1
- OHP-038 The midline results of the hospital pharmacy survey in Moscow (Russia)
- Article Text
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- R Yagudina 1 ,
- B Kondrateva 1 ,
- M Protsenko 2
- 1 First Moscow State Medical University Named I. M. Sechenov, Department of Medicinal Maintenance Organisation and Pharmacoeconomics, Moscow, Russia C. I. S.
- 2 First Moscow State Medical University Named I. M. Sechenov, Laboratory of Pharmacoeconomics, Moscow, Russia C. I. S.
Background Over the past 20 years in Russia functions of hospital pharmacies (HP) have significantly narrowed to only supplying drugs because of compounding departments closing and the lack of clinical training of hospital pharmacists (there is no specialisation in hospital pharmacy).
Purpose To analyse the everyday practice of hospital pharmacies in order to understand their key functions in hospitals and to find general problems in their pharmaceutical practice.
Materials and methods A systematic review has been conducted in conjunction with a questionnaire survey and in-depth interview of chief pharmacists in city clinical hospitals in Moscow.
Results In the period from May to October 2013 in Moscow there were 37 city clinical hospitals. All of the hospitals surveyed had a pharmacy in their structure. 32 HP (86%) had a compounding department, 4 of them prepared intravenous sterile solutions that are not commercially available. 67% of pharmacists noted that there is a tendency for doctors to prescribe fewer compounded drugs. Cytotoxic drugs and total parenteral nutrition were not prepared in the hospital pharmacies surveyed.
According to the results of a questionnaire survey the key functions of HP were:
– to supply drugs and to consult to doctors on availability of medicines in pharmacy;
– to introduce new drugs into the pharmacy and inform doctors of their properties.
All hospital pharmacists were responsible for the quality control of drugs.
Pharmacoeconomic research was only carried out by 25% of pharmacies.
71% of HP participated in the creation of the formulary system in each hospital. 21% took part in clinical trials held in the hospitals. All the pharmacies surveyed provided clinical services.
The survey showed that the basic needs of pharmacists in their practice are:
– to modernise policy (most of the orders and acts regulating the activities and the provision of HP were developed in the period from 1972 to 1987);
– to develop information resources for HP;
– to develop training courses focused on hospital pharmacists;
– to regularly supply pharmacies with modern compounding equipment;
– to increase the prestige of specialty and attract young pharmacists (58% of staff are in the 41–55 age range).
About 67% of pharmacists consider that HP practice standards (including compounding of drugs) are up to date.
Conclusions Our study identified the main directions of hospital pharmacy and the basic ways in which hospital pharmacy practice needs to develop if hospital pharmacists are to provide a modern service in Moscow.
No conflict of interest.
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