hospital pharmacy business plan

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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

Sample Timelines

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.

Pharmacy Business Plan PDF Example

• March 19, 2024
• Business Plan

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

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

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

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

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

Pharmacy Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

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Executive Summary

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

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

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

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

Dive deeper into Executive Summary

Business Overview

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

Pharmacy & Location

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

Products & Pricing

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

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

Market Overview

Industry size & growth.

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

Key Market Trends

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

Key Competitors

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

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

Dive deeper into Key competitors

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

Marketing Plan

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

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

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

Dive deeper into SWOT

Dive deeper into Marketing Plan

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

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

Financial Plan

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

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

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

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

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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 .

Industry Overview

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.

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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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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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• About the Authors
• Learning Objectives
• Chapter Questions
• Introduction
• The Business Concept
• Steps in the Development of a Business Plan
• Communication of the Business Plan
• Questions for Further Discussion
• Full Chapter
• Supplementary Content

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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Sample Pharmacy Business Plan

Writing a business plan is a crucial step in starting a pharmacy. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring pharmacy business owners, having access to a sample pharmacy business plan can be especially helpful in providing direction and gaining insight into how to draft their own pharmacy business plan.

Download our Ultimate Pharmacy Business Plan Template

Having a thorough business plan in place is critical for any successful pharmacy venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A pharmacy business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The pharmacy business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your pharmacy as Growthink’s Ultimate Pharmacy Business Plan Template , but it can help you write a pharmacy business plan of your own.

Pharmacy Business Plan Example – CareRx Pharmacy

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

Welcome to CareRx Pharmacy, our innovative beacon of health and wellness located in the heart of Oakland, CA. As a new entrant in the local pharmacy market, we aim to bridge the gap by offering a comprehensive array of health-related products and personalized services. Our offerings include prescription medications, over-the-counter drugs, health and wellness products, personal care items, and medical supplies. With a strategic location chosen for customer convenience, we are committed to providing the highest quality products and fostering a supportive community around health care needs. Our foundation is built on the extensive experience of our founder, who has previously led a successful pharmacy. This experience, combined with our dedication to excellence, positions us as a leader in the Oakland healthcare market.

Since our inception on January 4, 2024, CareRx Pharmacy has laid a robust foundation for success. Our status as an S Corporation highlights our professional commitment to health care services. We have achieved several key milestones, including the development of a unique company logo, the creation of a resonant company name, and securing an ideal location for our operations. These accomplishments are pivotal in our journey toward becoming Oakland, CA’s most trusted pharmacy, underpinned by our founder’s wealth of experience and our commitment to superior quality health and wellness products.

The Pharmacy industry in the United States, valued at over $300 billion, is on a growth trajectory driven by increasing demand for prescription medications and healthcare services. A significant growth driver is the aging population, particularly the baby boomers nearing retirement, signifying a heightened need for healthcare services and presenting a lucrative opportunity for pharmacies. CareRx Pharmacy, serving the Oakland, CA community, is well-positioned to leverage these industry trends. By focusing on personalized care and convenient services, we aim to differentiate ourselves in a competitive market and capitalize on the growing demand for pharmacies and related healthcare services.

Our primary target comprises local residents near our Oakland, CA, location, focusing on establishing a dependable customer base through proximity and potential frequent visits. We cater to the specific health and wellness needs of our community, ensuring relevance and convenience. Additionally, we aim to serve the elderly population, offering specialized services like medication management and home delivery. Individuals with chronic conditions represent another critical segment, requiring ongoing medication and health monitoring. By providing comprehensive care plans and education, we position ourselves as an indispensable pharmacy partner for these individuals.

Our main competitors include Walgreens, Wellspring, and Versailles Pharmacy, each offering unique product and service sets and catering to different market segments. CareRx Pharmacy distinguishes itself through a commitment to high-quality medicines, vitamins, and health and wellness products, ensuring rigorous selection for safety and efficacy. We leverage advanced technology to enhance customer experiences, including a user-friendly online platform for product browsing, virtual pharmacist consultations, and prescription management. Our knowledgeable pharmacists deliver expert advice and personalized care, setting us apart in the pharmacy sector and establishing new standards for customer satisfaction and quality care.

At CareRx Pharmacy, we offer a broad spectrum of pharmaceutical and wellness items, from prescription and over-the-counter medications to health and wellness products, personal care items, and medical supplies. Our products are competitively priced to ensure access to essential health care items for our community. Our promotional strategy combines digital and traditional marketing, including targeted social media campaigns, email marketing, and community health events, to engage with potential customers and establish a strong local presence. In-store promotions and a customer loyalty program, alongside a comprehensive online marketing strategy including SEO, will help us attract and retain customers, ensuring CareRx Pharmacy becomes a trusted health care provider in Oakland, CA.

To achieve operational excellence, CareRx Pharmacy will focus on key daily processes such as inventory management, prescription processing, and exceptional customer service. Compliance with healthcare regulations and ongoing staff training will ensure high standards of care. Technological advancements will streamline operations, enhancing efficiency and customer satisfaction. Our operational milestones include securing a prime location, acquiring necessary licenses, establishing supplier relationships, and launching a robust IT system. These steps, coupled with our commitment to quality and community outreach, will solidify our foundation for success.

Under the leadership of CEO Aubrey Ward, CareRx Pharmacy boasts a management team rich in experience and expertise in the pharmacy sector. Ward’s proven track record in managing a successful pharmacy, strategic planning, and implementation skills are invaluable assets. His leadership is crucial in navigating the complex healthcare landscape, positioning CareRx Pharmacy for growth and success in serving the Oakland community.

Welcome to CareRx Pharmacy, a new beacon of health and wellness serving our vibrant community in Oakland, CA. As a local pharmacy, we’ve noticed a significant gap in the market for high-quality local pharmacies, and we’re here to fill that void with our comprehensive range of products and personalized services.

At CareRx Pharmacy, we pride ourselves on offering a wide array of health-related products and services. Our shelves are stocked with prescription medications, over-the-counter (OTC) medications, health and wellness products, personal care items, and medical equipment and supplies. Whatever your health care needs, we are committed to providing you with the highest quality products available.

Based right in the heart of Oakland, CA, CareRx Pharmacy is ideally situated to serve the local community. Our location has been chosen with our customers’ convenience in mind, ensuring easy access to our wide range of health care solutions.

There are several reasons why CareRx Pharmacy is poised for success. Foremost among these is the wealth of experience our founder brings to the table, having previously run a successful pharmacy. This background, combined with our commitment to selling superior quality medicines, vitamins, and health and wellness products, sets us apart from our competitors and positions us as a leader in the local healthcare market.

Since our founding on January 4, 2024, CareRx Pharmacy has achieved several significant milestones. We are officially registered as a S Corporation, a testament to our serious commitment to providing professional health care services. Our accomplishments to date include the creation of our unique company logo, the development of our company name that resonates with our mission and values, and securing a prime location for our pharmacy. These achievements are just the beginning of our journey towards becoming the most trusted pharmacy in Oakland, CA.

The Pharmacy industry in the United States is a significant market, with an estimated size of over $300 billion in annual revenue. This figure includes both retail and mail-order pharmacies, as well as specialty pharmacies that cater to specific patient needs. With the increasing demand for prescription medications and healthcare services, the Pharmacy industry is expected to continue growing in the coming years.

One of the key trends driving growth in the Pharmacy industry is the aging population in the United States. As the baby boomer generation continues to enter retirement age, there is a greater need for healthcare services, including prescription medications. This demographic shift is expected to drive increased demand for pharmacies and related services, presenting a promising opportunity for new players like CareRx Pharmacy.

CareRx Pharmacy, serving customers in Oakland, CA, is well-positioned to capitalize on the positive trends in the Pharmacy industry. With a focus on providing personalized care and convenient services to its customers, CareRx Pharmacy can differentiate itself in a competitive market. By staying abreast of industry trends and offering innovative solutions to meet the evolving needs of patients, CareRx Pharmacy has the potential to thrive and grow in the dynamic Pharmacy industry landscape.

Below is a description of our target customers and their core needs.

Target Customers

CareRx Pharmacy will target local residents in its immediate vicinity as its primary customer base. This group is crucial for establishing a steady flow of customers due to their proximity and potential for frequent visits. The pharmacy will tailor its product offerings and services to meet the specific health and wellness needs of this community, ensuring relevance and convenience.

In addition to local residents, CareRx Pharmacy will also focus on serving the elderly population within the community. This segment often requires more frequent pharmaceutical care and might benefit from specialized services such as medication management, home delivery, and personalized consultations. The pharmacy will ensure its staff is trained to provide the compassionate care and expertise needed to serve this demographic effectively.

Furthermore, CareRx Pharmacy will target individuals with chronic conditions who require ongoing medication and health monitoring. This customer segment necessitates a reliable pharmacy partner that understands their unique health challenges and can provide consistent support. By offering comprehensive care plans, reminder services for medication refills, and education on managing their conditions, CareRx Pharmacy will become an indispensable resource for these individuals.

Customer Needs

At CareRx Pharmacy, customers can find a comprehensive selection of high-quality medicine, ensuring they have access to the essential medications they require for both acute and chronic conditions. The emphasis on quality means customers can trust in the efficacy and safety of their purchases, meeting the critical need for reliable healthcare products. This focus on high-quality medicine caters to residents who prioritize their health and expect the best standards in their healthcare provisions.

Additionally, CareRx Pharmacy extends its offerings to include vitamins and health and wellness items, addressing the growing demand for preventive healthcare solutions. Customers can explore a wide array of vitamins and supplements that support overall well-being, from boosting immune function to enhancing energy levels. This variety ensures that individuals can find exactly what they need to maintain or improve their health, making CareRx Pharmacy a one-stop destination for health and wellness needs.

Understanding the importance of convenience in today’s fast-paced world, CareRx Pharmacy also offers personalized services that cater to the unique needs of each customer. From prescription management to expert advice on health and wellness products, the pharmacy ensures that customers not only receive the products they need but also the information and support necessary to make informed health decisions. This commitment to personalized care and convenience fulfills the expectation for a seamless and supportive pharmacy experience.

Walgreens offers a wide range of products and services including prescription refills and health consultations. They have a strong presence with locations across the United States, making them easily accessible to a broad customer base. Their price points are competitive, aiming to attract customers seeking both value and convenience.

Walgreens reports significant annual revenues, evidencing their strong market position and customer loyalty. They serve a diverse customer segment, including individuals seeking pharmacy services, wellness products, and general merchandise. Key strengths of Walgreens include their widespread geographical coverage and a robust online platform that complements their physical stores.

However, a potential weakness for Walgreens is their vast size, which can sometimes lead to challenges in maintaining a high level of personalized customer service and adapting quickly to local market changes.

Wellspring focuses on a more niche market, offering specialized health and wellness products alongside their pharmacy services. They cater to health-conscious individuals looking for organic, natural, and alternative health products. Their price points are generally higher, reflecting the premium nature of the products they offer.

Wellspring operates in fewer locations compared to Walgreens, with a focus on select urban and suburban areas known for higher health awareness. Despite this limitation, they enjoy a loyal customer base that values the quality and specificity of their product offerings. Wellspring’s revenues, while lower than Walgreens, indicate a strong position within their niche market.

Their key strength lies in their specialization and focus on wellness, but this can also be a weakness as it limits their appeal to a broader audience. Additionally, the higher price points may deter some potential customers.

Versailles Pharmacy prides itself on offering personalized pharmacy services, with a focus on customer care and tailored health solutions. They operate primarily in upscale neighborhoods, offering premium products and services at higher price points. They cater to a customer segment that values personalized service and is willing to pay a premium for it.

With fewer locations, primarily in affluent areas, Versailles Pharmacy serves a niche market. Their revenues reflect a successful penetration in their targeted segments, leveraging high customer satisfaction and loyalty. Versailles Pharmacy’s key strength is their personalized approach and high-quality service, which distinguishes them from larger chains.

However, their focus on premium services and limited locations can be seen as weaknesses, as they may struggle to scale and reach a wider audience compared to their competitors. The high price points may also limit their customer base to only those willing or able to pay more for pharmacy services.

Competitive Advantages

At CareRx Pharmacy, we take pride in our ability to offer high-quality medicines, vitamins, and health and wellness products that surpass what our competitors can provide. Our commitment to excellence ensures that every product on our shelves has undergone a rigorous selection process to meet the highest standards of efficacy and safety. This dedication to quality means our customers can trust that they are receiving the best possible care with products that are tailored to meet their health and wellness needs. Furthermore, our extensive range of products ensures that we can cater to a wide variety of health concerns and dietary requirements, making us a one-stop destination for health and wellness needs.

In addition to the superior quality of our products, we also leverage advanced technology to enhance the customer experience. Our innovative approach includes a user-friendly online platform that allows customers to easily browse our products, consult with pharmacists virtually, and manage their prescriptions from the comfort of their homes. This seamless integration of technology into our services not only makes healthcare more accessible but also personalizes the shopping experience for each customer. Moreover, our team of knowledgeable pharmacists is always on hand to provide expert advice and personalized care, ensuring that our customers feel supported every step of the way. These strategic advantages position us as a leader in the pharmacy sector, setting new standards for quality care and customer satisfaction.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

CareRx Pharmacy emerges as a comprehensive solution for individuals seeking reliable and high-quality health care products and services. Offering a wide range of pharmaceutical and wellness items, the pharmacy caters to the varied needs of its customers. Among the core offerings, customers can find Prescription Medications, Over-the-Counter (OTC) Medications, Health and Wellness Products, Personal Care Items, and Medical Equipment and Supplies. Each category is tailored to meet the health and personal care needs of the community, ensuring access to essential items and services at competitive prices.

Prescription Medications form the backbone of CareRx Pharmacy’s offerings, ensuring patients have access to their necessary medications with ease. Customers can expect to find a broad spectrum of prescription drugs to manage chronic conditions, treat acute illnesses, and support overall health. The average selling price for prescription medications varies significantly based on the medication type, dosage, and insurance coverage, but customers can anticipate competitive pricing aligned with market rates.

In addition to prescription options, CareRx Pharmacy stocks a comprehensive range of Over-the-Counter (OTC) Medications. These include pain relievers, cold and allergy medications, digestive aids, and more. Ideal for addressing minor ailments and health concerns without the need for a doctor’s prescription, OTC medications are available at an average price point that reflects the pharmacy’s commitment to affordability, with most items priced between $5 and $25.

Recognizing the growing emphasis on holistic health, CareRx Pharmacy offers an assortment of Health and Wellness Products. This category encompasses vitamins, supplements, nutritional products, and natural remedies designed to support overall well-being. Prices for these products can range from $10 to $50, depending on the brand and product specifics, offering options for customers with various budget considerations.

Personal Care Items available at CareRx Pharmacy include skincare products, hair care items, oral hygiene products, and more. These essential items are carefully selected to ensure customers have access to high-quality personal care solutions. With prices generally ranging from $5 to $30, customers can find products that fit their personal care routines without compromising on quality or efficacy.

Lastly, Medical Equipment and Supplies are crucial for those requiring additional support for health conditions or recovery processes. CareRx Pharmacy provides a selection of durable medical equipment, including mobility aids, monitoring devices, and daily living aids. Prices for medical equipment and supplies can vary widely, from $20 for basic supplies to over $100 for more advanced equipment, ensuring a range of options for different needs and budgets.

Overall, CareRx Pharmacy stands out as a key provider of pharmaceutical and health-related products and services in its community. With a focus on quality, accessibility, and affordability, the pharmacy is poised to meet the diverse needs of its customers, offering a trusted source for health care essentials.

Promotions Plan

CareRx Pharmacy employs a dynamic mix of promotional methods to attract customers, ensuring a strong presence both online and within the local community. Recognizing the power of digital platforms, the pharmacy prioritizes online marketing as a key strategy. Through targeted social media campaigns on platforms such as Facebook, Instagram, and Twitter, CareRx Pharmacy engages with potential customers by showcasing their services, sharing health tips, and offering exclusive online promotions. Additionally, the pharmacy leverages email marketing to send personalized health information, discounts, and updates about new products or services directly to their customers’ inboxes.

Beyond online efforts, CareRx Pharmacy also takes advantage of traditional marketing tactics. The pharmacy will host community health events, such as free health screenings and informational seminars on wellness topics, to establish itself as a trusted health resource in the Oakland area. Collaborations with local businesses and healthcare providers will further expand their reach and reinforce their reputation within the community.

To ensure visibility, the pharmacy will implement an attractive in-store marketing strategy. This includes well-designed signage and informational brochures that highlight the range of services available, from prescription refills to one-on-one pharmacist consultations. In-store promotions, such as discounts on over-the-counter products or loyalty program benefits, will also play a role in attracting and retaining customers.

Understanding the importance of customer satisfaction, CareRx Pharmacy will encourage customer feedback through various channels. Positive testimonials will be shared across online platforms and within the pharmacy, serving as powerful word-of-mouth endorsements. Additionally, the pharmacy will respond promptly and thoughtfully to any customer concerns, demonstrating their commitment to excellent service.

Finally, search engine optimization (SEO) strategies will ensure that when potential customers search for pharmacies in Oakland, CareRx Pharmacy appears among the top results. By optimizing their website with relevant keywords, creating quality content, and ensuring a user-friendly experience, the pharmacy will attract more online visitors and convert them into loyal customers.

Through a combination of online marketing, community engagement, in-store promotions, customer feedback channels, and SEO, CareRx Pharmacy will successfully attract and retain a strong customer base in Oakland, CA.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of CareRx Pharmacy, there are several key day-to-day operational processes that we will perform.

• Inventory Management: We maintain a robust inventory system to ensure that all necessary medications and health products are in stock. This includes regular audits, ordering new supplies before stock runs out, and managing relationships with suppliers.
• Prescription Processing: We quickly and accurately process prescriptions, verifying doctor’s orders and checking for potential drug interactions to ensure patient safety. This also involves maintaining detailed records for each customer.
• Customer Service: We provide exceptional customer service, including offering consultations on medications, answering health-related questions, and assisting with insurance claims to ensure customers feel supported and informed.
• Compliance and Safety: We adhere to all regulatory requirements and ensure that our pharmacy operations are compliant with healthcare laws and standards. This includes proper handling, storage, and disposal of medications to ensure safety.
• Financial Management: We manage day-to-day financial transactions, including processing payments, managing billing and insurance claims, and ensuring that the pharmacy operates within its budget for continued financial health.
• Marketing and Community Outreach: We engage in marketing and community outreach efforts to build relationships with local healthcare providers and the community. This helps to attract new customers and establish CareRx Pharmacy as a trusted healthcare partner in Oakland, CA.
• Staff Training and Development: We invest in regular training and development for all staff members to ensure they are knowledgeable about the latest healthcare trends, medications, and customer service practices. This helps in providing high-quality care and advice to our customers.
• Technology and Innovation: We leverage technology to streamline operations, from prescription management systems to customer notifications. This improves efficiency and enhances the customer experience.
• Quality Control: We implement strict quality control measures to ensure that all medications dispensed meet the highest standards of safety and efficacy. This includes periodic reviews and updates to our procedures based on current best practices.

CareRx Pharmacy expects to complete the following milestones in the coming months in order to ensure its success:

• Securing a Prime Location: Identifying and leasing or purchasing a conveniently located space in Oakland, CA, that is easily accessible to our target customer base. The location should be in a high-traffic area to ensure visibility and easy access.
• Acquiring Necessary Licenses and Permits: Completing all the required legal and regulatory steps to operate legally in California. This includes obtaining a pharmacy license, business operation permits, and any other local compliance requirements.
• Building Out the Pharmacy: Designing and constructing the physical space of the pharmacy to create a welcoming and efficient environment for customers. This includes shelving for products, secure storage for medications, and a comfortable area for customer consultations.
• Establishing Supplier Relationships: Negotiating agreements with pharmaceutical and healthcare product suppliers to ensure a consistent and cost-effective supply of medications and products.
• Hiring and Training Staff: Recruiting qualified pharmacists, pharmacy technicians, and customer service staff. Providing comprehensive training to ensure high standards of customer service and compliance with healthcare regulations.
• Implementing a Robust IT System: Installing a pharmacy management system that supports prescription processing, inventory management, and customer data security. Ensuring the system is compliant with healthcare information regulations.
• Launch Our Pharmacy: Officially opening the pharmacy to the public with a launch event to generate interest and attract initial customers. This includes marketing efforts such as local advertising and social media promotion.
• Developing a Customer Loyalty Program: Introducing a loyalty program to encourage repeat business and build a loyal customer base. This could include discounts, rewards for referrals, and health and wellness incentives.
• Reaching $15,000/month in Revenue: Implementing and refining marketing strategies, optimizing product offerings, and providing exceptional customer service to steadily increase revenue and reach the goal of $15,000 in monthly sales.
• Evaluating and Expanding Services: After establishing the base operations, exploring additional services such as online prescription refills, delivery services, and in-pharmacy clinics to meet broader customer needs and drive additional revenue.

CareRx Pharmacy management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Aubrey Ward, CEO

Aubrey Ward joins CareRx Pharmacy as the Chief Executive Officer, bringing with him a wealth of experience in the pharmacy sector. With a notable background in managing and running a pharmacy successfully, Ward has demonstrated a keen ability to lead organizations toward growth and prosperity. His history of success is not just limited to operational excellence but also encompasses strategic planning and implementation, which are critical for navigating the complex healthcare and pharmaceutical landscape. Ward’s leadership is expected to steer CareRx Pharmacy towards achieving lasting success by leveraging his extensive experience and strategic insight into the pharmacy business.

To reach our growth goals, CareRx Pharmacy requires $425,000 in funding. This investment will be allocated towards capital investments like location buildout and equipment, and non-capital investments including working capital, initial marketing, and staff salaries for the first three months. These financial resources are pivotal in establishing and scaling our operations to meet the healthcare needs of our community effectively.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Pharmacy Business Plan Example PDF

Download our Pharmacy Business Plan PDF here. This is a free pharmacy business plan example to help you get started on your own pharmacy plan.  

How to Finish Your Pharmacy Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your pharmacy business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Retail Pharmacy Business Plan Template & Guidebook

How to write a retail pharmacy business plan in 7 steps:, 1. describe the purpose of your retail pharmacy business..

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

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

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

3. Build a Creative Marketing Stratgey.

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

Target market

Customer base , product or service description, competitive analysis, marketing channels, form an llc in your state, 4. write your operational plan., what equipment, supplies, or permits are needed to run a retail pharmacy business, 5. management & organization of your retail pharmacy business..

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

6. Retail Pharmacy Business Startup Expenses & Captial Needed.

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

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

7. Financial Plan & Projections

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

Frequently Asked Questions About Retail Pharmacy Business Plans:

Why do you need a business plan for a retail pharmacy business, who should you ask for help with your retail pharmacy business plan.

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

Can you write a retail pharmacy business plan yourself?

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

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Plan Templates

15+ pharmacy business plan templates – pdf, doc.

When you sample plan on opening up a business, it’s very important that you know what it is that’s supposed to happen. You’ll need to figure out everything that needs to transpire for your business to reach the success that it’s supposed to. This is especially true if you plan on running your pharmacy. Similar to a marketing plan or a financial plan, a business plan for a medical store, drug shop, or new pharmacy branch can help you make a strategy for details like organizational responsibilities, risk management, education for chemist workers, and wholesale proposal. You may also check nonprofit business plans .

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Pharmacy Business Plan Template

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Wholesale & Retail Discount Pharmacy Business Plan

How to Create Your Pharmacy Business Plan

1. know what your mission and vision for your pharmacy should be, free online clinical e-pharmacy business plan.

Free Pharmacy Council Strategy Business Plan

Business Plan for Pharmacy Technician Executive Summary

Business Plan for Pharmacy Authority Risk Management

2. Share What Kind of Pharmacy You Plan on Opening

• Community Pharmacy
• Compounding Pharmacy
• Consulting Pharmacy
• Ambulatory Care Pharmacy.
• Regulatory Pharmacy
• Hospital Pharmacy
• Industrial Pharmacy
• Clinical Pharmacy

3. Point Out Who Your Target Audience Is Going to Be

4. share how much it’s going to take to start your pharmacy, independent pharmacy business financial plan guide.

Free Organizational Pharmacy Business Continuity Plan

Free Pharmacy Resource Business Plan

Free Drug Store Pharmacy Business Plan

Community Pharmacy Business Plan Template

Free Chemist Pharmacy Business Plan Template

Free Pharmacy Business Plan Proposal Template

Pharmacy Business Marketing Plan Template

5. Explain Your Marketing Strategies

6. make an executive summary, more in plan templates.

National Pharmacist Day Instagram Post Template

Pharmacy advertising dl card template, pharmacy medical care billboard template, pharmacy roll-up banner template, pharmacy school letterhead template, pharmacy school id card template, pharmacy school business card template, pharmacy and drug store flyer template, pharmacy services flyer template, pharmacy medical services flyer template.

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• Volume 21, Issue Suppl 1
• OHP-038 The midline results of the hospital pharmacy survey in Moscow (Russia)
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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.

https://doi.org/10.1136/ejhpharm-2013-000436.490

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• Prepare or supervise the dispensing of medicines, ointments and tablets.
• Advise patients on how their medicines are to be taken or used in the safest and most effective way in the treatment of common ailments.
• Select, give advice on and supply non-prescription medicine, sickroom supplies and other products.
• Develop legally recognised standards, and advise on government controls and regulations concerning the manufacture and supply of medicines.
• Work in the research and development of medicines and other health-related products.
• Be involved in the management of pharmaceutical companies.
• Advise members of the public and other health professionals about medicines (both prescription and over-the-counter medicines), including appropriate selection, dosage and drug interactions, potential side effects and therapeutic effects.

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Vladimir Putin has said Russia takes Donald Trump's declaration that he could end the war "completely seriously", although he doesn't know the details of the proposals. The US presidential candidate previously claimed he could create peace in 24 hours if he makes it to the White House.

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We'll be back soon with more updates on the war in Ukraine.

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