How to Start a Pharmacy


Starting a pharmacy is a remarkable way to carry out the needs of people seeking to fill prescriptions. They are useful to aid the public to fill prescriptions written by doctors and other authorized professionals. As people often fall sick nowadays they take medication and the demand for pharmacy shops is on rise. Most of the pharmacists choose to own independent pharmacy because they can run the pharmacy as they wish i.e. they can set their own hours and not be restricted by the rules and regulations set by a chain. They will also tend to have a small town feel. Some of the things you will need to open a pharmacy are capital investment, location, computer system, inventory drugs, and licensed pharmacist. Some of the important tips and warnings that you must follow to open a new pharmacy are

Procedure:

  • You should have a licensed pharmacist on staff during the hours that the shop is open.

How to Start a Pharmacy Start Pharmacy

  • Also, you must have a Drug Enforcement Administration number if you are going to dispense narcotics.
  • The following are some of the important instructions to be followed to open a pharmacy.
  • Apply for grants, loans and permits. Avoid fines and penalties and ensure a proper paperwork.
  • Contact the pharmaceutical representatives and health facilities. Having fine relationships with representatives and health facilities will help generate customer referrals.
  • The wonderful way to get into an independent pharmacy business is to take over an existing pharmacy. As many of the independent pharmacists are nearing the age of retirement and willing their shops to sell the option is becoming more widely available.
  • You can also purchase a franchise. This is an easy way to get into retail pharmacy business. Being a franchisee is the best of both worlds.
  • Write a business plan and secure financing. Establish accounts with drug wholesalers. Also decide whether your pharmacy is going to stock other items beside drugs such as greeting card, health and beauty products.
  • Select a suitable location to open your pharmacy. Find a good location that gats lot of traffic.
  • Organize the pharmacy with medication and equipment. Develop a system for inventorying and dispensing medications.
  • Hire licensed pharmacist staff to help you to run the store. Ensure that all the pharmacy staffs are able to operate the pharmacy equipment and software for smooth transactions.
  • When some of the pharmacists join together to form an independent pharmacist you can start a community pharmacy coop. This is ideal for many pharmacists because they need not work for many hours and divide the work among themselves still being business owners.
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About the Author: Marie Mayle is a contributor to the MegaHowTo team, writer, and entrepreneur based in California USA. She holds a degree in Business Administration. She loves to write about business and finance issues and how to tackle them.

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