Location, Location, Location…
Where you choose to open your new pharmacy is incredibly important to the future success of your pharmacy.
The PRS Pharmacy Services Site Feasibility Study will assist you in deciding whether or not to move forward with opening a new pharmacy in your chosen location.
The PRS professional site feasibility report is prepared by a team of pharmacy brokerage, marketing and compliance experts, pharmacists and pharmacy owners with decades of experience who have opened hundreds of new pharmacies in every state. This affordable service offers a comprehensive market analysis of the factors contributing to the potential success of your proposed pharmacy.
Our comprehensive evaluation will identify and answer questions such as:
- Does the pharmacy have sufficient space to maximize patient contact?
- Can the pharmacy provide for OTC/DME sales?
- Will the pharmacy accommodate the appropriate number of personnel for the projected script volume?
- And More…
How do we do a site evaluation to see if a new pharmacy would be successful at that location?
We begin by gathering information on your location and then combine it with demographic and market analysis data from a variety of industry and government sources. The data we collect, coupled with information you provide us, is then scored and weighted based on relative importance to the success of a pharmacy. We then analyze all of the data to give you the success potential for a new pharmacy at that geographical location.
We also give you an evaluation of the competition in the area so you can be better prepared.
Plus the PRS Feasibility Study gives you recommendations that help utilize your strengths and maximize your effectiveness against your competition.
We needed professional help buying a small chain of pharmacies located within our supermarkets and then operating them afterwards. Then, we wanted to add new pharmacies to many of our other 130 store locations. After evaluating several companies and options, we choose PRS, even though they were more expensive up front. Definitely a good choice for us; their sound advice saved us many times what we paid them and prevented some terrible and very costly mistakes.
Dennis
Sr. VP | San Bernardino, CA
The report also contains the items listed below and a Good Faith Estimate of the cost of the proposed project:
- Security System
- Pharmacy Equipment
- Pharmacy Computer (Hardware & Software)
- Construction, Fixtures and Installation
- Initial Inventory
The Feasibility Study features a Financial Projection Analysis.
The feasibility study financial projection analysis can be used as an estimate of expected costs, revenue and script volume captured using historical data of similar Pharmacy Operations. This information is provide in a two-year pro forma income statement, however, it will not address the real estate and excess construction costs that may apply.
Also Included are the items listed below which serve as a guide for marketing to your trade area:
- Population by Race
- Household Income
- Household Type and Education Level
- Labor and Employment Profile
- Assessment of potential ancillary Pharmacy offerings
- Capture rate of current script volumes generated
