Many pharmacists have the ultimate goal of opening an independent pharmacy, but the process can be overwhelming.
How to Open a Pharmacy – An Overview
Pharmacy ownership is complicated, and so is starting or opening a NEW independent pharmacy from scratch. We’ve opened hundreds of new independent pharmacies since 1982 so we’ve learned what works!
Our Pharmacy Start-Up Experts know exactly what to do, down to the smallest of details. Missing the details can cost you thousands of dollars and time and increase your stress. The PRS team consists of pharmacists, experienced, successful Pharmacy Owners, Compliance Specialists, Accredited Brokers, Staffing Specialists and a seasoned support staff of Pharmacy Specialists. Simply put, we know how to open a pharmacy. Together they have opened hundreds all over the U.S. Check out our blog on how to open an independent retail Pharmacy.
Running your pharmacy as a business is crucial to success in today’s tough Independent Pharmacy Ownership landscape. Our team can help ensure your new retail pharmacy’s success by advising you on every detail from finding the perfect location to opening day and everything in between. We are there for you…guiding you to make the right decisions every step of the way!
Feasibility Study
The first thing you need to do with regards to understanding how to open a pharmacy, is determine if opening one at your specific location is financially wise and the way you do that is by having a professional site or location feasibility study done. We can help!
When it comes to opening a new pharmacy, we have a couple of different ownership options available. Contact our team to discuss these options and determine which one is best for you.
Turnkey Independent Pharmacy Ownership Program
You could leave town for six months and come back to a fully functioning pharmacy! Now THAT’S how to open a pharmacy!
With this Turnkey Pharmacy Ownership Program, PRS specialists perform and cover virtually every aspect of opening a new Independent Retail Pharmacy and maintaining it, from the initial concept, to set-up, through opening, on-going marketing and management oversight. We are with you every step of the way to successful pharmacy ownership, and what’s best is that we do most of the work for you! With our Turnkey Independent Pharmacy Ownership option we don’t just stop at opening. We move from the pharmacy startup phase to next steps and continue to give you access to advice from our experienced Pharmacy Ownership specialists…and it’s available for an entire year as part of the program. Each service area may be purchased separately to design a custom program to meet your needs.
Some of the most popular pharmacy startup services available in a Turnkey Pharmacy Ownership Program include:
- Fulfillment of State and Federal Requirements
- Personnel Activation
- Third Party Insurance
- Pharmacy Layout and Design
- HBC Enhancements
- Professional, Operational, and Fiscal Standards
- Inventory Control Program
- Compliance and Regulatory Programs
- DMEPOS Accreditation
- Pharmacy Monitoring Program
- Financing, Accounting and Legal
- And More!
Remote Pharmacy Ownership Program
When it comes to the question of how to open a pharmacy, there is more than one approach. We offer you several different pharmacy startup help options. We guide you through the maze of decisions and paperwork to reach the grand opening of your own pharmacy!
This Pharmacy Ownership product offers the same expert guidance as the Turnkey Program, but you do the hands on work. This web-based program gives you step-by-step, detailed instructions for opening a new pharmacy as a business and maintaining it. It comes with the same services available in the Turnkey Program and is fully customizable as well.
The Remote Pharmacy Ownership Program comes with an entire year of phone and email access to our expert Pharmacy Ownership Specialists who are just a phone call or email away whenever you need support.
If you want to own a pharmacy and need step by step instructions that you can follow plus access to a support team to walk you through everything then this is the program for you.
Remember…
No matter what stage or planning phase of starting a new pharmacy you are in, we can help. Whether you already have the perfect location picked out or you aren’t sure where to begin we are here to discuss your options and advise you on the best course of action to take to make your dream of opening a successful, new pharmacy a reality!
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FAQs
When it comes to figuring out how to open a pharmacy, this is likely the most common question we answer. That answer is that it depends. Typically most lending institutions require a loan for $450,000 which covers the initial start-up costs such as build out, furniture, fixtures, equipment and working capital until the pharmacy generates a positive cash flow. The cost can depend on whether you are starting from scratch or buying an existing established pharmacy. There are many options and PRS can help you determine which one is right for you.
Once again, that answer depends on many factors, some of which can be subjective. If you purchase an existing store, the upfront costs will be more, but as long as you had a proper valuation done you will have revenue coming in the day you take over the new store. When you open a Pharmacy from scratch you may have less costs, but it could take 1-2 years for your pharmacy startup to start to operate in the black. PRS can help you determine what is best for your particular situation.
The licensing and subsequent third-party enrollments vary per state. Typically you would need to allow 14 weeks following your pharmacy inspection until you were fully operational. View some of the ownership programs PRS offers to assist you with your pharmacy start-up.
The first thing you need to do is have a Pharmacy Valuation performed to determine if the asking price is fair. Second, partner with professionals that have experience in due diligence, licensing, third-party contracting, letter of intent (LOI), purchase agreements and pharmacy operations to help ensure a smooth transition.
We PROMISE 100% confidentiality and will never share your information with anyone. You can view our signed Non-Disclosure Agreement (NDA) here.
This is another fundamental question people wrestle with when figuring out how to open a pharmacy. PRS can conduct a site feasibility study to help you determine if your proposed location is a good choice. Our proprietary site feasibility software will generate a 2 year pro forma by looking at demographic data, traffic patterns and other information to determine the likelihood of a new pharmacy being successful at a given location.