Being an independent pharmacist goes beyond healthcare. For many, it’s more than just running a pharmacy — it’s blazing a trail of ownership.
PioneerRx surveyed pharmacy professionals about their experiences with ownership. Read on to learn about pharmacy ownership and resources you can use to open a pharmacy.
There are several reasons why you’d want to open your own independent pharmacy. If done right, it can be a very lucrative investment. An independent pharmacy owner will make more money than the average staff pharmacist.
In that sense, opening your own independent pharmacy offers a substantial financial incentive.
From a healthcare perspective, opening your own independent pharmacy lets you run your pharmacy, your way. It gives you the freedom to put your stamp on the pharmacy industry.
Though you’ll have to go with the same legal channels, you’ll have to go through less corporate red tape than your chain pharmacy counterparts.
You get to set your own schedule when you open a pharmacy. You can pick what works best for you, your staff, and even your community.
But the question remains: when should you do it?
Pharmacy ownership remains a topic of consideration for pharmacy professionals. PioneerRx surveyed pharmacy professionals about the details of their respective ownership statuses. Here’s what they had to say:
60% of survey respondents opened their pharmacy before 2000. Interestingly, the number of independent pharmacies went from 20,896 in 2000 to 20,835 in 2010, according to Drug Channels. This shows that the majority of new pharmacies opened before the turn of the century.
A combined 70% of respondents opened their pharmacy between the ages of 26-44. This could be due to newly-graduated pharmacists opening their own pharmacies right after graduating and long-time chain pharmacists deciding to open their own practice.
These results show a stark contrast. Nearly 70% of respondents either opened a pharmacy right after graduating from pharmacy school or after more than a decade of pharmacy work.
More than a third of respondents started their pharmacy from scratch. A similar number of respondents purchased their pharmacy from the previous owner.
Check out our Pharmacy Spotlight blog featuring Keiko Bury and Carrboro Family Pharmacy to learn about her journey toward ownership.
Nearly ¾ of survey respondents own either one or two pharmacy locations. It is unclear how many own two locations as opposed to one. However, this figure shows that independent pharmacies are almost always a one-of-a-kind healthcare destination.
You never have to go at it alone. Opening a pharmacy is a long, costly, and complicated process. You will need all the help you can get. The more advice you receive, the more likely you can make a well-informed decision.
The “Open a Pharmacy” page on the PioneerRx website offers detailed information on what to expect when you open a pharmacy. With topics ranging from research and planning, legal requirements, marketing, and the grand opening, the “Open a Pharmacy” page is an invaluable resource for all your pharmacy-opening needs.
Put your best foot forward by contacting pharmacy consultants. It helps to know people, so ask mentors and fellow pharmacy professionals for any advice on opening a pharmacy. Experience is the greatest teacher, so take advantage of their feedback and perspective.
Visit our “Connected Vendors” page for even more resources and pharmacy consultants you may wish to contact.
Opening an independent pharmacy is a monumental decision in your career. Not only are you already performing the tasks of an average pharmacist, but you also have to focus on matters beyond the pharmacy counter.
Opening a pharmacy also affects the community. Its members will depend on you and the services you provide to help them on their health journey. Make the most well-informed decision you can when you open a pharmacy.
Ask your mentors and use valuable resources that deliver proven results. The more informed you are, the smoother the process of opening a pharmacy becomes.
