Category Archives: Pharmacy Practice

Pharmacy Practice Related Blog Posts

starting-a-pharmacy

5 Tips for Starting a Pharmacy

Starting your own pharmacy can be a fun and lucrative business venture that allows you to earn a living while helping others. If you consider yourself a ‘people’ person and enjoy the fascinating world of medical science, owning a pharmacy might be the perfect career path. It’s not uncommon for pharmacy owners to bring home an annual salary of $200,000-$500,000, when it’s done correctly. But you need to know a few things about the pharmacy industry in order to succeed…

1. Pharmacy Location

The location of a pharmacy can either make or break the business. If it’s located around numerous other pharmacies, it will likely be difficult to attract and maintain a strong customer base. Preferably, you want the location to be in a high-traffic area with minimal competition. Cheap industrial parts of town might be enticing to some entrepreneurs, but unfortunately it’s a poor location for a pharmacy. You have to remember that pharmacies rely on walk-in customers; therefore, you want to set up shop around a residential area with lots of people. Do some scouting to locate a highly populated area with little-to-no competition. Even if it costs a bit extra, the price of a ‘premium’ location will prove to be a smart investment.

2. Don’t Hire Unqualified Employees

A common mistake new pharmacy owners make is hiring unqualified employees. Pharmacy technicians and assistants with experience will likely request a higher pay than a worker with no experience. However, hiring unqualified employees will not only reduce your business’s efficiency, but it will also leave you vulnerable to lawsuits. The bottom line is that you should only hire experienced, qualified employees for your pharmacy.

3. Get the Necessary Licenses

You’ll want to get all of the necessary business and drug licenses before opening your pharmacy. The exact requirements varies from city to city, but you can contact the local business planning and development center for more information. They’ll be able to guide you through the process of applying and obtaining all of the necessary business licenses.

4. Focus on Customer Service

Customer service is a key element that defines a successful pharmacy. Most people continue to shop at their preferred pharmacy, so it’s your job to set your pharmacy apart from the competition. Be sure to greet each and every customer who walks into your pharmacy with a friendly “Hello, how are you doing today?” And train your staff to place an emphasis on customer service. Taking just a few extra steps to show the customer you care will leave a lasting impression that ultimately encourages them to come back in the future.

5. Website/Online Presence

In today’s high-tech world, more people are using the internet to locate businesses rather than the phone book. Pharmacies with active websites will attract more customers and ultimately more sales. You should strongly consider having a professional website up and running when the pharmacy opens its doors.

buying-a-pharmacy

5 Tips When Buying A Pharmacy

Buying a pharmacy can be a financially rewarding business endeavor that gives you the opportunity to earn a living while helping others. If you enjoy the complex yet intriguing world of medicine, then the pharmaceutical industry is for you. Instead of starting your own pharmacy, you can purchase a pre-existing one with the roots of success already in place. However, there are a few things you should know about purchasing a pharmacy…

1. Pharmacy Location

The location of a pharmacy can either make or break the business. If it’s located around numerous other pharmacies, it will likely be difficult to attract and maintain a strong customer base. Ideally, you want the location to be in a high-traffic area with minimal competition. Also, pharmacies located near hospitals and doctor offices have a proven track record of success. When a patient leaves their premises, they will likely head over to the nearest pharmacy to fill their prescription.

2. Is It Registered?

Running a pharmacy requires a few additional legal conditions than traditional retail stores and businesses. If you are interested in purchasing a pharmacy, do your homework beforehand to ensure they are registered with the DEA and have all of their official licenses and documentation. You’ll still need to acquire and/or transfer some of the items once you purchase the pharmacy, but it’s important to make sure the establishment is running their business legally beforehand.

3. Relationship With Drug Companies & Vendors

It’s a good idea to check to see what type of relationship the pharmacy has in place with the various drug companies. If they’ve been in business for a while, the pharmacy will likely have strong vendor relationships and should have good buy plans in place. As a result, they’ll receive lower prices and better all-around service. This is a huge advantage once you take over the pharmacy’s operations.

4. Website/Online Presence

Does the pharmacy have an online presence? In today’s high-tech world, more people are using the internet to locate businesses rather than the phone book. Pharmacies with active websites will attract more customers and ultimately more sales, so this is something you should consider on your search for a pharmacy.

5. Inventory

Complete a thorough inspection of the pharmacy’s current inventory. Some owners may try to sell their pharmacy when the inventory gets low, placing the new owner in hot water. Make sure to ask the current owner for a list of their current inventory, including both drugs and convenience items.

pharmacy-employee

Common Hiring Mistakes at a Pharmacy

Whether you intend on opening up new pharmacy or purchasing a pre-existing one, you’ll need to find dedicated, knowledgeable workers who are experienced in the world of pharmaceuticals. By simply hiring the first candidate who hands you an application, you will likely end up with disastrous results. A pharmacy isn’t the type of establishment for workers with no previous training or experience in the medical field. To help make the hiring process easier for you, we’ve compiled a list of some of the most common hiring mistakes at pharmacies.

1.  Hiring Too Many Interns

Internships are commonplace in pharmacies, with nearly every national pharmacy implementing this program. Allowing an internship in your pharmacy is a win-win situation, as you’ll get free work while the intern gets first-hand experience. However, you must keep the number of interns in your pharmacy to a minimum. Once they start to fill up the already limited space in your pharmacy, technicians will have a difficult time moving around. And remember, interns aren’t able to perform most tasks inside a pharmacy.

2.  Not Hiring Enough Technicians

Pharmacy technicians are one of the most important roles in the pharmaceutical industry. In order to become a certified “pharmacy technician,” the individual must pass a rigorous training course along with an exam. Therefore, you can rest assured knowing they have the skills it takes to work in a pharmacy. As a pharmacy owner, you should always be on the lookout for new pharmacy technicians. They will work as the backbone of your business, handling all of the responsibilities of filling prescriptions.

3.  No “Trainers”

When you are hiring new workers for your pharmacy, think about who’s going to train them. While you can hire some of the workers, it’s nice to have a certified trainer around to take care of it for you. Look for a candidate with years of previous experience working in the pharmaceutical industry. During the interview, ask them if they would be willing to train others. Your pharmacy needs a designated leader to handle things when you aren’t around.

These are just a few of the most common hiring mistakes in pharmacies. Use your best judgment and focus on eager candidates with experience in the medical/pharmaceutical field. Doing so will allow for a smoother operation that ultimately results in more customers.