Pharmacy Business Plan

9 Chapter Business Plan Template in MS Word, Google Docs and MAC Pages
Pitch Deck Template in PowerPoint, Keynote & Google Slides
5 Year Financial Model Template in MS Excel, Google Sheets and MAC Numbers
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Business Model Canvas Template in MS Excel, Google Sheets and MAC Numbers
SWOT Analysis Template in MS Excel, Google Sheets and MAC Numbers
Competitive Analysis Template in MS Excel, Google Sheets and MAC Numbers

I.- Pharmacy Executive Summary

Business Overview

[Location] has a pharmacy run by [Entity Name]. Branded and generic pharmaceuticals, medical gadgets, personal care goods and other everyday necessities are all available at this one-stop shop. At its core, it wants to be a pharmacy that provides exceptional customer service and convenient access to the community. [Company name] is open 24 hours a day, seven days a week to better serve its clients.

[Founder's name] is a pharmacist in [place] who came up with the idea for [Company Name]. Because of her five years of medical expertise, [Founder] noticed a need for an accessible pharmacy that carries all main medications and medical equipment and sells them at a reasonable price point.

Services

According to its drugstore business plan, [Company name] will provide the following products and services to its customers:

• Over-the-counter generic medications


• Prescription-strength generics


• Drugs that are sold over the counter that have been rebranded


• Prescription medications that have been rebranded


• A basic set of medical supplies


• Delivery and pick-up services for medicines


• Products for health and well-being


• Personal care products

Customer Focus

Those who live within a 5-mile radius of our drugstore will be our primary customers. These consumers fall under the following categories:

• The total population is 62,237


• A workforce of 4,500 people (who do not live the neighborhood)


• $57,300 is the average annual salary


• Four-fifths (49%) of those in managerial and professional positions are married


• 39 years is the average age

Management Team

As a pharmacist, [Founder's Name] works in a neighborhood drugstore. Her medical background provides her a significant edge when it comes to starting a pharmaceutical company. She studied Business Management at [University Name] before deciding on a medical profession, demonstrating that she is not only qualified to save lives, but also to manage a business.

The management team of [Company name] will also comprise pharmacists who are licensed to practice medicine, as well as other well-qualified and well-trained workers. Personnel details are included in the pharmacy business plan.

Success Factors

Because of the following factors, [Company Name] is uniquely suited to succeed:

• A pharmacy is sorely needed in the neighborhood


• Because we're in the middle of a bustling commercial and residential area, a large number of people will be able to easily access us every day


• The company's leadership has a proven track record of success


• Successful towns across the United States have found success in the drugstore sector

Financial Highlights

A total of $260,000 in borrowed capital is needed to get [Company Name] off the ground and included in the pharmacy startup budget. The money will be used to pay for the construction of the company's new headquarters, the employment of its first workers, marketing costs, and other operational expenses.

As a specific example, these money will be spent as follows:

• Store design and construction: a $50,000 stockpile of supplies


• Working capital: $60,000 for marketing, payroll, and lease costs until [Company Name] is cash-flow positive

II.- Pharmacy Business Overview

Who is [Company Name]?

Pharmacies in the [location] region include [name of company]. It is a trusted health and wellness partner that delivers a broad variety of branded and generic pharmaceuticals, medical equipment, personal care goods, and other essential everyday necessities. It seeks to be a pharmacy that provides excellent service and convenient access to the local population. [Company name] is open 24 hours a day, seven days a week to serve its clients.

[Company Name]’s History

[Founder's name] is a pharmacist in [location] who came up with the idea for [Company Name]. For the last five years, [Founder] has been working in the medical industry, and she noticed the need for an easily accessible pharmacy that carries all main drugs and medical devices and sells them at a reasonable price.

She dreamed up the idea of opening her own pharmacy with the help of a few of her coworkers. [Founderconcept ]'s of creating a pharmacy in the neighborhood was well-received by the community, thus she was able to gather money from her personal savings and from friends and local investors.

[Company Name] was incorporated in [Month, Year]. Since [Founder's Name] founded [Company Name], he or she has accomplished the following:

• In order to determine what products to sell, I came up with a final list of medicines, vitamins, supplements, and other items.


• Developed the name and logo of the firm and the company's website, which can be seen at www...


• Recruitment of important pharmacological, business, and medical personnel has begun.

[Company Name]’s Products/Services

Here are the products as well as services that [Company name] will offer to our consumers:

• Generic over the counter drugs


• Generic prescription drugs


• Branded over the counter drugs


• Branded prescription drugs


• Basic medical equipment


• Medicine delivery and pick-up services


• Health and wellness products


• Selfcare products

III.- Pharmacy Industry Analysis

In response to a rise in the number of people with private health insurance, the pharmacy business has seen continuous revenue increases as more prescriptions are filled. As the aging population grew, so did demand for medication to treat long-term conditions, resulting in continuous income streams for the sector. Over the next five years, industry revenue is predicted to rise by an average of 1.6% each year.

Preventive care alternatives and greater front-end offers are expected to lead to this predicted increase in sales. The number of covered persons is also likely to stay high, which means minimal out-of-pocket payments and easier access to prescription prescriptions. Average industry profits are likely to steady and climb somewhat as the business continues to improve.

Large shops and internet pharmacies compete fiercely in this market. Many of the industry's largest companies have started to provide online and mail-order prescription services in response to the increasing challenge from outside the business. Additionally, a growing number of major businesses are integrating general health services to their stores in an effort to make their locations more like a one-stop health shop. For example, they'll have more niche and specialized equipment like apnea machines on hand, as well as supplementary health services like immunizations and screenings. As a result, operators are looking to diversify and increase their offers.

What you Get in Your Pharmacy Business Plan Package

IV.- Pharmacy Customer Analysis

Profile of Target Market

People who live and work in the region around [business location] would benefit from [Company Name]. A wide range of people live in the areas we cover.

Demographics

The precise demographics of the town in which our location resides are as follows:

Customer Segmentation

As stated in our retail pharmacy business plan, Customers in the following four categories will be our primary focus:

• In the community, there is a big number of families that require regular medicine and vitamin consumption.


• Clinics and Patients: The pharmacy is located near a number of medical facilities. This will make it easier for patients to obtain the medications that their doctors have recommended for them.

For all of their pharmaceutical requirements, local nursing homes are a perfect target for forming strategic alliances.

• Local office workers: There are around 10,000 people who work within a half-mile radius of our site, which means that we expect a reasonable number of these people to visit us throughout the morning and lunch hours."

V.- Pharmacy Competitive Analysis

Direct & Indirect Competitors

MP Pharmacy
MP Pharmacy owns and operates around 180 neighborhood pharmacies in 35 states across the United States. An MP Pharmacy franchise allows independent pharmacies to open under the chain's name. Among the many services the firm offers its franchisees is managed care expertise and assistance in acquiring prescription contracts. MP Pharmacy's newer facilities contain private patient consultation rooms as well as drive-thru prescription pick-up windows. MP Pharmacy.

Des Moines, Iowa-based franchisees may set their own hours, choose their own locations, and reap the financial and personal rewards of having their own business, according to the corporation, which was founded in 1971.

Darren Family Pharmacy
For those who live in the area, Darren Family Pharmacy provides daily delivery, compounding, drive-up windows, and custom orders in addition to other services. Since 1901, the store has been run by the same family. Also available are gifts and home décor accents, as well as British confections.

Every day of the week, the pharmacy is open from 9 am to 7 pm; on Saturdays, it is open from 10 am to 3 pm. On Sundays, the shop is closed.

Pharmed
One of the most well-known pharmacy chains in the United States is Pharmed, which has locations all throughout the country. More than 8,600 of the company's stores, the most of which are freestanding, are spread across all 50 states as well as the District of Columbia and Puerto Rico. Two-thirds of sales come from prescription pharmaceuticals, with the remainder coming from miscellaneous items, such as cosmetics, over-the-counter medications, and food. Drive-through pharmacy and one-hour picture processing are standard features at most businesses.

Health care services are a key development area for the pharmacy company. Worksite health and wellness facilities and in-store clinics at more than 700 sites are managed by the company's subsidiary. It is collaborating with local health care providers to increase the services available at its clinics.

What you Get in Your Pharmacy Business Plan Package

Competitive Advantage

There are various benefits that [Company Name] has over its rivals. Included in these benefits are:

• Situated in the heart of town, [Company Name] has easy access to train commuters, local office employees, and shoppers on their way to nearby businesses. Additionally, there are no additional pharmacies in the immediate vicinity.


• Customers will be able to order online and pick up their purchases in the store. Customers will also be trained to get what they need as quickly and easily as possible from the staff members.


• Marketing and customer service are handled more effectively by our management team than by our competitors because of their years of expertise.


• Relationships: [Founder's Name] knows all of the local leaders, newspapers, and other influencers after living in the neighborhood for 25 years. As a result, [Company Name] will have an easier time establishing a client base and raising brand recognition.

VI.- Pharmacy Marketing Plan

The [Company Name] Brand

As a result, the [Company Name] brand will emphasize the company's distinct value proposition:

• The location is ideal


• A significant amount of one-on-one time


• Delivery of a wide range of medical supplies and equipment


• A welcoming and customer-oriented atmosphere

Promotions Strategy

Customers who live or work within a 5-mile radius of [Company Name] are its primary focus. For the purpose of reaching these people, [the company's] promotion plan contains the following elements:
Many local newspapers and periodicals, including [Company name], will run advertisements announcing [Company name]'s opening weeks in advance. Ads will continue to run on a regular basis in order to retain visibility in key markets. There will be a lot of advertising in local newspapers, school publications, youth sports programs, and other outlets.

[Company name] will raise awareness of its products and services by distributing promotional materials and participating in community activities such as school fairs, local festivals, homeowner organizations, and athletic events.

Publicity for Commuters
In order to promote [Company name], we'll hire people to put up signs along [route or highway]. We can reach a big number of working people with disposable cash by advertising on major commuting routes.

A great customer loyalty program will be created by [Company name] to keep its most loyal customers coming back for more.

There will be direct mail pieces sent out to the neighborhoods around Direct Mail [Company Name]'s facilities. These pieces will provide basic information about [Company Name], provide discounts, and/or provide other incentives for visitors to visit the area.

Maintaining a website and publishing a weekly flyer with the latest promotions and activities will be the responsibility of [Company Name].

VII.- Pharmacy Operations Plan

As stated in the business plan of a pharmacy, the business will be open every day of the year, 24 hours a day. During this time, the company plans to hire [x] pharmacists, [x] cashiers, [x] delivery employees, and [x] supervisors. [Name of Company] expects to see [x] consumers every day.

Several tasks must be completed in order for [Company Name] to carry out the business strategy. Company X anticipates employing the following positions for its X workers.

Service Functions

• Pharmacists


• Stock and inventory managers


• Cashiers


• Delivery personnel


• Customer service representatives


• Maintenance personnel

What you Get in Your Pharmacy Business Plan Package

Milestones

[Company name]’s long-term goal is to become the dominant pharmacy in [location]. We seek to be the standard by which other providers are judged.

The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:

VIII.- Pharmacy Management Team

As a pharmacist, [Founder's Name] works in a neighborhood drugstore. Her medical background provides her a significant edge when it comes to starting a pharmaceutical company. She studied Business Management at [University Name] before deciding on a medical profession, demonstrating that she is not only qualified to save lives but also to run a business.

The management team of [Company name] will also comprise pharmacists who are licensed to practice medicine, as well as other well-qualified and well-trained workers.

Hiring Plan

The company's CEO will be its founder. Our pharmacy needs the following staff to get started:

• Pharmacists


• Management of stock and supplies


• Cashiers


• Personnel in charge of delivering


• Service technicians


• Marketing, accounting, and other administrative duties

IX.- Pharmacy Financial Plan

Prescriptions and other products offered at the pharmacy will be the primary source of [Company Name]'s revenues. Sales and costs are detailed in the pharmacy income statement.

As in other industries, the cost of items sold and personnel costs are pharmacy's primary cost drivers. The following are the primary sources of expenditure for the business:

• Salary


• Lease


• Cost of Goods Sold

A significant portion of [Company Name's] overhead is devoted to ongoing marketing expenses.

[Company Name] has created a pharmacy financial projection, in preparation for the capital raising.

Capital Requirements and Use of Funds

Based on the pharmacy financial model, a total of $260,000 in borrowed capital is needed to get [Company Name] off the ground. The money will be used to pay for the construction of the company's new headquarters, the employment of its first workers, marketing costs, and other operational expenses.

• Store design and construction: $150,000


• A $50,000 stockpile of supplies


• Financial resources: $60,000 to cover marketing and personnel expenses as well as rent and lease payments until [Company Name] achieves cash flow profitability.

Pharmacy Financial Plan Sources And Uses Report

Key Assumptions

The following table reflects the key revenue and cost assumptions made in the financial model:

Pharmacy Financial Plan Core Inputs

Pharmacy Financial Plan Top Revenues Report

Pharmacy Financial Plan Top Expenses Report

Pharmacy Financial Plan Income Statement

Pharmacy Financial Plan Cash Flow Statement

Pharmacy Financial Plan Balance Sheet Statement