The Pharmacy Trade: 5 Things to Consider

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The pharmacy trade can be a very profitable business. Due to the world's ever-increasing population and increased life expectancy, there is a growing demand for access to pharmaceuticals and drugs. Below is a guide to 5 things you should consider before entering the pharmacy trade.

Make sure you are legal

Before you begin operations, it is important that you ensure that your new business will be completely legal. You should consult with a business advisor so you can decide if you wish to operate the business as part of a limited liability corporation, partnership or as a sole proprietor. You should also ensure that your pharmacy is registered with any relevant local or state authorities such as the Pharmacy Board of Australia.

Hire the right people

You will only be able to register your pharmacy as a sole proprietor or as a member of a partnership if you are a fully licensed pharmacist. If you wish to set-up a limited liability corporation but you are not a pharmacist, you will need to recruit a pharmacist who will be responsible for the day-to-day issuing of medications.

Develop a business plan

It is very important that you develop a business plan. If you are unsure about how to create a business plan, you should seek the advice of other professionals. As part of your business plan, you will need to analyse the local population and the competition generated by other pharmacies in the area so you can estimate your profits. You can then develop a marketing plan to target potential customers. 

Consider your range of services

Before you open for business, you will need to secure equipment and a stock of medicine. You should carefully consider what additional services you wish to offer, such as compounding or rapid prescription pick-ups. Besides medical treatments, a pharmacist can also increase their sales by offering skin and hair care products and general lifestyle goods.

Plan the start-up operations

While you will want to open your new pharmacy with a grand event, you should begin operating your business a few weeks in advance of the opening date. Doing so will allow you to iron out any problems before you open your doors to hundreds of clients. Once you are happy your start-up operations are complete, you can organise a grand opening.

If you would like further help or advice, you should make contact with a pharmacy today.

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5 April 2017

How Your Local Friendly Pharmacist Can Help You

Hello, my name is Pete. I would like to offer you a warm welcome to my new blog. This blog contains details of how your local pharmacist can help you when you are unwell or caring for loved one. I used to believe that a pharmacist just handed out drugs on behalf of the local doctors. However, when my mother became ill, I discovered this wasn't the case. My mother was having problems swallowing the meds which the doctor had prescribed. I mentioned this to the pharmacist and he said he could compound the drugs into an easy to swallow mixure. I was really impressed. Since then, the pharmacist has also offered lots of other top tips.