sample of a pharmacy business plan

Pharmacy Business Plan Template

Written by Dave Lavinsky

Pharmacy Business Plan

You’ve come to the right place to create your pharmacy business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their pharmacies.

Pharmacy Business Plan Example

Below is a sample pharmacy business plan and template to help you create each section of your pharmacy business plan.

Executive Summary

Business overview.

Healthy1 Pharmacy is a new independent retail pharmacy located in Charleston, South Carolina. The company is founded by Stephen Harris, a licensed pharmacist who has spent more than fifteen years working in the pharmacy industry. Stephen is confident that his strong communication skills combined with his keen attention to detail when preparing prescriptions will help him quickly grow a loyal customer base for his new pharmacy. Stephen has recruited a team of highly qualified professionals to help manage the day-to-day complexities of running a retail pharmacy including marketing, sales, customer service, financial reporting, and operations management.

Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with a better price and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more.

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

• Over-the-counter (OTC) medications
• Prescription medications
• Immunizations
• Travel medications
• Point-of-Care (POC) Tests
• Compounding

Customer Focus

Healthy1 Pharmacy will target all individuals in Charleston. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis. No matter the customer, Healthy1 Pharmacy will deliver the best communication, service, and prices.

Management Team

Healthy1 Pharmacy will be owned and operated by Stephen Harris. He has recruited Emily Jackson, an experienced retail pharmacy manager to be his Store Manager and help to supervise the staff and run the day-to-day retail operations.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized by his former employer as a top performing pharmacist for five years in a row.

Emily Jackson has been a store manager at a local retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Success Factors

Healthy1 Pharmacy will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of sales associates and pharmacy technicians who will assist customers, answer questions, and provide a personalized approach not found in larger pharmacies.
• Comprehensive array of products and services that includes everything you would expect from a large pharmacy, only with attentive customer service and lower prices.
• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy’s pricing structure is the most cost effective compared to the competition.

Financial Highlights

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its new pharmacy. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

• Pharmacy and retail space build-out: $100,000
• Equipment, supplies, inventory, and materials: $100,000
• Three months of overhead expenses (payroll, rent, utilities): $160,000
• Marketing costs: $25,000
• Working capital: $15,000

The following graph below outlines the pro forma financial projections for Healthy1 Pharmacy.

Company Overview

Who is healthy1 pharmacy.

Healthy1 Pharmacy is a newly established independent retail pharmacy located in Charleston, South Carolina. Healthy1 Pharmacy will provide all of the products and services that are available at large retail chains, only with lower prices and a small-town atmosphere. At Healthy1, sales associates and pharmacy technicians will get to know each customer by name and be able to offer a more personalized service not typically offered at larger pharmacies. Healthy1 Pharmacy will be a one-stop shop for any customer in need of a prescription, flu shot, OTC medication, and more. Healthy1 Pharmacy will be able to provide Charleson customers with the experience of a friendly, neighborhood drugstore while ensuring each prescription is handled with the highest standards of quality and care. The team of pharmacy technicians and sales associates will be highly qualified and experienced in helping customers find the right over-the-counter solutions for their individual needs as well as ensuring each prescription is filled accurately and efficiently.

Healthy1 Pharmacy History

Healthy1 is owned and operated by Stephen Harris, a licensed pharmacist with over fifteen years of experience working in the pharmacy industry. Stephen has worked for a large pharmacy chain and managed a team of pharmacy technicians for several years. Stephen’s tenure with the pharmacy chain combined with his pharmaceutical education has given him the skills and knowledge required to start his own pharmacy.

Since incorporation, Healthy1 Pharmacy has achieved the following milestones:

• Registered Healthy1 Pharmacy, LLC to transact business in the state of South Carolina.
• Has a contract in place to lease the retail storefront he will use for his pharmacy.
• Reached out to numerous contacts to include experienced pharmacy technicians and sales associates to advise them of the upcoming opportunities at his new pharmacy.
• Began recruiting the management team members including a store manager, an accountant/bookkeeper, and a marketing director.

Healthy1 Pharmacy Services

The following are the pharmacy products and services that Healthy1 Pharmacy will provide:

Industry Analysis

The pharmacy industry in the United States is valued at $534.2B and is projected to grow to $862B by 2028. Major market drivers include a growing number of types of diseases, an increasing percentage of people with chronic illnesses, an aging population, and higher healthcare costs.

There are more prescription medications being developed, and the demand for more prescriptions is growing faster than ever before. In 2020, there were an estimated 860M medications prescribed by physicians and 336M prescribed by hospitals. This prescription demand is resulting in more pharmacies opening across the U.S. The National Council for Prescription Drug Programs (NCPDP) reports an estimated 20,400 independent pharmacies in 2010. This number has grown to over 23,000 by 2019, a 12.9% increase in the number of independent pharmacies for that time period.

Industry operators in the pharmaceutical market can benefit from providing above average customer service, lower prices than competitors, and products or services that aren’t being offered elsewhere.

Customer Analysis

Demographic profile of target market.

Healthy1 Pharmacy will target all individuals in Charleston, South Carolina. The pharmacy will target multiple age groups from pediatric to geriatric. Healthy1 will also target patients needing prescriptions filled on a regular basis.

The precise demographics for Charleston, South Carolina are:

Customer Segmentation

Healthy1 will primarily target the following customer profiles:

• Parents of pediatric patients
• Geriatric patients
• People taking medications on a regular basis
• People needing compounding services
• People looking for vaccines or immunizations
• People who need lab tests

Competitive Analysis

Direct and indirect competitors.

Healthy1 Pharmacy will face competition from other companies with similar business profiles. A description of each competitor company is below.

Charleston Care Pharmacy

Charleston Care Pharmacy provides a wide variety of pharmacy products and services including OTC medications, lab testing, and compounding. Located in a senior neighborhood, Charleston Care Pharmacy specializes in serving the geriatric population, but welcomes customers of all ages. Charleston Care Pharmacy’s promise is to deliver effective communication, honesty, and integrity in every transaction. Charleston Care Pharmacy’s team of experienced pharmacy technicians assures customers are well taken care of and prescriptions are filled quickly and correctly.

FeelBetterNow Pharmacy

FeelBetterNowPharmacy is a Charleston-based neighborhood pharmacy that provides a full suite of services including compounding, vaccines, lab testing, local delivery, and more. The owners of FeelBetterNowPharmacy are licensed pharmacists who have extensive experience working for independent retail pharmacies so they understand what customers are looking for in a neighborhood pharmacy. Customers who choose FeelBetterNowPharmacy can rest assured they are getting the best quality products at reasonable prices.

Care Better Pharmacy

Care Better Pharmacy is a trusted Charleston pharmacy that is known for providing superior customer service. They are able to provide a one-stop shop for customers looking for convenient OTC and prescription medications, durable medical equipment, vaccines, and immunizations. Care Better Pharmacy is also able to serve customers in need of compounding, recurring prescriptions, and lab testing. They have expert pharmacy technicians to provide information about each medication and answer all of their customers’ questions.

Competitive Advantage

Healthy1 Pharmacy will be able to offer the following advantages over their competition:

• Healthy1 Pharmacy offers the best pricing in Charleston. The pharmacy offers its customers low prices on all of its products and services compared to the competition.

Marketing Plan

Brand & value proposition.

Healthy1 Pharmacy will offer the unique value proposition to its customers:

• Highly-qualified team of skilled pharmacy technicians and sales associates will be able to provide personalized customer service and ensure all prescriptions are handled with care.
• Unbeatable pricing to its clients – Healthy1 Pharmacy does not mark up its products and services at a large percentage. The pharmacy will offer the lowest prices guaranteed. If a customer finds a cheaper price elsewhere, Healthy1 Pharmacy will give the customer a better price.

Promotions Strategy

The promotions strategy for Healthy1 Pharmacy is as follows:

Healthy1 Pharmacy will create and maintain a company website that is well organized, informative, and lists all the products and services that Healthy1 is able to provide. The website will also list promotions and discounts, informative healthcare articles, and pharmacy-sponsored community events.

SEO/Google Marketing

The company’s marketing director will manage Healthy1’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Charleston pharmacy” or “pharmacy near me”, Healthy1 Pharmacy will be listed at the top of the search results.

Social Media Marketing

Healthy1 Pharmacy’s marketing director will also manage the company’s social media presence on several platforms including Instagram, Facebook, Twitter, YouTube, TikTok, and LinkedIn. The goal of the social media strategy is to attract new customers while engaging with current customers to encourage referrals, reviews, and feedback.

Content Marketing/Email Marketing

The company will post blogs and other promotional content on a regular basis with informative health and wellness information to keep people coming back. Healthy1 will post informative content on the website, social media platforms, and through email newsletters.

Professional Associations/Networking

Healthy1 Pharmacy will become a member of professional associations such as the Independent Retail Pharmacy Association, the National Community Pharmacists Association, and the Tennessee Pharmacists Association. The company will focus networking efforts on expanding its customer base.

Print Advertising

Healthy1 Pharmacy will invest in professionally designed print ads to display in programs or flyers at industry networking events, in magazines, direct mailers, and in local newspapers.

The pricing will be lower than competitors so customers feel they receive value when they choose Healthy1 products and services.

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

• Stephen Harris will be the Owner and Lead Pharmacist. He will oversee pharmacy technicians. Stephen has spent the past year recruiting the following staff:
• Emily Jackson – Store Manager who will oversee all retail operations, sales associates, supplier relations, and inventory management.
• Jessica Johnson – Staff Accountant/Bookkeeper who will provide budgeting, tax payments, and financial reporting.
• Tim Thompson – Marketing Director who will provide marketing and sales campaigns for Healthy1 Pharmacy.

Milestones:

Healthy1 Pharmacy will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the Healthy1 Pharmacy team.

10/1/2022 – Finalize contracts with suppliers.

10/15/2022 – Network at industry events and initiate the marketing and promotional campaign.

10/22/2022 – Begin moving into the Healthy1 Pharmacy storefront.

11/1/2022 – Healthy1 Pharmacy opens for business.

Stephen Harris is a licensed pharmacist with a Doctor of Pharmacy (PharmD) degree and more than fifteen years of experience working in the pharmacy industry. Stephen has been recognized for his commitment to excellence in filling prescriptions accurately and efficiently as well as his communication skills and positive rapport with customers.

Emily Jackson has been a store manager at another retail pharmacy for over a decade and has garnered a positive reputation for her exceptional organizational skills and leadership. Emily has worked in the pharmacy industry for so long, she understands all aspects required in running a successful retail pharmacy.

Financial Plan

Key revenue & costs.

The revenue drivers for Healthy1 Pharmacy are the fees charged to customers in exchange for the pharmacy’s products and services.

The cost drivers will be the overhead costs required in order to staff a pharmacy. The expenses will be the payroll cost, rent, utilities, inventory, supplies, and marketing materials.

Funding Requirements and Use of Funds

Healthy1 Pharmacy is seeking $400,000 in debt financing to launch its pharmacy business. The funding will be dedicated towards securing the retail space and purchasing equipment, inventory, and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of prescriptions filled per month: 2,000
• Average fees collected each month: $50,000
• Retail lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, what is a pharmacy business plan.

A pharmacy business plan is a plan to start and/or grow your pharmacy  business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your pharmacy business plan using our Pharmacy Business Plan Template here .

What are the Main Types of Pharmacy Businesses?

There are a number of different kinds of self storage business , some examples include: Pharmacy, Home Care Pharmacy, Mail Order Pharmacy and Compounding Pharmacy.

How Do You Get Funding for Your Pharmacy Business Plan?

Pharmacy businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Pharmacy Business?

Starting a pharmacy business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Pharmacy Business Plan - The first step in starting a business is to create a detailed pharmacy business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your pharmacy business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your pharmacy business is in compliance with local laws.

3. Register Your Pharmacy Business - Once you have chosen a legal structure, the next step is to register your pharmacy business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your pharmacy business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Pharmacy Equipment & Supplies - In order to start your pharmacy business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your pharmacy business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful pharmacy business:

• How to Start a Pharmacy Business

Where Can I Get a Pharmacy Business Plan PDF?

You can download our free pharmacy business plan template PDF here . This is a sample pharmacy business plan template you can use in PDF format.

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Pharmacy Business Plan Sample

APR.29, 2017

When someone is found doing workouts at home how to start a pharmacy, he must need relevant information, charts, table of content, independent pharmacy business plans, pharmacy business plan as well as few sample templates for pharmacy business branding. So, the entire business plans for pharmacy must include the most important points which must be well covered to start pharmacy business in full fledged.

Pharmacies must have stock of the best medications, and valuable healthcare accessories including sanitary pads, contraceptive pills and many more. Be modern and try to design a good pharmacy marketing plan before going for investment of financial resources in the industry. Get more new pharmacy business plan ideas from different sources.

Diseases, infections and virus attacks are very dangerous to shorten up the span of life of a guy. So, medications are needed to remove injuries, reinforce the immune system and increase the life expectancy to a great extent. For this reason, pharmaceutical agencies and drug manufacturing companies supply new drugs to people to resist the diseases in advance. Pharmacy business is really lucrative and profitable to an entrepreneur. Drugs are needed in hospitals, clinics, healthcare centers and in residential houses for preventive care.

Drugs are used to cure feeble patients. Children need a number of boosters and antibiotic shots to overtake a number of complicated health hazards. In large scale, medications and potions for patients are required in hospitals. Therefore, pharmacies have the jobs of selling drugs to customers. As an entrepreneur you can also start a small pharmacy or drug store in your locality. Sample pharmacy business plans and template will guide you. We, at OGSCapital, help you with this. Our executives have all the expertise for helping you to develop an appropriate strategy to fulfill your all objectives. If you wish to initiate the process, you just need to fill a contact form.

Choose Top Pharmacy Business Plans to Start Pharmacy Successfully

Well, are you a pharmacist to have licenses for running pharmacies in any town? This question is asked by many enthusiasts who are eager to know whether anyone has the permission to open a local drug store in the vicinity. Certainly, opening local drug stores, you must have an experienced pharmacist to check the prescribed drug lists. Pharmacists have the ability to read the prescriptions and identify the drugs at a first glance. His expertise in prescription reading, drug list checking and familiarity with new drugs helps the vendor to sell drugs comfortably.

If you are not a pharmacist, you need a specialist to hire in the case of inaugurating pharmacy in any popular area. He will help you to read prescriptions, handpick particular medications and understand the medical terms. Drug manufacturing companies in America have to sell only FDA approved medications. They must get authentic papers, citations and drug selling licenses from FDA as well American government.

Therefore, be familiar with local rules to starting a retail pharmacy business plan commercially. Go through a top sample pharmacy business plan and free template for more information.

Basic Requirements to Start Pharmacy Business

• A complete retail pharmacy business plan
• A preliminary financial budget
• Specific site for posting retail pharmacy business plans
• A specialist/experienced pharmacy
• Good stock of new drugs in
• Healthcare accessories like sanitary pads
• Basic amenities like refrigerators, electricity, water and good air vents
• Pharmacy needs to have a site for industry promotion
• Site map with a sample Pharma business plan as well as template
• Information brochures
• Medical aids kits to supply
• Initial affordable drug selling packages to attract customers to have drugs at low price
• Free quotes to do comprehensive studies for opening up a pharmacy.

Understand the Innovation in Pharmacy Business

Pharmacies must not be dirty and poorly managed. Expensive drugs should be stored in safer place which is much more eco-friendly. Heat, fire, rain water and bacteria destroy life saving drugs. The drug store should have excellent air ventilation, clean ambience, least toxins inside the shop and soothing ambience. Refrigerators keep stored medications in good condition.

Internet browsing is not harmful. So, regular data checking must stand you in good stead. The more you research the more you will get new ideas to launch a compact pharmacy business project with bright expectation to have excellent returns. Initially, as a newbie, your ability to design a pharmacy business plan must be limited. You are an educated person with enthusiasm to stand resilient financially. You went for getting advices from seniors to open pharmacies.

Maybe you have had dream of becoming a good pharmacist with your own outlet to sell qualitative drugs. Fake and spurious medications, potions and medical aids are destructive. These fake drug dealers must be punished. In the open market, low quality, sub-standard medications and expired healthcare tonics are sold at low prices. Therefore, every year, the death toll increases due to the exposure to the drug adulteration. Perhaps you have the setback or previous caustic experience. Someone might have died due to consumption of bad drugs. Your dream must be fulfilled.

Online planners in pharmaceutical industry have pre-designed samples, fact sheets, research papers and documents to train newcomers. Novice financers have no industry expansion ideas. Especially pharmacies are different projects to highlight. Drug is the most valuable product as it saves lives. So, definitely lot of care is needed to run pharmacies or drug stores in the city. What type of pharmacy business do you need to opt for? Basically, drug retailers, individual sellers and small size company partners like to have free consultation before establishing a start-up drug store in any known area. The advantages of opening drug stores or local pharmacies in the residential areas include

• Known ambience
• Good familiarity with local citizens
• Be accustomed to local administration
• Good relationship with doctors, patients and oldies
• Easy to find customers
• Better options to enlarge pharmacy business in the home town

However, most probably, you are trapped because you must struggle to find more genuine options to expand your drug stores to have lot of money. So, geographical barrier must not be a problem. Often, it is a lucrative business for you in case you have the plan and templates to take your drug store to backcountry. There are not many drug stores. Competition is low. You can buy and sell expensive drugs to rich persons. Poor people will get affordable medications from your shop.

So, it is good business to manage in the rural areas. However, drug stores in cities are always dazzling in vanity. The buying strength of local people is obviously higher. City based pharmacies are equipped with modern infrastructures. In villages, poor people are not able to buy costly drugs. The availability of sumptuous medical aids packages is also not good in rural belts. Urban areas are developed. Therefore, locate the place and start evaluation. Pros and cons must be checked before deciding to deal with pharmaceutical industry. Retail pharmacy business plan writers are also helpful to people to have guidance in designing the independent plan for starting retail drug store business plan .

Brand medications are not cheaper. These drugs have qualitative components used by manufacturers to produce standard medications in the market. The effect of intake of brand medications is really awesome to help patients to avoid disaster. Doctors prescribe brand medications. Great. Well, one of the best ways to sell brand medications is to find the high profile class. Online ventures must bring a new customer to you. This is a different industry for entrepreneur as there is little chance to meet vendors face to face.

Customers hit the online sites to check the pharmacies for buying the branded drugs recommended by experts. All are not financially sound to buy brand drugs. Pack of Viagra (branded) costs a customer around $1000. Or a pack of 60 pills of Soma is equivalent to $400 inclusive of overnight shipment cost. So, economical buyers find generic medications which are affordable to some extent. Therefore, your drug stores must have both branded medications for the rich and generic medications for the economical class.

It will be a strategy to win customers by providing alternative medication buying option. Generic medications are cheap and components used in manufacturing these affordable drugs are not low in quality. The impact of consumption of generic medications is equal to the effect experienced by a person who takes brand medications. Retail pharmacy business plan writer has many ideas/ template to precise the process of industry inauguration smoothly.

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Discount Pharmacies

In the pharmaceutical industry, scientific probing, research and deep analysis are inseparable. Scientists in the medical arena are trying to invent more cost efficient products which must be vehicles for economical customers to save money. Pharmacists will emulate new technologies to increase the cost effectiveness and quality of the drugs. So, doctors, scientists and pharmacists are closely connected for making a convenient customer support portal for better drug supply at low cost. Discount pharmacies are byproduct of the innovative thoughts nurtured by experts.

The collaborative venture in the pharmaceutical industry has made a strong platform for pharmacy business owners to sell affordable medications at discounts. Customers get promotional codes on different types of generic medications. It is much more cost efficient. It is much affordable to a young guy. Result is also same. So as a pharmacist, offer your customers what you have in stock. Discount pharmacies are the places for buying cheap generic medications. Brick and mortar discount drug stores reduce the cost of buying valuable medications.

Well, think whether you are fitted to drug selling industry. A discount drug store needs to have only cheap medications which must be good. Customers will get their drugs by showcasing prescriptions. Now, tailor a business plan identifying the trend in the market. You have handful options to use. As a local guy, you can apply for loan for industry running. Banks will give you support to invest in the pharmaceutical industry.

Next steps include the easy refinancing, recruitment of competent employees, assistants , the availability of good medications at discounts and drug safety programs to minimize the threat. People need proper medical assistance from a vendor. As being a professional pharmacist, it is your concern to prioritize the table work/ground work to inaugurate the drug store in your residential area. Innovation can’t be stopped. Americans are habituated to consume sleeping pills, anti-anxiety drugs and self-boosting capsules to have energy in excess.

They are fast, sophisticated and crazy to travel for exploration. Well, most of American customers are seen buying drugs from online pharmacies which offer discounts. These online discount pharmacies assist busy Americans to have affordable qualitative medications at considerably cheap prices. So, you must have a compatible optimized online shop with an inventory storing only new drugs/ prescribed medications/non prescription medications at discounts. The local stores for drug selling are not permitted to sell non prescription drugs.

They need prescriptions. However, comparatively online pharmacies have good options to help customers to purchase non prescription drugs. Customers don’t need to send the scanned photocopies of prescriptions to pharmacists to buy packet of Soma or Viagra. Buy medications from vendors at any point of time. So, if you want to modernize your retail drug store, design an affordable business plan to start selling generic medications at discount drug stores without putting a band of legal obligation. The online pharmacy is not a local departmental store.

Customers don’t need to visit the store for product purchasing. The virtual shopping cart or pharmacy is actually run through internet. Its customers place orders at the shopping cart and complete transactions instantly. Vendors are liable to ship products to the customers. Now you must have a site which supports mobile phones, computers and different smart devices. Consumers will cross check list of drugs available in their areas. You have a group of employees who manage customers online. Usually, online pharmacies have no go-down or small warehouses.

They are professional and hire moving companies for product shipment. It is a chain for drug supplying. No manual paperwork is conducted. Nor is there any option for meeting customers physically. So, the whole transaction is done via internet. E-commerce infrastructure is easy to operate. This marketing strategy is extensive to help local traders to go for vast venture to reach million customers on a single go. Around $829 billion is invested in global pharmacy business. So, this opportunity is also open to you to have scum of the profits to upgrade your own life.

Online discount pharmacy is open regularly round the clock. Customers from different locations hit the online drug store and buy medications. Prices of these lifesaving drugs, sanitary pads, healthcare pills and antibiotic pills are affordable. Discounts of these medications are attractive to impress economical class. Like Rite Aid, you can also have a chain meds service to bring more fluent drug delivery options to customers. Give individualized service by keeping personal records of patients after clearing transactions.

In future, if the customers have allergies or infections, try to avoid supplying medications which are not prescribed. Besides, help them to choose the prefect meds from the inventory. Unlike local drug store, online discount pharmacies have multi channels to get customers. If you have licenses or permit to export medications to market abroad, strategy vastly. Then, you are also a good exporter with permits to deal with overseas clients. Online platform for medication selling is now modernized.

The shopping carts online must have fast content management, instant credit checking while making payment, quick transactions and free registration. The prescription refill process must be fast and easy. On the other side, the non prescription generic or brand medications should be supplied to have more positive visitors to hit your e-commerce website.

So, you will also have lot of sources to track the best retail pharmacy business plan/ templates, pharmacy start up business plan, pharmacy business plan pdf and innovative pharmaceutical sales business plans. Go through ins and outs of pharmaceutical business plan, pharmaceutical business plans sample, and retail pharmacy business plan including new templates.

Product Quality – Must

In the pharmacy business, the product quality is a must. A vendor or pharmacist should not earn money by delivering expired meds to patients. He should have social obligations to maintain for fairness in pharmacy business. Same way, he is also responsible to process the orders. If meds are delivered late then patients can die. If it is urgent, then shipping process must be fast. Overnight drug supply is not cost effective. Extra processing charges are borne by the buyer.

When your pharmacy business blooms, you must have some better options to make your customers happy. Your online pharmaceutical has few exceptional features which are unbeaten to take your pharmaceutical to million customers outperforming rivals. Pharmaceutical companies must facilitate customers to have their drugs at discounts. Quality of the drugs must not be low. For this reason, there must be analysts and experts to make their comments based on the products meant for sale. Customers will talk to consultants for getting pharma template.

They will go through reports, comments and reviews to have ideas about the quality of meds kept for being sold. Your online med supply stores should be compatible with multiple devices including smart phones. Customers are interested to cross check regular information and updates on their mobile phones. Your e-commerce portal is connected with vast network to support such a sophisticated device. Online customer management center assists new customers to buy products.

For this reason, people feel free to go for buying expensive brand meds from the best pharmacy online. Jot down pros of running a discount pharmaceutical online. Why do people want to buy products online? What is the difference between a local med store and the pharmaceutical on internet? What type of med is sold online? What are the most important pros of buying meds from online pharmacies? Is it cost effective or less time consuming to make deals with online vendors? Well, there are more such questions which can be highlighted for discussion.

Basically, internet based online med stores don’t need manual paperwork. Nor is there any need to entertain customers at the shop. So, investors are not required to buy the land for constructing a big set-up to sell packets of life saving meds, boosters, and health tonics. Online meds stores are operated by pharmacists through broadband. It is a different setting to attract people for business related transaction. Many people don’t understand how to buy meds online. They must be educated.

Well, your pharmacy business promoting campaigns should encourage customers to know about the good aspects of online transactions. First of all, post few blogs, photos, slide shows and of course glossy video clips on home screen to lure newbie customers to have a fast look at the site. After visiting the site, they will be energized to read content, check photos, videos, slide shows and navigate in the site. Online free start-up pharma template will make you more confident.

Site accessibility, information delivery, transaction method, registration, product buying as well as packing for shipment, prices of medications, and way of billing must be innovated. Therefore, ask your website designers to upgrade the site nicely to make it much more compatible with the latest i-devices. Ask them to assist you to change the old policy. Crazy customers in America, Canada, the UK and other parts in Europe have tendencies to buy non-prescription drugs which are not recommended or prescribed by doctors.

They have to pay higher prices to get packets of sedatives or anti-anxiety pills from the local market. Often they are addicted to spurious drugs which enhance the scope of faster deterioration in the health management. They don’t need prescribed drugs as they are not permitted to consume multiple sedatives within 24 hours. They are drug addicted and therefore proper counseling is needed. However, when they hit the online sites or med stores on internet, the surprising gifts are waiting for them.

At a time, it is possible to buy different meds from stores without providing prescriptions. Secondly, they have facilities to deal with a number of drug stores in this online drugstore industry. Promotional offers and discounts are offered to customers as well. At first, when you establish a small size pharmacy, you require the base to stand. It is the ground for you to start building up a strong long lasting structure. It is a dynamic policy to enhance the much faster business promoting.

New Policy for Starting Pharmaceutical Company

Minimum investment is needed to run a pharmacy business. So, the product selling base is required first to ensure the good prospect in this meds supply industry. How to achieve success depends on the strength, resilience, willing force, and lot of energy to do the hard work out. Maybe, it is time consuming but success will come through devotion, hard struggles, and meticulous research to find the best opportunities to be successful entrepreneur with a solid pharmacy business structure.

Invest in the best market where there is excellent ambience to gear up the money earning. It is one of the best things for you to locate the area where you will open the small drug store with innovated structure, and other facilities to tempt customers. It stands to reason; you require lot of plans to design. When you have the dream projects to implement for the business expansion, you must have someone to take you to the last resort successfully.

Many of start-up entrepreneurs are not well organized due to the lack of experience in pharmacy business planning as well as endorsement policy. Well, in this case, a professional business planer needs to be hired for innovating the business plans before investing in the pharmacy industry. Money is needed but you should have excellent projects which have lot of information, data, template, strategy, table of content and resources to let the pharmacy business run smoothly.

Research, probing, intuition and self-discovery study are important to aspiring pharmacy entrepreneurs. To become an experienced entrepreneur, you will have to have strong desires to probe deeply. This research oriented mind will give you a booster to scale up in the industry with success. That’s why, when you have new innovative commercial management plans, policy, programs and glossy projects to implement, you must not stop. The start-up pharmacy business must be expanded.

The profits must be generated. The mobility in the business promotion should be uninterrupted. The longevity of the pharmacy business should be surprisingly longer. Therefore, concentrate on different aspects of commercial management. Go to professional business consultants, experts and business analyzers to have new guidelines/instructions/ plans for extensive analysis.

Brand Business

Brand name of your business works as a booster. It is the workforce. It is the vehicle with a new strategy for you to start the business smoothly. Who will track your business? Brand name is the sign of identification. People will be familiar with your company through the brand name. So, choose the most suitable name for your pharmacy. Well, maybe you have lot of confusion how to configure the brand name and logo.

Really it is much important to you. A cumbersome brand name is not easy to understand. If the name of the pharmacy is long and technically intricate, people are not able to read the brand name easily. So, select the relevant short and attractive words to name your med store. Obviously you need a strategy to conduct more productive business branding.

Invest Money in Promoting Products

Million dollars are overspent in the business promotion campaigns. Giant entrepreneurs have lot of money and they spend financial resources to promote business. Gifts, discounts, and promo codes are offered by these multinational companies. Well, you are a small entrepreneur and you need to earn more money. In the beginning, you have few attractive projects to inaugurate the small business. Well, strategically, you must advertise your products. Advertisement agencies can make your dream productive through lot of ground work, plans, programs and tips.

Hire the top notch advertisers who will make a brief-up covering the most important areas of pharmacy business. Your online advertisements, ads and video clips showcase the med store to impress customers. Certainly, you must have some awesome product endorsement publicizing projects. How to promote the pharmacy business? The objective of your promotional expedition lies in the expansion of the customer management platform with more opportunities to build up the foundation for rejuvenating the business.

Business branding through internet is the weapon for you to convey the best message to people. Your strategy to run business must be effective. What type of medication do you need to sell? Are you a drug retailer? Are you able to sell cheap generic meds? What sort of med do you have in stock? People need better price tags. They are economical. They have the least interest to buy brand meds. Well, your discount drug pharmacy is very much modernized with the stock of high caliber generic medications, life saving meds and qualitative drugs at discounts.

Next step is to have all legal papers, and documents. The paperwork must be done step-wise. First of all, you have to apply for a license. It is the passport for your pharmacy to run. Certainly, it is not easy. Drug licenses are approved only after several surveys, cross verifications and probing. You can’t damage one’s precious life by supplying low quality spurious meds. Right now, government and FDI are not flexible to issue drug licenses easily. Drug addiction is now accelerating to make young generation incompetent.

They have lot of drug buying options. Fake dealers and spurious drug suppliers are seen tempting customers. That’s why; fake licenses and wrong documentation are severely increasing to threaten up people to a great extent. Therefore, you must be fair and honest to have your licenses legally. In this connection, meet an attorney who will advise you how to get the drug license from the superior authority. Smartly speaking, it is not entirely difficult. The legal power will assist you to convince the concerned authority to have the original drug license.

In the beginning, it is the most unavoidable assignment to contact a group of legal experts to ensure the advertising project completion successfully. Pharmacy business must not be dried up after few weeks. You should not backtrack in shame. Bold and strong entrepreneurs must have energy to prioritize the collection of important components to format a new strategic version of business plan to nourish the pharmacy outlet dynamically.

It is a must to maximize the vast media exposure, business branding, meticulous analysis and study to probe deep with good motif to locate the most fruitful niche to speed up the business promotion. Your decision must not be obscure because of the disorders created by your subordinates. Therefore, organize your team to finalize the business branding program and innovative commercial management strategy with the resolution of giving thousand horsepower to your small med store to gain speed.

Tailor Futuristic Advertising Projects

Design futuristic advertising projects. Calculate how much fund is required to establish a single compartment as a small street outlet for selling generic meds. Money you need must be available. If you are not so lucky to arrange fund immediately to overtake hurdle, you must not be found being in lethargic state. Business loans, short term financial aids, and good financial support from different agencies are obtained without complicated paperwork. So, search for this type of secured/unsecured business loan to finance the med store. Financial assistance must be required to buy packets of brands drugs, install computers, and other tools to decorate the drug store.

Basic Components of Discount Pharmacy Business Plan

• Basic indoor furniture pieces like table, chair, desks, small file storing cabinets
• Cash registering systems
• Front counter
• Computer terminal
• Printer for billing
• Electrical goods
• Small data storage server
• Shipping accessories
• Good insurance coverage
• Storing bins

Important Facts to Remember

Customers are different in nature. They don’t have similar mindsets. Nor are they on same strings. Well, study and then evaluate the mindsets of customers. Choose the area where you will get positive customers to sell drugs. Reinvent new strategy to promote pharma. Specific groups of customers need to make walk-in visits to the outlet to purchase meds. This sort of customer has the habit to go to the local med store to buy meds. They are literate.

However, many laymen in the lower middle class are interested to buy prescribed meds from the pharmacies. Secondly, there is another group of people. They are online buyers. They have money to go to the online pharmacy to purchase drugs. Basically, generic medications, and different types of stress management pills they buy from online stores. Prescriptions are not a must for them to buy Viagra, Cialis, Soma or any cheap generic medication to consume.

Apart from this economical class, the enriched and affluent high profile buyers opt for brand meds. Now these medications are very expensive. Even vendors of publicizing portal are not capable of storing different types of brand medications for sale. So, tailor a compact financial budget which must include the overall cost of storing brand, generic and local meds at discounts. The product sale must be fast. Drugs which stored in your refrigerator must be qualitative.

Top Strategies to Expand Pharma

Strategies are applicable to the drug selling. Promotional campaigns are conducive to the faster development of the business. However, forecast is needed to evaluate the vision of yours in the long run. In the first year, estimate the profit percentage. Then you must compare whether you are a gainer or loser. Moderate revenue collection is also good as you are a novice entrepreneur. Well, you need to improve by hook or by crook. Commercial management is not a new thing. Even local traders and informal entrepreneurs know this term.

When your pharmacy business will be launched, your target must concentrate on the store management. Employees should be duty bound. Your pharmacist must be responsible. Drugs kept in your refrigerator must be hygienic. Temperature inside the drug store must be eco-friendly. Apart from this, documentation, billing, registration process and other paper work must be carried out properly. At present, computer application is very urgent. Your tiny med store must be renovated with a set of computers, laser printer and printable papers.

Customers will get bills and invoices through automated bill generated machine. So innovation in the decoration of the med store is certainly essential. Commercial management is also done via internet. Online documentation is undoubtedly smooth. Contact customers on online chatting platform. Talk to them over phone. Make video calls to have advices from experts if required. Permit your employees to use cell phones to send emails to your inbox. Oracle based commercial management portal must be installed into your pharmacy store for taking care of back office jobs smoothly.

Understand Competition and Reset Your Marketing Strategy

You are not alone in the pharmacy advertising portal. Regularly minimum 1 million visitors check over thousand sites to buy medications in the world. Billion dollars are hovering in the med manufacturing trade. The advancement in the med field is the turning point and slowly people are showcasing their interest in buying drugs from the online pharmacies. Rivalry, competition, and struggles are basic things for a trader. To make your pharmacy business/ marketing profitable, be proactive to be much more competent.

Emulate new strategies. Borrow much innovative marketing plans and imitate successful sample business templates to bring innovation to the pharmacy business/ pharma marketing. Who is your rival in the market? Well, rivalry doesn’t mean hostility. You must not have impatience to kill someone. Nor are you a militant to spray venom for terminating the city. So, don’t be misled. Competition means the fair rivalry in advertising trade. You should upgrade your trade structure.

You should be efficient to sell drugs at more affordable prices. You should have dozens of futuristic plans to enlarge the trade faster. The cost efficiency is the objective of a newbie to reduce the cost of drugs. Similarly he will not violate the FDI law to sell drugs at lower prices. Competition is needed for the betterment of the service. Fancy how to bring a result oriented business promotion strategy to expect a sound financial structure by operating a small pharmacy store.

Be a creative person. You are budding pharmacy entrepreneurs. So, recycle your raw energy embedded in mind. Go through periodicals, brochures, and magazines to have authentic information. Research materials need to be gathered for making a giant project to enhance the superb commercial management. Therefore, create a different business plan for pharmacy. It is your draft. You have quality to express what you need. You have bundles of new concepts, and ideas to use.

So in draft assignment, feel free to describe the goals, objectives, business starting plans, budget related issues, sources of arranging fund and basic requirements and marketing to start the drug store. Well, the finishing touch needs to be added to the draft. An experienced pharmacy business planner has over hundred samples. He is a professional business plan writer for pharmacy.

He has solved complicated problems. He is one of the most successful planners in the field. So he can give you a summary of the business plan. Even his instant business plan writing backup must be fruitful to you. Do more probing in the modernized med manufacturing and pharmacy company.

Upgrade your basic knowledge for the sake of good familiarity with the pharmacy field/ marketing. Online library, data and million tons of samples boost up novice traders to track their loopholes in upgrading futuristic strategy. Through compact SWOT analysis, he is able to find the negative factors which are not helpful to him to run the small size drug store. Strength of the entrepreneurs must be identified. It is also applicable to you as well. Track where are going? If you have no vision, the area will not be resilient. You should find the niche in which you will cultivate the land for flourishing the pharmacy business dynamically.

Install Plan Software

Conventional planning needs to be replaced. Computers minimize the jobs of taking care of customers. Well, few years back, drug stores have to keep large space for entertaining customers who were found standing for buying medications. Separate counters for billing were open to all consumers. Drugs were not sold through a single counter during emergency. So, there must be extra space for drugs storing, supplying and customer management. Besides, lighting fixtures, indoor furniture pieces and other important accessories must be installed in the drug store.

Simultaneously, change the traditional billing system. Commercial management/ marketing process must undergo vast innovation. Compact highly advanced SAP software for management/ marketing software is on display in Google. Experts have reset this SAP model to help entrepreneurs to complete handful jobs perfectly. Billing, customer care, marketing, data management, invoice processing, and company analysis are conducted. You have the fast software to take decision within short span of time.

Your marketing trade must be perfectly integrated into a unique platform. Monthly you must analyze the trend. Is your pharmacy running fast or any downtime is likely to happen? Profit ratio, and revenues collected for the particular year must be cross checked. Industry remodeling must be done. However, it is really urgent to go deep and find more facts to compare. Is your drug store compatible with new technology? For instance, virtual pharmacy industry is now much sought-after.

Many American guys buy drugs from online med stores. However, in South Africa, Nigeria, and many countries located in Asia are not perfectly tuned up to run online med stores. Mail order delivery system is not innovative in the remote places as well. So, before opening a new drug store online, once again study to understand the mindsets of local people. However, online mail order marketing system is a vast business expansion portal. You will get more customers in this pharma industry.

Even if you have authentic permits and licenses to export expensive meds to overseas customers, you are a successful entrepreneur with good prospect. Drugs are not useless things. Patients must need medications to save their lives. So, the importance of online pharmacy business will not go down even after a millennium. So, slowly you must have command over the pharmacy commercial management/ marketing. Newbie entrepreneurs should do experiments to be much acquainted with the latest industry operating ethics.

It is obviously time consuming but with technical innovation, and advancement in the commercial management, it is wonderfully much more convenient for a newcomer to learn how to open a good pharmacy store in this specific industry. Starting a pharmacy business plan designed by experts is basically a tool for a newcomer to get a roadmap to innovate the pharmacy in much more dynamic way.

In this connection, OGS capital consultants online are experts to guide newcomers how to chalk out futuristic pharmacy business projects fantastically. Take valuable business promoting tips, modern strategy and free advices from these consultants. Chat with OGS capital business consultants to have new strategy, and ideas to remodel the entire corporate portal successfully.

Download Pharmacy Business Plan Sample in pdf

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Top 5 Pharmacy Business Plan Templates with Samples and Examples (PDF and Editable Word Doc Included)

Lakshya Khurana

As a business, as you scan the horizon for opportunities today, it is inevitable that the next big project you zero in on is the neighborhood pharmacy. After all, a pharmacy is more than a drug store where customers pick up their prescriptions. It is a safe space where people buy medicines and have a confidant in the form of the pharmacist, someone they implicitly come to trust with their vulnerable state of health and personal information.

As you begin building this business, you must consider everything in the supply chain, from the products to the vendors and, certainly, the customers. You know you must take care of every minute detail before taking the first step. The tool that will help you in every aspect is a Pharmacy Business Plan from SlideTeam.

We have created a content-ready Pharmacy Business Plan and curated the Top 5 PPT Templates to help you succeed. The business plan comes in the form of a PDF and an editable Word document as well. This operations plan will guide you to positive, result-oriented action in every scenario. In fact, the PPT Templates are content-ready and 100% customizable and editable.

These tools from SlideTeam, available in all major formats, give you the framework to begin making your pharmacy a real, profitable corporation, and this blog will take you through the business plan.

Access the Pharmacy Business Plan Here

The business plan is divided into the following parts, represented in the Table of Contents below:

   1. Executive Summary                                                                          8. Marketing Plan

   2. Company Overview                                                                           9. Operational Plan

   3. Industry Analysis                                                                              10. Financial Plan

   4. Customer Analysis                                                                            11. Graphical Representation of Financials

   5. Competitor Analysis                                                                         12. Management Summary

   6. SWOT Analysis                                                                                   13. Exit Strategy

   7. Porter’s Competitive Analysis

Here’s a detailed look at each of these parts and the templates on offer.

1. Executive Summary

According to the Journal of the American Pharmacists Association, every 9 of 10 people in the US live within five miles of a community pharmacy. This is a point that pharmacies should play a big role in public health efforts, like providing vaccinations and medicines.

However, in some areas, 8% of counties have roughly half of their residents living over 10 miles from a pharmacy. This presents an opportunity for pharmacy businesses to open shop in those places and serve the community.

The executive summary serves as a concise overview of the pharmacy business plan, summarizing key points for potential stakeholders. It highlights the pharmacy’s unique value proposition (as we did in the previous paragraph), target market, and revenue projections. The summary also emphasizes the management team’s expertise and the business’s competitive advantage. Investors can grasp the business’s potential and decide whether to buy into the plan based on the specifics outlined.

2. Company Overview

This section presents the pharmacy’s background, history, and legal structure. The company overview highlights its mission, vision, and core values, giving a glimpse into its corporate culture. It details the pharmacy’s location, facilities, and the range of pharmaceutical products and services on offer. This plan never misses critical details like the business’s goals and objectives, and a start-up summary is presented through figures and charts.

The need for the pharmacy is emphasized with a market gap analysis, a study that the business statement also serves to boost. With the base built, the services that the business offers are also documented. These include prescription refills, new prescriptions, mail-order delivery, immunizations, etc.

3. Industry Analysis 

The industry analysis delves into the pharmaceutical market, examining factors like the market size, growth trends, and regulatory landscape. It outlines key opportunities and challenges, providing insights into the pharmacy’s potential for success.

This section of the plan begins with a market analysis of the pharmaceutical industry. The analysis is current and considers the influence of the Covid-19 pandemic on the industry. Some figures and charts showcase the pharmaceutical industry as it is, with a look at its rate of growth and the factors that influence it.

This segment also addresses the impact of emerging technologies and innovations in the healthcare sector. Although the report begins with insights into global trends, we focus on insights relevant to the US, such as pharmacy retail stores and pharma spending.

Let us review the first PowerPoint Presentation chosen to aid this pharmacy business plan.

Template 1: Emerging Business Model of a Pharmaceutical Company

This exhaustive PowerPoint Deck delivers on the intricacies of running a pharmacy. Use this PPT Template Bundle to present a comprehensive report on verticals like company financials, problems related to production, solutions for the same, potential business partners, etc. This PPT Set has got you covered, so download it now!

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4. Customer Analysis

Understanding the pharmacy’s target market is essential for tailoring marketing strategies. This section identifies the pharmacy’s primary customer segments with an analysis of the geographics, demographics, psychographics, and behavior. This allows you to create and deliver the buyer persona and identify customers by classifications, such as the elderly, athletes, chronic disease patients, and more.

5. Competitor Analysis

What makes this the best pharmacy business plan on the Internet today is that it comes with a current competitor analysis of the major players in the US today. These competitors include CVS, Walgreens, Rite Aide, and more. The product delivers a tabulated rate comparing these businesses on revenue, number of locations, services offered, etc.

6. SWOT Analysis

The SWOT analysis assesses the pharmacy's internal strengths, such as a skilled team and advanced technology, and weaknesses, such as limited brand awareness. It also evaluates external opportunities, like an aging population, and threats, like new regulatory requirements. The template presents a detailed overview of these four areas as they relate to the market in the US today.

7. Porter’s Competitive Analysis

Porter's Five Forces analysis helps evaluate the pharmacy industry's competitiveness. It examines the bargaining power of suppliers and buyers, the threat of new entrants, substitutes, and the intensity of competition. The product delivers the analysis in the case of these matrices being high, medium, and low and how it influences your business.

8. Marketing Plan

The marketing plan outlines a comprehensive strategy to attract and retain customers. It includes a mix of sales strategy, promotional strategy, pricing strategy, and a sales funnel template. Along with the details of each of these four methods, it provides recommendations to consider when employing these methodologies.

Template 2: Pharmaceutical Marketing PowerPoint Presentation Slides

This PPT Deck is the ultimate guide to executing marketing strategies for your pharmacy. Use this PPT Set to analyze and deliver important tasks, ranging from product introduction and launch plan to life cycle management and GAP analysis. Employ this PPT Template bundle to create the perfect marketing plan, execute it, and track its progress and outcomes. Download now.

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Template 3: Pharmaceutical Sales Plan PowerPoint Template Bundles

This PPT Set is the presentation your sales team needs to create and execute their plans. Use this PPT Deck to boost your sales with slides focused on comparative analysis, 30-60-90-day plans, revenue forecasting, and more. Grab this now from the link below.

9. Operational Plan

The operational plan details the day-to-day operations of the pharmacy as we enter the execution phase of the business plan. This section provides you with a ready-made table that classifies tasks into phases and financial quarters. The appropriate task is added in the right row and column; with that, you are ready to implement!

Template 4: Pharmaceutical Manufacturing Research Process Products Laboratory Analysis in a Pharmacy Business Plan

Use this PowerPoint Deck to boost the appeal of your pharmacy business plan using images and relevant icons. Some amazing slides within this PowerPoint Set are on test tubes and beakers, clinical research, drug testing, viral analysis, and other concepts. Download this PPT Template Bundle from the link below to grab the attraction of stakeholders and potential investors.

Download This Template Now

10. Financial Plan

Finances are hard to control and harder to present. This part of the product presents a tabulated analysis for financial analyses such as financial assumptions, revenue model & sales forecast, break-even analysis, projected profit and loss account, and more. The editable Word doc is ready for your own financial data to be inserted and analyzed accordingly.

11. Graphical Representation of Financials

Visual aids narrowly beat tables regarding ease of delivery. This section delivers the charts and graphs you need to represent your finances visually. Use this business plan to deliver pictograms on total revenue from operations, earnings before taxes, gross profit, cash flow, and more.

12. Management Summary

We begin to bring the plan to a close with a management summary. Use this section to present details on the organizational structure, professional summary, and job roles & responsibilities.

Template 5: Strategies To Achieve Sustainable Development in a Pharmacy Business Plan

You’re in it for the long haul, and this PPT Layout will help you set anchor and build a profitable business. Use this PPT Deck to showcase the strategies you have in mind to make your pharmacy business sustainable. This includes everything from the company’s finances and business partnerships to the environmental impact of your operations. Download this PPT Set to convert your business into a landmark of the community where you decide to open a shop.

13. Exit Strategy

The exit strategy outlines options for investors or business owners to divest their interests in the pharmacy. Many methods can be used. These can be an initial public offer (IPO), mergers, acquisitions, public offerings, or venture capital.

With our Pharmacy Business Plan Templates, you will be ready to face hurdles entrepreneurs face and, more importantly, overcome these with ease and finesse. TOGETHER, the PDF and the PPT Templates are an exhaustive self-sufficient ecosystem that will help you create your business with tranquillity and answer all these questions.

FAQs on Pharmacy Business Plan

How can i start my pharmacy business.

Starting your pharmacy business in the United States can be rewarding but requires careful planning and compliance with relevant regulations. Here are some steps to consider:

• Education and Licensing: Ensure you have the educational background and licenses to operate a pharmacy. This typically involves obtaining a Doctor of Pharmacy (PharmD) degree and passing state licensing exams.
• Business Plan: Develop a detailed business plan outlining your pharmacy's target market, services offered, competitive analysis, marketing strategy, and financial projections. Use SlideTeam’s Pharmacy Business Plan Templates .
• Location and Premises: Choose a strategic location for your pharmacy, considering factors such as population density, competition, and proximity to medical facilities. Ensure that the premises meet regulatory requirements and are designed to accommodate pharmacy operations.
• Legal and Regulatory Compliance: Comply with federal, state, and local regulations governing the operation of pharmacies, including obtaining necessary permits and licenses.
• Inventory and Suppliers: Establish relationships with pharmaceutical wholesalers and manufacturers to ensure the supply of medications and products.
• Staffing: Hire qualified and licensed pharmacists and pharmacy technicians to run day-to-day operations.
• Obtain appropriate insurance coverage to protect your business from potential liabilities.

Is the pharmacy business profitable?

The profitability of a pharmacy business can vary depending on location, competition, pricing, and services offered. Pharmacies can generate revenue by selling prescription and over-the-counter medications, medical equipment, and other healthcare-related products. Some pharmacies offer services like immunizations, medication therapy management, and compounding, which can contribute to profitability.

How much money do I need to start a pharmacy business?

Starting a pharmacy business can cost between $400,000 and $600,000 for an average location and reasonable revenue expectations. Remember that pharmacies can be set up for $250,000 as well. The major contributors to the cost are:

• Licensing and permits fees
• Rent or purchase of the premises
• Initial inventory
• Staff salaries and benefits
• Technology and equipment (POS systems, pharmacy software, etc.)
• Marketing and advertising expenses
• Insurance costs
• Security measures
• Professional fees (legal, accounting, etc.)

What is the monthly income of the pharmacy business?

As for the monthly income of the pharmacy business, it also varies widely. A successful and well-established pharmacy in a busy location can generate significant monthly revenue. In contrast, a newer or less-established pharmacy may have lower income during the initial months or years of operation. Monthly income can be influenced by factors such as sales volume, prescription pricing, insurance reimbursements, and the range of services offered.

To get more accurate and up-to-date information, it is advisable to conduct thorough market research and seek guidance from industry experts or business consultants familiar with the pharmaceutical industry in your area. Additionally, networking with other pharmacy owners can provide valuable insights into the financial aspects of running a pharmacy business.

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Pharmacy Business Plan Template

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Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

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Pharmacy Business Plan Template [Updated 2024]

Pharmacy Business Plan & Example

If you want to start a pharmacy or expand your current pharmacy business, you need a business plan.

The following pharmacy business plan template gives you the key elements to include in a winning pharmacy business plan.

You can download our Pharmacy Business Plan Template (including a full, customizable financial model) to your computer here.

Sample Pharmacy Business Plan

Below are links to each of the key sections of your pharmacy business plan: I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Pharmacy Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

How to write a business plan for a pharmacy?

Writing a business plan for a pharmacy can be an intimidating task, especially for those just starting.

This in-depth guide is designed to help entrepreneurs like you understand how to create a comprehensive business plan so that you can approach the exercise with method and confidence.

We'll cover: why writing a pharmacy business plan is so important - both when starting up, and when running and growing the business - what information you need to include in your plan, how it should be structured, and what tools you can use to get the job done efficiently.

Let's get started!

In this guide:

Why write a business plan for a pharmacy?

• What information is needed to create a business plan for a pharmacy?
• What goes in the financial forecast for a pharmacy?
• What goes in the written part of a pharmacy business plan?
• What tool can I use to write my pharmacy business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a pharmacy business plan is so crucial.

To have a clear roadmap to grow the business

Small businesses rarely experience a constant and predictable environment. Economic cycles go up and down, while the business landscape is mutating constantly with new regulations, technologies, competitors, and consumer behaviours emerging when we least expect it.

In this dynamic context, it's essential to have a clear roadmap for your pharmacy. Otherwise, you are navigating in the dark which is dangerous given that - as a business owner - your capital is at risk.

That's why crafting a well-thought-out business plan is crucial to ensure the long-term success and sustainability of your venture.

To create an effective business plan, you'll need to take a step-by-step approach. First, you'll have to assess your current position (if you're already in business), and then identify where you'd like your pharmacy to be in the next three to five years.

Once you have a clear destination for your pharmacy, you'll focus on three key areas:

• Resources: you'll determine the human, equipment, and capital resources needed to reach your goals successfully.
• Speed: you'll establish the optimal pace at which your business needs to grow if it is to meet its objectives within the desired timeframe.
• Risks: you'll identify and address potential risks you might encounter along the way.

By going through this process regularly, you'll be able to make informed decisions about resource allocation, paving the way for the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your pharmacy's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Crafting a comprehensive business plan for your pharmacy, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.

Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.

For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).

Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your pharmacy has the potential for healthy growth, profitability, and consistent cash flow generation over time.

Now that you understand the importance of creating a business plan for your pharmacy, let's delve into the necessary information needed to craft an effective plan.

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Information needed to create a business plan for a pharmacy

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your pharmacy business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for a pharmacy

As you consider writing your business plan for a pharmacy, conducting market research becomes a vital step to ensure accurate and realistic financial projections.

Market research provides valuable insights into your target customer base, competitors, pricing strategies, and other key factors that can significantly impact the commercial success of your business.

Through this research, you may uncover trends that could influence your pharmacy.

Your market research could reveal that customers may be looking for more convenience when it comes to filling their prescriptions. Customers may be looking for shorter wait times, or options to have their prescriptions filled online or via an app. Additionally, your research could reveal that customers might be looking for more natural alternatives to the traditional medicine they are prescribed. They might be seeking out herbal supplements and over-the-counter medications as a way to supplement their prescriptions.

Such market trends play a significant role in forecasting revenue, as they offer valuable data about potential customers' spending habits and preferences.

By incorporating these findings into your financial projections, you can present investors with more accurate information, helping them make informed decisions about investing in your pharmacy.

Developing the sales and marketing plan for a pharmacy

As you embark on creating your pharmacy business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and capital expenditure requirements of a pharmacy

Whether you are starting or expanding a pharmacy, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

A pharmacy might incur staffing costs such as salaries for pharmacists, technicians, and other staff. They may also need to purchase or lease equipment such as computers, scales, and automated prescription dispensing machines. Additionally, they may need to purchase medications and other supplies, such as bandages and ointments.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your pharmacy, it is time to start creating your financial forecast.

What goes into your pharmacy's financial forecast?

The objective of the financial forecast of your pharmacy's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a pharmacy are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a pharmacy shows how much revenue and profits your business is expected to generate in the future.

Ideally, your pharmacy's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established pharmacy. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your pharmacy

The balance sheet for a pharmacy is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your pharmacy's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your pharmacy's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your pharmacy has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your pharmacy business plan.

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

• Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
• Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
• Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your pharmacy business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting a pharmacy.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

This table helps size the investment required to set up the pharmacy, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your pharmacy business plan, let's have a look at the written part of the plan.

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The written part of a pharmacy business plan

The written part of a pharmacy business plan plays a key role: it lays out the plan of action you intend to execute to seize the commercial opportunity you've identified on the market and provides the context needed for the reader to decide if they believe your plan to be achievable and your financial forecast to be realistic.

The written part of a pharmacy business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your pharmacy's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your pharmacy's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

As you build your pharmacy business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.

Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.

When describing the location of your pharmacy, you may emphasize the potential for a high volume of customers due to its proximity to a bustling business area. You could also highlight the convenience of the pharmacy's location, as it is close to public transportation and many residential areas. You might even mention the potential for future growth in the area, which could attract more customers.

Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.

It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of the offerings that your company provides to its customers. 

For example, your pharmacy might offer prescription filling, over-the-counter medications, and immunizations. By providing these services, customers can get the medications they need and stay up to date on their vaccinations. Additionally, pharmacists can provide education and information to customers so they can make more informed decisions about their own health.

When drafting this section, you should be precise about the categories of products or services you sell, the types of customers you are targeting and how customers can buy them.

4. The market analysis

When outlining your market analysis in the pharmacy business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your pharmacy, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your pharmacy targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include elderly individuals. They often require additional assistance to purchase and take medication, such as help understanding instructions and medication reminders. Additionally, they may need help understanding insurance plans in order to afford the medications they need.

In the competition subsection, introduce your main competitors and explain what sets your pharmacy apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your pharmacy.

5. The strategy section

When writing the strategy section of a business plan for your pharmacy, it is essential to include information about your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

The competitive edge subsection should explain what sets your company apart from its competitors. This part is especially key if you are writing the business plan of a startup, as you have to make a name for yourself in the marketplace against established players.

The pricing strategy subsection should demonstrate how you intend to remain profitable while still offering competitive prices to your customers.

The sales & marketing plan should outline how you intend to reach out and acquire new customers, as well as retain existing ones with loyalty programs or special offers. 

The milestones subsection should outline what your company has achieved to date, and its main objectives for the years to come - along with dates so that everyone involved has clear expectations of when progress can be expected.

The risks and mitigants subsection should list the main risks that jeopardize the execution of your plan and explain what measures you have taken to minimize these. This is essential in order for investors or lenders to feel secure in investing in your venture.

Your pharmacy faces many risks, both internal and external. Employees or contractors working at the pharmacy may have access to large amounts of valuable and often controlled substances which could lead to internal theft. If this risk is not properly managed, your pharmacy could face serious financial and legal repercussions. Your pharmacy may be vulnerable to cyber-attacks, which could result in breaches of confidential data or financial losses. Cybercriminals could also target the pharmacy's computer systems to access customer information, which could lead to privacy or reputational issues.

6. The operations section

The operations of your pharmacy must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your pharmacy - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

As a pharmacy, you may have key assets such as patient records and prescription information that are essential for providing personalized care. This type of information could be protected as Intellectual Property (IP), as it is essential to the operations of the pharmacy. Additionally, the pharmacy might have a unique brand identity or logo that could also be registered and protected as IP.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a pharmacy business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my pharmacy's business plan?

There are two main ways of creating your pharmacy business plan:

• Using specialized business planning software,
• Hiring a business plan writer.

Using an online business plan software for your pharmacy's business plan

Using online business planning software is the most efficient and modern way to write a pharmacy business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

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Hiring a business plan writer to write your pharmacy's business plan

Outsourcing your pharmacy business plan to a business plan writer can also be a viable option.

These writers possess valuable experience in crafting business plans and creating accurate financial forecasts. Additionally, enlisting their services can save you precious time, enabling you to concentrate on the day-to-day operations of your business.

It's important to be mindful, though, that hiring business plan writers comes with a cost. You'll be paying not just for their time but also for the software they use, and their profit margin.

Based on experience, a complete business plan usually requires a budget of at least £1.5k ($2.0k) excluding tax, and more if revisions are needed after initial meetings with lenders or investors - changes often arise following these discussions.

When seeking investment, be cautious about spending too much on consulting fees. Investors prefer their funds to contribute directly to business growth. Thus, the amount you spend on business plan writing services and other consulting services should be negligible compared to the amount you raise.

Another aspect to consider is that while you'll receive the output of the business plan, you usually won't own the actual document. It will be saved in the consultant's business plan software, which will make updating the plan challenging without retaining the consultant on a retainer.

Given these factors, it's essential to carefully weigh the pros and cons of outsourcing your pharmacy business plan to a business plan writer and decide what best suits your business's unique needs.

Why not create your pharmacy's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a pharmacy business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my pharmacy business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a pharmacy business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
• Having an up-to-date business plan is the only way to keep visibility on your pharmacy's future cash flows.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this practical guide gave you insights on how to write the business plan for your pharmacy. Do not hesitate to get in touch with our team if you still have questions.

Also on The Business Plan Shop

• In-depth business plan structure
• Key steps to write a business plan?
• Free business plan template

Know someone who owns or wants to start a pharmacy? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Retail Pharmacy Business Plan Template & Guidebook

Starting a pharmacy business can be a daunting task, but with the right plan and guidance, it can be a great opportunity to provide quality healthcare services to customers. The #1 Retail Pharmacy Business Plan Template & Guidebook provides a comprehensive template and step-by-step guide to help entrepreneurs create an effective business plan and accurately assess the financial viability of their pharmacy business. Learn how this invaluable document can help take your retail pharmacy business to the next level.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Retail Pharmacy Business [11 Steps]

How to Write a Retail Pharmacy Business Plan in 7 Steps:

1. describe the purpose of your retail pharmacy business..

The first step to writing your business plan is to describe the purpose of your retail pharmacy business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a retail pharmacy business:

Our mission is to provide our customers with an exceptional experience in the retail pharmacy, comprised of personalized and accessible care from knowledgeable and compassionate staff combined with a wide range of products and services tailored to a variety of needs.

2. Products & Services Offered by Your Retail Pharmacy Business.

The next step is to outline your products and services for your retail pharmacy business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your retail pharmacy business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your retail pharmacy business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your retail pharmacy business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

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4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a retail pharmacy business?

In order to run a retail pharmacy business, the following equipment, supplies and permits are needed:

• Medical Supplies and Equipment
• Computers and Point of Sale System
• Pharmacy Software
• Licensing and Permits from State & Federal Agencies
• Business Licensing
• Safety Supplies
• Adequate Insurance Coverage

5. Management & Organization of Your Retail Pharmacy Business.

The second part of your retail pharmacy business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your retail pharmacy business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Retail Pharmacy Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a retail pharmacy business varies based on many different variables, but below are a few different types of startup costs for a retail pharmacy business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your retail pharmacy business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your retail pharmacy business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your retail pharmacy business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Retail Pharmacy Business Plans:

Why do you need a business plan for a retail pharmacy business.

A business plan for a retail pharmacy business is essential for the success of the business. It outlines the goals and objectives of the business, provides a road map of how the pharmacy will operate, and helps to identify any potential risks associated with running a retail pharmacy. The plan also helps to identify key personnel, define financial requirements and develop sales and marketing strategies. Additionally, it helps to establish short-term and long-term objectives and provides clarity regarding how profits will be used to grow the business.

Who should you ask for help with your retail pharmacy business plan?

You should ask a business consultant, an accountant or financial advisor, or a business plan writer for help with your retail pharmacy business plan.

Can you write a retail pharmacy business plan yourself?

Writing a business plan requires research, development and the ability to write an effective business plan. It is recommended that those wishing to create a business plan for a retail pharmacy should seek professional help from experienced business plan writers, who are familiar with the pharmacy industry and can provide comprehensive and tailored guidance. Additionally, there are online resources and templates available to help guide you through the process of creating a business plan.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

Retail Pharmacy Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Healthcare and Medical » Pharmacy

Are you about starting a pharmacy (chemist shop)? If YES, here’s a complete sample wholesale / retail pharmacy business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a retail pharmacy . We also took it further by analyzing and drafting a sample retail pharmacy marketing plan template backed up by actionable guerrilla marketing ideas for pharmacies. So let’s proceed to the business planning section.

Being in the pharmacy trade is a very good thing. This is because of the great returns on investment that is being guaranteed.

Starting a retail business is a very right step to take if you are looking to delve into the retail pharmacy business. It is important that you are a pharmacist ; this is so that you can get a proper hang of the business, as well as bring in your hands-on prowess into the venture.

A Sample Retail Pharmacy Business Plan Template

1. industry overview.

What really is the pharmaceutical business all about? The pharmaceutical industry is known for developing, producing, and marketing medicine (drugs). Retail pharmacy business is known to be involved in the sale (retailing) of generic or brand medications; some big pharmaceutical stores even engage in the sale of medical devices.

All over the world, the pharmaceutical industry is highly regulated. This is so because of the devastating effect of fake drugs and drug abuse which can’t be quantified. As a matter of fact, there are several universal laws and regulations that govern the patenting, testing, safety, efficacy and marketing of drugs.

For example; in the united states, new pharmaceutical products must be approved by the Food and Drug Administration (FDA) as being both safe and effective before they can be allowed to go into the market. Any entrepreneur (investor) who has a plan of starting his or her own retail pharmacy business must comply with the Regulation of Retail Pharmacy Businesses that was passed into law in 2008.

Anyone who wants to establish a retail pharmacy business must follow the regulations that guides the sourcing, storage, sale, supply and keeping of records, in respect of medicinal products. Other requirements that they are expected to comply with are; requirements that relates to staff, premises, equipment and procedures are also stipulated.

No doubt retail pharmacy business is indeed a profitable industry; at the end of 2011, there were just over 23,100 independent retail pharmacies operating domestically.

For instance; in 2012 about 62,000 retail, mail and specialty pharmacies operating in America filled more than 4 billion prescriptions. As a matter of fact, in 2012 alone, statistics indicated that the total industry revenues was between $275 billion and $290 billion.

Statistics has it that global spending on prescription drugs grew to a whopping sum of $954 billion in 2011 and The United States accounts for more than a third of the global pharmaceutical market, with an estimate of $340 billion in annual sales.

It is on record that the retail pharmacy industry is growing at an annual rate of 1.6 percent. Retail pharmaceutical stores are amongst the top beneficiaries; they have experienced high sales growth in the first aid, eye care, sun care, smoking deterrent, foot care and home healthcare categories.

Over and above, the retail pharmacy industry is indeed a growing and a profitable industry and it is open to any aspiring investor (entrepreneur) to come in and establish his or her retail pharmacy outlet.

2. Executive Summary

Kingsley Greeno Retail Pharmacy Store will be located in one of the busiest streets in Baltimore, Maryland, U.S. We have been able to lease a facility for 5 years with the option of acquiring the property once the property is put up for sale.

The facility is well positioned and it matches the ideal picture of a community retail pharmacy store. We are not going to spend much to revamp the facility because before taking over the facility, it was used as a retail shop. Although the business is launching out with just one outlet, but we have plans to open other outlets in key locations around Baltimore, MD.

Kingsley Greeno retail pharmacy store will be involved in the retailing of prescription drugs and over-the-counter drugs. We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.

We are in retail pharmacy business to retail a wide range of pharmaceuticals for our customers, at the lowest prices they can get anywhere in Baltimore, MD. Our employees are well trained and qualified to handle the wide range of customers that we are positioned to serve. We will engage in the sale of prescriptions at reduced prices both at the counter and online order.

Kingsley Greeno Retail Pharmacy will operate a 24 hours, 7 days a week pharmaceutical store. We shall also have customers like; walk – in customers and mail order customers. Our work force is going to be well trained to operate within the framework of our company’s corporate culture and also to meet the needs of all our customers.

Kingsley Greeno Retail Pharmacy Store will ensure that all our customers are given first class treatment whenever they visit our shop.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base grows. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when make some business decisions.

Kingsley Greeno Retail Pharmacy Store is a family business that is owned and managed by Kinsley Greeno and Family. Mr. Kingsley Greeno is going to be the Chief Executive Officer of the business; he has a first Degree in Pharmacy and an MBA from Harvard University.

He has well over 10 years of experience working as a pharmacist with the United States’ government. His son who is an undergraduate is currently studying pharmacy, with the hope of taking over the family business when he (Mr. Greeno) retires.

3. Our Products and Services

Kingsley Greeno Retail Pharmacy Store will retail a wide range of prescription drugs from different manufacturing brands to customers who are based in Baltimore, MD. We also engage in the sale of beauty products, cosmetic, postcards (greeting cards), baby products, convenience foods and other related products (small scale medical equipment / instruments et al).

4. Our Mission and Vision Statement

• Our vision is to become the largest retail pharmacy store in the whole of Maryland, U.S.
• Our mission is to establish a first class retail pharmacy store that will make available a wide range of generic and branded prescription drugs from top pharmaceutical manufacturing brands at affordable prices to the residence of Baltimore, MD.

Our Business Structure

Kinsley Greeno Retail Pharmacy Store is a business that will be built on a solid foundation. From the outset, we have decided to recruit only qualified people to man various job positions in our organization. We are quite aware of the rules and regulations governing the pharmaceutical industry which is why we decided to recruit experienced and qualify employees as foundational staff of the organization.

We hope to leverage on their expertise to build our business. When hiring, we will look out for applicants that are not just qualified and experienced, but honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. This are the positions that will be available at Kingsley Greeno Retail Pharmacy Store;

• CEO (pharmacy owner, superintendent pharmacist and supervising pharmacist)
• Pharmacist (Manager)

Merchandize Manager

• Pharmacist technician (3)
• Information Technologist (Contract)
• Sales agents (3)
• Cashier (Counter Agent).

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for recruitment
• Responsible for payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

  Pharmacist (Manager):

• Responsible for managing the daily activities in the restaurant
• provides advice about health issues, symptoms and medications in response to customer enquiries
• recruits, trains and manages staff
• processes prescriptions and dispensing medication
• orders, sells and controls medicines and other stock
• meets medical representatives
• manages budgets
• keeps statistical and financial records
• prepares publicity materials and displays
• markets services
• Interfaces with third – party providers (vendors)
• Controls the sales floor inventory
• Supervises the entire sales staff and workforce
• Any other duty as assigned by the CEO
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of drugs and products on our rack
• Responsible for the purchase of goods and products for the organizations
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.

Pharmacy Technician

• Ensures that the store facility is in tip top shape and conducive enough to welcome customers (This includes turning on equipment such as computers, scales, printers and fax machines)
• Ensures that goods and products are properly arranged
• Responsible for processing prescriptions
• Responsible for sterilizing the counter tops, scales, pill counting trays, and other medication measuring devices.
• Handles administrative and bookkeeping tasks, inventory control, stocking shelves, and data entry
• Performs monthly inventory counts, file paperwork, and stock inventory
• Handles any other duty as assigned by the floor manager (Pharmacist)

Sales Agents

• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Sources for clients for the company
• Responsible for promoting the company’s image
• Responsible for creating marketing and sales strategies, etc.
• Represents the organization in some strategic business meetings

Information Technologist

• Manages the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manage the organization’s CCTV
• Handles any other technological and IT related duties.

Cashier (Counter Agent):

• Receives payments on behalf of the organization
• Issues receipt to customers
• Prepare financial report at the end of every working week
• Handles financial transaction on behalf of the company
• Interfaces with our bankers
• Responsible for payment of tax, levies and utility bills
• Responsible for cleaning the pharmacy facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the pharmacy facility
• Handle any other duty as assigned by the floor manager (Pharmacist)

6. SWOT Analysis

Kingsley Greeno Retail Pharmacy Store is not looking forward to operate a regular retail pharmacy store, because we want to become the biggest retail community pharmacy in Baltimore. We want our pharmacy to be the number one choice of all residence of Baltimore.

We know that if we are going to achieve the goals that we have set for our business, then we must ensure that we build our business on a solid foundation. We must ensure that we follow due process in setting up our retail pharmacy store.

Despite the fact that our CEO (owner) has a robust experience in retail pharmacy business, we still went ahead to hire the services of business consultants that are specialized in setting up new businesses to help our organization conduct detailed SWOT analysis and to also provide professional support in helping us structure our business. This is the summary of the SWOT analysis that was conducted for Kingsley Greeno Retail Pharmacy Store;

Our location is one of our strength. The Business model we will be operating on (physical store and online store) will be opened for 24 hours daily and 7 days in a week. There would be multiple payment options; wide range of prescription drugs, home delivery services and our excellent customer service culture will definitely count as a strong strength for us.

Our perceived weakness is the fact that we are just starting out and we may not have the required finance to sustain the kind of publicity that we intend giving the business.

• Opportunities:

The opportunities that are available to retail pharmacy business is unlimited and we are going to position our business to make the best out of the opportunities that will be available to us in Baltimore, MD.

Just like any other retail business, one of the major threats that we are likely going to face is economic downturn and unfavorable government policies (healthcare reform). It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new retail pharmacy outlet in same location where ours is located (Baltimore, MD.).

7. MARKET ANALYSIS

• Market Trends

The market trend in retail pharmacy industry is directly influenced by a country’s healthcare reform policies. The fact that the pharmaceutical industry is highly regulated means that any entrepreneur who wants to run a retail pharmacy store must be ready to play by the book.

Loads of other factors influences the market trend in the industry and it is normal to see bigger retail pharmacy stores (especially those with chains of outlets) weathering the storm whenever there are major shaking in the industry. In essence, the easiest way to build a solid and highly profitable retail pharmacy business is to engage in opening various outlets in key cities around the U.S. and the

No doubt the industry will continue to grow and become more profitable because the aging baby-boomer generation in United States are expected to drive increasing demand for prescription drugs.

Retail Pharmacies are now making use of technology to effectively manage their business by plugging financial leakages which happens to be one of the biggest challenges that retail businesses faces. The use of technology, i.e. CRM software et al are very effective in helping retail businesses manage their clientele base.

8. Our Target Market

Kingsley Greeno Retail Pharmacy Store is in business to service a wide range of customers in Baltimore, Maryland. We will ensure that we target self – pay customers (who do not have drug plans), mail order customers, and walk in customers et al.

The fact that we are going to open our doors to a wide range of customers does not in any way stop us from demanding and screening prescriptions as required by the law. Our staff are trained to effectively service our customers and still play by the rules governing the industry. Our customers can be categorized into the following;

• Corporate Executives
• Business People
• Elderly people
• Expectant Mothers
• Sports Men and Women

Our Competitive Advantage

The retail pharmacy industry is known to be highly competitive in the U.S and in most parts of the world. The industry is growing and there are alternative ways through which clients / patients can get their medications / prescriptions / drugs.

There are alternative provides like mail-order firms, grocery chains, mass merchants and dollar stores; these are the real competitors in the industry. These competitors ensures that they do all that lies within their powers to gain favorable market share of the available market in any given region.

It is a fact that small retail pharmacy stores will always struggle with larger pharmacy chains when it comes to pricing power and brand recognition, which is why smaller retail pharmacy store always go out of their ways to deliver excellent customer service. It is through top notch customer service that they can secure a fair share of the available market.

Smaller retail pharmacies ensures that each order carries a printout. The printout accompany the medications providing directions on how patient are expected to take the medications, other drugs that should be avoided concurrently, and other useful information.

Kingsley Greeno Retail Pharmacy Store is coming into the market well prepared to favorably compete in the industry. Our pharmacy is well positioned and visible, we have enough parking space with good security. Our management staff are well groomed in retail pharmacy and all our employees are trained to provide customized customer service to all our clients.

We are going to be one of the few retail pharmacies in Baltimore that will be opened 24 hours a week and 7 days a week. We have enough staff that are ready to run a shift system. Kingsley Greeno Retail Pharmacy we will ensure that we have a wide range of products (prescription drugs and over-the-counter drugs.

We will also be involved in the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goals is to make our pharmacy a one stop pharmacy shop.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Our source of income will be majorly in the retailing of prescription drugs and over-the-counter drugs. Kingsley Greeno Retail Pharmacy will also generate income from the sale of beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products.

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.. Below are the sales projections that we were able to come up with for the first three years of operations;

• First Year-: $200,000 (From Walk – in customers) + $250,000 (From Mail Order customers)
• Second Year-: $450,000 (From Walk – in customers) + $470,000 (From Mail Order customers)
• Third Year-: $700,000 (From Walk – in customers) + $800,000 (From Mail Order customers)

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

The marketing and sales strategy of Kingsley Greeno Retail Pharmacy Store will be based on generating long-term personalized relationships with customers.

In order to achieve that, we will ensure that we offer medications at lower prices, compared to what is obtainable in Baltimore. We will also ensure that we have a wide range of drug supplies in stock for both quick shipment and storefront pick up.

All our employees will be well trained and equipped to provide excellent and knowledgeable customer service. We know that if we are consistent with offering high quality drugs and excellent customer service we will increase the number of our customers by more than 25% for the first year and then more than 30 percent subsequently.

Before choosing a location for our pharmacy store, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Baltimore, MD.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Baltimore, Maryland. In summary, Kingsley Greeno Retail Pharmacy Store will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, business owners and organizations
• Advertise our business in community based newspapers, local TV and radio stations
• List our business on yellow pages ads
• Leverage on the internet to promote our business
• Direct marketing
• Word of mouth marketing (referrals)
• Enter into business partnership with hospitals, healthcare provider and health insurance companies.
• Attend pharmaceutical related exhibitions / expos.

11. Publicity and Advertising Strategy

Regardless of the fact that our retail pharmacy store is well located in Baltimore, MD., we will still go ahead to intensify publicity for the business. We are going to explore all available conventional and non – conventional means to promote our retail business.

Kingsley Greeno Retail Pharmacy Store has a long term plan of opening outlets in various locations all around Maryland which is why we will deliberately build our brand to be well accepted in Baltimore before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public. Here are the platforms we intend leveraging on to promote and advertise Kinsley Greeno Retail Pharmacy Store;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
• Install our BillBoards on strategic locations all around Baltimore, MD.
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Position our Flexi Banners at strategic positions in the location where our retail store is located.

12. Our Pricing Strategy

Kingsley Greeno Retail Pharmacy Store will work towards ensuring that all our products (prescription drugs and over-the-counter drugs and beauty products, cosmetic, postcards (greeting cards), convenience foods and other related products) are offered at highly competitive prices compare to what is obtainable in Baltimore.

The fact that we are going to be offering our products at cheaper prices does not in any way means that we will sell sub – standard goods. Selling our products at a lower price than what is obtainable in our competitors store means that we will only reduce our profit margin.

• Payment Options

At Kingsley Greeno Retail Pharmacy Store, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money
• Check (only from loyal customers)

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital on;

• The Total Fee for Registering the Business in Maryland – $750.
• Legal expenses for obtaining licenses and permits- $1,500.
• Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• Cost for hiring Consultant – $2,500.
• Cost for Computer Software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $3,400.
• Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
• Cost for Shop remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost for Start-up inventory (stocking with a wide range of products) – $150,000
• Storage hardware (bins, rack, shelves,) – $3,720
• The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
• Cost for Supplies (Assorted bottles, boxes, envelopes, etc. for dispensing and shipment)- $3,000
• Cost for store equipment (cash register, security, ventilation, signage) – $13,750
• Cost of purchase and installation of CCTVs: $7,000
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, tables and chairs et al): $4,000.
• The cost of Launching a Website: $700
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $500,000 to successfully set up our retail pharmacy store in Baltimore, MD. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital

Kingsley Greeno Retail Pharmacy Store is a private business that is solely owned and financed by Kingsley Greeno and family.

They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas Kingsley Greeno Retail Pharmacy Store intends to generate our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it may not be too long before the business closes shop.

One of our major goals of starting Kingsley Greeno Retail Pharmacy Store is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to sell our product a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin.

Kingsley Greeno Retail Pharmacy Store will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of products that will be available in our pharmacy store: Completed
• Establishing business relationship with vendors (wholesale pharmaceutical companies): In Progress

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• Pharmaceutical Distribution Business Plan [Sample Template]
• Drug Prescription Delivery Business Plan [Sample Template]
• Pharmaceutical Company Business Plan [Sample Template]
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Sample Retail Pharmacy Store Business Plan

Startup pharmacy business plan sample.

In starting a pharmacy business, it is important that you are a pharmacist who knows about drugs and how they are being administered and even if you are not a pharmacist, you can always get a pharmacist that will help in the business.

This independent pharmacy business plan sample that can be very helpful in writing your business plan.

Here is a sample business plan for starting a compounding or retail pharmacy store.

Business Name:  Wonder Pharmacy Business

Executive Summary

• Business Description
• Our Products and Services
• Vision Statement
• Mission Statement

Business Structure

• Market Analysis

Sales and Marketing Strategy

• Financial Plan
• Competitive Advantage

EXECUTIVE SUMMARY

The pharmacy business is well thriving and lucrative, though it needs a lot of strategic planning and business coaching. Being in the pharmaceutical industry is a very good thing because there are great returns on investment.

The pharmaceutical business is basically for developing, producing, and marketing drugs. One important thing about this industry is that it is highly regulated.

BUSINESS DESCRIPTION

Wonder Pharmacy Business is a well registered and licensed business that will be involved in the distribution and sales of high-quality drugs and other materials essential to health. The business is a family business owned by Godwin Thomas and his immediate family.

The major target market of the business will be Los Angeles, California. Godwin Thomas graduated from the university with a degree in pharmacy and has worked with two pharmaceutical companies which have given him valuable skills in the pharmacy business.

In pursuit of achieving our goals, we have been able to lease a facility for three years with the option of buying the facility when it is put up for sales. We have decided to launch out the business with one outlet but over time, we will be opening other outlets in key locations.

PRODUCTS AND SERVICES

We will be retailing a wide range of prescription drugs from different manufacturing companies to our customers and we will also engage in the sales of:

• Beauty Products
• Convenience Foods

VISION STATEMENT

Our vision is to establish a business that serves as a one-stop pharmacy for basically all residents in Los Angeles and also to provide complementary pharmaceutical services for our customers.

MISSION STATEMENT

Wonder Pharmacy Business mission is to have a constant if not better growth in sales in the first three years of operation and also to set up a well standard business where all the needs of our customer’s health-wise are met.

We also aim to go beyond our customers’ expectations by providing quality products and excellent customer services lovingly so that 50% of our customer base is repeated sales.

BUSINESS STRUCTURE

Mr. Godwin Thomas will be in charge of the day to day activities of the business because he has experience and knowledge of the pharmaceutical business.

In setting our business on the right path and in ensuring the success of the business, we have decided to employ people who are hardworking, honest, goal centric, passionate, and interested in the business to contribute to the growth and success of the business.

These people will be employed to occupy the following positions:

• Chief Executive Officer(owner)
• Business Development Strategist
• Operation Manager
• Store Manager
• Merchandise Manager
• Sales Agents
• Human Resources Manager

MARKET ANALYSIS Market Trends

The major market trend in the pharmacy industry is influenced by the healthcare reform policies of the country because the pharmaceutical industry is highly regulated. The easiest way to build a solid pharmacy industry is to have several outlets across the city, this will make the business to continue growing and making more profits. The use of technology is also very important in managing the business effectively.

For instance, the use of CRM software helps in managing the clientele base.

Target Market

The pharmacy business is a business that meets the needs of everyone at some points in time but the fact that our business will be opened to many types of people does not stop us from having a category for our target market and they are:

• Corporate Executives
• Business People
• Elderly People
• Expectant Mothers
• Sports Men and Women

SALES AND MARKETING STRATEGY

Since we are new in the business, we have decided to do the following to have a firm and successful standing in the industry:

• Efficient delivery of service for online purchase
• High quality and regular availability of drugs at fair prices
• Satisfactory customer care services
• Catchy pharmacy name and promotional products
• Placing adverts on print, online, and broadcast media
• Installing billboards on strategic locations in California
• Distributing flyers and handbills

FINANCIAL PLAN

The business can only be established with a startup fund of $100,000, out of which we have gotten 80% and the remaining 20% will be gotten from the bank as a loan.

COMPETITIVE ADVANTAGE

In regards to the high level of competition in the pharmacy industry, we have decided to do the following major things that will serve as a competitive advantage for us and they are:

• Excellent customer care
• Fair and lowest possible prices
• The well-groomed management team
• Having a wide range of products

This is a business plan sample for a pharmacy business that can be used as a guide in writing a specialty pharmacy business plan. This pharmacy business is owned by Godwin Thomas and will be located in Los Angeles.

RETAIL MEDICAL STORE BUSINESS PLAN EXAMPLE

BUSINESS PLAN:  ZOE   Pharmaceutical Store

• Our Product and Services
• Financial Plans

Sales Forecast

ZOE   pharmaceutical store is a medicine store that has fulfilled all the requirements for starting the business in California, United State of America.  ZOE   pharmaceutical store will try as much as possible more than possible to make sure they satisfy the needs of their customers and do all within the law to carry out its operation in the best way possible. Sam Franklin and Joe West will both be the owner and CEO of ZOE   pharmaceutical store.

They have at present been able to contribute a total of $500,000 from sales of some of their properties and their savings. They will be looking forward to getting a loan of $500,000 from their respective banks to complete the startup fund amounting to $1,000,000

Our Product and Service

ZOE   pharmaceutical store is a store that is located in California, United State of America. They will mainly be concerned with the selling of drugs for our customers. We will make sure all our drugs pass the required test and make sure when quality is also tested it will come out controlled.

Other services that will also be rendered involve:

• Become a professional communicator with the patient and other healthcare personnel.
• Deliver high-quality products and handle communicating with clients in the best and most respectable way.
• Checking and dispensing of prescribed drugs for our customers.
• Counseling of patients before or after administering medications

ZOE   pharmaceutical store looks forward to being the best supplier of drugs for its clients in California, the United State of America. We are also looking forward to becoming a giant in the business before our 3 rd  year.

Our Mission

ZOE   pharmaceutical store mission in the business is to be able to provide any medication required by our customers at any time. We are also looking forward to satisfying them by providing them with the best communication link. We also want to grow a profitable business that will satisfy our patient’s health-wise and satisfy us financially.

Our business structure is one defining factor that will tell if we will be successful in the business or not. We will make sure that our structuring will be done with the utmost care to make sure we get the best out of the business. Based on the CV submitted by our prospective staffs and their customer relationship test, our recruitment process will be looking to fill these positions:

• Manager (Owner and CEO)
• Pharmacist(4)
• Sales Personnel
• Security Personnel.

Market Analysis Market Trend

A successful pharmaceutical store is that which sells original drugs as selling otherwise might rather lead to the closure of the business. Customer staffs relations also define the success of a Pharmaceutical business. These are the known market trend in the business.

ZOE   pharmaceutical store will be targeting everyone around as their prospective market. Almost everyone falls sick or at least take medications once in a while. Below are some of our highlighted targets:

• Filling stations
• Every other person in need of our services

Since we know the importance of marketing to the success of our business, our business will at first be promoted greatly by our customers who have benefited from our store. Other methods have also been developed to accomplish the sole aim of marketing our products:

• Online advertising will be done. We would be exploring all methods and means available to accomplish this. We would make use of a popular social media platform to run our internet-based advertisements.
• We will also make use of Television stations, Radio Stations, Newspapers and Magazines to run a further advertisement for our business.
• We will also make use of posters, billboards, flyers, and business cards to inform people about our business.

Financial Plan Source of Startup Capital

Sam Franklin and Joe West have as of present contributed a total of $500,000 as of the starting capital for the business and are looking forward to covering the other expected startup capital amounting to $1,000,000 with a soft loan of $500,000 from their bank.

Below is a sales forecast for our pharmaceutical store that is ZOE   pharmaceutical store. This forecast is just a credible statistical estimate received from the industry database. This is the forecast for the first 3 years.

First Fiscal Year $950,000 Second Fiscal Year $1,200,000 Third Fiscal Year $1,500,000

This article contains a pharmaceutical store bearing the name ZOE   pharmaceutical store. The business will be operating from California, United State of America, and will be owned by Sam Franklin and Joe West who have both been involved in different businesses before now.

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Business plan essentials for opening a new pharmacy

Opening a successful new pharmacy starts with a well-thought-out business plan

• RxOwnership® has helped thousands of pharmacy owners get started.
• Key lessons learned: understand the basics, develop a business plan, assemble a team and pick a good location.
• A business plan is foundational. Understand all of the essential elements.
• Focus on financing; lack of working capital is the #1 reason for failure.
• After developing your plan, regularly review and revise it.

Turning your passion into reality

Have you thought about opening your own independent pharmacy?

Perhaps you work at a chain and want to run your own business. Maybe you’ve worked at an independent pharmacy and want to go out on your own. Or, perhaps you own one pharmacy and see an opportunity to acquire another.

It is important to know the positives and challenges of starting an independent pharmacy.

The rewards of starting and running a successful independent pharmacy can be significant. But just opening a pharmacy and simply expecting it to automatically be successful is unrealistic. It takes hard work and careful planning.

Lessons from RxOwnership

To date, RxOwnership has been involved in more than 6,000 transactions involving independent pharmacies. Chris Cella, R.Ph., national vice president for RxOwnership, states, “We’ve seen it. We understand it.”

RxOwnership has found there is much to consider before opening a new pharmacy.

Business plan essentials

Among RxOwnership’s tools and resources is a list of essential elements of an effective business plan. Also, Cella points out, “There’s no need to do it alone.” Whether you choose to work with RxOwnership or another resource, “use the expertise of people who have done this before.”

• Mission statement
• Executive overview
• Ownership structure (sole proprietorship, partnership, etc.)
• Financial plans and projections
• Competitive analysis
• Demographic analysis
• Competitive advantage: what will differentiate you?
• Pharmacy services and offerings
• Marketing plans
• Future plans/exit strategy

To highlight a few business plan essentials:

• Demographic analysis : This is about determining the opportunity in a location. It entails understanding the age, income and ethnic makeup of a community to understand who you would be serving.
• Competitive analysis : Understand how many competitors are in a market and the strengths and weaknesses of each. A “SWOT analysis” (strengths, weaknesses, opportunities and threats) is a good exercise. Cella says, “Just because there’s somebody in a market doesn’t preclude you from going in, but you need to identify their weaknesses to find your pharmacy’s advantage.”
• Differentiation : The pharmacy landscape is already competitive. So, how will your pharmacy attract and retain enough customers to build a successful business? What will set you apart? Define how your pharmacy will be different and better. For example, your pharmacy may be in a clinic setting that will fill prescriptions and work with prescribers to keep patients healthier. Also, think about distinctive services such as medication synchronization, compliance packaging, compounding, immunizations and unique offerings like DME and/or nutraceuticals.

Focus on financing

RxOwnership has seen that the #1 reason start-up pharmacies fail is not lack of intelligence or effort. It is lack of working capital.

“It can take 15–24 months to break even,” Cella said. “During that time the pharmacy still needs to pay staff, rent, utilities and its wholesaler. Better to get plenty of funding up front. Having your project properly capitalized will help keep your business plan on the right track,” he said.

Budget for marketing before and after you open

Not budgeting enough for marketing is another common mistake. “You need to build in a marketing budget both pre- and post-opening,” Cella said. At least three months before opening, you need to market to prescribers and the community, explaining when you will open and what services your pharmacy will offer. Then, budget for grand opening events and for the rest of the year.

Learn and revise your plan

After your pharmacy opens, review the plan at least quarterly. Compare where you are with what you expected and make adjustments. “Your business plan should not be created and shelved,” Cella said. “It’s a living document that needs to be changed and massaged as your business grows.”

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15+ pharmacy business plan templates – pdf, doc.

When you sample plan on opening up a business, it’s very important that you know what it is that’s supposed to happen. You’ll need to figure out everything that needs to transpire for your business to reach the success that it’s supposed to. This is especially true if you plan on running your pharmacy. Similar to a marketing plan or a financial plan, a business plan for a medical store, drug shop, or new pharmacy branch can help you make a strategy for details like organizational responsibilities, risk management, education for chemist workers, and wholesale proposal. You may also check nonprofit business plans .

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How to Create Your Pharmacy Business Plan

1. know what your mission and vision for your pharmacy should be, free online clinical e-pharmacy business plan.

Free Pharmacy Council Strategy Business Plan

Business Plan for Pharmacy Technician Executive Summary

Business Plan for Pharmacy Authority Risk Management

2. Share What Kind of Pharmacy You Plan on Opening

• Community Pharmacy
• Compounding Pharmacy
• Consulting Pharmacy
• Ambulatory Care Pharmacy.
• Regulatory Pharmacy
• Hospital Pharmacy
• Industrial Pharmacy
• Clinical Pharmacy

3. Point Out Who Your Target Audience Is Going to Be

4. share how much it’s going to take to start your pharmacy, independent pharmacy business financial plan guide.

Free Organizational Pharmacy Business Continuity Plan

Free Pharmacy Resource Business Plan

Free Drug Store Pharmacy Business Plan

Community Pharmacy Business Plan Template

Free Chemist Pharmacy Business Plan Template

Free Pharmacy Business Plan Proposal Template

Pharmacy Business Marketing Plan Template

5. Explain Your Marketing Strategies

6. make an executive summary, more in plan templates, national pharmacist day flyer background, pets clinic flyer template, nursing flyer template, pharmacy and drug store flyer template, pharmacy services flyer template, pharmacy medical services flyer template, pharmacy and medical supply flyer template, basic healthcare flyer template, bbq summer party flyer template, nursing home care flyer template.

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Pharmaceutical Business Plan Template

Written by Dave Lavinsky

Pharmaceutical Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their pharmaceutical companies.

If you’re unfamiliar with creating a pharmaceutical business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a pharmaceutical business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Pharmaceutical Business Plan?

A business plan provides a snapshot of your pharmaceutical business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Pharmaceutical Company

If you’re looking to start a pharmaceutical business or grow your existing company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmaceutical company to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Pharmaceutical Businesses

With regards to funding, the main sources of funding for a pharmaceutical business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for pharmaceutical businesses.

Finish Your Business Plan Today!

How to write a business plan for a pharmaceutical company.

If you want to start a pharmaceutical company or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your pharmaceutical business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of pharmaceutical business you are running and the status. For example, are you a startup, do you have a company that you would like to grow, or are you operating pharmaceutical companies in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the pharmaceutical industry.
• Discuss the type of pharmaceutical business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of pharmaceutical company you are operating.

For example, you might specialize in one of the following types of pharmaceutical businesses:

• Generic Pharmaceutical Manufacturing : this type of pharmaceutical business develops prescription or over-the-counter drugs products that do not have patent protection.
• Vitamin & Supplement Manufacturing: this type of pharmaceutical company primarily develops products that contain ingredients intended to supplement the diet.
• Brand Name Pharmaceutical Manufacturing: this type of pharmaceutical business engages in significant research and development of patent-protected prescription and over-the-counter medications.

In addition to explaining the type of pharmaceutical business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of patents awarded, the extent of your product portfolio, reaching X number of distributors under contract, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the pharmaceutical industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the pharmaceutical industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

• How big is the pharmaceutical industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your pharmaceutical company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: healthcare providers, chain pharmacies, independent retailers, and consumers.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of pharmaceutical business you operate. Clearly, individuals would respond to different marketing promotions than hospitals, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Pharmaceutical Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other pharmaceutical businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes imported alternatives, herbal remedies, or customers’ nutritional self-care. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of products do they manufacture?
• What are their research and development capabilities?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide product development?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a pharmaceutical company, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of pharmaceutical business that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you manufacture patent-protected prescription medications, or a range of vitamins?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your pharmaceutical business. Document where your company is situated and mention how the site will impact your success. For example, is your pharmaceutical company located in an industrial district, near a major medical and/or scientific hub, or near input markets? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your pharmaceutical marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Advertise in trade publications
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your pharmaceutical company, including meeting with potential customers, creating and distributing product information, developing and manufacturing products, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to produce your Xth product, or when you hope to reach $X in revenue. It could also be when you expect to expand your pharmaceutical business to a new city.  

Management Team

To demonstrate your pharmaceutical company’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing pharmaceutical businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a pharmaceutical business or successfully running a R&D company.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions including your sales projections. For example, will you manufacture a line of general sales products, or will you specialize in manufacturing controlled drugs? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your pharmaceutical company, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a pharmaceutical company:

• Cost of equipment and supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your facility blueprint or a list of products you manufacture.  

Writing a business plan for your pharmaceutical business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the pharmaceutical company industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful pharmaceutical company.  

Pharmaceutical Business Plan Template FAQs

What is the easiest way to complete my pharmaceutical business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your pharmaceutical business plan.

How Do You Start a Pharmaceutical Business?

Starting a pharmaceutical business is easy with these 14 steps:

• Choose the Name for Your Pharmaceutical Business
• Create Your Pharmaceutical Business Plan
• Choose the Legal Structure for Your Pharmaceutical Business
• Secure Startup Funding for Your Pharmaceutical Business (If Needed)
• Secure a Location for Your Business
• Register Your Pharmaceutical Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Pharmaceutical Business
• Buy or Lease the Right Pharmaceutical Business Equipment
• Develop Your Pharmaceutical Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Pharmaceutical Business
• Open for Business

Don’t you wish there was a faster, easier way to finish your Pharmaceutical business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan writers can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Broad Pharmacy Network reintroduced for Pennsylvania small business plans effective Jan. 1, 2024

The Broad Pharmacy network will be paired with small business plan designs instead of Standard Select Pharmacy Network.

Beginning with Jan. 1, 2024, new business effective dates, all UnitedHealthcare fully insured and level funded small business (2–50) plan designs will be paired with the Broad Pharmacy Network instead of the Standard Select Pharmacy Network.

Existing groups

• UnitedHealthcare fully insured: Current 2–50 UnitedHealthcare fully insured groups with the Standard Select pharmacy will be automatically switched to the Broad Pharmacy Network upon renewal.
• UnitedHealthcare Level Funded: Current 2–50 UnitedHealthcare level funded groups will need to actively select the Broad Pharmacy Network at renewal, or they will remain with the Standard Select Pharmacy Network. 

About the Broad Pharmacy Network

The Broad Pharmacy Network provides access 1 to more than 67,000 pharmacies nationwide, including major chains, mass merchants, and supermarkets. Examples of network pharmacies include CVS®, Rite Aid®, Walgreens® and Walmart®.

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