pharmacy business plan malaysia

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How To Set Up A Retail Pharmacy in Malaysia

Malaysia has observed a growth in retail pharmacies in the past few years.

Retail pharmacies in particular have been the first line of defence against the pandemic as people prefer to visit their local pharmacy to seek help in minor health issues.

With the growing market for retail pharmacy, perhaps you’ve dreamed of owning your own independent pharmacy or even opening a retail pharmacy branch one day.

Here, we will discuss the basic steps to open a retail pharmacy.

1. Make a Plan

The first phase of opening any business is to research and plan.

Maybe by now you already have a location in your mind or have even purchased a store lot.

Study the population and understand customers’ needs. Do your research on the current pharmacy (if there’s any) and create something different to encourage locals to choose you over other pharmacies.

Moreover, one of the most important factors in the success of your business is location.

Find a place that has a lot of traffic. This means that the location is a regularly travelled route for your ideal customers.

At the end of this process, draw up a business plan that you can revise as necessary once your establishment kicks off.

2. Register your company with SSM

The most common type of company registration in Malaysia is ‘Sendirian Berhad’ or Sdn Bhd.

According to the Companies Act 2016, only 1 director and 1 shareholder is needed to form an Sdn Bhd company.

You will need to visit the nearest SSM office once for confirmation of identification.

The fee for the registration of a company is RM1,010.

A step-by-step guide on the registration of your company is as the following:

• Account registration on MyCoID portal
• Activate your account at SSM counter
• Then, you will receive MyCoID portal login credentials upon account activation
• Company name search on the Direct Incorporation Application on MyCoID portal homepage
• Other information under Name Search
• Super Form to clarify your proposed company name
• Business code selection and description
• Directors and shareholders information
• Application submission
• Make the payment of RM1,000 as an incorporation fee (before tax) and get a transaction receipt.
• Notice of Registration as proof of incorporation received through email

As a general guide, the registration of your company should be no later than thirty (30) days from the date of commencement of business.

3. Review the Community Pharmacy Benchmarking Guideline

This guideline was developed for the purpose of maintaining a professional image of retail pharmacies.

It also provides a checklist on the standards that need to be complied with for the purpose of community pharmacy practice set up.

To summarize, there are basically 4 major factors that you have to take into account, which are the management of your pharmacy, the layout of premises, pharmacy practice and standard operating procedure (SOP).

i) Management

According to this guideline, your pharmacist should have full management control of the community pharmacy.

Moreover, the pharmacist should have a significant representation in the executive board and possess share equity.

However, please note that if the pharmacist is not one of the major shareholders in your company, then you have to register under Bodies Corporate. We will discuss further this step soon.

ii) Premise

The retail pharmacy must comply with the Local Authority Laws.

Ideally, the premise shouldn’t be shared with other non-pharmacy related businesses.

However, if this situation is unavoidable, both premises must have full separation with clear signage.

Your pharmacy should have a signboard that projects a professional image. It must not have any kind of advertisement on it.

Additionally, it is encouraged to have a community pharmacy logo on your signboard.

If you plan to display product advertisements, it must be in accordance with the relevant legislation.

For example, advertisements of poisons must get approval from Lembaga Iklan Ubat.

Moreover, you must display the ‘Notice of Pharmacist On Duty’ which includes the photo of your pharmacist, name of the pharmacist and time/day of duty.

Additionally, your pharmacist is required to display their Registration Certificate and Annual Practicing Certificate (APC) for the current year.

Before operating your pharmacy, it is important for you to prepare a locked glass cabinet.

This is to store your poison medications, with the keys held by the pharmacist in charge.

Moreover, internal and external preparation should be arranged separately.

On the other hand, if you plan to sell medications that must be stored at low temperatures, then you must prepare a refrigerator.

Keep in mind that you must record the temperature daily and verify.

Other spaces that you need are the medicine dispensing area, counselling area and waiting area.

As for the medicine dispensing area, it must have clear signage written ‘Presciption Counter’ or ‘Pharmacy’.

Your counselling area must be comfortable for your patients and preferably is a private room with a half glass door.

Whereas your waiting area should be comfortable with adequate space for customers.

It is also a requirement that you keep several references books either offline or online.

Your retail pharmacy should also take the appropriate pest control measure.

Daily cleaning with cleaning procedures and schedules must also be set out and made available.

For safety requirements, it must comply with all statutory requirements which include appropriate fire escape way, fire alarm, fire extinguisher as well as occupier’s indemnity.

iii) Practice

According to the guideline, your retail pharmacy should operate minimum of 40 hours with a pharmacist.

There are several essential services that your retail pharmacy must-have. This includes:

• Screening of prescription(s)
• Dispensing of medicines
• Compounding of medicines (patient-specific)
• Counseling and advisory
• Monitoring and screening tests
• Pharmacy management in drug procurement
• Proper documentation

You can also offer optional services such as Medication Therapy Adherence Clinic (MTAC) or Home Medication Review (HMR), among others.

As for your products, it is a requirement that 70% of your merchandise consist of registered pharmaceutical products, health and nutritional products, surgical and medical devices, personal care and rehabilitation aids.

Sales of items that may harm customers’ health are strictly prohibited, whereas non-pharmacy products should be minimised.

Whether you are the pharmacist or you’re hiring a pharmacist to be in charge of your retail pharmacy, there are some pointers that you should be aware of.

Firstly, the pharmacist should be registered with the Pharmacy Board of Malaysia and observe the Code of Conduct for Pharmacists and Bodies.

The pharmacist in charge should also maintain a professional image by wearing a pharmacist tunic and wearing a nametag with the word “Pharmacist”.

Additionally, the ratio of pharmacist to prescription should not exceed 80 to 100 prescriptions per pharmacist per day.

The pharmacist should also keep the records and documentation updated as required by the law.

This record should also be kept for a minimum of 2 years.

For records of dispensing of poisons, you must prepare Prescription Book, a Prescription file as well as a Poison C Book (if you are selling Poison C medicines).

Your Prescription Book should be divided into columns for Date, Prescription’s Serial Number, Patient’s Name, Patient’s IC, Patient’s Address, Item Name and Item Quantity.

As for your Prescription file, it is where you keep your prescription.

Write your own Prescription Serial Number that is the same as on the Prescription Book.

This is to ensure you are able to refer the prescription on the Prescription Book according to the serial number that you have written.

iv) Standard Operating Procedure (SOP)

As for this part, we will go through the standard operating procedures in a retail pharmacy.

All pharmacy staff must be adequately trained.

In a situation where a customer comes to the pharmacy to seek treatment, pharmacy staff must know when to refer the customer to a pharmacist.

On the other hand, the pharmacist must also know when to refer customers to a doctor.

Pharmacists should counsel and assess the health problems after obtaining crucial information such as the age of the patient or how long has the problem existed.

After the assessment, the pharmacist should help to offer appropriate advice which can be either pharmacological or non-pharmacological.

Ensure that patient has a full understanding of the counselling session which should include an explanation of the condition, how to use the medication as well as prevention.

During dispensing of medication to the patient, pharmacists have to comply with the Good Dispensing Practice .

The guideline includes how to label the medications as well as requirements when dispensing medications to the patients.

This is to ensure the right medication is dispensed to the right patient, with the medication labelled with the right route and the right dose at the right time.

Apart from that, the pharmacist should have extensive knowledge of counterfeit items.

This is to ensure that the pharmacist will only purchase medications from legitimate sources as well as be able to educate the public on how to differentiate between original and counterfeit items.

Once you have prepared your retail pharmacy according to this guideline, you can proceed to the next step.

4. Get Pharmacy License

Then, apply for a Type A retail license, the most crucial step in opening a retail pharmacy. Your retail pharmacy cannot operate without getting this license.

Worry not because the application for this license is quite easy! (If you have all of the documents, of course!)

You can submit your application through the mypharma-c website. To summarize, you will need to upload a few documents to apply for this license, for example:

• A copy of your IC
• An updated passport sized photo of yourself
• Fully Registered Pharmacist Certificate
• Annual Practicing Certificate (ARC) for current year
• SSM Certificate
• Certificate of License of Trade, Business and Industries
• Layout plan of your pharmacy

Read here for a full step-by-step on how to apply for your pharmacy license.

However, as mentioned earlier, if the pharmacist is not one of the major shareholders in your company, then you have to register under Bodies Corporate.

How to apply for Certificate of Body Corporate

The great thing is that you can apply for this certificate online! It will only take up to 3 working days if you have all the needed documents.

What are the documents you’ll need? We’ll tell you in a bit!

To apply for a Certificate of Bodies Corporate, first of all, you’ll need to create an account with my Prisma.

You can do this by sending an inquiry to the PRiSMA Helpdesk and writing an inquiry stating that you would like to create an account to apply for the Certificate of Bodies Corporate.

Include the email you’re going to use for this account as well as the company’s SSM number.

Be sure to change the category to ‘BC’.

The operator will email you a link for first-time login and now you should be able to set your secure word and your password.

For the first time applying for a Bodies Corporate Certificate, no payment will be needed. However, fees will be incurred for Bodies Corporate Certificate renewal.

Then, click on ‘My Application’ and apply for Bodies Corporate Certificate for the current year.

Fill in all the required details which include your company’s pharmacist’s name, identification number and registration number. You will also need to include details of your company such as company name and address.

As for the documents needed, they are:

• Company Registration Certificate
• Copy of Return Giving Particulars in Register of Directors, Managers And Secretaries
• Copy of Return Allotment of Shares

Please note that the copies of your documents must be verified by either a registered pharmacist or a registered medical practitioner.

They must also sign the document and write their annual retention number.

Next, upload all the documents and submit them.

You can also refer to the flowchart below for a summary of the process.

Once you get your Certificate of Bodies Corporate, you may submit them together with other documents needed to apply for License A.

After your application is approved, the Licensing Officer will visit your premises for inspection to approve your Type A license application.

Finally, you should be able to start operating your pharmacy once you’ve got your Type A License.

Also, keep in mind that License A have to be renewed every year. You may renew your license through PRiSMA website.

5. Launch your pharmacy

Before the official launch of your pharmacy, it is important to let the community know about you.

This can be done by advertising your pharmacy through social media as well as signage that is eye-pleasing can also help to attract customers and passer-by.

Have a soft opening to let the community know about you. This should also be the time to engage with your new customers and develop a relationship with them.

Build customers’ trust for your pharmacy by ensuring that you give every customer extra information on products they have an interest in.

We here at Mayflax can help you to stock up on medications. With up to 2,000 medications, we can help you to get the best medications for the best price. Contact us here to know more!

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Starting a Pharmaceutical Business in Malaysia

• Starting a Pharmaceutical Business in…

Beginner’s Guide on Starting a Pharmaceutical Business in Malaysia

One example of an industry always in demand is the pharmaceutical business. In Malaysia, pharmaceutical companies fall into the category of small and medium-sized companies. Larger multinational corporations such as Pfizer, Schering Plough, Novartis and more are licensed importers. In the past couple of years, the pharmaceutical industry in Malaysia has seen a boom as more and more investors, especially on an international level, have shown a keen interest in the business in this country.

If you have been thinking of starting a pharmaceutical business, then this guide to company registration in Malaysia is what you need.

What Is a Pharmaceutical Business?

Pharmaceutical business is a company that has the license to develop, research, market, or distribute drugs within the healthcare context. These businesses can either deal in generic medications or brand-specific products. Such companies will be subject to several laws and regulations when it comes to testing, patenting, and marketing these drugs, especially prescription drugs, to the public. There are five categories of Pharmaceutical products in Malaysia. These are:

• Prescription medicine
• Traditional medicine
• Health supplements
• Herbal supplements
• Over the counter medication

In Malaysia, the National Pharmaceutical Control Bureau regulates the pharmaceutical industry. It is the main authority responsible for overseeing and ensuring the efficacy and safety of all products sold and manufactured within the local Malaysian market. The pharmaceutical industry also falls under the regulation of the Control of Drugs and Cosmetics Regulations 1984. Under regulation 7(1) of the Control of Drugs and Cosmetics Regulations 1984, a product that is sold, supplied, manufactured or imported must be a registered product. These regulations also stipulate that a product as a drug in a dosage unit or otherwise which is intended to be used wholly or mainly by being administered to one or more humans or animals for medicinal purposes.

One of the benefits of starting a pharmaceutical business in Malaysia is how the industry is part of the National Pharmaceutical Control Bureau. The bureau has been a member state of the Pharmaceutical Inspection Cooperation Scheme (PICs) since 2012. Since becoming a member, Malaysia has seen a boost in investments within the pharmaceutical field. This is mainly because the PICs are represented by well-known international pharmaceutical authorities.

The Business Registration Process

You’ll be pleased to know that the business registration process in Malaysia is fairly straightforward. Before you commence, every pharmaceutical company in Malaysia must either be a manufacturer or seller of medical products.

While straightforward, the business registration process can still cause confusion if you are unfamiliar with the local laws and regulations. This is especially more so when it comes to certain businesses like pharmaceutical businesses. Investors who wish to incorporate and set up a pharmaceutical company in Malaysia will need to obtain approval for the products they intend to provide to Malaysian consumers. The Drug Control Authority issues this approval. As your corporate service provider , 3E Accounting can offer guidance to help you work through this part of the process and clarify anything that is unclear.

Foreign investors benefit greatly from the help of Malaysia company registration specialists like 3E Accounting. With years of industry experience and knowledge, we’ll be able to walk you through the entire registration process in no time. Also, we know how eager you are to start your business. Once we have helped you gather your documents, we will submit an application to the Companies Commission of Malaysia.

The Suruhanjaya Syarikat Malaysia is the regulating authority for all businesses in Malaysia. You should register with the SSM or your business will be at risk of operating illegally in the country.

You will also need to have a registered business address that is not just a PO Box address. Your company also needs a minimum of two resident directors who must be at least 18 years old. These individuals must not have been bankrupt in the past. Depending on your business structure, you may also require a company secretary for your business. 3E Accounting will be able to assist with this one too.

Licenses and Permits You Need to Acquire

Once again, when starting a pharmaceutical business here in Malaysia, you need to abide by the Control of Drugs and Cosmetics Regulations 1984. The act defines that every drug needs to be registered in Malaysia. The National Pharmaceutical Control Bureau will process these applications and issue the following licenses:

• Wholesaler’s License
• Importer’s License
• Manufacturer’s License

The regulations, however, do not apply to the following products:

• Non-medicated medical and contraceptive devices.
• Non-medicated bandages, surgical dressings, plaster and dental fillings.
• Diagnostic agents and test kits for laboratory use.

If you need further assistance on starting your pharmaceutical business, contact 3E Accounting . Our dedicated team of specialists will be here to assist you from start to finish so starting your business will never have to be a major cause for headache on your part. Let us help you handle the paperwork so you can focus on where it matters the most: Launching your business.

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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500+ business plans and financial models

Pharmacy Business Plan PDF Example

• March 19, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful pharmacy. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your pharmacy’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a pharmacy business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the healthcare industry, this guide, complete with a business plan example, lays the groundwork for turning your pharmacy concept into reality. Let’s dive in!

Our pharmacy business plan is constructed to encompass all critical facets required for a robust strategy. It details the pharmacy’s operational processes, marketing approaches, market conditions, competitive landscape, management hierarchy, and financial predictions.

• Executive Summary : Provides a concise overview of the Pharmacy’s business concept, market analysis , management team, and financial strategy, setting the stage for the detailed plan.
• Pharmacy & Location: Details the pharmacy’s layout, amenities, and the strategic significance of its location to attract customers.
• Services & Pricing: Lists the pharmaceutical services and products available, including pricing strategy and how it caters to the target market .
• Key Stats: Shares important statistics on the pharmacy industry, highlighting the market size and growth trends.
• Key Trends: Discusses current trends affecting the pharmaceutical industry and how the Pharmacy aligns with these trends.
• Key Competitors : Evaluates main competitors in the vicinity, showcasing the Pharmacy’s unique advantages.
• SWOT: Strengths, weaknesses, opportunities, and threats analysis tailored to the Pharmacy.
• Marketing Plan : Outlines strategies for marketing, customer engagement, and loyalty building.
• Timeline : Key milestones and objectives from the Pharmacy’s startup phase through its first year of operation.
• Management: Information about the management team, their expertise, and their roles in the Pharmacy.
• Financial Plan: Projects the Pharmacy’s financial performance over the next five years, including revenue, profit margins, and significant expenses.

Pharmacy Business Plan

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Executive Summary

The Executive Summary introduces your pharmacy’s business plan, providing a concise overview of your pharmacy and its offerings. It should detail your market positioning, the range of pharmaceutical products and health services you offer, its location, size, and an outline of day-to-day operations.

This section should also explore how your pharmacy will integrate into the local market, including the number of direct competitors within the area, identifying who they are, along with your pharmacy’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the pharmacy’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your pharmacy’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

For a Pharmacy, the Business Overview section can be concisely divided into 2 main aspects:

Pharmacy & Location

Briefly describe the pharmacy’s physical setup, focusing on its layout, ease of navigation, and the welcoming atmosphere for customers. Mention the pharmacy’s location, highlighting its accessibility and convenience to customers, such as proximity to medical centers, residential areas, or ease of parking. Explain why this location is strategically chosen to attract your target customer base.

Products & Pricing

Detail the range of products and services offered, from prescription medications and over-the-counter drugs to health supplements and wellness products. Include any specialized services such as pharmaceutical consultations, immunizations, health screenings, or medication management programs. Outline your pricing strategy, ensuring it is competitive yet reflects the quality and value of the products and services offered. Highlight any discount programs, insurance collaborations, or loyalty schemes that provide added value to your customers, encouraging repeat visits and customer loyalty.

Make sure to cover here _ Pharmacy & Location _ Products & Prices

Market Overview

Industry size & growth.

In the Market Overview of your pharmacy business plan, start by examining the size of the pharmaceutical industry and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing consumer interest in health and wellness products, the growth in demand for prescription and over-the-counter medications, and the expansion of pharmacy services like immunizations and health screenings. For example, highlight the demand for pharmacies that offer comprehensive health management solutions and personalized medication consultations, alongside the rising popularity of digital health services and telepharmacy.

Key Competitors

Then, consider the competitive landscape, which includes a range of pharmacies from large chains to local independents, as well as online pharmacies and health tech startups. For example, emphasize what makes your pharmacy distinctive, whether it’s through superior customer service, a wide range of health and wellness products, or specialization in certain medical areas. This section will help articulate the demand for pharmacy services, the competitive environment, and how your pharmacy is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for the pharmacy , highlighting Strengths (such as a comprehensive range of health products and services, knowledgeable pharmacists), Weaknesses (including potential inventory management issues or strong competition from large chains), Opportunities (for example, an increasing focus on healthcare and preventive measures in the community), and Threats (such as regulatory changes or online pharmacies cutting into market share).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted health and wellness campaigns, promotional discounts on wellness products, an engaging online presence that includes health tips and advice, and involvement in community health events.

Finally, create a detailed timeline that outlines critical milestones for the pharmacy’s opening, marketing initiatives, customer base growth, and potential service expansion objectives, ensuring the business progresses with clear direction and purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the pharmacy’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the pharmacy toward its financial and operational goals.

For your pharmacy business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your pharmacy’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your pharmacy business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Privacy Overview

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How to open a pharmacy in malaysia

If you have a passion for healthcare and a desire to contribute to the well-being of your community, opening a pharmacy in Malaysia can be a rewarding and fulfilling venture. However, the process of starting a pharmacy can be complex and require careful planning and adherence to regulatory requirements. In this comprehensive guide, we will walk you through the step-by-step process of opening a pharmacy in Malaysia.

Step 1: Obtain the necessary qualifications and licenses

Before you can open a pharmacy in Malaysia, it is important to have the necessary qualifications and licenses. You must be a registered pharmacist in Malaysia and hold a valid Pharmacy Services Provider License. Additionally, you may need to fulfill other requirements set by the Ministry of Health Malaysia, such as completing a pre-registration training program.

Step 2: Secure a suitable location

Choosing the right location for your pharmacy is crucial for its success. Look for areas with high foot traffic, preferably in close proximity to healthcare facilities or residential areas. You will also need to comply with zoning regulations and obtain necessary permits.

Step 3: Set up the pharmacy

Once you have secured a location, you will need to set up the physical space of your pharmacy. This includes acquiring shelving, display cases, refrigeration units for temperature-sensitive medications, and other necessary equipment. You will also need to ensure compliance with storage and safety regulations set by the Ministry of Health Malaysia.

Step 4: Procure medications and other products

In order to serve your customers, you will need to procure a wide range of medications, healthcare products, and other supplies. It is important to establish relationships with reliable suppliers who can provide you with quality products at competitive prices. Additionally, you will need to ensure that your pharmacy stocks a sufficient quantity and variety of medicines.

Step 5: Hire and train staff

A well-trained and knowledgeable staff is crucial for the success of your pharmacy. Hire pharmacists, pharmacy assistants, and other support staff who are passionate about providing excellent customer service and promoting good health. Provide them with the necessary training to ensure they are up to date with the latest developments in pharmacy practice.

Step 6: Advertise and market your pharmacy

Once your pharmacy is set up and ready to serve customers, it is important to spread the word and attract potential customers. Develop a comprehensive marketing strategy that includes advertising in local media, creating an online presence through a website and social media platforms, and collaborating with healthcare professionals to promote your services.

In conclusion, opening a pharmacy in Malaysia requires careful planning, adherence to regulatory requirements, and a commitment to providing quality healthcare services. By following the steps outlined in this comprehensive guide, you will be well on your way to successfully establishing and operating a pharmacy in Malaysia.

Overview of Pharmacy Regulations in Malaysia

Licensing requirements.

In Malaysia, the practice of pharmacy is regulated by the Malaysian Pharmacy Board (MPB) under the Ministry of Health. To open a pharmacy in Malaysia, individuals are required to obtain a license from the MPB. The licensing process involves submitting an application, providing relevant documents, and meeting certain criteria set by the board.

Retail Pharmacy Guidelines

The MPB has established guidelines for retail pharmacies in Malaysia to ensure the quality and safety of pharmaceutical services. These guidelines cover various aspects such as premises requirements, storage and handling of medicines, record keeping, and professional conduct. Compliance with these guidelines is essential for obtaining and maintaining a pharmacy license.

Pharmacist Registration

In addition to obtaining a pharmacy license, individuals seeking to open a pharmacy in Malaysia must also be registered as a pharmacist with the Pharmacy Board of Malaysia. To be eligible for registration, individuals must possess a recognized pharmacy qualification and undergo a period of supervised practical training. Registration is necessary to ensure that pharmacists possess the necessary knowledge and skills to provide quality pharmaceutical care.

Code of Ethics

All pharmacists in Malaysia are expected to adhere to a strict code of ethics set by the Malaysian Pharmacy Board. This code of ethics outlines the professional responsibilities of pharmacists, including maintaining patient confidentiality, dispensing medications accurately, and providing unbiased information to patients. It also emphasizes the importance of continuous professional development and staying updated with the latest developments in the field of pharmacy.

Professional Regulation and Inspection

The MPB regulates the practice of pharmacy in Malaysia through regular inspections and monitoring. Licensed pharmacies are subject to inspections to ensure compliance with pharmacy regulations, including the proper handling and storage of medicines, adherence to the retail pharmacy guidelines, and the presence of a registered pharmacist on duty. Non-compliance with regulations may result in penalties or the suspension of the pharmacy license.

Continuing Professional Development

Pharmacists in Malaysia are required to participate in continuing professional development activities to maintain their skills and knowledge. The MPB encourages pharmacists to engage in continuous learning through workshops, seminars, conferences, and other educational activities. Pharmacists are also required to keep a record of their professional development activities to demonstrate their commitment to ongoing learning and improvement.

Roles and Responsibilities

Pharmacists in Malaysia have a range of roles and responsibilities, including dispensing medications, providing medication counseling to patients, monitoring drug therapies, and collaborating with other healthcare professionals. They are also involved in medication management, quality assurance, and ensuring the safe and effective use of medicines. Pharmacists play a crucial role in promoting patient safety and optimizing healthcare outcomes.

Pharmacy Practice Settings

In Malaysia, pharmacies can operate in various practice settings, including community pharmacies, hospital pharmacies, industrial pharmacies, and clinical pharmacies. Each practice setting has its own unique requirements and regulations. Community pharmacies, for example, must meet certain criteria related to premises, equipment, and staffing, while hospital pharmacies must adhere to hospital policies and procedures.

Registration Process for Opening a Pharmacy

The registration process for opening a pharmacy in Malaysia involves several steps and requirements. Here is a comprehensive guide to help you navigate through the process:

1. Application Submission

The first step in the registration process is to submit an application to the Pharmacy Board of Malaysia. The application needs to include all the required documents and information, such as the business plan, layout plan, and financial statements.

2. Business Name Approval

After the application submission, the Pharmacy Board will review the proposed business name. If the name is already taken or not compliant with the guidelines, you will need to choose a different name.

3. Premises Assessment

Once the business name is approved, the Pharmacy Board will conduct an assessment of the premises where the pharmacy will be located. This assessment includes a review of the layout, facilities, and compliance with the Pharmacy Act and Regulations.

4. Establishment License

If the assessment is successful, the Pharmacy Board will issue an establishment license. This license allows you to legally operate a pharmacy in Malaysia.

5. Procurement and Setup

After obtaining the establishment license, you can proceed with procuring all necessary equipment, medicines, and supplies for the pharmacy. You will also need to set up the physical space and ensure all necessary facilities are in place.

6. Staff Registration

Before opening the pharmacy, you must register all staff members with the Pharmacy Board. This includes the registered pharmacist who will be responsible for the pharmacy's operations.

7. Opening Announcement

In order to inform the public about your pharmacy's opening, you can submit an announcement to the Pharmacy Board for publication. This will help attract customers and build awareness of your new pharmacy.

By following these steps and meeting all the requirements, you can successfully register and open a pharmacy in Malaysia. It is important to familiarize yourself with the specific regulations and guidelines set by the Pharmacy Board to ensure compliance throughout the registration process.

Licensing Requirements for Pharmacists

1. educational qualification.

In order to become a licensed pharmacist in Malaysia, individuals must possess a recognized pharmacy degree from a Malaysian institution or a degree that is recognized by the Pharmacy Board of Malaysia. The degree must be obtained from an accredited program and the individual must have successfully completed a minimum of 4 years of pharmacy education.

2. Pre-Registration Training

After obtaining a pharmacy degree, individuals are required to undergo a period of pre-registration training. This training is typically conducted under the supervision of a registered pharmacist and must be for a minimum duration of 12 months. During this training, individuals are required to gain practical experience in various aspects of pharmacy practice.

3. Examination

Once the pre-registration training is completed, individuals are required to pass the examination conducted by the Pharmacy Board of Malaysia. This examination assesses the individual's knowledge and skills in pharmacy practice and ensures that they meet the necessary standards to practice as a pharmacist.

4. Registration

After successfully passing the examination, individuals can apply for registration with the Pharmacy Board of Malaysia. The application must include all necessary documents, such as the certificate of completion of pre-registration training and the examination results. Once the application is approved, the individual will be issued a license to practice as a pharmacist in Malaysia.

5. Continuing Professional Development

After obtaining a license to practice, pharmacists in Malaysia are required to engage in continuing professional development activities to maintain their license. This includes attending workshops, conferences, and other educational programs to enhance their knowledge and skills in pharmacy practice.

6. Good Character Requirement

As part of the licensing requirements, individuals must demonstrate good character and fitness to practice. This may involve providing character references, undergoing a criminal background check, and adhering to the professional code of conduct set by the Pharmacy Board of Malaysia.

In summary, the licensing requirements for pharmacists in Malaysia include obtaining a recognized pharmacy degree, completing pre-registration training, passing an examination, applying for registration, engaging in continuing professional development, and demonstrating good character. These requirements ensure that pharmacists in Malaysia possess the necessary knowledge, skills, and professionalism to provide safe and effective pharmaceutical care to the public.

Location and Premises Requirements

Choosing the right location for a pharmacy is crucial, as it can greatly impact the success of the business. When selecting a location, certain requirements must be met to ensure compliance with regulations and to provide convenience to customers.

1. Proximity to Residential Areas

It is important to choose a location that is easily accessible for customers, especially those who live in nearby residential areas. Being close to residential areas increases the convenience for customers to access the pharmacy, increasing the likelihood of repeat business.

2. Adequate Space

The premises should have enough space to accommodate both the retail area and the dispensing area. The retail area is where customers browse and purchase over-the-counter medications and other healthcare products. The dispensing area is where pharmacists prepare and dispense prescription medications. Adequate space allows for smooth flow of operations and ensures a comfortable environment for both staff and customers.

3. Proper Infrastructure

The pharmacy should be equipped with the necessary infrastructure, such as electricity, water supply, and ventilation systems. These utilities are vital for the proper functioning of the pharmacy, ensuring that medications are stored at the correct temperature and providing a comfortable environment for both staff and customers.

4. Parking Facilities

Having ample parking facilities near the pharmacy is beneficial for customers, as it provides convenience and easy access to the premises. This is especially important for customers who may require assistance or have mobility issues, ensuring that they can access the pharmacy without any difficulties.

5. Compliance with Local Regulations

Lastly, it is important to ensure that the chosen premises comply with local regulations and guidelines set by the relevant authorities. This includes obtaining the necessary permits, licenses, and certifications required to operate a pharmacy in Malaysia. Compliance with regulations helps to ensure the safety and quality of the pharmacy's operations.

Obtaining Necessary Permits and Certificates

1. pharmacy license.

In order to open a pharmacy in Malaysia, you must obtain a pharmacy license from the Malaysian Ministry of Health. This license is required to operate a pharmacy and dispense prescription medications to patients. To obtain the license, you will need to submit an application along with the necessary documents and fees. The application process may involve an inspection of the premises to ensure that it meets the required standards and regulations.

2. Business License

In addition to the pharmacy license, you will also need to obtain a business license from the local government authorities. This license is required for any business operating in Malaysia and will ensure that your pharmacy complies with local regulations and guidelines. The application process may vary depending on the location, so it is advisable to check with the relevant authorities for specific requirements.

3. Professional Certificates

If you plan to be the pharmacist in charge of the pharmacy, you will need to have the necessary professional certificates. In Malaysia, this includes a Bachelor of Pharmacy degree from a recognized university and registration with the Malaysian Pharmacy Board. These certificates demonstrate your qualifications and ensure that you have the knowledge and skills to safely dispense medications to patients.

4. Premises Approval

Prior to obtaining the necessary permits and licenses, you will need to find a suitable location for your pharmacy. It is important to ensure that the premises meet the requirements set by the Malaysian Ministry of Health. This may include having sufficient space, storage facilities, and amenities for both patients and staff. You may need to obtain approval from the local council or relevant authorities to ensure that the premises are suitable for operating a pharmacy.

5. Medicines Act Registration

Under the Medicines (Advertisement and Sale) Act 1956, any person who intends to sell or supply medicines in Malaysia must register their premises with the Malaysian Ministry of Health. This registration is necessary to ensure that the medicines being sold are safe, genuine, and of quality standards. To register your premises, you will need to submit an application along with the necessary documents and fees. The registration process may involve an inspection of the premises and a review of the products being sold.

Once you have obtained all the necessary permits and certificates, you will be ready to open your pharmacy in Malaysia. It is important to comply with all regulations and guidelines to ensure the safety and wellbeing of your patients.

Compliance with Good Pharmacy Practice Standards

Compliance with good pharmacy practice standards is essential for any pharmacy operating in Malaysia. These standards are put in place to ensure the safety and quality of pharmaceutical products and services provided to the public. Pharmacy owners must adhere to these standards to maintain their license and meet the expectations of regulatory authorities.

Pharmacist Licensing and Registration: To comply with good pharmacy practice standards, all pharmacists practicing in Malaysia must be licensed and registered with the Pharmacy Board of Malaysia. This ensures that pharmacists have met the necessary qualifications and training to provide pharmaceutical services safely and effectively.

Dispensing and Labeling: Pharmacy owners must comply with stringent regulations related to dispensing and labeling medications. This includes ensuring accurate dispensing of prescriptions, proper labeling with patient information, proper storage and handling of medications, and compliance with drug control measures to prevent medication errors and protect patient safety.

Storage and Inventory Management: Compliance with good pharmacy practice standards also requires proper storage and inventory management of pharmaceutical products. Medications must be stored at appropriate temperatures and conditions to maintain their integrity and effectiveness. Additionally, pharmacy owners must implement inventory control systems to monitor stock levels, expiry dates, and batch numbers to ensure the availability of safe and effective medications for patients.

Infection Control Measures: Pharmacies are also required to have appropriate infection control measures in place to prevent the spread of infections within the pharmacy. This includes regular cleaning and disinfection of surfaces, proper disposal of waste, and implementation of measures to minimize the risk of cross-contamination.

Record-Keeping: Compliance with good pharmacy practice standards also extends to maintaining accurate and comprehensive records. Pharmacy owners must keep records of dispensing, inventory management, and patient information, while ensuring patient confidentiality and data protection.

Continuing Education and Training: To ensure ongoing compliance with good pharmacy practice standards, pharmacists and pharmacy staff must engage in continuing education and training programs. These programs help them stay updated with the latest advancements in pharmacy practice, regulations, and technology, enabling them to provide the best pharmaceutical care to patients.

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Posted By: Tim Kautzman February 19, 2023

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• Pharmacy Management

How to Start a Pharmacy: A Complete Guide

Last updated Dec 11, 2020 | Pharmacy Management

Starting any new business can be daunting and pharmacies come with their own unique learning curve. In a competitive market, pharmacists have to work hard to stand out from the crowd and scale their business successfully.

There are a lot of components to a good pharmacy, but it starts with creating a solid business plan and brand. To help you prepare, we’ve created a guide that walks you through how to start a pharmacy, from business plan to grand opening.  

Create a Business Plan

Before getting into the nuts and bolts of opening your pharmacy, it’s important to start with an overview of the business you want to build. A business plan is a roadmap for your pharmacy, laying out all the different components in one place and acting as a manual for growth.

How to Start a Pharmacy Business Plan

A pharmacy business plan should contain the following:

Executive Summary

A high-level summary, highlighting the important points to give potential investors all the information they need on a single page. 

Description of Business 

Includes details like your:

• Pharmacy niche and branding
• Target market/audience
• Location and space
• Potential team members and titles
• Potential expenses

Description of Service(s)

What services do you plan to offer your target market? This section covers your future pharmacy’s sources of revenue, including potential prescription stock, retail products, or specialty and healthcare services.

Marketing Plan 

You need to have a good handle on the competition and a plan for promoting yourself. This section should contain an in-depth competitor analysis, ideas for marketing and sales strategies, and a SWOT analysis of your business .

Financial Plan 

Projected revenue, expenses, and major costs, such as lease timelines, mortgage payments, and estimated payroll go here. Also include any financing information and an exit strategy, if possible. 

To get you started, here is an excellent example of a pharmacy business plan , broken down by section in detail. 

Define Your Pharmacy Brand

A brand encapsulates your business and determines how customers will identify you, interact with you, and use your products or services. 

What Makes a Good Brand?

Many people think of a brand as the visuals, the logo, and color schemes you see on any website or business card. But there’s a lot more to it.

Key factors of a brand include:

Mission and Vision Statements

A mission statement defines your purpose and values as a company, spelling out what you do, how, and why. Your vision statement breaks down future goals for your business and how you will act on your mission.

Value Proposition

In order to stand out in the market, you need to identify your unique value as a business and define it in a value proposition statement . This could be anything from location (“the only pharmacy in town”) or background (“family-run pharmacy”), to competitive pricing, standout customer service, or specialized services.

Naming and Trademarking

Choosing a name can be difficult, and you want it to be easy to remember and tell people who you are and what the business is about. If you pick a unique name or want to make sure no one else can use it, consider applying for a trademark before you open.

Visual Identity

The face of your brand, visual identity covers your logo, brand color palette, typography, images, graphics, and other elements businesses use to market and promote themselves.

Set up Your Website

Now you have branding in place, it’s time to introduce your business to potential patients online. Every successful pharmacy business owner should have a website and social media accounts that patients can visit to access location and service information. 

Getting Your Domain and Social Handles

The first step to setting up your pharmacy website is buying a domain name. Make sure that your ideal domain name is available by plugging it into a domain search database, such as Instant Domain Search .

Social media accounts can boost your position in search engine results and help draw visitors to your site. Set up profiles on Twitter and Instagram and a Facebook Business Page with user names that are as close to your business name as possible. 

Pharmacy Website Basics

If you plan to offer digital tools and services or collect patients’ health information, make sure that your pharmacy website is HIPAA-compliant .

A successful pharmacy website should contain your: 

• Brand identity
• Location and contact information
• Introduction to products, services, and staff
• Links to social media accounts

For more tips on marketing your pharmacy business online, check out our latest ebook .

Pick a Pharmacy Location

Before you start scouting, it’s a good idea to ask yourself a few questions about your area of choice:

• How many other pharmacies are there?
• What services do nearby pharmacies offer and are they direct competitors with you?
• Is the prescription base big enough for everyone?

Assessing the level of competition in your ideal locations can help you narrow things down and assess potential opportunities. 

What Makes a Good Business Site

Real estate agents say it’s all about “location, location, location,” but what does that mean for a pharmacy business? Here are a few factors to consider when searching for a pharmacy site :

Accessibility 

The amount of daily foot and car traffic, visibility from the road, convenience of parking, entrances, and exits, and whether the site has room for a drive-thru or curbside pickup.

Is there room enough to operate and grow? Think about how many locations you want and the services, stock, and staff you’ll need to maintain. 

Previous tenants 

If there were other pharmacies in the same space, try to figure out what made them leave or close. It could mean there’s an active customer base or it could be a warning sign. 

Other business sources 

Look for sites located near complementary businesses, like doctor’s offices or other medical facilities which help guarantee good foot traffic and offer opportunities for future collaboration. 

Determine Your Financials

Your business plan should include an estimate of startup and working costs for your pharmacy , as well as the types of funding you plan to pursue. Determining your pharmacy’s financial needs will help prepare you for applying for loans or approaching potential investors. 

Here are some of the costs you should keep in mind:

Build-out costs: Includes mortgage down payment, construction, renovation, fixtures, and interior design.

Inventory: Covers your initial stock of prescription and OTC drugs and other retail or healthcare products. 

Operating expenses: Calculate how much you’ll need to cover day-to-day expenses for at least 6 months after you open to allow time for the pharmacy to make a profit.

Once you have funding in place, keep track of current and future costs with a pharmacy income statement , which calculates your:

• Sale deductions
• Cost of goods sold (COGS)
• Gross profit
• Net profit and profit margins
• Operating expenses

Get Your Licenses in Order

All new businesses require paperwork and that’s doubly true of pharmacies, which tend to be heavily regulated. Get started by registering as a business entity in your state , requesting your federal Employer Identification Number (EIN) , and opening your first business bank account . 

After you complete the business basics, check for state and federal pharmacy operating licensing requirements and permits , which will vary by location. 

Typical requirements include:

• State pharmacy license or permit
• Controlled substance registration
• National Council for Prescription Drug Programs (NABP/NCPDP) number
• Drug Enforcement Agency (DEA) number
• National Provider Identifier (NPI) number

Keep in mind that if you also plan to practice in your own location, you need to meet state requirements for pharmacists as well. 

Prep for Opening

You’re nearly ready to open for business, but before you do, there are some important last-minute details you’ll need to oversee. 

Investing in Digital Tools

To simplify operations, start off strong by streamlining your workflow and offering patients a multichannel digital experience. Install a pharmacy management system (PMS) to keep you running efficiently and an interactive voice response (IVR) solution to manage inbound calls. Digital communications software can offer secure messaging and help you identify clinical opportunities.

Contact us today for a free demo of our IVR solution. 

Inventory Ordering

Look for wholesalers you can develop long-term relationships with , not just ones that offer lower costs. Try and ask for sample orders of prescription and OTC medications initially to keep costs down and tide you over while your pharmacy grows.

Front of Store Flow and Design

Think about what you want patients to see when they walk through your door. Consider the overall store layout and how best to position products, staff, and counters. Generous aisle spacing and clear paths to checkout lines can make a big difference to traffic flow and revenue . 

Online and Offline Advertising 

Try to position signage towards high-traffic areas so people will see it as they drive by and contact local publications for a new business interview. If you haven’t already, start working on a digital marketing strategy , leveraging social media channels and paid ads to generate interest in your brand opening and attract visitors to your website. 

Last but not least, don’t forget to celebrate your new achievement! Throw a party for yourself and your staff to kick off this new phase of your life. 

More Pharmacy Management Resources

For more about running a successful pharmacy, check out our resources for pharmacy management . 

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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.

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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The Legal Framework of Pharmaceutical Companies in Malaysia

Introduction

The pharmaceutical industry in Malaysia has seen significant growth in recent years, with both multinational and local companies operating in the market. These companies produce a variety of products, including branded and generic drugs, vaccines, and medical devices. The industry is supported by the Malaysian Government, which has adopted and implemented policies to encourage investment and research and development in the sector.

Having regulatory and business frameworks for the pharmaceutical industry is crucial for ensuring the safety and efficacy of drugs and medical devices manufactured, imported and sold in Malaysia. The frameworks set standards for the testing, approval, and monitoring of drugs and medical devices, assuring that they are safe for use by patients. They also make sure that companies operating in the industry comply with ethical and legal standards, such as those related to clinical trials and marketing practices.

Strong regulatory and business frameworks inspire confidence among healthcare providers and patients, encouraging the use of safe and effective medicines and devices. They also help to attract investment to the industry, as companies are more likely to invest in countries with clear and consistent regulatory and business standards.

The Regulatory Bodies

The main regulatory bodies responsible for the pharmaceutical industry in Malaysia are the Ministry of Health (MOH), the National Pharmaceutical Regulatory Agency (NPRA) and the Drug Control Authority (DCA).

In Malaysia, the MOH is the principal governmental authority responsible for protecting people’s health and well-being, as well as overseeing the whole healthcare system. The NPRA’s roles include implementing quality control of drugs and medical devices and ensuring compliance with regulatory requirements. 1

It also collaborates with international regulatory bodies, such as the World Health Organization, to align its regulatory standards with global best practices. 2

The DCA, on the other hand, is specifically responsible for the registration of pharmaceutical products. Its roles include evaluating the safety and efficacy of new drugs, and issuing licenses for the import, export, and manufacture of drugs. 3

All institutions play critical roles in developing and enforcing these standards, ensuring that patients have access to safe and effective treatments. By working together, the three bodies can efficaciously regulate the pharmaceutical industry and maintain public trust in the healthcare system.

The Regulatory Framework

The regulatory framework for the pharmaceutical industry in Malaysia is governed by several laws and regulations, including the Control of Drugs and Cosmetics Regulations 1984, the Sale of Drugs Act 1952 (Act 368), and the Poisons Act 1952 (Act 366). These laws and regulations set out the standards for the manufacture, import, export, and distribution of drugs and medical devices in Malaysia. 4

The regulations are enforced by the NPRA, which conducts inspections of manufacturing facilities, performs assessments of new drugs and medical devices, and monitors the safety of products on the market. The NPRA has the power to suspend or cancel licenses for non-compliance with regulatory standards. 5 Different types of licenses are required for different activities in the pharmaceutical industry in Malaysia, and these licenses are issued by the DCA.

The licenses comprise of, among others, Manufacturer’s license for manufacturers, Import License for importers, and Wholesale Dealer’s License for wholesalers and distributors that must be renewed periodically to ensure continued compliance with regulatory standards. 6 To apply for a license, the process usually involves submitting an application through the NPRA online portal. The DCA will assess the application which may include inspections of manufacturing facilities and testing of product samples to ensure that the applicant complies with regulatory requirements. The applied license will be issued once the application is approved .7

The compliance requirements for the pharmaceutical industry in Malaysia include Good Manufacturing Practice (GMP) and Good Distribution Practice (GDP) guidelines. These guidelines set out standards for the manufacturing, distributing and quality control of drugs and medical devices. 8 Failure to comply with these requirements can result in fines, license suspension, or even criminal prosecution. 9

The industry is subject to strict regulatory oversight from the MOH, NPRA, and DCA with pharmaceutical companies required to comply with stringent requirements during the registration and manufacturing phases. This framework helps to ensure that pharmaceutical products in Malaysia meet high standards of safety and efficacy, providing consumers with peace of mind and supporting the growth of the industry.

The Business Framework

In addition to the regulatory framework, pharmaceutical companies operating in Malaysia must also navigate the country’s business framework, which includes company registration and licensing, manufacturing, intellectual property protection, and market access.

Company registration and incorporation in Malaysia is regulated by the Companies Commission of Malaysia (CCM). Companies must register with the CCM to operate legally in the country. 10 The registration process for pharmaceuticals in Malaysia requires submission of the necessary documents and fees, as well as compliance with regulations pertaining to company structure and governance as governed by guidelines and regulations set by the MOH, NPRA and DCA. 11 It is reported that as of December 2019, there were 263 licensed manufacturers among local and foreign companies, including Duopharma Berhad, Pharmaniaga Manufacturing Berhad, Hovid Berhad, Biocon Sdn. Bhd., and Sterling Drug (M) Sdn. Bhd., while Pfizer, Astra Zeneca, Novartis, and other major multinational companies (MNCs) primarily operate as licensed drug importers in Malaysia. 12

Intellectual property protection is crucial for pharmaceutical companies, as it allows them to protect their innovations and maintain a competitive advantage. Malaysia has a robust intellectual property framework that includes patent, trademark, and copyright protection. The country is also a member of several international agreements related to intellectual property, such as the World Intellectual Property Organization (WIPO), Paris Convention for the Protection of Industrial Property 1883, and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). 13 Market access and the competitive environment in Malaysia can be challenging for pharmaceutical companies. The market is highly competitive, with both multinational and local players vying for a share of the market. With that being said, understanding the business framework is critical for pharmaceutical companies seeking to enter or expand their presence in the Malaysian market.

Recent Developments and Challenges

In recent years, the pharmaceutical industry in Malaysia faces several challenges, including the prevalence of counterfeit medicines, inadequate resources, and lack of transparency.

In 2021, counterfeit medicines worth almost RM2.2 million were seized by authorities in Malaysia, highlighting the significant problem of counterfeit and unregistered medications in the country. 14 Inadequate resources, such as a shortage of trained personnel and limited funding, can also pose challenges for regulatory bodies in enforcing regulatory standards. Lack of transparency in the regulatory process can also undermine public trust in the healthcare system. 15

Efforts to address these challenges include improving the regulatory and business frameworks through improved collaboration and information sharing between regulatory bodies, increasing public awareness of the dangers of counterfeit drugs, and investing in training and resources for regulatory bodies.

The NPRA has also implemented a track and trace system to revamp the transparency of the supply chain and prevent the circulation of counterfeit drugs. 16 The Malaysian government has also been working to attract more foreign investment in the pharmaceutical industry and enhance access to funding and resources for local manufacturers. 17

Although there are challenges confronting pharmaceutical companies in Malaysia, there are also considerable chances for advancement and progress. Companies that capable of navigating the regulatory environment and compete effectively in the market stand to benefit from the growing demand for healthcare services and the government’s commitment to developing the sector.

In conclusion, the frameworks of pharmaceutical companies in Malaysia are multifaceted, comprising both regulatory and business aspects. The regulatory framework is overseen by the MHO, NPRA and DCA, and includes processes for drugs registration and control. On the business side, pharmaceutical companies must navigate company registration and licensing, manufacturing, intellectual property protection, and market access. Looking to the future, the outlook for the pharmaceutical industry in Malaysia is positive, with continued growth expected in the coming years.

However, the industry is likely to face ongoing challenges related to regulatory compliance and market competition. Implications for the global pharmaceutical industry are also significant, as Malaysia continues to emerge as a key player in the Asia-Pacific region.

———-

• Asrul A.S., et. all, ‘Health Technology Assessment and Its Use in Drug Policy in Malaysia’, Value in Health Regional Issue, (2019), 18, pg. 145-150.
• PMO NPRA, ‘WHO Collaborating Centre for Regulatory Control of Pharmaceuticals’, Official Portal of NPRA, 5 December 2019.https://www.npra.gov.my/index.php/en/ about/recognition-international-membership/whocollaboratingcentre.html#:~:text=It%20is%20a%20regulatory%20agency,of%20pharmaceuticals%20marketed%20in%20Malaysia.
• Lisa Assakina, ‘About the Drug Control Authority (DCA)’, Official Portal of NPRA, 2 March 2023. https://www.npra.gov.my/index.php/en/about/drug-control-authoritydca/about-the-dca.
• Justin Dominic Wong Chi Wen and Jack Lee Yong Jie, ‘Product Registration for Pharmaceutical Industry & Cosmetic Products’, Azmilaw Newsletter. https://www.azmilaw.com/insights/product-registration-for-pharmaceutical-industry-cosmetic-products/.
• Kobu, ‘Vision, Mission and Objective’, Official Portal of NPRA, 14 July 2022. https://npra.gov.my/index.php/en/about.html.
• Jauze, ‘Licensing (Manufacturer, Importer and Wholesaler)’, Official Portal of NPRA, 24 February 2023. https://www.npra.gov.my/index.php/en/guidelinesfor-compliance-licensing/1608-licensing-manufacturer-importer-and-wholesaler.html.
• ‘Registration for Pharmaceutical Products’, MIDA. https://mida.gov.my/wp-content/uploads/2020/07/Guideon-Pharmaceutical-Industry-In-Malaysia_17072020.pdf.
• Kuek Pei Yee and Tan Shi Wen, ‘Regulatory, Pricing and Reimbursement: Malaysia’, Skrine, 6 January 2021. https://pharmaboardroom.com/legal-articles/regulatorypricing-and-reimbursement-malaysia/.
• NPRA, ‘Frequently Asked Questions (FQAs) about GMP Inspection by NPRA’, Official Portal of NPRA, February 2020. https://www.npra.gov.my/easyarticles/images/users/1050/FAQs-APB-Inspection-Feb-2020.pdf.
• MIDA, ‘Guide on Pharmaceutical Industry in Malaysia’, pg. 7, June 2020. https://mida.gov.my/wp-content/uploads/2020/07/Guide-on-Pharmaceutical-Industry-In-Malaysia_17072020.pdf.
• MIDA, ‘Guide on Pharmaceutical Industry in Malaysia’, pg. 8, June 2020. https://mida.gov.my/wp-content/uploads/2020/07/Guide-on-Pharmaceutical-Industry-In-Malaysia_17072020.pdf.
• MIDA, ‘Guide on Pharmaceutical Industry in Malaysia’, pg. 19, June 2020. https://mida.gov.my/wp-content/uploads/2020/07/Guide-on-Pharmaceutical-Industry-In-Malaysia_17072020.pdf.
• Surin Murugiah, ‘Rise of digital drug dealers a global ticking time bomb’, The Edge Markets, 25 February 2022. https://www.theedgemarkets.com/article/risedigital-drug-dealers-global-ticking-time-bomb.
• Abubaker A., et. all, ‘A Challenge Facing the Malaysian Pharmaceutical Sector: Quality and Affordability of the National Medications’, Research and Reviews: Journal of Pharmacy and Pharmaceutical Sciences, (2016), 5(3), pg. 71-77.
• Nick Paul Taylor, ‘Asia-Pacific Roundup: Malaysia’s NPRA details pilot project for track and trace system’, RAPS, 26 July 2022. https://www.raps.org/news-andarticles/news-articles/2022/7/asia-pacific-roundupmalaysias-npra-details-pilot.
• MIDA, ‘Guide on Pharmaceutical Industry in Malaysia’, pg. 20, June 2020. https://mida.gov.my/wp-content/uploads/2020/07/Guide-on-Pharmaceutical-Industry-In-Malaysia_17072020.pdf.

Written by:

Nur Insyirah Mohamad Noh (Associate) [email protected]

Corporate Communications, Azmi & Associates – 25 July 2023

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Dear Valued Clients,

Following the national fiscal (Budget 2024) announcement, the proposed Service Tax (ST) rate will be increased from the current rate of 6% to 8% with effect from 1 March 2024, on selected taxable services including the legal services sector.

At this point, Azmi & Associates (“ the Firm ”) has outlined a tentative approach to the proposed increase in ST, pending further clarifications and implementation guidelines from the relevant Ministry and the Royal Malaysian Customs Department.

During this period, the Firm reserves the right to update or modify the information as deemed necessary.

1. Effective Date The anticipated effective date for the implementation of the new tax rate (8%) is set for 1 March 2024.

2. Transitional rules for the proposed increase in Service Tax rate a. Service Tax at 6% is applicable on taxable services provided before 1 March 2024; Service Tax at 8% is applicable on taxable services provided post 1 March 2024. b. Taxable services spanning 1 March 2024: • Service Tax at 6% for the portion of taxable services provided before 1 March 2024 • Service Tax at 8% for the portion of taxable services provided post 1 March 2024

Should you have any queries or require further clarification on this matter, please feel free to reach out to us. We highly value our client relationships and are dedicated to ensuring a seamless transition through these changes.

Corporate Communications, Azmi & Associates – 16 February 2024

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Pharmacy Business Plan Template

Pharmacy business plan.

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

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their pharmacy businesses.

How To Write a Business Plan For A Pharmacy

Below are links to each section of a business plan for a pharmacy business providing a template for you to write your own.

• Executive Summary – The Executive Summary of your pharmacy business plan should provide an overview of your business concept, key objectives of your business and a snapshot of the market opportunity.
• Company Overview – The Company Overview section should provide an overview of your company, including history, mission statement, legal structure, retail locations, and any relevant information about your business.
• Industry Analysis – The Industry Analysis section should describe the pharmacy industry and market, including size, growth, trends, and major players.
• Customer Analysis – The Customer Analysis section should describe your target customer, including demographics, needs, and buying habits.
• Competitive Analysis – This section should describe the competitive landscape in your market, including major players, market share, and any unique selling points.
• Marketing Plan – The Marketing Plan section should describe your approach to marketing, including your marketing mix, strategies, and tactics.
• Operations Plan – The Operations Plan section should describe how your pharmacy will operate, including details on facilities, equipment, inventory, and security.
• Management Team – The Management Team section should describe the management team, including bios and experience.
• Financial Plan – The Financial Plan section should include a 5-year financial projection, including pro forma income statements, balance sheets, and cash flow statements.
• Appendix – The Appendix should include any supporting materials, such as market research, competitive analysis, customer surveys, etc.

Next Section: Executive Summary >

Pharmacy Business Plan FAQs

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

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

Where Can I Download a Pharmacy Business Plan PDF?

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

What Is a Pharmacy Business Plan?

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

Why Do You Need a Business Plan for a Pharmacy?

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

What Are the Sources of Funding for a Pharmacy?

Pharmacy businesses are usually funded through small business loans, personal savings, credit card financing and/or angel investors.

Where Can I Find a Pharmacy Business Plan Example?

The following sample pharmacy business plan was designed for a sole proprietorship pharmacy called The Medicine Shoppe which provides online services as well as a retail location.

Executive Summary

The Medicine Shoppe is a side delivery company that plans to open its doors on October 1, 20XX. The company will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm. The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs and will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.

The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from the store. The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at the store and points can be redeemed for discounts on future purchases. The Medicine Shoppe also plans to sponsor community initiatives such as blood drives and flu shot clinics.

The Medicine Shoppe has been capitalized with $1 million from the founders and plans to generate $2 million in revenue within the first year of operation. The company plans to break even within the first year of operation and generate profits in year two of operation. The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.

Company Overview

Our mission statement is “ The Medicine Shoppe is dedicated to providing quality medical care and services to our patients and customers. ”

The Medicine Shoppe is a full-service pharmacy business that will be located in the heart of downtown Santa Barbara, California. The company will offer both online and retail services to its customers. The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more. The company will also offer delivery services for its customers.

The Medicine Shoppe will be owned and operated by Aimee Stewart, a registered pharmacist with over 10 years of experience. Ms. Stewart has a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacists Association.

The company plans to open its doors for business on October 1, 20XX.

Industry Analysis

The pharmacy industry is a highly regulated industry with strict laws and regulations governing the distribution of drugs and other pharmaceutical products. In order to operate a pharmacy, businesses must obtain a license from the state in which they plan to do business.

The pharmacy industry is a highly competitive industry. There are many large, national chains such as CVS, Walgreens, and Rite Aid that have a significant presence in most markets. In addition to the national chains, there are also many regional and local pharmacies. These businesses compete on price, selection, customer service, and convenience.

The pharmacy industry is growing at a moderate rate. According to the National Association of Chain Drug Stores, total sales for the US pharmacy industry are expected to reach $371 billion by 2020. This growth is being driven by an ageing population, new medications, and increased access to healthcare.

The Medicine Shoppe will compete in the pharmacy industry by offering a broad range of products and pharmacservices, competitive pricing, superior customer service, and convenient online and retail locations.

If The Medicine Shoppe does not establish a strong reputation, it could lose customers to its competitors. The company could also be adversely affected by changes in the economy or healthcare industry.

Customer Analysis

The target market for The Medicine Shoppe will be the residents of Santa Barbara County. Santa Barbara County is a large county with a population of over 700,000 people. The median age in the county is 38 years old, and the median household income is $70,000.

The county has a large number of retirees, as well as a significant number of young families. These groups will be the primary target market for The Medicine Shoppe. The company plans to appeal to these groups with its convenient location, a broad selection of products and services, and competitive pricing.

Our target demographics include:

• Families with young children
• Individuals with chronic health conditions
• People who are uninsured or underinsured
• People who have a high deductible health insurance plan
• People who take multiple medications

The psychographics of this market include:

• People who are health-conscious
• People who are price-conscious
• People who value convenience
• People who value customer service

Competitive Analysis

As mentioned earlier, the pharmacy industry is a highly competitive industry. The Medicine Shoppe will compete against national chains, and regional and other local pharmacies.

Some of the specific competitors that The Medicine Shoppe will face include CVS, Walgreens, Rite Aid, and Pharmaca. These businesses are all large, well-established companies with significant resources. They also have a large presence in the Santa Barbara market.

Our strengths include:

• The Medicine Shoppe will be owned and operated by a registered pharmacist with over 10 years of experience.
• The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more.
• The company will also offer delivery services for its customers.
• The Medicine Shoppe will have a convenient location in Santa Barbara County.

Our weaknesses include:

• The Medicine Shoppe is a new business and does not yet have an established reputation.
• The company will be competing against large, well-established businesses.
• The Medicine Shoppe does not have the same level of resources as its competitors.

The Medicine Shoppe will compete against these businesses by offering a more personal level of customer service, a broad range of products and services, and convenient online and retail locations.

Marketing Plan

The Medicine Shoppe will use a mix of marketing channels to reach its target market. These channels include online advertising, print advertising, and public relations.

Online Advertising

The Medicine Shoppe will use Google AdWords to target people who search for keywords related to pharmacy, medications, supplements, and more. The company will also use retargeting to reach people who have visited its website in the past.

Print Advertising

The Medicine Shoppe will use print advertising to reach its target market. The company plans to place ads in local newspapers and magazines. The ads will feature coupons and discounts to encourage people to try The Medicine Shoppe.

Public Relations

The Medicine Shoppe will use public relations to generate positive buzz about the company. The company plans to write press releases and pitch stories to local media outlets. The company will also host events and sponsor community initiatives.

Sales and Promotions

The Medicine Shoppe will offer discounts and promotions to its customers. The company plans to offer a 10% discount to seniors and a 20% discount to families with young children. The company will also offer free delivery for orders over $50.

Customer Service

The Medicine Shoppe will focus on providing excellent customer service. The company plans to offer a satisfaction guarantee for all of its products and services. The company will also train its employees to be friendly and helpful. This will help The Medicine Shoppe to build a loyal customer base.

Operations Plan

The Medicine Shoppe will be located at 123 Main Street in Santa Barbara, California. The company plans to lease a 2,000-square-foot retail space. The Medicine Shoppe will have a pharmacy, a retail area, and a waiting area for customers.

The company plans to hire 5 employees. These employees will include a pharmacist, 2 pharmacy technicians, and 2 customer service representatives. The Medicine Shoppe will also use the services of an outside delivery company.

The company plans to open its doors on October 1, 20XX. The hours of operation will be Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.

The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs. The company plans to have a separate bank account for its business activities.

The Medicine Shoppe will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.

Day-To-Day Operations

The Medicine Shoppe will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.

The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from The Medicine Shoppe.

The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at The Medicine Shoppe. Points can be redeemed for discounts on future purchases.

The Medicine Shoppe will host events and workshops on a regular basis. These events will be open to the public and will focus on topics such as healthy living, fitness, and nutrition.

The Medicine Shoppe will sponsor community initiatives such as blood drives and flu shot clinics. The company plans to partner with local nonprofits to make a positive impact in the community.

Long-Term Goals

The Medicine Shoppe’s long-term goal is to become the leading provider of pharmacy services in Santa Barbara. The company plans to achieve this goal by expanding its product and service offerings, increasing its marketing efforts, and improving its customer service.

The Medicine Shoppe also plans to expand into other markets. The company plans to open new locations in Los Angeles and San Diego. The Medicine Shoppe will also consider franchising opportunities in the future.

The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its customer base and expanding its product and service offerings.

Management Team

Aimee Stewart, a licensed pharmacist with more than 10 years of experience, is the pharmacy owner and will manage and run the Medicine Shoppe. Ms. Stewart holds a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacy Association.

Financial Plan

The Medicine Shoppe has been capitalized with $1 million from the founders. This funding will be used to lease a retail space, purchase inventory, and hire employees.

The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its target market and expanding its product and service offerings.

The Medicine Shoppe plans to break even within the first year of operation. The company expects to generate profits in year two of operation.

The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.

PHARMACY BUSINESS PLAN OUTLINE

• Pharmacy Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan
• 10. Appendix
• Pharmacy Business Plan Summary

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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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Business Ideas for Healthcare Business in Malaysia

Consider a Healthcare Business in Malaysia and Help Save Lives

The healthcare industry is huge and there are tumultuous business opportunities that are waiting for entrepreneurs like you. It includes manufacturing operations, waste recycling, medical supplies of equipment, retail pharmacies, child care, and different service sectors. In addition, anyone can venture into a healthcare business in Malaysia regardless of where he or she lives. The truth is rural, city, and suburban areas all need healthcare as it is an important necessity of man. If you have been thinking about this business for a while now, it is time to begin.

Retail Pharmacy

A business in retail pharmacy is a thriving and profitable business to have in this industry. Anyone who wants to starts this kind of business should comply with any laws about the business to avoid trouble. Anyone who plans to have this kind of business should follow the regulations on storage, sale, supply, sourcing, and record keeping in regards to medicinal products. They also need to comply with requirements related to procedures, equipment, and premises as stated in the regulations.

Veterinary Clinics

A veterinary clinic is a profitable healthcare business and there are a lot of pet lovers who want the best for their lively companions. The function of a veterinary is caring for, prevents, treats, and diagnoses sick, injured, diseased, unwell, or disabled animals brought into the clinic for medical help. Every day, there is an increasing number of pet owners, as well as the farm owners who have livestock. If you want to have a veterinary clinic, it is definitely a successful business to have. Just find a nice spot where to put your clinic, that is near a place where there are a lot of farm animals, cattle and pet owners.

Manufacture Syringes and Needles

Syringes and needles are things that are always needed by nurses and doctors. Actually, hospitals use these items daily. This only shows that the market for these things is pretty big. If you want to start a healthcare business, with products that are highly in demand in the industry of healthcare, this is an excellent idea. You can go into manufacturing syringes and needles because it is worth it and you are guaranteed to have a monthly income.

Wellness Center

If holistic care is your passion and you are an advocate of it, then you might consider opening a wellness center business. A wellness has a couple of alternative options for healthcare which includes aromatherapy, acupuncture, herbal medicine, health coaching, massage therapy and others. You do not have to qualified in every area of alternative care being offered at your business. You can rent a large office and subdivide it into smaller officers so that the alternative practitioners can sub-lease from you.

Fertility Clinics

In today’s times, there are a lot of couples who are having difficulty conceiving a child and it has reached millions. A fertility clinic is a place where those who have problems conceiving can enroll to get treatment. This is an untapped profitable business opportunity under the healthcare sector that earns billions of dollars annually. Running your own fertility clinic is helpful to couples that are challenged with child conception and it grows you a profitable business.

If you are a trained optician and want to start a healthcare business, one of the best options is opening your own eye clinic. This kind of business is very profitable and it thrives especially when you start to partner with hospitals.

Normally, hospitals will refer eye patients to affiliated eye clinics. In case you want to have this business, make sure you are in a good location and link your clinic with nearby hospitals. Of course, having an eye clinic means you are also retailing eye-related drugs, frames of glasses, and contact lenses. Actually, you can make good money from selling these in your clinic.

If you want to share your knowledge about health and wellness to a larger scale, maybe you should think of developing an e-course for health coaching. This is a smart idea if you are searching for a commitment you can do part-time or an extra income source. You can get started by doing research to check other courses online, generating course material to develop course structure, decide on a platform, and take it to social media. A lot of students improve their performance when they are interacting with their teachers and peers. You can set up a private Facebook group to achieve this.

Fitness Center

Nowadays, people are becoming more conscious about their physique. Fitness gyms are places where people can get access to different fitness equipment so they can work out properly. There are a lot of opportunities for franchising or you can open your own fitness center but research 1st before anything. It should also be in a strategic area where people can easily go to anytime. There are also 24-hour fitness gyms now that you can look into.

Dental Clinic

A healthcare business in Malaysia is going to bring you success and you will be helping people with their health concerns to live a longer and better life. Moreover, even pet lovers will benefit from your business.

You can also learn more by reading about guide to setup Malaysia business  and doing business in Malaysia .

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Pharmacies - Malaysia

• The Pharmacies market in Malaysia is forecasted to achieve a revenue of MYR US$5.03bn by the year 2024.
• This projection indicates an annual growth rate (CAGR 2024-2028) of 5.87%, leading to a market volume of MYR US$6.32bn by 2028.
• When comparing the global market, United States is expected to generate the highest revenue, amounting to US$387.30bn in 2024.
• In terms of per capita figures, in Malaysia is projected to generate MYR US$145.10 in revenue per person in 2024.
• The pharmacy market in Malaysia is experiencing a surge in demand for traditional herbal remedies and supplements.

Key regions: United States , China , Germany , Japan , Europe

Definition: Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure: The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information: The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included. For more information on the data displayed, use the info button next to the boxes.

• Prescription pharmaceuticals
• Prescription medical products
• OTC pharmaceuticals
• OTC medical products
• Pharmacy-usual items

out-of-scope

• Services such as vaccinations
• Sales through hospitals or retail stores
• Prescription Drugs
• Analgesics (Pharmacies)
• Cold & Cough Remedies (Pharmacies)
• Digestive & Intestinal Remedies (Pharmacies)
• Skin Treatment (Pharmacies)
• Vitamins & Minerals (Pharmacies)
• Hand Sanitizer (Pharmacies)
• Eye Care (Pharmacies)
• Sleep Aids (Pharmacies)
• Wound Care (Pharmacies)
• Pharmacy Usual Items
• Other OTC Pharmaceuticals (Pharmacies)
• Analyst Opinion

The Pharmacies market in Malaysia is experiencing significant growth and development due to several key factors. Customer preferences: Customers in Malaysia are increasingly seeking convenience and accessibility when it comes to purchasing healthcare products and medications. Pharmacies provide a one-stop solution for customers to fulfill their healthcare needs, offering a wide range of products including over-the-counter medications, prescription drugs, and personal care items. Additionally, many pharmacies in Malaysia also provide value-added services such as health consultations, health screenings, and medication delivery, which further enhance the convenience factor for customers. Trends in the market: One of the key trends in the Pharmacies market in Malaysia is the growing demand for online pharmacy services. With the increasing penetration of internet and smartphones, more customers are opting to purchase their medications and healthcare products online. This trend is driven by the convenience of online shopping, as customers can browse and purchase products from the comfort of their own homes. Online pharmacies also offer competitive pricing and discounts, attracting price-conscious customers. Furthermore, the COVID-19 pandemic has accelerated the adoption of online pharmacy services, as customers are looking for contactless options to fulfill their healthcare needs. Another trend in the Pharmacies market in Malaysia is the focus on preventive healthcare. Increasing awareness about the importance of preventive measures and healthy lifestyles has led to a growing demand for vitamins, supplements, and other wellness products. Pharmacies are capitalizing on this trend by expanding their product offerings to include a wide range of preventive healthcare products. Additionally, many pharmacies in Malaysia are also offering health consultations and wellness programs to educate customers on preventive healthcare practices. Local special circumstances: One of the unique aspects of the Pharmacies market in Malaysia is the presence of traditional medicine. Traditional medicine, including herbal remedies and traditional Chinese medicine, holds a significant place in Malaysian culture and healthcare practices. Many pharmacies in Malaysia offer traditional medicine products alongside modern pharmaceuticals, catering to customers who prefer alternative healthcare options. This diversity in product offerings sets the Pharmacies market in Malaysia apart from other countries. Underlying macroeconomic factors: The growing Pharmacies market in Malaysia is also influenced by favorable macroeconomic factors. Malaysia has a rapidly growing middle-class population, which has led to increased healthcare spending. Rising disposable incomes and improved access to healthcare services have contributed to the growth of the Pharmacies market. Additionally, the government of Malaysia has implemented various initiatives to improve healthcare infrastructure and accessibility, which has further supported the development of the Pharmacies market. In conclusion, the Pharmacies market in Malaysia is experiencing growth and development driven by customer preferences for convenience and accessibility, the trends of online pharmacy services and preventive healthcare, the presence of traditional medicine, and favorable macroeconomic factors. These factors are shaping the market and creating opportunities for pharmacies to expand their offerings and cater to the evolving needs of customers in Malaysia.

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How to Start a Pharmacy Business | Including Free Pharmacy Business Plan Template

1. An Extensive Business Plan Template in MS Word Format. This is a high quality, full blown business plan template complete with detailed instructions and all related spread sheets. Allows you to prepare a professional Pharmacy business plan.

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2. Small Business Management Software Program. This is an easy to use software program. It is a multi feature business management program that will help you do the following: plan and analyze your start up expenses and sales, perform Break-Even Point analysis, conduct ‘what-if’s analysis, perform financial ratios analysis, make a “go /no-go” decision, create financial projections, and more. Simply type in once your business’ details and assumptions and it will automatically produce a comprehensive set of financial projections and analysis for your specific business, including: Start-Up Expenses, Projected Balance Sheet, Projected Cash Flow Statement, Financial Ratios Analysis, Projected Profit and Loss Statement, Break Even Analysis, and much more.

3. Book: How to Start a Business From Scratch. This is a practical manual that will walk you step by step through all the essential phases of starting a business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business’ success yet are simple and easy to apply.

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Broad Pharmacy Network reintroduced for Delaware 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* 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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CHS Recognizes 587 Graduates During Spring Commencement Ceremonies

Samford University's College of Health Sciences (CHS) held its spring pinning, hooding and commencement ceremonies from April 25-27. The four schools in the college—McWhorter School of Pharmacy, the School of Health Professions, Moffett & Sanders School of Nursing and the School of Public Health — awarded 278 graduates with a bachelor's degree and 309 with a master or doctoral degree.   

Throughout the ceremonies, a central theme emerged: the resilience and determination exhibited by the class of 2024. Despite encountering unprecedented challenges during their college journey, these graduates demonstrated remarkable strength in navigating the uncertainties imposed by a global pandemic while transitioning into university life or graduate school. Each speaker emphasized the importance of perseverance and encouraged the graduates to carry forward this tenacity into their future endeavors, assuring them of their potential for success.  

During the undergraduate commencement address, Kendall Jno-Finn, DPT, imparted wisdom to the graduating class. He urged students to recognize that growth often occurs in the valleys of life, challenging them to confront life's challenges with purpose and determination.   

"Today, tomorrow next week, next year... double down. Reconnect with your why. Reconnect with your purpose. It doesn't matter what it is, what matters is that you lean into it."   

Jno-Finn is a 1999 graduate of Samford University and founded M3 Endeavors, a physical therapy practice with three locations in the Birmingham area.   

At the Doctor of Pharmacy hooding ceremony, Stephen Brown, JD, PharmD, reflected on the unique challenges faced by students who commenced their pharmacy education during the pandemic. Despite these obstacles, Brown emphasized the importance of aspiring to excellence and making positive contributions, irrespective of circumstances.   

"Because no matter where you are or what you're doing, you can make things better. Better for yourself. Better for those around you. Better for your communities," Brown stated.  

Ashley Turner ‘00, a professor in the School of Nursing, shared valuable lessons with graduates during the undergraduate pinning ceremony. She highlighted the importance of patience, communication and prayer in the nursing profession, urging graduates to be patient with themselves, communicate openly with others, and seek guidance through prayer as they embark on their professional journeys.  

The class of 2024 is distinguished by their resilience and determination, forged in the face of adversity during the pandemic. Their academic growth and personal development merit not only should be applaused but also admirated.  

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Reporting by Mariam Sunny in Bengaluru; Editing by Varun H K

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