NCPA Pharmacy Ownership Workshop
Just got through with the 3 day workshop. Lots of useful information and insight to make the process of starting a pharmacy easier. The instructors were not academians, but were pharmacists who have gone through the steps of starting and operating a successful pharmacy–some have even repeated the process dozens of times.
I received a detailed pharmacy business plan that I could use as a model for mine. The financial statements alone would save me days worth of research. The great thing about the pharmacy industry is the availability of financial data. It makes putting together a great business plan easier, which improves the chances of getting a bank loan.
I also met a lot of pharmacists who have been thinking about starting a pharmacy but need that little nudge to encourage them forward. Before the workshop, most attendees were 50% sure that they will start a pharmacy in the near future. After, most attendees–me included–were at least 90% sure.
The take away from the workshop was that it’s not an easy process. But if you are motivated and determined, then you will achieve your goals.
I don’t blame you for thinking about pharmacy ownership. I just haven’t determined whether to have a hybrid pharmacy (rx/compounding) or compounding only. I’ve asked around and was told the margins are roughly 90% gross profit compounding vs. 4% retail. Would you agree?
I intend to base my business plan off of this post:
http://www.bplans.com/pharmacy_business_plan/executive_summary_fc.cfm ; however, I’m curious if you thought the NCPA plan you received was much better.
Thanks.
Mike,
The average Gross Margin for a compounding rx is ~60% vs 20% for retail rx. The average pharmacy usually nets around 4% of sales (not including owner’s wage).