Pharmacists are one of the most trusted professions in the world. They are responsible for ensuring that patients receive safe and effective medications. In addition, pharmacists are responsible for educating patients on how to use their medication properly.
However, pharmacists are often underpaid and undervalued. This is why pharmacist business ideas are becoming increasingly popular.
There are plenty of opportunities for pharmacists who want to be their own boss. Here are 5 business ideas to get you started:
- Start your own independent pharmacy.
- Create a home-based consulting business.
- Develop a new pharmaceutical product.
- Create a mobile app for pharmacists.
- Start a blog or podcast about pharmacy.
How to Leverage What You Know as a Pharmacist to Start Your Own Consulting Business?
If you have experience working with pharmaceuticals or if you’re simply interested in learning more about them, there’s no better way than starting your own consulting company. A good consultant can help companies save money by providing advice on improving processes, reducing costs, and increasing efficiency.
You may be wondering what kind of skills you need to become an expert at this field. Well, it turns out that many people already possess these qualities. For example, they might:
- Have knowledge of industry trends
- Be able to communicate effectively
- Know how to solve problems
- Understand customer needs
You’ll also need some certification from a professional organization like The American Society of Consultant Pharmacists. Once you’ve obtained this credential, you will be ready to launch your career as a successful consultant.
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How profitable is owning a pharmacy?
The average annual salary for pharmacists was $63,000 in 2016 according to PayScale.com. However, the median income for all U.S. workers was only $37,640 per year. So while pharmacists make less than other professionals, they still earn enough to live comfortably.
In fact, the Bureau of Labor Statistics reports that employment opportunities for pharmacists continue to grow. According to BLS data, job growth has been strong since 2010. And even though unemployment rates remain low, employers expect demand for pharmacists to increase over time.
So if you’d like to work in a profession that offers high pay potential, consider opening up your own pharmacy. It could provide you with financial security throughout retirement.
Best Pharmacists Business Ideas:
Here are some tasteful ideas;
Become a Franchise Owner
Franchise owners enjoy several advantages when compared to independent franchisees. These include access to training programs, marketing support, and ongoing assistance. Plus, franchising allows you to focus on running your store instead of managing everything yourself.
To get started, contact local pharmacies and ask whether they would be willing to sell franchises to qualified individuals. Then, find someone who owns a similar chain and talk to him/her about joining forces. Finally, check online resources such as Entrepreneur Magazine to learn more about franchising.
Open Up a Community Health Center
Community health centers offer primary care services to underserved populations. As a result, CHC doctors see lots of different types of medical conditions. That means they must stay well-versed in multiple areas of medicine.
To succeed in this line of work, you should first obtain a degree in family practice or internal medicine. Next, enroll in continuing education classes so you can keep abreast of new developments in healthcare. You can then apply those lessons to patients through community clinics.
Start Your Own Homeopathic Clinic
Homeopathy is based on the principle that “like cures like.” This theory suggests that certain substances cause symptoms in healthy people because their bodies recognize something familiar about them. In homeopathic treatments, practitioners use dilutions. For example, one drop of water might contain 10 drops of alcohol. A patient receives an extremely diluted form of the substance he’s suffering from.
Homeopaths typically charge between $50-$100 per visit. But it may take years before you start seeing results. To help cover expenses, many homeopaths open their own practices. If you’re interested in starting your own clinic, do a bit more research and start.
Run a Pharmacy Outlet Store
A pharmacy outlet store sells generic drugs for less money than name brands. The savings come from buying large quantities at wholesale prices.
In addition to saving customers money, these stores often attract loyal repeat clients. And since most outlets don’t require prescriptions, they allow anyone over 18 to walk right in.
Become a Medical Transcriptionist
Medical transcription involves taking dictation from doctors and other clinicians during appointments. It requires typing out notes directly into electronic files.
Typing speeds vary depending on how fast you type. Some experts say you can earn around 40 cents per word. Others claim you could be making as much as $22 per hour after just six months of learning the job.
Sell Prescriptions Over-the-Counter
Prescription salesmen sell medicines to pharmacies and hospitals. Their jobs include calling potential buyers, visiting medical offices, and filling orders.
Most pharmaceutical reps spend anywhere from two weeks to three months training before being assigned to a territory. Rep pay varies widely depending on where you live. On average, pharmacists earn around $40K annually.
Be a Drug Sales Representative
Drug representatives travel door-to-door pitching products to consumers You’ll likely meet with patients who already know they need medication but haven’t yet picked up a prescription.
Your goal is to convince them to switch to another brand or get refills. Most reps work under exclusive contracts with manufacturers. That means you won’t compete against any other company when trying to sign new accounts.
Start Your Own Mail Order Pharmacy
Mail order pharmacies offer affordable alternatives to retail clinics. You provide all the services yourself, including dispensing medicine, ordering supplies, and billing insurance providers.
To start an online business like this, you must register with the FDA and obtain a license. Then, open a website that offers mail service. Finally, find suppliers willing to fill your orders.
Drug Rehabilitation Center Business
A drug rehabilitation center helps people recover from addiction by providing counseling and treatment programs. The facility may even house recovering addicts while they undergo rehab.
It takes time and money to build a successful rehab clinic. But once established, these centers often generate significant profits. In fact, one study found that many facilities earned over $1 million per year.
Hours Medicine Shop Business
An hours pharmacy sells medications only between certain times each day. For example, it might close at noon and reopen again at 8pm. Customers will then come back later if needed.
Hours shops are usually owned by independent operators rather than large chains. And since there’s no central location, customers don’t have to wait long for prescriptions filled.
Medical Counseling Business
Medical counselors assist doctors diagnose illnesses and prescribe treatments. Some specialize in particular areas such as mental health or women’s issues. Others focus exclusively on children.
The job can be very lucrative. A recent survey showed that some medical professionals make upwards of $100K per year.
Mobile Pharmacy Business
Mobile pharmacies dispense drugs directly to clients without having to visit a traditional brick-and-mortar store first. These businesses typically rent vans outfitted with refrigeration units so they can drive straight to client homes.
Online Pharmacy Business
Online pharmacies sell medicines via the internet. Instead of visiting a physical storefront, users place orders using websites.
These sites take payment after filling customer requests. Many charge flat rates based on how much product was ordered.
Prescription Dispensing Service Business
Prescription dispensers work alongside pharmacists to ensure patients receive accurate medication information. PDS companies act as intermediaries between consumers and pharmaceutical manufacturers.
They collect prescription data and verify patient identities before passing along orders to local pharmacies.
Pharmacist Coaching Business
Coaches provide business advice to aspiring pharmacists who want to start up their own practice. They teach new practitioners about everything from marketing strategies to financial planning.
Pharmaceutical Consulting Services Business
Consultants offer services related to healthcare administration. They advise hospitals and other organizations on policies and procedures.
Private Label Medication Company Business
Private label meds are sold under brand names but manufactured by different suppliers. Companies like Walgreens create private labels to save money.
Retail Pharmacy Business
Retail stores sell medicine directly to consumers. This is an ideal way to reach busy individuals looking for quick relief.
Transdermal Patch Manufacturing Business
Transdermal patches contain medications that deliver small doses through the skin over time. Patches allow people to avoid taking pills every day.
Wholesale Medicine Supplier Business
Wholesalers buy products at wholesale prices then resell them to retailers. The profit margins tend to be lower compared to retail sales.
Pharmaceutical Benefit Management Business
PBMs manage insurance claims for drug providers. Their goal is to reduce costs while improving quality of service.
Medical Device Distributor Business
Medical device distributors help doctors find equipment that meets their needs. For example, if you specialize in treating heart disease, your company might stock stents. i.e. Home Health Care Provider Business
Home health aides perform tasks like bathing and dressing elderly patients. Some also administer injections and give nutritional supplements.
Drive-Thru Pharmacy Business
Drive-thru dispense prescriptions without requiring customers to leave their cars. Many drive-thru accept credit cards so customers don’t need cash.
Pharmaceutical Manufacturing Business
Manufacturing facilities produce bulk quantities of medicine. They may make generic or branded versions of popular brands.
Some manufacturing firms operate in countries where regulations require safety testing. Others focus solely on producing high volumes of low cost goods.
Drug Testing Laboratory Business
Laboratories test urine samples for illegal substances such as marijuana and cocaine. Drug tests are used to screen job applicants and employees.
Conclusion
Health issues are many and everyone does rely on medicines due to major and minor health issues. This business could earn you lots of cash if proceeded in a proper way. So consider any of the aforementioned ideas which better matches your skills and interest either be an employee with company or start your own set up if you have the resources. This trade is growing as mentioned so this could do the trick.
In conclusion, there are many different ways that pharmacists can start their own business. The most important thing is to find an idea that fits their skillset and interests. With the right planning and execution, any of these businesses have the potential to be successful.
