5 Tips When Buying A Pharmacy

Buying a pharmacy can be a financially rewarding business endeavor that gives you the opportunity to earn a living while helping others. If you enjoy the complex yet intriguing world of medicine, then the pharmaceutical industry is for you. Instead of starting your own pharmacy, you can purchase a pre-existing one with the roots of success already in place. However, there are a few things you should know about purchasing a pharmacy…

TIP #1 Location

The location of a pharmacy can either make or break the business. If it’s located around numerous other pharmacies, it will likely be difficult to attract and maintain a strong customer base. Ideally, you want the location to be in a high-traffic area with minimal competition. Also, pharmacies located near hospitals and doctor offices have a proven track record of success. When a patient leaves their premises, they will likely head over to the nearest pharmacy to fill their prescription.

TIP #2 Licensing

Running a pharmacy requires a few additional legal conditions than traditional retail stores and businesses. If you are interested in purchasing a pharmacy, do your homework beforehand to ensure they are registered with the DEA and have all of their official licenses and documentation. You’ll still need to acquire and/or transfer some of the items once you purchase the pharmacy, but it’s important to make sure the establishment is running their business legally beforehand..

TIP #3 Vendors & PBM's

It’s a good idea to check to see what type of relationship the pharmacy has in place with the various drug companies. If they’ve been in business for a while, the pharmacy will likely have strong vendor relationships and should have good buy plans in place. As a result, they’ll receive lower prices and better all-around service. This is a huge advantage once you take over the pharmacy’s operations.

TIP #4 Website

Does the pharmacy have an online presence? In today’s high-tech world, more people are using the internet to locate businesses rather than the phone book. Pharmacies with active websites will attract more customers and ultimately more sales, so this is something you should consider on your search for a pharmacy.

TIP #5 Inventory

WComplete a thorough inspection of the pharmacy’s current inventory. Some owners may try to sell their pharmacy when the inventory gets low, placing the new owner in hot water. Make sure to ask the current owner for a list of their current inventory, including both drugs and convenience items.