writing a business plan for a new pharmacy service

Pharmacy Business Plan Template

Written by Dave Lavinsky

Pharmacy Business Plan

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

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

Pharmacy Business Plan Example

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

Executive Summary

Business overview.

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

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

Product Offering

The following are the services that Healthy1 Pharmacy will provide:

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

Customer Focus

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

Management Team

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

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

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

Success Factors

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

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

Financial Highlights

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

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

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

Company Overview

Who is healthy1 pharmacy.

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

Healthy1 Pharmacy History

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

Since incorporation, Healthy1 Pharmacy has achieved the following milestones:

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

Healthy1 Pharmacy Services

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

Industry Analysis

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

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

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

Customer Analysis

Demographic profile of target market.

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

The precise demographics for Charleston, South Carolina are:

Customer Segmentation

Healthy1 will primarily target the following customer profiles:

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

Competitive Analysis

Direct and indirect competitors.

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

Charleston Care Pharmacy

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

FeelBetterNow Pharmacy

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

Care Better Pharmacy

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

Competitive Advantage

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

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

Marketing Plan

Brand & value proposition.

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

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

Promotions Strategy

The promotions strategy for Healthy1 Pharmacy is as follows:

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

SEO/Google Marketing

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

Social Media Marketing

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

Content Marketing/Email Marketing

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

Professional Associations/Networking

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

Print Advertising

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

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

Operations Plan

The following will be the operations plan for Healthy1 Pharmacy.

Operation Functions:

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

Milestones:

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

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

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

10/1/2022 – Finalize contracts with suppliers.

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

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

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

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

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

Financial Plan

Key revenue & costs.

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

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

Funding Requirements and Use of Funds

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

Key Assumptions

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

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

Financial Projections

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

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

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

What are the Main Types of Pharmacy Businesses?

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

How Do You Get Funding for Your Pharmacy Business Plan?

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

What are the Steps To Start a Pharmacy Business?

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

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

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

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

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

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

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

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

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

Learn more about how to start a successful pharmacy business:

• How to Start a Pharmacy Business

Where Can I Get a Pharmacy Business Plan PDF?

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

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Pharmacy Business Plan

Things to Consider Before Writing a Pharmacy Store Business Plan

Check your legal requirements.

A pharmacy business requires a fair amount of licenses and permits. It is good to have a checklist of all the required licenses and to see if you have to get any of them.

Research what permits your state requires as well as the ones mandatory for everyone. It helps you stay on the good side of the law.

Pick a good location

A pharmacy setup requires a fixed minimum area. Also, a pharmacy that is easily accessible is more likely to succeed than one which is unreachable during emergencies. Hence, picking a good location is important .

Also, you can pick between starting a physical store or going online. Both business structures would have their pros and cons. You should pick the one that is the best for you.

Have a proper storage facility

Different medicines and formulas have different storage requirements. You’ll keep most of them in cool and dry places though. Bad storage can cost a pharmacy business dearly, even if you do everything else right.

Hence, it is important to have a good and ideal storage facility before you get started.

Check if your staff has the proper technical knowledge

You need technical knowledge and attention to detail to fare well as a pharmacist and so does your staff. As dealing with medicines is quite a critical job and can have consequences if not done right, it is important to find staff who know what they are doing and are well-trained and up to the job.

After you figure out some of the technical requirements, it is essential to figure out the business side of running a pharmacy. Planning, in the beginning, can save you from a lot of trouble later on.

Chalking Out Your Business Plan

A business plan helps you stay prepared for challenges, make better decisions, and formulate better business strategies. A pharmacy business takes a fair amount of legal procedures and competitive strategies, a pharmacy business plan can help you with that.

Reading some sample business plans will give you a good idea of what you’re aiming for. Also, it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample pharmacy business plan for you to get a good idea about how perfect a pharmacy business plan should look and what details you will need to include in your stunning business plan.

Pharmacy Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

• Keys to Success
• Business Ownership
• Summary Chart
• Business Model Description
• Mail order customers
• Walk-in customers
• Target Market Analysis
• Target Market Segment Strategy
• Competitive Edge
• Marketing Strategy
• Sales Forecast
• Development Requirements
• Personnel Plan
• Important Assumptions
• Break-even Analysis
• Projected Profit and Loss
• Projected Cash Flow
• Balance Sheet

Let’s understand how you can write each section of the pharmacy business plan.

1. Executive Summary

The executive summary section forms the first page of your business plan. It summarises all that your business stands for.

The executive summary section consists of the following subsegments:

• Objectives : This segment consists of the reason you started your business in the first place. What is your idea behind it and what problem do you plan on solving with it?
• Mission : Your mission statement should reflect how your pharmacy business can help people, apart from providing them with medicines. It reflects how your idea can deal with a problem more optimally.
• Financial Summary : This section would consist of the funding requirements of your business, and how the said funds would be put to use. It serves the main purpose of the executive summary, which is to get your business funded.

As a pharmacy business, your executive summary would consist of the type and size of your pharmacy business, your team, your qualifications and licenses, and a summary of your financial plan.

2. Products and Services

This section consists of a description of all the products and services your pharmacy offers.

For example, apart from your general products, this section can also consist of services your pharmacy offers like home delivery of medicines, subscription packages, online orders, etc.

3. Market Analysis

Market analysis helps you understand what you are getting yourself into. It also helps you make sense of all the research you have done and how you can put it to use for your business.

It consists of the following subsegments:

• Market Segmentation : Through market segmentation, you separate your target audience from the rest of the market based on their age, gender, income, occupation, medical conditions, etc.
• Market Positioning : In this segment, you can add an analysis of where you stand in the current market. And what would be the best marketing strategy for you as per your position?
• Target Market Analysis : In this section, you’ll write down an analysis of your target market, and their tastes and preferences.

As a pharmacy business, you can list down the type of pharmacy you own, your target customer base, the kind of services they like, the location they’ll prefer, and how they buy their medical supplies.

4. Strategy And Implementation

After you carry out market analysis, the next step would be to create a marketing strategy based on the same. This section helps you promote your business to your target audience.

This section consists of the following subsegments:

• Competitive Edge : Include your competitive advantage in this section. Include how your product is better than your competitor’s and how you’ll use that to your advantage.
• Marketing Strategy : Your marketing strategy should speak to your target audience. Your campaign should show your customers how your business solves a pressing problem.
• Sales Strategy : A sales strategy should be formulated after surveying what works best for your specific industry.

As a pharmacy business, you can center your marketing around safe products, better service, and availability. According to various surveys, KAM, clinical sales force, and service rep model are three of the most successful strategies for pharmacies.

5. Web Plan

With everything going online, a website strategy is of utmost importance. With online pharmacies like mail, my prescriptions, and Amazon pharmacy coming up, having an online presence is crucial to being seen by your consumers.

Moreover, an eCommerce website can also serve as a good alternative if you don’t want to go through the hassle of owning a physical store.

Nonetheless, building your online presence can help you in getting noticed. It is also a good method of promoting your brand idea.

6. Financial Plan

This section would consist of everything about your company’s finances. From your financial history to your projected profits, your financial plan would cover it all.

A good financial plan helps your business survive and thrive.

This segment consists of the following subsegments:

• Financial Resources : This segment would consist of the investment you can put in your business, as well as other resources for meeting your funding requirements.
• Funding Requirements : This would consist of the funding requirements to set up your pharmacy and keep it going.
• Projected Cash Flow and Profits : This section would consist of your business’s expected cash flow and profits in the long term.

Download a sample pharmacy business plan

Need help writing your business plan from scratch? Here you go;  download our free pharmacy business plan pdf  to start.

It’s a modern business plan template specifically designed for your pharmacy business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Pharmacy Business Plan Summary

In conclusion, though a pharmacy business might take a lot of work, you can make running your business a lot easier and smoother with a business plan.

A business plan helps you stay organized and updated as per market trends and changing environment of the industry.

After getting started with Upmetrics , you can copy this sample pharmacy business plan template into your business plan and modify the required information and download your pharmacy business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Business plan essentials for opening a new pharmacy

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

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

Turning your passion into reality

Have you thought about opening your own independent pharmacy?

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

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

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

Lessons from RxOwnership

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

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

Business plan essentials

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

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

To highlight a few business plan essentials:

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

Focus on financing

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

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

Budget for marketing before and after you open

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

Learn and revise your plan

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

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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How to write a business case for a new pharmacy service

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After reading this article, you should:

• Know what a business case is;
• Understand all the necessary elements of a business case for a new pharmacy service;
• Be able to write a comprehensive proposal;
• Know the difference between a good business case and one lacking sufficient detail.

Pharmacy teams may want to develop or implement new services in their organisations to realise quality, safety and operational benefits and financial efficiencies, or to improve the patient experience.

In the current climate, where all NHS organisations need to ensure financial sustainability, all investments in new services must be prioritised based on local, national or system priorities ​[1]​ . Pharmacy teams must therefore be able to write successful business cases to justify investment within pharmacy services.

A business case is a ‘structured economic argument for change, development or investment, appraised against all other options and includes a calculation of costs and benefits together with a plan for realisation’ ​[2]​ . It usually takes the form of a structured, formal proposal and outlines all of the evidence required for the stakeholders within an organisation to make an informed, objective decision on whether a service development will offer service-specific benefits and value for money.

Pharmacy teams develop business cases to secure approval, additional resources or investment. They may, for example, want investment in the workforce based on service changes (e.g. adding a consultant pharmacist), to address capacity challenges (e.g. in a pharmacy homecare service) or to justify investment in digital technology and automation (e.g. new pharmacy robot or electronic prescribing and medicines administration system) to improve medicines safety, processes and efficiency.

Business cases will often need to be formally presented and signed off internally by the chief pharmacist, and possibly others, before progression to the trust’s board for executive sign off (if above the threshold for sign-off by executive directors).

Writing a business case for the first time can be time-consuming and complex, and may feel daunting. Using the example of a new business case for a pharmacy workforce plan, the purpose of this article is to ensure that all pharmacy staff are familiar with what a successful proposal should include and are able to produce and deliver well-structured business cases when required.

1. Writing a proposal

It is important to understand which local policies to follow and who to consult with. Your organisation should have a template for justifying new service developments, describing the level of detail required proportional to the size of the investment required, and which individuals or committees will be required to sign off the case.

Involving the right people is essential — this could be the chief pharmacist, division or service manager, finance manager, or lead clinician — as they will be able to help prepare the proposal. You may also need to seek approval from an executive sponsor before being able to present the case to the trust board.

It is important to submit a business case in the correct format. Failing to do so could mean it is returned or rejected out of hand. You could follow a local generic template, or draft your own, including the components described in Box 1. Complete all applications fully and include every piece of requested information to prevent the case being returned for further revisions.

Box 1: Top tips for preparing a business case

• Write in the template and style your audience requires;
• Keep it clear and concise — use correct language that minimises jargon;
• Communicate all the facts clearly — this provides evidence you have done your homework;
• Ensure the reader clearly understands your vision and what you want to achieve;
• Make your writing interesting as stakeholders will need to read it;
• Ensure the ask to the organisation is clear and aligns with the strategic direction of the trust;
• Demonstrate any benefits clearly — financial, quality, safety or operational efficiencies;
• Demonstrate how any benefits will be realised within realistic timelines;
• Clearly highlight any risks and potential mitigations;
• Ensure financial costs/benefits have been validated by the finance team ​[3]​ .

2. Establish a need 

A business case should begin by:

• Providing a background to the proposed service;
• Describing the current service provision;
• Outlining the overarching objectives — why is there need for investment?

When thinking about pharmacy workforce, it is important to review the current establishment and identify other workforce gaps using a validated tool (e.g. Royal Stoke Pharmacy Workforce Calculator) and to benchmark against trusts of similar size and complexity ​[4]​ .

It is also important in any case to include an options appraisal, incorporating all the different options for service delivery and the potential benefits (see Figure) ​[2]​ .The preferred option should then form the basis of the proposal.

3. Ensure the proposal is linked to national and local priorities

Any successful case for investment should demonstrate that it fits into the strategic priorities of the pharmacy department and the overall strategic direction of the organisation.

The business case should be placed in either a local or a national context and aligned to the priorities of the commissioners (e.g. NHS England and Improvement, local clinical commissioning group or host integrated care system) and, ultimately, the needs of the local population. For example, the benefits of increased numbers of specialist clinical pharmacists have been well articulated in the literature, which should help to justify investment. The Carter Report (2016), Productivity in NHS Hospitals , recommended that NHS trusts deploy more clinical pharmacists, including pharmacist prescribers, and use them to drive value from the £6.7bn that NHS hospitals spend on medicines each year ​[5]​ .

The business case should also show overall value for money. For instance, value for money could be achieved through VAT savings (e.g. homecare service or outsourced pharmacy), meaning a new service could essentially fund itself.

Although variation in healthcare can often be acceptable and desired (e.g. introducing innovations in treatments or care), addressing unwarranted variation is a vital part of any case. Unwarranted variation can have harmful consequences for service users ​[6]​ . For example, not having the correct staffing establishment and skills mix for a pharmacy department could lead to variation in the quality of pharmacy services offered, and the service being unable to meet capacity and demand. This would drive the need for the change articulated within the business case.

It is important to put any business case into context and to articulate if the case is linked to a national recommendation or standard (e.g. Care Quality Commission inspection, National Institute for Health and Care Excellence [NICE] guideline, NHS England service specification, Getting it Right First Time review, peer standards or national benchmarks). The organisation and commissioners will also look to national standards or current risks to inform what the service should deliver. Providing this context (e.g. number of pharmacists recommended per inpatient bed) and clearly articulating how the national recommendation will affect the local service will be important in securing investment in the proposed new service.

All pharmacy departments have risk registers, and pharmacy staff will have access to them to understand the areas of the most need and concern ​[7]​ . If your service development is linked to a known risk, either to patients or the organisation (e.g. increased length of stay or harm owing to poor medicines optimisation and/or delayed medications), this may influence the need for change and for taking the business case forward.

4. Include the best clinical evidence

The benefits documented within the proposal must be backed up by a clear evidence base and appropriate references (e.g. NICE guidance). When using evidence within a business case, the authors should consider the strength of that evidence. Using evidence correctly is paramount to presenting a compelling case — it can put into context for the reader the clinical evidence, quality or financial benefits proposed as a justification for supporting the case.

More on how to critically appraise evidence can be found here .

5. Document the benefits

A benefit can be defined as a measurable improvement resulting from change ​[8]​ . In any good business case, the benefits should be clearly identified and articulated, linking back to the strategic objectives. It needs to be clear to the decision makers what the value of investing in pharmacy services will be.

Benefits can be described as cash-releasing (financial) or non-cash-releasing (safety, quality, or patient experience) ​[8]​ . Cash-releasing benefits are economic benefits that can be expressed in monetary terms. Non-cash-releasing benefits are all about efficiencies and, although the value can often be expressed in monetary terms, these would not be removed from budgets. It is also important to articulate if the benefits are recurrent and likely to continue or non-recurrent and limited to a specific period.

Table 1 lists the benefits of a new workforce strategy designed to increase the headcount of pharmacy staff in a department ​[9]​ . It highlights the benefits that will have the biggest operational and/or financial impact.

6. Cost–benefit analysis

A business case must clearly describe the costs of the service and its value for money. Significant business cases will probably be assessed by the organisation’s director of finance and will need to be taken to a finance investment committee (or equivalent) prior to sign off. It is therefore crucial that any successful business case should clearly articulate the financial impact of the proposal (see Box 2 and Table 2) ​[9]​ .

Box 2: Sample text outlining the financial impact of a proposal

For a cumulative investment of circa £2.66m over 4 years, there is a cash-releasing benefit of £2.15m and a non-cash-releasing benefit of £2.83m, with a net benefit of circa £2.32m over the 4-year period, as profiled in the table below.

7. Describe how to implement, monitor and assess the service

Ensure that the proposal includes a clearly articulated, robust plan for the successful implementation, monitoring and assessment of the service and associated benefits (both cash- and non-cash-releasing, as detailed in Table 2). The proposal should demonstrate how sustained investment year on year will lead to an improvement in the trust’s benchmarked position for pharmacy workforce against its peers.

Set realistic timescales for implementation and tracking (e.g. monthly over a four-year period), including specific milestones that would unlock further investment (e.g. need to recruit to all proposed positions annually). It may be necessary to run a small-scale pilot to prospectively evaluate the new change and the impact of the service.

The business case should also specify who in the organisation will track and have oversight of the benefits, and how often these will be reported. The finance team will typically track the cash-releasing benefits. The pharmacy team will typically track the non-cash-releasing benefits via audit  against agreed metrics, using established quality-improvement methodology.

8. Be prepared to make a formal presentation

You should be prepared to present your case in a variety of different forums and to different stakeholders prior to sign off. Depending on the size of the investment, you may be required to present to a finance investment committee or trust board. It is important that your case is well prepared (see Table 3), succinct and easy to read ​[3,10]​ . You may want to prepare a short slide deck to support your pitch. Be clear on who the audience is and the level of detail they require.

Focus on communicating your case clearly, ensuring the decision makers understand what the service aims to achieve and the associated risks (if any) and benefits. Prepare thoroughly and try to anticipate potential questions — try to build these into the business case and your narrative to have the best chance of success. For example:

• How will you recruit the additional staff, recognising national challenges around workforce?
• How will this workforce plan affect neighbouring organisations/destabilise local system?
• What is your strategy for retention of staff?
• How will you ensure the benefits articulated are realised annually?

These resources on how to present data visually for a presentation and deliver effective talks and presentations may be useful to guide this.

If pharmacy staff wish to develop pharmacy services, they must be able to put together and present a successful business case. It is an unavoidable step in influencing decision makers and securing necessary funding.

Following the guidance in this article will ensure that your business case is as robust as possible, giving it the best chance of success.

• 1 Integrating care: Next steps to building strong and effective integrated care systems across England. NHS England and NHS Improvement. 2020. https://www.england.nhs.uk/wp-content/uploads/2021/01/integrating-care-next-steps-to-building-strong-and-effective-integrated-care-systems.pdf (accessed May 2022).
• 2 Your guide to building a business case. NHS Property Services. 2021. https://www.property.nhs.uk/media/3656/customer-guide-to-building-a-business-case.pdf (accessed May 2022).
• 3 Guidance on completing a business case. Mersey Care NHS Trust. 2011. https://www.eprescribingtoolkit.com/wp-content/uploads/2020/04/Business-Case-Guidance.pdf (accessed May 2022).
• 4 Bednall R, White S, Mills E, et al. Validation of a hospital clinical pharmacy workforce calculator: A methodology for pharmacy? Int. J. Clin. Pract. 2021; 75 . doi: 10.1111/ijcp.13932
• 5 Productivity in NHS hospitals. Department of Health and Social Care. 2016. https://www.gov.uk/government/publications/productivity-in-nhs-hospitals (accessed May 2022).
• 6 Cripps M. What do we mean by ‘variation’ and when is it ‘unwarranted’? NHS RightCare. 2017. https://www.england.nhs.uk/rightcare/2017/01/04/matthew-cripps-3/ (accessed May 2022).
• 7 MS Trust Guide to writing a strong business case. Multiple Sclerosis Trust. 2019. https://mstrust.org.uk/sites/default/files/MS%20Trust%20guide%20to%20writing%20a%20strong%20business%20case%20Sept%2019%20FINAL.pdf (accessed May 2022).
• 8 Financial benefits of Personal Health Records. NHS Digital. 2021. https://digital.nhs.uk/services/personal-health-records-adoption-service/personal-health-records-adoption-toolkit/benefits-of-personal-health-records/financial-benefits-of-personal-health-records (accessed May 2022).
• 9 Thakkar K, Soni V. Pharmacy Workforce Plan 2021–2026. University Hospitals Plymouth NHS Trust 2021.
• 10 Carter H. How to write a robust business case for service development. Nursing Times 2017;:25–28.

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Pharmacy Business Plan Sample

APR.29, 2017

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

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

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

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

Choose Top Pharmacy Business Plans to Start Pharmacy Successfully

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

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

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

Basic Requirements to Start Pharmacy Business

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

Understand the Innovation in Pharmacy Business

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

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

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

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

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

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

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

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

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

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

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Discount Pharmacies

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

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

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

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

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

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

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

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

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

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

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

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

Product Quality – Must

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

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

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

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

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

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

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

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

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

New Policy for Starting Pharmaceutical Company

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

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

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

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

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

Brand Business

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

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

Invest Money in Promoting Products

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

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

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

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

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

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

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

Tailor Futuristic Advertising Projects

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

Basic Components of Discount Pharmacy Business Plan

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

Important Facts to Remember

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

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

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

Top Strategies to Expand Pharma

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

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

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

Understand Competition and Reset Your Marketing Strategy

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

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

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

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

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

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

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

Install Plan Software

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

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

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

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

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

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

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

Download Pharmacy Business Plan Sample in pdf

OGS capital writers specialize in business plan themes such as massage business plan , medical clinic business plan , cannabis dispensary business plan , nursing business plan ideas , transportation corporation health services business plan , reiki business plan and many others.

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Pharmacy Business Plan Template [Updated 2024]

Pharmacy Business Plan & Example

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

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

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

Sample Pharmacy Business Plan

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

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

Retail Pharmacy Business Plan Template & Guidebook

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

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

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

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

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

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

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

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

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

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

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

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

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

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

3. Build a Creative Marketing Stratgey.

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

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

Target market

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

Customer base 

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

Product or service description

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

Competitive analysis

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

Marketing channels

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

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4. Write Your Operational Plan.

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

In it, you should list:

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

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

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

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

5. Management & Organization of Your Retail Pharmacy Business.

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

This section will cover all of the following:

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

6. Retail Pharmacy Business Startup Expenses & Captial Needed.

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

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

Startup Costs

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

Running & Operating Costs

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

Marketing & Sales Expenses

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

7. Financial Plan & Projections

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

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

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

Frequently Asked Questions About Retail Pharmacy Business Plans:

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

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

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

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

Can you write a retail pharmacy business plan yourself?

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

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

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

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

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Writing a Business Plan for a New Pharmacy Service

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Developing a Business Plan for Critical Care Pharmacy Services

Critical care medicine has grown from a small group of physicians participating in patient care rounds in surgical and medical intensive care units (ICUs) to a highly technical, interdisciplinary team. Pharmacy's growth in the area of critical care is as exponential. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. This article provides the elements for a business plan to justify critical care pharmacy services by describing the pertinent background and benefit of ICU pharmacy services, detailing a current assessment of ICU pharmacy services, listing the essential ICU pharmacy services, describing service metrics, and delineating an appropriate timeline for implementing an ICU pharmacy service. The structure and approach of this business plan can be applied to a variety of pharmacy services. By following the format and information listed in this article, the pharmacy director can move closer to developing patient-centered pharmacy services for ICU patients.

Critical care medicine has grown from a small group of physicians participating in patient care rounds in surgical and medical intensive care units (ICUs) to a highly technical, interdisciplinary team. Pharmacy's growth in the area of critical care is as exponential. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. A 2006 survey of the status of critical care pharmacy services in the United States showed that a majority of hospitals provided basic services to the ICU (eg, drug distribution, order verification by pharmacists); higher level services such as patient care rounds and direct involvement of pharmacists in critical care drug therapy management were less than optimal. 1

As directors of pharmacy focus their efforts on meeting the recommendations of the American Society of Health-System Pharmacists' (ASHP's) Pharmacy Practice Model Initiative (PPMI), expanding services to the critical care areas will be critical to address high-risk and high-cost medication manage ment. Most hospital administrators will require the pharmacy director to present a business plan or proposal to them for review that provides sufficient background and evidence to expand pharmacy services in the ICU. This step is often overlooked or is not given adequate attention, causing delays and misunderstandings and leading to elimination or reduction of services. By placing programs and plans in the form of a business proposal, pharmacy directors increase the likelihood their services will be funded by stakeholders.

This article describes the elements of a business plan for expanding pharmacy services and provides pertinent information for each element as it applies to developing ICU pharmacy services. This business plan and approach can be modified for other pharmacy services. By following the format and information listed in this article, the pharmacy director can move closer to implementing patient-centered pharmacy services for ICU patients.

ELEMENTS OF A PHARMACY BUSINESS PLAN

A key step in the approval of any new pharmacy service is the business plan. The business plan can be viewed as both an operations plan and a planning document. A 2007 review of writing a business plan for a new pharmacy service published by the American Pharmacists Association is an excellent resource. 2 The business plan describes a program, details the costs and steps in implementation, and lists the measures for success. The business plan can also provide a singular and powerful message to employees and senior management as to the vision, mission, and values of the pharmacy service.

The business plan is divided into several sections; these recommended sections along with brief explanations are shown in Table 1 . There is no single way to develop a business plan, but keeping the proposal clear and simple will improve its ability to be understood, especially by administrators with minimal clinical background. Before writing the business plan, the pharmacy director must have a clear vision of the “end product.” For example, in this case the pharmacy director must have a clear vision for the scope and delivery of the ICU pharmacy service. This vision can be developed by reviewing the literature and interviewing service stakeholders. Stakeholders include physician intensivists, administrators, pharmacy staff, nursing staff, and, where appropriate, patients. This is a sample vision for the ICU pharmacy service: This business plan is significant because provision of pharmacy services by appropriately trained and credentialed critical care pharmacists providing comprehensive medication management has been demonstrated to improve patient outcomes in a cost-effective manner.

Elements of a pharmacy business plan

A business plan for ICU services also usually assumes that the pharmacy department provides basic services to an ICU, including medication distribution, inventory control, some simple clinical services (medication reconciliation, pharmacokinetic dosing programs), and order management and verification by pharmacists. Second, the proposal assumes a high level of acceptance of the pharmacy’s recommendations and trust between the services of medicine, nursing, and pharmacy. In most cases, the proposal for ICU pharmacy services builds on an established relationship that is focused on improved patient care and outcomes while providing effective cost controls.

SAMPLE BUSINESS PLAN FOR ICU PHARMACY SERVICES

As part of the template for establishing critical care pharmacy services, it will be important for the pharmacy director to make sure the executive summary is presented clearly and simply. It is also critical to develop buy-in with stakeholders by being very thorough in the literature review; the director should identify any accreditation standards or certifications that would be helpful to justify the service. Funding of the service may also be a joint effort. So pharmacy directors should consider asking physicians or nursing colleagues to support part of the full-time equivalents (FTEs); these FTEs will help to make the work of the medical and nursing staffs more efficient. Finally, savings may not always be calculated in terms of supplies (drugs, laboratory tests). Reassigning or expanding the duties of another provider (eg, physician, nurse practitioner) may have some unintended savings that can be documented by adding pharmacy services to the ICU.

Sample Executive Summary

This proposal requests 2 specialty-trained ICU pharmacists (2.0 FTE) to establish pharmacy services within the surgical ICU. The pharmacists will work 12-hour shifts as 7 days on, 7 days off rotation. Proposed hours of coverage are from 0700 to 1900, representing the ICU's busiest times. The benefits include improved patient care and patient safety by ensuring improved patient throughput, protocol management, education, and transitions of care along with improved provider satisfaction and reduced ICU medication costs. Pharmacy services in the institution's ICU are currently limited to participation in code situations, stocking of department medications, and answering questions from ICU clinicians who have phoned the central pharmacy. Patient-specific questions related to medications are currently handled by nonspecialized pharmacists who are not part of the interprofessional ICU team and are not involved in the direct care of the patients. The critical care pharmacist will be responsible for comprehensive medication management that will include activities such as participating in patient care rounds, training and education of all health care providers, direct medication management activities (dosage adjustments), and quality improvement and research programs. The cost of the program is [insert amount] based on the salary and benefits of 2.0 FTE pharmacists; the estimated return on investment (ROI) is [insert amount]. The service can be running with full resources within [insert number] months, with various steps in approval of positions and budgeting to be completed by first quarter of FY2017.

The Department [insert department name or others as agreed upon] is supporting this initiative with funding for a postgraduate year 2 (PGY2) critical care residency ($[insert amount]/year) and the Department of Nursing [or others] has provided a strong letter of support identifying improvements in patient flow that are likely to occur with a pharmacist specialist working on the interprofessional team. The College of Pharmacy [if no College, then another supporting partner may be included] has agreed to partially fund a third critical care specialist position in FY2018 that will allow enhanced student participation in this service and ensure 100% coverage of patients in the ICU by pharmacy.

Proposed ICU Pharmacy Service

Needs assessment. Medication errors comprise a major subset of medical errors that result in many deaths each year in addition to other consequences related to morbidity, length of stay, and costs. The adverse drug events (ADEs) resulting from these medication errors are avoidable and unacceptable consequences of defects in the health care delivery system. Medication errors and associated ADEs are particularly problematic in ICU settings, due to its fast pace and an environment that leads to miscommunication and little time for clearly evaluating clinical situations. 3 Further, most of the medications considered to be high alert or high risk in acute care settings are commonly administered in the ICU environment.

Landmark studies by the ADE Prevention Group that were conducted in ICUs without critical care pharmacists found that there were 6.5 ADEs and 5.5 potential ADEs (ie, near misses that did not result in patient harm) for every 100 admissions. 4 These rates were approximately twice as high as those found in non-ICU settings. 5 The system problem that was identified as the most common cause of these ADEs was lack of appropriate dissemination of knowledge of medications. 6 Of note, the ADEs in these studies were identified by clinician self-reporting and chart reviews by nurse investigators. Even higher rates have been reported using continuous direct observation techniques at the bedside. For example, there were 36.2 preventable ADEs for every 1000 patient-days identified in the Critical Care Patient Safety Study, or 1 preventable error for every 5 doses of medication administered in another investigation using a direct observation approach. 7 , 8 In both of these studies, most errors occurred at the prescribing stage of the medication use process. It has been estimated that the cost to the health care system for each ADE ranges from $6,000 to $9,000. 9 For our surgical ICU [or applicable unit – complete as your institution has data], this estimate would be 24 patient beds × 365 days = 8,760 patient-days × 36.2 preventable ADEs per 1,000 patient days = 317 preventable ADEs at $6,000 to $9,000 each for a range of $1,902,317 to $2,853,000.

Error reduction at the local hospital level is based largely on specific quality improvement measures implemented after ADEs have been identified through a traditional voluntary reporting system. However, voluntary reporting systems are retroactive and have disadvantages with respect to under-reporting of events either not appreciated by the clinician or thought to be of minimal consequence to the patient or near misses. Payers, accreditation agencies, governmental agencies, and a variety patient safety advocacy groups desire and often mandate more proactive multidisciplinary approaches to error prevention.

Proposed level of service . A position paper by the Society of Critical Care Medicine (SCCM) and the American College of Clinical Pharmacy (ACCP) published in 2000, which was subsequently revised and enhanced into an opinion paper published in 2011 by a larger group of critical care pharmacists that included members of ASHP, listed 3 categories of critical care pharmacy services: fundamental, desirable, and optimal. 10 , 11 Optimal pharmacy services are comprehensive and require a specialized approach to care that is integrated with all other disciplines. 11 The recommended credentials for pharmacists providing critical care services include PGY2 training or equivalent experience, board certification in critical care, and advanced cardiac life support (ACLS) certification in addition to the usual credentials associated with licensure to practice. This is consistent with research that demonstrates that critical care pharmacy specialists perform significantly more interventions to prevent patient harm and optimize medication use than nonspecialists. 12 Therefore, an unmet need exists in our health care system.

We intend to fulfill this unmet need for optimized medication management by developing and implementing critical care pharmacy services. This proposal will move us from a fundamental provider to an optimal provider of pharmacy services in the surgical ICU. This project is significant because provision of pharmacy services by appropriately trained and credentialed critical care pharmacists providing comprehensive medication management has been demonstrated to improve patient outcomes in a cost-effective manner.

Sample ICU Pharmacy Service Description

The critical care pharmacist will be responsible for comprehensive medication management that will include:

• Participation in interprofessional rounding, patient care meetings, and code arrests.
• Performance of patient admission medication histories, medication reconciliation, and patient profile reviews. This proposal will allow us to move from 45% to 100% coverage of this key metric in surgical ICU patients.
• Involvement in transfer/discharge medication consultation. The critical care pharmacist will focus on moving to oral meds from IV and on reducing medications that result in longer term ICU stays, such as sedatives and pain medications, to minimize ICU length of stay.
• Involvement in medication use review (as appropriate).
• Service as a mentor/educator to trainees (pharmacy, nursing, and medicine).
• Support of quality improvement and research initiatives.
• Service as an educator and medication information resource that is easily accessible to ICU clinicians.
• Performance of medication order review for cost effectiveness and appropriateness.
• Implementation and demonstration of cost-savings initiatives related to medications.
• Service as a leader for critical care pharmacy services.

Sample Value of the Proposed Service

One of the key aspects of optimal critical care pharmacy services is the ability of the pharmacist to participate on interprofessional rounds in the ICU. A landmark study published in JAMA in 1999 found that including a pharmacist on patient care rounds with subsequent availability throughout the day led to a 66% reduction in preventable ADEs by prescribing physicians. 13 Importantly, almost 99% of the pharmacist's recommendations were accepted by the physicians. Subsequent studies have confirmed that medication errors and associated ADEs are more likely to identified, and therefore prevented, by the type of direct observation that would occur by having critical care pharmacy specialists involved in direct patient care activities. In one study involving patients in an adult ICU, an increased number of potential and actual ADEs were identified by direct observation by a pharmacist versus the numbers reported in other studies that utilized traditional voluntary reporting, chart reviews, or solicited incident reporting. 8 All of the potential ADEs and approximately two-thirds of the actual ADEs in this study were judged to be preventable. The errors occurred at various stages of the medication use process. There was one preventable error for every 5 doses of medication administered.

A wealth of studies are now available attesting to the patient safety and economic benefits of interprofessional critical care pharmacy practice. 14 Shared decision making that includes patients (or their surrogates) and members of an interprofessional team has been endorsed by major critical care organizations, and pharmacists have been recognized as integral members of the team by other clinicians and administrators. 15–17 Additionally, critical care pharmacists performing higher level services have improved job satisfaction. 18

The data collected by critical care pharmacists will be amenable to economic analyses. In one investigation, the type of activities performed by an ICU-based pharmacist was evaluated. 19 There were a total of 129 interventions documented over a 4.5-month period. The majority of interventions were identified during chart review (40%) and rounding (39%) activities. The 2 investigators evaluating the interventions determined that the potential cost avoidance of the documented interventions was between $205,919 and $280,421. Interventions identified during rounding and chart review were most likely to achieve the greatest impact on cost avoidance. In a more recent randomized interventional comparative trial, critical care pharmacists provided recommendations that were accepted 83.1% of the time and were cost-beneficial in 53.8% of patients (benefit-cost ratio of 25:1, 95% CI, −5:1 to 94:1). 20 These results are consistent with perceptions of nonpharmacist prescribers who perceive financial as well as clinically impactful services provided by ICU pharmacists. 21

Sample Quality and Safety Metrics

Policies and procedures will be developed for the evaluation of the critical care pharmacy specialists. The evaluation process will include an assessment of the quality and safety metrics listed below. For interventions by the pharmacist, the electronic health record will be used to document the type of intervention, the seriousness of the issue identified that required intervention, the estimated cost impact of the intervention, and the estimated time to perform the intervention. In addition to evaluating cost savings and cost avoidance by the pharmacists' interventions, a formal cost-benefit analysis of the service will be performed at 1 year following the deployment of the critical care pharmacists.

Quality and safety metrics of the proposed service will be based on the types of metrics utilized and recommended in the peer-reviewed literature discussed in this plan:

• Number and types of interventions
• Patient safety improvements
• Process and quality of care improvements (eg, order sets, guidelines, protocols, medication use evaluations)
• Clinical outcome evaluations (eg, length of stay, readmissions)
• Committee involvement
• Educational activities
• Economic evaluations
• Stakeholder satisfaction that includes peer review
• Number and quality of mentoring experiences for trainees
• Honors or awards received by specialists or service
• Dissemination (eg, presentation, publication) of quality improvement and research findings

Sample Timelines

A proposed timeline for the hiring, orientation and training, deployment, and evaluation of the critical care pharmacists is as follows. (It may be helpful to include this timeline on a Gantt chart for a clearer picture of implementation timeframes.)

• Hire the pharmacists with the required credentials while continuing to garner support from key stakeholders (eg, physicians, nurses, administrators)
• Month 1: Orient pharmacists to health care system and key health care personnel and provide them with the resources (eg, security identification, computer passwords) necessary for their clinical practice.
• Month 2: Pharmacists are deployed to ICU to initiate an interprofessional direct patient care practice that includes documentation of agreed upon metrics.
• Months 3 and 4: Formative discussions and assessment of services involving ICU pharmacists and pharmacy administrator will be held.
• Month 6: Summative evaluation of ICU pharmacists and assessment of service will be conducted by pharmacy administrator, including identification of lessons learned with possible changes in ongoing implementation.
• Month 12: Summative evaluation of ICU pharmacists and assessment of service performed by pharmacy administrator, including identification of lessons learned with possible changes in ongoing implementation. Findings are relayed to hospital administration.

EVALUATION OF THE PROPOSED SERVICE

Sample description of costs.

Of most critical concern to administrators and physician executives is the cost of the ICU pharmacy services. Describing one-time costs and recurrent costs separately can assist in designating what resources to request at what times. In addition, a plan that builds the service over time by adding resources in an incremental fashion are usually more successful than the “Big Ask” approach. Some considerations for costs include the following:

• $180,000 personnel expense ($150,000 salary; $30,000 fringe costs)
• $1,500 one-time computer expense
• $2,000 annual travel and educational expenses

It is difficult to accurately predict any return on investment as the ICU pharmacy service begins operations. Most often the pharmacy director will predict a certain reduction in drug expense to offset the expenses of the new service; that is not recommended as some use of expensive medications may justifiably increase. A pharmacist involved in the team may suggest the best practices around treating sedation, infections, and other conditions. These conditions may require more costly medication that may increase the pharmacy budget but decrease the hospital's overall costs.

A good rule of thumb is to develop a small group of stakeholders to review some key metrics of the ICU service at regular intervals and develop some “wins” in the area of improved medication distribution efficiencies, reduced medication errors, improved nurse and provider satisfaction, and patient safety improvements resulting from the pharmacists' activity.

As directors of pharmacy focus their efforts on meeting the recommendations of the ASHP's PPMI, expanding services to the critical care areas will be critical to address high-risk and high-cost medication management. Today's ICU requires a comprehensive pharmaceutical service that includes both operational and clinical services to meet patient medication needs. The business plan to justify pharmacy positions on the patient care team in the ICU that was described in this article can be applied to a variety of pharmacy services. By adapting the format and information to their institutions, pharmacy directors can move closer to developing patient-centered pharmacy services for ICU patients.

PHARMACY BUSINESS PLAN: How To Write an Effective Pharmacy Business Plan

• by Folakemi Adegbaju
• August 10, 2023
• No comments
• 9 minute read

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How to start a pharmacy business, how to write a pharmacy business plan, final thoughts, is owning a pharmacy profitable uk, can a non pharmacist own a pharmacy in the uk, how do pharmacy make money uk.

It may seem a little difficult to open your own pharmacy in the UK, but with the aid of a solid pharmacy business plan , you can succeed. The secret to making the pharmacy business operate like a well-oiled machine is to fully comprehend the business concept. The independent pharmacy business plan you create will assist you in organizing the necessary components. Also, starting a pharmacy business plan provides a clear road map for what you must do throughout the life of your pharmacy business. This article explains how to develop a business plan for a pharmacy service.

Are you ready for the ride?

Let’s move…

What Is a Pharmacy Business?

The word “pharmacy” is legally protected. Using the term “pharmacy” in relation to a retail business that isn’t a registered pharmacy (or the pharmacy department of a hospital or health center). You risk fines and jail time if you use the word “pharmacy” in relation to a company that isn’t a legitimate pharmacy.

Starting a pharmacy business might seem so confusing and scary, but you don’t need to be. Here are some steps you can take to start your own pharmacy business:

#1. Research the Market and Choose a Location

Before you even consider starting your own pharmacy, you must conduct market research and choose the ideal site for your operation. Take a look at the demographics and think about the type of clientele you wish to serve. Start searching for specific locations once you have a basic notion of where you want to open your pharmacy. When selecting a location, take into account competition, parking accessibility, and pedestrian access.

#2. Do Your Research

Before investing in the pharmacy business, you must perform extensive research about what’s required to run one. A fantastic place to start is the website of the General Pharmaceutical Council. You can use it to learn about all the laws and regulations that must be followed since it regulates pharmacies throughout the UK.

#3. Write a Detailed Business Plan

Writing your independent pharmacy business plan is now necessary. Starting a pharmacy business plan is crucial to both securing financing for your new company and helping to steer the path of your pharmacy.

Everything from the start of your new business to how it will run to how it will expand in the future must be taken into account. Spend time learning about your rivals and how your company will respond to outside threats. This insight will enable you to better plan for managing an efficient and successful pharmacy.

When you’re looking for financing to start your pharmaceutical business, you’ll need to give your lender a copy of your independent business plan. It’s critical to keep in mind that your business plan is a dynamic document that requires regular updates, and it’s important to know how to develop a business plan for pharmacy service.

#4. Recruit the Right Staff

Choosing the ideal employees for your pharmacy is crucial to the success of your company. If you are not a licensed pharmacist, you will need to hire one to manage the dispensary on your behalf. A pharmacy assistant with the necessary pharmacy skills certifications is also required, as is a certified pharmacy technician who is registered with the General Pharmaceutical Council.

Your team must possess great people skills in addition to the necessary licenses. Once everything is up and running, you need to start marketing your business. Create a branding strategy that includes advertising, public relations, and promotions. Make sure potential customers know about your pharmacy and what services you offer.

Opening your own pharmacy in the United Kingdom can be a challenging but rewarding endeavour.

#5. Market Your Business

When everything is operational, you must begin marketing your company. Make an advertising, public relations, and promotion-focused branding plan. Make sure prospective consumers are aware of your pharmacy’s existence and the services you provide.

#6. Apply for Licenses and Permits

You’ll need to apply for a license with the General Pharmaceutical Council in order to conduct business legally (GPHC). You will be able to fill private prescriptions and run a pharmacy as a result.

#7. Find Wholesalers

To stock your pharmacy, you must develop partnerships with dependable suppliers. To find the best offers, research various businesses and compare prices.

#8. Secure Funding

You will need to find funding from lenders or investors because starting a pharmacy can be expensive. Be prepared to discuss your business plan and how you will use the funding to launch your pharmacy business.

What Is a Pharmacy Business Plan?

One of the most crucial tasks in opening a pharmacy is starting a pharmacy business plan and knowing how to develop a business plan for pharmacy service. Before talking about funding, banks, and investors want to see a pharmaceutical business plan. Therefore, it’s important to have a strong pharmacy business plan for your pharmacy business.

Download pharmacy business plan template

Some steps have to be taken when you’re starting a pharmacy business plan. The steps are important to follow to make your independent pharmacy business plan meaningful and catchy to your reader. It is also important to know how to develop a business plan for a pharmacy service, that’s why we’ve created a template just for you!

#1. Executive Summary

Your executive summary should rapidly grab the reader’s attention. Tell them about the kind of pharmacy you run and its current state. You should briefly describe the pharmaceutical sector here. Describe the kind of pharmacy you run. Describe your direct competitors. Give a general description of your target audience. Give a brief overview of your marketing plan. Decide who the important team players are. Also, provide a summary of your financial plan.

#2. Company Overview

You will describe the kind of pharmacy you are operating in your company analysis.

• Homecare pharmacy: These kinds of pharmacies frequently collaborate with doctors who visit patients in their homes, filling prescriptions, offering advice, and helping with documentation.
• Compounding pharmacy: provide unique formulations for their clients.
• Retail pharmacy: This kind of pharmacy sells a variety of over-the-counter medications in addition to filling prescriptions.

Your independent pharmacy business plan’s company overview section must give background information about the company regardless of the kind of pharmacy you run.

Include responses to queries like:

• When and why did you launch your company?
• What achievements have you made thus far? Milestones could include new store openings, reaching sales targets, etc.
• your system of government. Are you a registered S-Corp? An LLC? or a single-person business? Describe your judicial system here.

It seems confusing, right? You don’t need to be! Check out our compiled pharmacy business plan just for you!

#3. Industry Analysis

A summary of the pharmaceutical industry must be included in your industry study. Although it may appear unnecessary, this provides a number of functions.

First, learning about the pharmacy sector through research. It aids in your comprehension of the industry you work in.

Second, market research can strengthen your approach, especially if it reveals the current market.

The third justification for conducting market research is to demonstrate to readers that you are an authority in your field. You accomplish this by conducting the study and presenting the findings in your plan.

The following questions can be added to this section of your independent pharmacy business plan to give your reader a better understanding of the message you’re passing across:

• What size is the pharmacy industry?
• The market is either growing or shrinking.
• Who are the market’s major rivals?
• Who are the main market suppliers?
• What trends are affecting the industry?
• What is the anticipated industry growth over the next five to ten years?

#4. Customer Analysis

Your pharmacy business plan’s customer analysis section has to go into detail about the clients you already serve and/or anticipate serving. As you may expect, the type of pharmacy you run will be greatly influenced by the consumer segment(s) you select.

Try to segment your target market based on their psychographic and demographic characteristics. Include a discussion of the ages, genders, locations, and income levels of the customers you hope to serve in your demographics section.

The desires and requirements of your target market are described by psychographic profiles. The better you are at attracting and keeping clients, the more you can comprehend and identify their needs.

#5. Competitive Analysis

Your competitive analysis should list both your company’s direct and indirect competitors before concentrating on the latter. The direct competitors are other pharmacies, while the indirect competitors are other options your customer can buy drugs from but are not direct competitors You should include the other pharmacies you compete with in terms of direct competition. Pharmacy chains with locations close to yours will most likely be your main competitors.

The following questions can be used to make up your competitive analysis and to help you know who you’re competing with and how to outshine them:

• What kind of customers do they cater to?
• What goods do they provide?
• How much do they charge (premium, inexpensive, etc.)?
• What do they excel at?
• What are their inadequacies?

You need to also look out at  how to make customers come to purchase from you and how to be to outperform your competitors, the following questions can be used to do this:

• Will you offer goods that your rivals don’t have?
• Will you streamline the prescription filling process for customers?
• Will your customer service improve?
• Will you provide lower prices?

#6. Marketing Plan

Detail the specific products you will be offering in this section of your independent pharmacy business plan and include the costs you’ll charge and how they compare to those of your competitors to make your reader sees how different you are from your competitors.

Thereafter, Include your location and a statement about how it will affect your success. Finally, you will outline your approach to attracting clients to your business. The following are some promotion strategies you could think about using:

• Enhance the appearance of your pharmacy’s storefront to draw passing customers.
• publicity in regional newspapers and magazines.
• Using social media
• Internet Marketing
• collaborations with regional organizations (e.g., local physicians or medical groups)
• Local radio commercials
• banners at neighborhood venues

#7. Operations Plan

Your operations plan for your independent pharmacy business plan explains how you will achieve your goals, which were outlined in the earlier sections of your business plan. It covers all of the duties associated with operating your pharmacy, such as dealing with customers, obtaining supplies, and maintaining the cleanliness of the facility. Also, include the milestones you hope to achieve.

#8. Management Team

You should know that a solid management team is necessary when starting a pharmacy business plan to show that your pharmacy can be a profitable enterprise. Draw attention to your key players’ backgrounds by highlighting the knowledge and expertise that demonstrate their capacity to expand a business.

It is ideal if you and/or your team members have first-hand knowledge of the pharmacy industry. If so, emphasize your experience and knowledge. Highlight any experience you believe will assist your firm success, but do so as well.

Consider forming an advisory board. An advisory board would be made up of 2 to 8 people who would serve as business mentors. They would assist with clarification and offer strategic direction. If necessary, look for advisory board members who have successfully managed retail and small enterprises as well as pharmacies.

#9. Financial Plan

When starting a pharmacy business plan, your 5-year financial statement should be broken out both monthly or quarterly for the first year and then annually in your financial plan. Your income statement, balance sheet, and cash flow statements are all parts of your financial statements.

Make sure to include a number of the important costs required to launch or expand a pharmacy when creating your income statement and balance sheets:

• location build-out, including building costs and design expenses.
• The cost of lab supplies, capsule machines, applicators, dispensers, and other equipment.
• The price of goods and keeping enough supplies on hand
• Payroll or salary that was given to employees
• advertising costs
• Commercial Insurance
• Taxes and licences
• Law-related costs

#10. Appendix

Include all of your financial estimates in the appendix of your plan, along with any additional materials that can strengthen your point.

Rarely do pharmacy owners find themselves in this situation. The majority believe their company’s performance can be enhanced, but they sometimes struggle to know where to start due to the daily obstacles of managing a pharmacy, answering calls and emails, and managing other office tasks. In that situation, a business plan template for a pharmacy service will be beneficial, and you’ve got little to nothing to worry about to keep your pharmacy business moving and growing!

Yes, it is. A normal pharmacy makes a yearly gross profit of £223,448.

Yes, they can, but you must first find a pharmacist who is willing to serve as a superintendent pharmacist. You must also have a current license to practice medicine and register with the General Pharmaceutical Council (GPHC).

The NHS contract typically provides community pharmacies with 80% of their revenue, with the remaining 20% coming from over-the-counter (OTC) and other private sales. OTC sales are currently trending downward as supermarkets and online retailers acquire market dominance

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Folakemi Adegbaju

She is a passionate copywriter and a good listener

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How to write a business case for a new pharmacy service (30 May 2022)

• PUBLISHED 13 June, 2022
• CONTENT TYPE Pre-existing
• COPYRIGHT STATUS Creative Commons
• PAYWALLED Yes
• ORIGINAL AUTHOR The Pharmaceutical Journal
• ORIGINAL PUBLICATION DATE 30/05/22
• SUGGESTED AUDIENCE Health and care staff
• Pharmacy / chemist
• Medicine - Clinical pharmacology
• Organisation / service factors

Pharmacy teams may want to develop or implement new services in their organisations to realise quality, safety and operational benefits and financial efficiencies, or to improve the patient experience. The Pharmaceutical Journal highlights eight steps pharmacists should follow to ensure that a business case is as robust as possible.

Top tips for preparing a business case:

• Write in the template and style your audience requires;
• Keep it clear and concise — use correct language that minimises jargon;
• Communicate all the facts clearly — this provides evidence you have done your homework;
• Ensure the reader clearly understands your vision and what you want to achieve;
• Make your writing interesting as stakeholders will need to read it;
• Ensure the ask to the organisation is clear and aligns with the strategic direction of the trust;
• Demonstrate any benefits clearly — financial, quality, safety or operational efficiencies;
• Demonstrate how any benefits will be realised within realistic timelines;
• Clearly highlight any risks and potential mitigations;
• Ensure financial costs/benefits have been validated by the finance team.

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