Pharmacy Business Plan
If you want to start an independent pharmacy or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their pharmacy businesses.
How To Write a Business Plan For An Independent Pharmacy
Below are links to each section of a business plan for a pharmacy business providing a template for you to write your own.
- Executive Summary – The Executive Summary of your pharmacy business plan should provide an overview of your business concept, key objectives of your business and a snapshot of the market opportunity.
- Company Overview – The Company Overview section should provide an overview of your company, including history, mission statement, legal structure, retail locations, and any relevant information about your business.
- Industry Analysis – The Industry Analysis section should describe the pharmacy industry and market, including size, growth, trends, and major players.
- Customer Analysis – The Customer Analysis section should describe your target customer, including demographics, needs, and buying habits.
- Competitive Analysis – This section should describe the competitive landscape in your market, including major players, market share, and any unique selling points.
- Marketing Plan – The Marketing Plan section should describe your approach to marketing, including your marketing mix, strategies, and tactics.
- Operations Plan – The Operations Plan section should describe how your pharmacy will operate, including details on facilities, equipment, inventory, and security.
- Management Team – The Management Team section should describe the management team, including bios and experience.
- Financial Plan – The Financial Plan section should include a 5-year financial projection, including pro forma income statements, balance sheets, and cash flow statements.
- Appendix – The Appendix should include any supporting materials, such as market research, competitive analysis, customer surveys, etc.
Pharmacy Business Plan FAQs
What Is the Easiest Way to Complete My Pharmacy Business Plan?
Growthink's Pharmacy Ultimate Business Plan Template allows you to quickly and easily complete your business plan.
Where Can I Download a Pharmacy Business Plan PDF?
You can download our pharmacy business plan PDF template here. This is a business plan template you can use in PDF format.
What Is a Pharmacy Business Plan?
A business plan provides a snapshot of your pharmacy as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why Do You Need a Business Plan?
If you’re looking to start a pharmacy or grow your existing pharmacy you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your pharmacy in order to improve your chances of success. Your plan is a living document that should be updated annually as your business grows and changes.
What Are the Sources of Funding for a Pharmacy?
Pharmacy businesses are usually funded through small business loans, personal savings, credit card financing and/or angel investors.
Where Can I Find a Pharmacy Business Plan Example?
The following sample pharmacy business plan was designed for a sole proprietorship pharmacy called The Medicine Shoppe which provides online services as well as a retail location.
Executive Summary
The Medicine Shoppe is a side delivery company that plans to open its doors on October 1, 20XX. The company will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm. The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs and will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.
The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from the store. The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at the store and points can be redeemed for discounts on future purchases. The Medicine Shoppe also plans to sponsor community initiatives such as blood drives and flu shot clinics.
The Medicine Shoppe has been capitalized with $1 million from the founders and plans to generate $2 million in revenue within the first year of operation. The company plans to break even within the first year of operation and generate profits in year two of operation. The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.
Company Overview
Our mission statement is “The Medicine Shoppe is dedicated to providing quality medical care and services to our patients and customers.”
The Medicine Shoppe is a full-service pharmacy business that will be located in the heart of downtown Santa Barbara, California. The company will offer both online and retail services to its customers. The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more. The company will also offer delivery services for its customers.
The Medicine Shoppe will be owned and operated by Aimee Stewart, a registered pharmacist with over 10 years of experience. Ms. Stewart has a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacists Association.
The company plans to open its doors for business on October 1, 20XX.
Industry Analysis
The pharmacy industry is a highly regulated industry with strict laws and regulations governing the distribution of drugs and other pharmaceutical products. In order to operate a pharmacy, businesses must obtain a license from the state in which they plan to do business.
The pharmacy industry is a highly competitive industry. There are many large, national chains such as CVS, Walgreens, and Rite Aid that have a significant presence in most markets. In addition to the national chains, there are also many regional and local pharmacies. These businesses compete on price, selection, customer service, and convenience.
The pharmacy industry is growing at a moderate rate. According to the National Association of Chain Drug Stores, total sales for the US pharmacy industry are expected to reach $371 billion by 2020. This growth is being driven by an ageing population, new medications, and increased access to healthcare.
The Medicine Shoppe will compete in the pharmacy industry by offering a broad range of products and pharmacservices, competitive pricing, superior customer service, and convenient online and retail locations.
If The Medicine Shoppe does not establish a strong reputation, it could lose customers to its competitors. The company could also be adversely affected by changes in the economy or healthcare industry.
Customer Analysis
The target market for The Medicine Shoppe will be the residents of Santa Barbara County. Santa Barbara County is a large county with a population of over 700,000 people. The median age in the county is 38 years old, and the median household income is $70,000.
The county has a large number of retirees, as well as a significant number of young families. These groups will be the primary target market for The Medicine Shoppe. The company plans to appeal to these groups with its convenient location, a broad selection of products and services, and competitive pricing.
Our target demographics include:
- Retirees
- Families with young children
- Individuals with chronic health conditions
- People who are uninsured or underinsured
- People who have a high deductible health insurance plan
- People who take multiple medications
The psychographics of this market include:
- People who are health-conscious
- People who are price-conscious
- People who value convenience
- People who value customer service
Competitive Analysis
As mentioned earlier, the pharmacy industry is a highly competitive industry. The Medicine Shoppe will compete against national chains, and regional and other local pharmacies.
Some of the specific competitors that The Medicine Shoppe will face include CVS, Walgreens, Rite Aid, and Pharmaca. These businesses are all large, well-established companies with significant resources. They also have a large presence in the Santa Barbara market.
Our strengths include:
- The Medicine Shoppe will be owned and operated by a registered pharmacist with over 10 years of experience.
- The company plans to offer a wide range of products and services, including prescription medications, over-the-counter drugs, vitamins, supplements, medical equipment, and more.
- The company will also offer delivery services for its customers.
- The Medicine Shoppe will have a convenient location in Santa Barbara County.
Our weaknesses include:
- The Medicine Shoppe is a new business and does not yet have an established reputation.
- The company will be competing against large, well-established businesses.
- The Medicine Shoppe does not have the same level of resources as its competitors.
The Medicine Shoppe will compete against these businesses by offering a more personal level of customer service, a broad range of products and services, and convenient online and retail locations.
Marketing Plan
The Medicine Shoppe will use a mix of marketing channels to reach its target market. These channels include online advertising, print advertising, and public relations.
Online Advertising
The Medicine Shoppe will use Google AdWords to target people who search for keywords related to pharmacy, medications, supplements, and more. The company will also use retargeting to reach people who have visited its website in the past.
Print Advertising
The Medicine Shoppe will use print advertising to reach its target market. The company plans to place ads in local newspapers and magazines. The ads will feature coupons and discounts to encourage people to try The Medicine Shoppe.
Public Relations
The Medicine Shoppe will use public relations to generate positive buzz about the company. The company plans to write press releases and pitch stories to local media outlets. The company will also host events and sponsor community initiatives.
Sales and Promotions
The Medicine Shoppe will offer discounts and promotions to its customers. The company plans to offer a 10% discount to seniors and a 20% discount to families with young children. The company will also offer free delivery for orders over $50.
Customer Service
The Medicine Shoppe will focus on providing excellent customer service. The company plans to offer a satisfaction guarantee for all of its products and services. The company will also train its employees to be friendly and helpful. This will help The Medicine Shoppe to build a loyal customer base.
Operations Plan
The Medicine Shoppe will be located at 123 Main Street in Santa Barbara, California. The company plans to lease a 2,000-square-foot retail space. The Medicine Shoppe will have a pharmacy, a retail area, and a waiting area for customers.
The company plans to hire 5 employees. These employees will include a pharmacist, 2 pharmacy technicians, and 2 customer service representatives. The Medicine Shoppe will also use the services of an outside delivery company.
The company plans to open its doors on October 1, 20XX. The hours of operation will be Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.
The Medicine Shoppe will use QuickBooks for its accounting and bookkeeping needs. The company plans to have a separate bank account for its business activities.
The Medicine Shoppe will accept payment by cash, check, and credit card. The company plans to offer a discount for customers who pay in cash.
Day-To-Day Operations
The Medicine Shoppe will be open Monday to Friday from 9am to 9pm, Saturday from 9am to 5pm, and Sunday from 10am to 4pm.
The company plans to offer delivery services for its customers. The delivery fee will be $5 for orders under $50 and free for orders over $50. The delivery area will be a 5-mile radius from The Medicine Shoppe.
The company plans to offer a loyalty program for its customers. Customers will earn 1 point for every $1 spent at The Medicine Shoppe. Points can be redeemed for discounts on future purchases.
The Medicine Shoppe will host events and workshops on a regular basis. These events will be open to the public and will focus on topics such as healthy living, fitness, and nutrition.
The Medicine Shoppe will sponsor community initiatives such as blood drives and flu shot clinics. The company plans to partner with local nonprofits to make a positive impact in the community.
Long-Term Goals
The Medicine Shoppe’s long-term goal is to become the leading provider of pharmacy services in Santa Barbara. The company plans to achieve this goal by expanding its product and service offerings, increasing its marketing efforts, and improving its customer service.
The Medicine Shoppe also plans to expand into other markets. The company plans to open new locations in Los Angeles and San Diego. The Medicine Shoppe will also consider franchising opportunities in the future.
The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its customer base and expanding its product and service offerings.
Management Team
Aimee Stewart, a licensed pharmacist with more than 10 years of experience, is the pharmacy owner and will manage and run the Medicine Shoppe. Ms. Stewart holds a bachelor's degree in pharmacy from the University of Southern California and is a member of the California Pharmacy Association.
Financial Plan
The Medicine Shoppe has been capitalized with $1 million from the founders. This funding will be used to lease a retail space, purchase inventory, and hire employees.
The Medicine Shoppe plans to generate $2 million in revenue within the first year of operation. The company plans to achieve this goal by increasing its target market and expanding its product and service offerings.
The Medicine Shoppe plans to break even within the first year of operation. The company expects to generate profits in year two of operation.
The Medicine Shoppe plans to reinvest its profits back into the business to fuel growth. The company plans to use its profits to open new locations, expand its product and service offerings, and improve its marketing efforts.
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Pharmaceutical Business Plan