New pharmacy startups and the opening of brand-new retail community pharmacies are occurring at a faster rate this year than ever before seen. Just reviewing the first three to four weeks of January this year reveals a staggering number of new retail community pharmacy businesses being opened and successfully established all across the entire fifty states in the US. Considering the 2019 “explosion” of new independent community retail drug stores, plus the recent national economic growth and positive forecasts for 2020, one can only conclude that the number of new pharmacy start-ups will continue and even, probably, accelerate at a rate that’s never been seen previously in all areas of our nation.
Examples of Recent Pharmacy Startups
Just as examples of this pharmacy startup trend, consider the following recently opened or scheduled to open retail community pharmacies that have been in the news in just the past several weeks.
- In East Haddam, Connecticut – Nutmeg Pharmacy announced just this week that it intends to hold a grand opening of a new Moodus village location on February 10th of 2020. Many residents of the rural areas of Connecticut have witnessed the closings of their independently owned and operated local community pharmacies and drugstores over the past several years. The town of East Haddam is located in Middlesex County, Connecticut, with a total population of less than 10,000 people (9,126 according to the 2017 US Census Report), and the community has been without without a pharmacy for more than three months now after the Nathan Hale Pharmacy shut down and closed its doors in October of 2019. The drugstore will obviously be focused on filling and dispensing of prescription medicines, but will also be offering their customers and patients specialized packaging, first-aid supplies and over-the-counter (OTC) drugs, plus free delivery.
- In Nederland, Texas, a new retail community pharmacy opened for business just this past week. The Mid County Pharmacy opened their doors to an enthusiastic community for their the first day of business with a celebratory local crowd gathered and officials from both the Nederland and Greater Port Arthur Chambers of Commerce in attendance. Located in Jefferson County, Texas, Nederland has a population of almost 18,000 people and was actually settled all the way back in the late 1800’s by Dutch immigrants on land that was sold to the immigrants by the Kansas City Southern railroad. It is a part of the area in Texas that many people refer to as “the Golden Triangle”, which comprises Beaumont, Port Arthur, and Orange. The owners of the new pharmacy also operate multiple independent pharmacies in New York and New Jersey, but this is their vary first location in Texas.
- In Williamstown, Massachusetts a brand new drugstore has announced that it is scheduled to open their doors this coming March, with local residents hoping that the pharmacy will fill the void left by the closing of a small independent pharmacy several years ago. Williamstown is located in Berkshire County, in the northwest corner of Massachusetts, and shares borders with Vermont to their north and New York to their west. Following the shutdown and closing of the only local retail pharmacy servicing the area’s residents several years ago, both the students attending the local Williams College and the neighborhood townsfolk have often experienced challenges and frustration in getting their prescriptions and medications in this small town that has a population of less than 8,000 residents.
Buying an Established Pharmacy
In addition to the rapid pace of new pharmacy practices being recently started and established, there is also an increasing frequency of established pharmacies being sold, bought and reorganized under new ownership and management. Once again, simply scanning the past several weeks reveals numerous examples to consider.
One such example is a drugstore located in Grand Rapids, Michigan. After several months of careful planning and getting the store ready, the Essentia Health-Deer River Pharmacy has opened their doors and serving the needs of their community and Grand Rapids’ local residents. The newly reopened independent community pharmacy was formerly known as Ott Drug, and it remains in the same physical location as its predecessor. Grand Rapids is the largest city in Western Michigan and the second biggest city in the entire state.The drugstore will offer their customers numerous reasons to get their prescriptions filled at the new store. Some of these include:
– Numerous “no appointment required” immunization services, including flu shots and shingle vaccines
– Legend Rx prescriptions and medications
– OTC (over-the-counter) medications
– Safe medication disposal services
– Medication management
– Refill requests online via the Internet
– Custom medication packaging
Starting a Drugstore or Buying an Existing Pharmacy
If you are considering a pharmacy startup or the purchase of an existing drugstore business in 2020, then consider asking yourself several basic questions. Your answers may make the difference between your pharmacy becoming a successful business venture versus it being a disappointing failure and a loss of money.
1. How much money and funding will I need and where will it come from?
Your answer should include all of the possible initial startup or acquirement costs, plus take into consideration such ongoing costs as staffing (if necessary) and marketing. If this is your first business venture, are there additional costs that you may not have thought of? How much debt or equity are realistic? How best to obtain funding should you need it?
2. Do I need a written pharmacy business plan?
The answer is YES! Whether starting up a pharmacy business or purchasing an existing drugstore, every successful entrepreneur knows that in order to become successful one must write a solid business plan. In addition to being a “road map to success”, a solid business plan can help you get the funding from lenders that may be required.
2. What experts will I need?
You may have already considered an accountant and an attorney, BUT the most important expert of all is a seasoned Pharmacy Consultant on your team. HCC is known for being a national leader in helping pharmacy owners plan, purchase, setup and staff their pharmacies nationwide. Having helped open hundreds of new pharmacies and pharmacy startups, HCC ensures that all aspects of the business are covered and done right.
There are many factors to consider in the planning, execution and the long-term success of starting up or purchasing an existing pharmacy business. Planning and execution are the keys to a drugstore being opened and becoming a successful business. Some of the considerations and tasks that Healthcare Consultants Pharmacy Staffing can provide include:
– Creation and review of a business plan
– Evaluation of proposed business location
– Design recommendations
– Obtaining financing
– Assistance and guidance in the application process
– Provide a Pharmacy Manger for both the application process and inspection
– Provide a list of equipment and supplies (both for the Board of Pharmacy inspection and the actual Pharmacy operations)
– Make arrangements for the final inspection of the facility (including a mock-inspection)
– Suggestions for vendors
– Provide legal support
– Provide staffing
If you are considering starting up or purchasing a pharmacy in 2020, we strongly urge you to get in touch with us today for a free consultation. We offer you the support of an experienced staff who have been through the process numerous times and know the business inside and out! With over 31+ years of experience, Healthcare Consultants Pharmacy Staffing has helped hundreds of business owners (both pharmacists and non-pharmacists alike) establish successful businesses over the years. Contact us now online or call us today at (800) 642-1652 to discuss how we can help you.