Category Archives: Entreprenuership

Trials and Tribulations in Pharmacy Part 1

It’s been a while since I have written an article. My previous articles were focused on steps for starting a new pharmacy; I felt that I could help impart what I had learned to help others join the independent pharmacy … Continue reading

Posted in Benefits Managers, Business Development, Controlled Substances, Entreprenuership, Pharmacy, Pricing | Tagged , , , , ,

Do you need an MBA to own a pharmacy?

The short answer to this question is “No!”  A better question is “Do I need business management experience or knowledge to own a pharmacy?” The answer to this question is an unequivocal “Yes!!”  Most pharmacy schools prepare their students for a … Continue reading

Posted in Business Development, Entreprenuership, Management, Marketing, Pharmacy | Tagged , , ,

Pharmacy Benefit Managers—A Big Hurdle to the Future of Independent Pharmacy

A Pharmacy Benefit Manager (PBM) is a third-party administrator responsible for processing and paying prescription drug claims.  PBMs manage the use and cost of prescription drugs sold to members by establishing and managing formularies (list of covered medications), negotiating discounts … Continue reading

Posted in Benefits Managers, Entreprenuership, General Topics, Management, Pharmacy, Services, Wholesalers | Tagged , , , , , ,

Wholesalers, Buying Groups & Franchises–More Choices, More Headaches

Choosing a wholesaler can be a daunting task for a new pharmacy owner.  Prices, services and special offerings are all factors to consider in your choice of a wholesaler, but the most important factor is your comfort level in building … Continue reading

Posted in Benefits Managers, Entreprenuership, General Topics, Management, Pharmacy, Sales, Services, Wholesalers | Tagged , , ,

Location, Location, Location!!!

There are a number of decisions you must make before opening your own pharmacy, but none are more important than choosing the perfect location!  The adage “Location, Location, Location” has never been truer than when you are opening a new … Continue reading

Posted in Entreprenuership, General Topics, Management, Pharmacy, Sales, Services | Tagged , , , ,

Alone or with Partners, That is the Question!!

There is a lot of issues to consider when choosing the legal structure of your pharmacy business. You can organize your business as a Sole Proprietorship, Partnership, Limited Liability Company, S Corporation, or a C Corporation.  Which form you choose … Continue reading

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Pharmacy Entrepreneurship: What does it take to succeed as an independent community pharmacy?

The decision to become a pharmacy entrepreneur was a not an easy one for me.  Owning my own pharmacy was a scary proposition!! I would have to leave a secure, well paid position as the pharmacy manager of the busiest … Continue reading

Posted in Entreprenuership, Pharmacy | Tagged , , , | 1 Comment