Reflection #1: Neeki Mirkhani, PharmD Candidate 2019
This lecture focused on the topic of pharmacy ownership. The speakers were from Cardinal Health and they gave us information and comparisons between working for a retail pharmacy and being an owner of a pharmacy both in terms of the money you will be making and how much work will be involved. Working for a retail pharmacy is good for someone who is happy with the idea of going into work and performing their duties as a pharmacist and then going home and not having anything to do related to work. For a pharmacy owner, the work will follow you even when the work day is over because it is a business that needs to be run and taken care of consistently and the pharmacy owner is the CEO, CFO, CIO, CAO, CCO, etc. It is a big financial and time commitment. To be able to actually buy and open your own pharmacy you need to at least have $250K to begin with at the least. Opening your private pharmacy next to a larger retail store is actually a smart idea.
From this lecture, I can personally say that I learned a lot. This is what I see myself doing once I finish pharmacy school and first get some experience at retail stores prior to opening my own. I will make a detailed business plan prior to starting the project of opening my own pharmacy. I will also make sure to be in a good convenient location and form relationships with my patients to keep them coming back. I hope to also provide other services in my pharmacy that the large retail stores do not offer to have an edge against them, like specialty compounding, for example. This lecture really motivated me to pursue opening my own pharmacy and I am excited for a bright and prosperous future.
Reflection #2: Venus Vahdati, PharmD Candidate 2019
Today’s seminar by Dave Ellis & Judd Wilstead was about pharmacy ownership and who are really interested in opening their own pharmacy. They started their presentation by asking people if they have any question and It was more like a question and answer session than a presentation which I really enjoyed because I got all my questions answered. Dave and Judd talked about how much money is needed in the beginning to open a pharmacy and they said you need $200-$300 but you can also put a small amount of cash and have bank to take care of the rest.
Four most important questions that were asked are as follows: 1) How would you pick your location to open your own pharmacy? And they said it’s better to be right next to the Rite Aid, CVS or Walgreen because they already have established their business there and you can use their resources to grow your business. 2) What are the laws to buy your own pharmacy? They said, there is no law and everyone can buy their own pharmacy. 3) How long will it take to have a net income? They answered it will take at least 6 months to a year and you start at least processing 80-100 prescription per day. 4)What are the steps necessary in order to open your own pharmacy? They answered, first develop a business plan then find a mentor and ask them questions about what they exactly did to have a successful business.
My keeper for this seminar was, it takes a lot of effort and hard work to open your own pharmacy but if you can offer a good quality of service you can have a very successful business. In the beginning you might need to work 70-80 hours per week but it will all worth it when you see your patients happy with your service.