Reflection #1: Young Kim, PharmD Candidate 2020
My name is Young Kim, and for this week's seminar on August 31st, 2016, couple speakers from cardinal health came into give informational session about starting an independent pharmacy. During this info session, I've learned that extensive research on doctors, locations, prescription number, and capital required to start an independent pharmacy is important. It was very helpful to know the general capital needed to start an independent pharmacy, which is about $300,000. Also, I've learned that, in order to break even from starting an independent pharmacy, you would need at least 80 to 100 prescription per day. I thought knowing these numbers were very important because it could be a point of reference for people who are very new to this endeavor. But most importantly note, I've learned that it is absolutely crucial to become the best independent pharmacy that you can be, rather than staying an average pharmacy. In order to achieve that, you must have a niche, and do extensive research on the market before starting an independent pharmacy. Another interesting aspect of owning an independent pharmacy was buying a preexisting independent pharmacy. According to cardinal health spokesman, buying a preexisting independent pharmacy may be more cost effective than starting one from the scratch. However, it is still important to do extensive research about the preexisting independent pharmacy on location, revenue, and average prescription sales before jumping into the market. I hope to start an independent pharmacy in the future, so I'd like to learn more about the process by taking the fourth year elective, which also offers scholarships to 3 students who present the best plan for starting an independent pharmacy.
Reflection #2: Christopher Lim, PharmD Candidate 2020
This seminar was an informative session for those students that were interested inowning a private retail pharmacy sometime in the near future. This topic was of interest tomyself, due to the fact that I would like to own my own pharmacy after possibly running amilitary route upon graduation. To start up a pharmacy from scratch it would take anywherefrom 300-400 thousand dollars. However, there are already 22 thousand private retailpharmacies, and would be easier to buy a preexisting pharmacy. With a private retail pharmacy,a quota of 80-100 prescriptions would need to be filled in order to maintain a pharmacist’ssalary of $125,000 as well as other expenses. My personal plans would be to receive a navyscholarship, serve for the minimum 3 years and transfer to a VA. Once building a pension withthe government, I would like to invest in preexisting pharmacy and eventually buy it out andrun it until I completely retire.